Morning Briefing: American Pacific Drills 23.4m of 1.78% Cu and 13.73% Zn at Palmer
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday October 18th.
After getting pushed down late Monday to $1924 per ounce, gold staged a big rally in the Asian physical market hours that took the price up to $1932. The move extended through the London a.m. fix and the Comex opening to as high as $1944 mid-day Tuesday before profit-taking in Comex futures pushed the yellow metal down to $1932 before it settled at $1935. The Mining Stock Journal noted that the rally in gold occurred despite a big move higher in Treasury bond yields. Silver traded similarly, rallying from a late Monday low of $22.55 per ounce to as high as $23.18 before fading a bit to settle at $22.96.
The Mining Stock Journal predicts that silver will climb back over $23 soon and move higher from there. While gold and silver rallied on Tuesday, the mining stocks galloped higher. The GDX rose 1.83% and the Amex Gold Bugs Index jumped 2.1%. Several mid-cap mining stocks, like Hecla Mining, were up anywhere from 3% to 11%. The Mining Stock Journal commented that it appears that, in addition to short-covering in the insanely undervalued mining stocks, new money is starting to flow into the sector.
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….
American Pacific Mining announced initial assay results continue to highlight the copper-zinc rich nature of mineralization at the Palmer Project in Alaska. Hole 153 intersected 23.4m of 1.78% Cu and 13.73% Zn in the upper zone 1 while hole 152 returned 14.8m of 1.26% Cu and 7.68% Zinc in the same zone. The company says Zone 1 infill assay results to-date have exceeded expectations with higher grades and mineralized thickness than currently modeled in the eastern portion of the deposit. In lower zones 2-3, drilling returned 22.9m of 2.18% Cu, including a 5.3m interval of 4.23% Cu. The company says these assay results from these initial infill diamond drill holes are encouraging and support the mineral resource definition in the Southwall. Since drills began turning on June 10, a total of 10,622.2 m have been drilled, representing 87% of the planned infill program and 93% of the planned geotechnical program. (CSE: USGD / OTCQX: USGDF) News Release
Torq Resources made two discoveries at its Margarita iron-oxide-copper-gold project near Copiapo in Chile, with the first results from its phase III drill program. The program consisted of 3,862m in 14 holes and expanded on the original Falla 13 discovery area and discovered a new parallel mineralized structure 200m west of the original Falla 13 discovery,. It intersected 42m of 1.1 g/t gold and 0.48% copper of sulphide mineralization in hole 31R. The company also found a new zone of copper oxide mineralization at the Cototuda target, where 132m of 0.48% copper was intersected in hole 035R. Broad zones of copper oxide mineralization were also encountered at the Margarita structural corridor with hits of 62m of 0.49% copper and 134m of 0.29% copper in hole 36R. Torq Resources TSXV TORQ, OTCQX: TRBMF) News release
Provenance Gold completed an initial reverse circulation confirmation drilling program on its Eldorado Gold Property in Eastern Oregon. The final hole of this initial program, hole 11 intersected 118.9m grading 3.28g/t gold including 12m grading 18g/t. The hole was terminated in mineralized material due to poor drilling conditions related to strong groundwater in mineralized structures. It said a newly identified strong zone of gold mineralization extends for more than 100m below most of the historical drilling. Provenance Gold (CSE: PAU) (OTCQB: PVGDF) News release
Endeavour Silver reported positive drill results from ongoing drilling at its Guanacevi Mine in Durango, Mexico along the prolific Santa Cruz vein to convert, expand, and discover new resources. Highlights from the El Curso property include 2.2m grading 3.43 g/t Au and 1,265 g/t Ag for 1,540 g/t AgEq over in hole 120. Drilling has focused on establishing lateral and vertical extensions of the mineralized zone towards Porvenir Cuatro and continued testing the deep northwest extension of the Porvenir Dos orebody. Endeavour Silver (TSX: EDR, NYSE: EXK) news release
Antofagasta reported a 16% increase in its copper production in the September quarter to 173,600t tonnes, compared with the 149,600t in the June quarter, mainly due to output at the Los Pelambres and Centinela mines in Chile. The company has produced 469,100t in the first nine months of 2023, 4.1% higher than a year ago and left its full year guidance unchanged at 640,000-670,000t. The company also produced 57,400oz of gold in the quarter, and 30.5% higher than the prior quarter and 33.3% more molybdenum at 3,200t. News release
ATEX Resources shared results of metallurgical test work completed from drill core n the VAleriano Project in Chile. The work in this program was completed to a PEA level. Using a combination of flotation and cyanidation of cleaner trails, testing showed Copper recoveries ranging from 91% to 95% and total gold recovery ranging from 83% to 94%. The test work has demonstrated that Valeriano mineralized material is amenable to SAG and ball milling while a copper-molybdenum separation culd produce a moly concentrate at 65%-75% Mo recovery. (TSXV: ATX) News Release
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