Morning Briefing: Aldebaran Resources increases its resources at the Altar copper-gold project
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Ian Wagner
Its Monday, November 25th.
Gold closed the week on a high note, capping a strong week that saw the yellow metal gain nearly $150. December gold last traded at 2737 on Friday, up more than $60 from Thursday’s Comex close. Gold settled on Friday at $2712. December silver also ended the week with strength. Silver closed at 31.33 on Friday, though traded much higher after the close to end the week at 31.77, up nearly a dollar on the week. Silver traded sideways for much of the week before ending higher. Both rallies in the metals was somewhat surprising given that the US dollar also showed strength to end the week, trading as high as 108 on Friday before closing in the 107 handle. The miners ended the week strong but GDX failed to hold any momentum on Friday, falling from it’s high and closing about 38.
In early morning trading today, Gold has come off a bit as fears of a wider Russian escalation of the war in Ukraine may have eased a bit and markets are viewing incoming President Trump’s pick for Secretary of Treasury as a “safe” choice.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Minera Alamos
Minera Alamos is a gold developer and producer with its first low capex mine, Santana, continuing to work through start-up development. The company is also advancing the Cerro de Oro project through the permitting process. Recently, Minera announced the proposed acquisition of Sabre Gold Mines which owns the planned 40,000 oz/y Copperstone gold mine in Arizona. Minera is built around its operating team which brought 4 mines into production in Mexico over the last 13 years. Learn more at mineraalamos.com.
And here’s what you need to know this morning…..
Pacific Ridge Exploration announced that the Company's inaugural drill program at the Chuchi copper-gold project in British Columbia returned some of the best drill results ever recorded at the project. The drill program completed more than 2700 m in five diamond drill holes over a 750 m strike length across the BP Zone. Drill hole CH-24-073 returned 65.0 m of 0.42% copper equivalent ("CuEq1") or 0.63 g/t gold equivalent ("AuEq2") (0.31% copper, 0.16 g/t gold, and 0.69 g/t silver) within 382.0 m of 0.27% CuEq1 or 0.41 g/t AuEq2 (0.19% copper, 0.12 g/t gold, and 0.47 g/t silver. Drill hole CH-24-070 encountered the deepest mineralization to date at 420 m vertical depth. The company also notes that the results suggest that drilling encountered the upper part of a large porphyry copper-gold system that has not been adequately tested and remains open laterally and to depth. Pacific Ridge trades on the (TSXV: PEX) (OTCQB: PEXZF) News Release
Aldebaran Resources is pleased to announce the results of an updated mineral resource estimate for the Altar copper-gold project in San Juan, Argentina
Measured & Indicated resource of 2.40 billion tonnes grading 0.42% copper, 0.07 g/t gold, 1.22 g/t silver and 42 ppm molybdenum
The equates to 22 billion pounds of copper, 5 million ounces of gold, and 93 million ounces of silver
The new numbers represent significant increases when compared to the 2021 mineral resource estimate
94% increase in Measured and Indicated copper pounds
48% increase in Measured and Indicated gold ounces
The company notes that mineralization is still open in several directions
The 2024 Altar Resource Estimate is reported using the same cut-off (US$13.99 NSR/t) as the 2021 mineral resource estimate, to allow for a direct comparison. Aldebaran trades on the (TSX-V: ALDE, OTCQX: ADBRF) News Release
US Copper also reporting an update to their mineral resource estimate on the Moonlight-Superior Copper Project in Northeast California. The updated resource comprises an open-pit Indicated Resource of 402 million tons grading 0.31% Cu for total contained metal of 2.5 billion pounds of copper, representing a 99% increase in the Indicated Resource Category for contained copper from the 2018 Resource Estimate. This updated Resource also includes an additional Inferred Resource of 64 million tons grading 0.31% copper for total contained metal of 394 million pounds of copper. The company expects an updated Preliminary Economic Assessment on the Project in early January, 2025. US Copper trades on the (TSXV: USCU) (OTCQB: USCUF) News Release
Calibre Mining announced Discoveries of Significant Gold Mineralization 1,000 metres Beyond the Valentine Gold Mine Resource inNewfoundland & Labrador, Canada. The initial discovery and resource expansion diamond drill results from its Valentine Gold Mine is part of an expanded 100,000 metre drilling initiative for the company. Highlights from the Frank Zone drill program, southwest of the Leprechaun pit include:
2.43 g/t Au over 172.8 metres Estimated True Width (“ETW”) including 3.84 g/t Au over 90.9metres ETW in Hole FZ-24-048;
2.12 g/t Au over 95.4 metres ETW in Hole FZ-24-046;
2.26 g/t Au over 78.3 metres ETW in Hole FZ-24-040;
Drill results include numerous intercepts with visible gold and both high grade intersections and broad zones of continuous mineralization have been identified in several holes, all of which are located outside of known mineral resources. Calibre trades on the (TSX: CXB; OTCQX: CXBMF) News Release
And Newmont Corporation announced that it will sell its Éléonore gold operation in Northern Quebec to Dhilmar Ltd for $795 million in cash consideration. Eleonore is a 200-thousand ounce annual producing mine in the Eeyou Istchee/James Bay region of Quebec. Dhilmar is a newly incorporated, UK-based private mining company. The company is led by its CEO and Managing Director, Alexander Ramlie. Newmont trades on the (NYSE: NEM, TSX: NGT) News Release
Rua Gold has completed their acquisition of Reefton Resources Reefton was a 100% owned subsidiary of Siren Gold Ltd. The completion of the transaction expands RUA GOLD's tenement package to cover over 95% of the Reefton Goldfield on New Zealand's South Island. With the Transaction complete, a third rig is mobilized to recommence drilling on the Auld Creek target, it is a compelling near surface resource opportunity. The two drill rigs currently operating will continue on the targets at Murray Creek, including the recently announced visible gold intercept of +1oz gold intersection and shallow Capleston targets. Rua Gold trades on the (TSXV: RUA) (OTCQB: NZAUF) News Release
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