Morning Briefing: American Pacific Prepares Biggest Exploration Program for Palmer

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Monday April 24th.

Last week gold spent the week fending off down-side price attacks in the paper gold markets of the Comex and LBMA. A week ago Thursday gold closed at $2063 per ounce. But the next day the price was slammed $45. As the Mining Stock Journal has noted in the past, most of the rest of the world is gone from the markets for the weekend when the Comex opens on Friday, making it open season on for the gold price management team. Gold traded sideways last week Monday through Thursday, bouncing back from numerous attempts to push it below $2000. But once again on Friday, the yellow metal succumbed to the enormous sell pressure on the Comex and closed down $34 at $1990. The Mining Stock Journal points out that the entire decline from $2063 to $1990 is accounted for by the price smashing two Fridays in a row. Silver declined over $1 from $26.24 per ounce a week ago Thursday to the $25.06 close on Friday. 

The mining stocks declined with the rest of the market. The GDX fell from $36 a week ago Thursday to Friday's close at $33.61, a 6.6% decline. The Mining Stock Journal said that the bad news is that it expects a bigger pullback in the sector. But the offsetting good news is that the newsletter expects the pullback to set up a big move higher over the summer and into the fall, as it becomes apparent that the U.S. Government will raise - or even remove - the debt ceiling limit and the Federal Reserve will need to crank up the printing press to help fund more Treasury debt issuance and keep the banking system from collapsing.

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…Western Copper and Gold.

Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.

And here’s what you need to know this morning….

American Pacific Mining announced its 2023 budget and work program for the Palmer advanced-stage, volcanogenic massive sulphide-sulphate project located within the Porcupine Mining District of the Haines Borough, Alaska. The multi-purpose, US$25.5 million program includes surface exploration drilling , geotechnical drilling, camp construction, ongoing baseline environmental and site engineering work. The 9,000m resource infill drill program at the Southwall Zone is designed to begin the process of upgrading mineral resources from Inferred to Measured and Indicated. Palmer currently hosts an Indicated resource of 4.68Mt grading 5.23% zinc,1.49% copper, 30g/t silver, 0.3g/t gold and inferred resources of 5.34Mt grading 5.2% zinc, 0.96% copper, 29.2g/t silver, 0.28g/t gold. This is the single largest Palmer program and budget to date and joint venture partner, Dowa Metals & Mining has committed to fund the entire program. American Pacific Mining (CSE: USGD / OTCQX: USGDF news release

Excelsior Mining said US Environmental Protection Agency issued an amendment to the Class III Underground Injection Control Area Permit, that will allow for well stimulation to occur at the Gunnison Copper Project in southeastern Arizona. Well stimulation has the potential to fundamentally change the performance of the wellfield, and eliminate or reduce the need for the raffinate neutralization plant. Excelsior intends to proceed to field trials in the September quarter. Excelsior will submit the well stimulation work plans required by the permit and schedule the necessary contractors in the near term. Well stimulation is primarily intended to open-up the pre-existing mineralized facture network in the wellfield to help gas bubbles escape. It can enlarge pre-existing channels and flow paths, increase pore space and make it possible for solution to move more readily from injection to recovery well. Doing so should improve connectivity between these wells, improve flow rates, sweep efficiency and copper production. Excelsior is permitted for 125Mlb/y of copper cathode production. Excelsior Mining (TSX: MIN) (OTCQB: EXMGF) news release

Azimut Exploration reported ther esutls of the third drilling phase on the Wapatik Property in the Eeyou Istchee James Bay region of quebec. The program was comprised of 4 holes and the objective was to follow up on reported nickel results from earlier in 2022. This drill campaign returned 3.3m of .15% Ni, .66% Cu, .012% Co and 7.18 g/t Ag. There was also 21.5m of .2% Ni, .13% Cu, .017% Co and .78 g/t Ag. Management considers the nickel-copper results from the W1 intrusion very encouraging and warrant additional drilling. The Property is under option to Mont Royal Resources Limited. Mont Royal can acquire an initial 50% interest in the Property by spending $4 million in exploration expenditures over four (4) years and a further 20% interest with an additional investment of $3 million and the delivery of a preliminary economic assessment over three (3) years. Azimut is the operator. Azimut trades on the TSXV with AZM and on the OTCQX with AZMTF. News Release

Meridian Mining entered into an agreement with Beacon Securities and Raymond James  for a bought deal  of 16 million shares at 50 cents for proceeds of C$8M. Meridian intends to use the proceeds to advance the Cabaçal VMS gold–copper project in Brazil towards pre-feasibility and continue exploration. The Offering is expected to close on or about May 2. Meridian Mining (TSX: MNO) news release

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