Morning Briefing: American Eagle Gold Publish First Drill Results of 2024 NAK Program
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, August 20th.
Monday after gold was aggressively pushed lower 30 mins ahead of the a.m. London price fix, the price rallied starting about an hour after the Comex opened. Gold set another all-time high based on the Comex closing price of $2541 but did not manage to hit an all-time intraday high. Gold closed the afternoon Globex session at $2541. Silver rallied along with gold and outperformed the yellow on a percentage basis, closing up 45 cents from Friday. The Mining Journal noted that the RSI for gold is near an overbought technical level. It added silver stalled yesterday at its 50 dma but the momentum indicators are technically bullish. The mining stocks took their cue from both the stock market and the metals and staged an impressive rally. GDX was up nearly 2%. The Mining Stock Journal noted that many of the junior microcap stocks are starting to percolate after lagging the latest bull move in the sector.
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… Arizona Sonoran Copper.
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And here’s what you need to know this morning….
American Eagle Gold reported its first drill assays of this year’s program from the NAK Project in British Columbia. The results provided significant expansion of its at-surface Gold Zone with results of 276m of .83 g/t AuEq from surface, 275m of .9 g/t AuEq and 191m of .76 g/t AuEq from Surface. At the Main Zone of the property, drilling returned 816m of .25% CuEq, which included 25m of 2% CuEq and 12m of 1.43%. American Eagle expects NAK's current drill program to continue into November, with assays being released upon receipt. (TSXV: AE) (OTCQB: AMEGF) News Release
Elemental Altus Royalties published their operating and financial results for Q2. The company generated royalty revenue of US$3.8 million and adjusted revenue1 of US$5.2 million, up 10% on Q2 2023. Attributable gold equivalent ounces came in at 2,211 ounces, down 7% on Q2 2023. The company did replay a urther $5.0 million under the credit facility and extension of the maturity date to June 2027. Elemental Altus is on track to meet the lower end of guidance of 10,000 to 11,700 GEOs and the higher end of expected revenue of US$20.0 to US$23.3 million. Production remains weighted to H2 2024. (TSXV: ELE) (OTCQX: ELEMF) News Release
Calibre Mining reported drill results from its resource conversion and expansionprgoram within the Guapinol open pit area at the company’s Eastern Borosi Mine Complex in Nicaragua. Highlights reported this morning included 13.24 g/t Au over 5.8 metres, 9.24 g/t Au over 6.2 metres, and 11.62 g/t Au over 3.8 metres. The company says these results confirm significant high-grade gold mineralization exists outside of the present deposit area surround the Guapinol operation and reinforced the potential for mine life extension. (TSX: CXB; OTCQX: CXBMF) News Release
Signal Gold announced assay results from its exploration drilling program at the western extension of the Goldboro Deposit at the Goldboro Project in Nova Scotia. These results are part of the recently completed diamond drilling program that comprised 5,179 metres of drilling from 26 holes and was designed to target near-surface mineral resource potential immediately west of the existing Goldboro Deposit with the goal of delineating additional open-pit Mineral Resources. Results reported today included 17.97 g/t gold over 2.5 metres (64.6 m to 67.1 m) in drill hole BR-24-450, including 87.15 g/t gold over 0.5 m, and 19.00 g/t gold over 2.4 metres (259.6 m to 262.0 m) in drill hole in drill hole BR-24-449, including 37.88 g/t gold over 1.0 metre. (TSX:SGNL) (OTCQB:SGNLF) News Release
Oroco Resource Corp repored a revised preliminary economic assessment and updated mineral resource estimate for the North Zone and the South Zone on its Santo Tomas Porphyry Copper Project in Mexico. Total indicated resources sit at 540.6Mt at .37% Cueq while inferred is at 530.3Mt at .35% CuEq. The economics of this PEA are estimated to hold an US$1.48 billion post-tax NPV with an IRR of 22.2%. Initial capital costs are estimated to be just over US$1.1B with a post-tax payback period of 3.8 years. (TSXV: OCO; OTCQB: ORRCF) News Release
And Dolly Varden Silver has entered into bought deal for gross proceeds of $25M with participation from Eric Sprott. The deal is comprised of $8M issued through the sale of common shares priced at $1 and $17M worth of shares qualifying as flow-through shares. The net proceeds from the sale of Common Shares will be used for working capital and general corporate purposes. The gross proceeds from the sale of FT Shares will be used for further exploration, mineral resource expansion and drilling in the combined Kitsault Valley project. (TSXV: DV) (OTCQX: DOLLF) News Release
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