Morning Briefing: Aldebaran Extends Known Mineralization at Altar
Welcome to Mining Stock Daily. I’m Trevor Hall
Today is Thursday March 28th.
Wednesday gold traded sideways overnight until the London morning fix, when it shot up $2176 to $2196. The yellow dog was administered a $2200 gold price beating with a newspaper and retreated to as low as $2183. Subsequently, the gold price drifted marginally higher and closed the afternoon session at $2193. The Mining Stock Journal noted that, in the last several days, gold has been more likely than not to shoot higher during and after the London morning price fix. The newsletter said that the only reason for that price pattern is if it is now taking a higher price to clear the market in terms of buyers who want physical gold and sellers who did not expect that buyers would want physical gold. Silver took a different journey than gold yesterday, running higher starting from $24.52 ahead of the London a.m. price fix to as high as $24.80. Poor man's gold ended up settling in the afternoon at $24.76. The mining stocks smell the potential for a big move higher in the precious metals sector. Both GDX and the Arca Gold Bugs index rose 3.7%. This was a big move relative to the rest of the stock market.
We will get to the news from the miners and explorers in a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Fireweed Metals.
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
Aldebaran Resources reported results for 5 drill holes from the current field campaign at the Altar copper-gold project in Argentina. The holes were designed to test the edges of known mineralization and expand the mineralized footprint within the large, conductive MT geophysical anomaly. All holes hit mineralization and successfully extended the mineralized footprint of the deposit. Results included 362.5m of .34% CuEq, 357.8m of .27% CuEq and 410.5m of .36%, all coming from hole 235. Hole 239 returned 353m of .46% CuEq, which ended in mineralization host in in rhyolite, which historically at Altar has been a poor host rock and only mineralized when it's close to a mineralized porphyry intrusion. (TSXV:ALDE) (OTCQX:ADBRF) News Release
Amex Exploration has intersected the highest-grade gold composite to date on the Gratien Zone, on the Perron Project in the Abitibi region of Quebec. The near-surface intercept of 76.69 g/t Au over 3.50 m was found in the western extension of the Gratien orebodies from hole 742. HOle 738 returned 7.30 m of 8.16 g/t Au, including 0.50 m of 98.17 g/t Au at a vertical depth of ~160 m in the Gratien Gold Zone. (TSXV: AMX) (OTCQX: AMXEF) News Release
Troilus Gold provide an updated related to the Troilus Project in Quebec. The company says the Feasibility Study for the Troilus Project is proceeding well, as the various components of the report approach finalization to create a cohesive picture of the potential future operation. Results from trade-off studies undertaken to finalize optimal size and scope of the future mine against expected CAPEX, generated outcomes that have presented an opportunity to reassess the proposed scale of the Project while prioritizing the production of copper and higher-grade gold in the early years of contemplated production to align with the Quebec Government’s Strategic Metals Initiative. On the recommendation of the Feasibility Study Technical Team, Troilus’ Senior Management and its Board of Directors have determined that these results are expected to achieve the best outcome possible. (TSX: TLG; OTCQX: CHXMF) News Release
Calibre Mining has entered into a pre-commissioning and commissioning contract with Reliable Controls Corporation of Salt Lake City for the Valentine Gold Mine in newfoundland and Labrador. RCC will support Calibre to ensure all aspects of operational readiness, including human capital are in place to ensure a smooth and efficient transition from construction to steady-state operations. Calibre entered into a US$60 million gold prepayment agreement with Asahi, pursuant to which Asahi has advanced a first installment of US$40 million and is expected to advance a second instalment of US$20 million on or about April 15th. Calibre is required to deliver Asahi 2,300 ounces of gold per month over a twelve-month period, beginning in May 2024, such ounces determined based on gold forward curve prices averaging $2,239 per ounce. (TSX: CXB; OTCQX: CXBMF) News Release
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