Morning Briefing: Anfield Energy to Acquire the Marquez-Juan Tafoya Uranium Project
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Tuesday June 6th.
On Monday the gold price drifted lower to as low as $1955 per ounce. But 25 minutes after the Comex opened, the price shot up to $1977 over the next 60 minutes and up to as high as $1980 before settling back at $1977. The ostensible mainstream attribution to the price spike is the weak economic reports released 10 minutes after the Comex opened. However, as you might expect, the Mining Stock Journal plausibly suggests that the supply of deliverable gold on the Comex may be thinning out. In the first five days of the June delivery period, nearly 17 thousand contracts have been noticed for delivery and over 10 tons of gold, or 325 thousand ounces, have been removed from Comex vaults. Silver flat-lined overnight. Then the price was smashed 10 mins before the silver pit on the Comex opened. But when gold spiked, silver followed, trading from a low of 23.27 per ounce to as high as $23.78 before pulling back and settling at $23.65.
The Mining Stock Journal noted that the intra-day volatility chart on the 5-minute interval chart suggests a preponderance of short covering by the banks. The mining stocks were slightly higher on the day despite the sell-off in the stock market. The Mining Stock Journal commented that the mining stocks seem to be tentative right now with respect to the positive price overtures in gold and silver. But with a little investor confidence in the sector, the mining stocks could move higher explosive
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….
Cartier Resources announced more drill hole results from the Chimo Mine Project this morning. Today’s results come from the West Chimo Mine sector, whic his located between the main underground infrastructures of the Chimo mine and up to 550 m west. At the 4BW gold zone, drilling intersected 3.7 g/t Au over 6.0 m including 20.2 g/t Au over 1.0 m and 1.6 g/t Au over 15.0 m including 22.8 g/t Au over 0.5 m. At the 5N structure, drilling returned 4.5 g/t Au over 5.0 m including 14.7 g/t Au over 1.0 m while drilling at the 6 structure returned 2.5 g/t Au over 13.3 m including 8.9 g/t Au over 0.5 m. These drill results suggest the development of good discovery potential in the West Chimo Mine sector, which is located near the Chimo mine infrastructure and which has been very little explored to date. (TSX-V: ECR) News Release
Anfield Energy entered into an agreement with enCore Energy, to acquire the Marquez-Juan Tafoya uranium project in the Grants Uranium Mineral District near Alberquerque, New Mexico through the acquisition of enCore subsidiary, Neutron Energy. Juan Tafoya hosts an historical indicated uranium resource of 7.1MT at an average grade of 0.127% containing 18.1Mlb, based on a 2021 Preliminary Economic Assessment. Anfield will pay enCore 185M shares and C$5 million in cash. enCore can also nominate a Director to the Anfield board. The project would represent Anfield’s largest single uranium project and increase its uranium resource base by more than 60%. Anfield Energy (TSX.V: AEC; OTCQB: ANLDF) enCore Energy (NYSE American: EU; TSX.V: EU), news release
Aston Bay Holdings reported additional assay results confirming thick intervals of copper mineralization from ongoing delineation drilling program at the Storm Copper Project on Somerset Island in Nunavut, Canada. This is the second drilling program for project operator American West Metals, under a March 2021 option agreement. Assays from an additional five drill holes at the 4100N Zone all intersected thick intervals of near-surface copper sulfides with grades up to 7% Cu, which support the potential for a low-cost open pit mining operation. Highlights included 67.1m @ 1.1% Cu in hole 3 which included 9.1m @ 2.5% Cu and 1.5m @ 7.1% Cu. Aston Bay Holdings (TSXV:BAY) (OTCQB:ATBHF) news release
Nevada King Gold announced assays from drilling at its Atlanta Gold Mine Project in the Battle Mountain Trend of Las Vegas, Nevada from northwest of the Atlanta pit where drilling continues to extend thick, high-grade oxide mineralization along the West Atlanta Graben or WAG. Highlights included 102.2m of 2.45 g/t Au in hole 23 including 12.2m of 8.78 g/t Au. The WAG is about 150m wide and grades and mineralized thicknesses show potential for substantially increasing the overall resource at Atlanta. The 2020 resource model primarly focused on the Atlanta Mine Fault Zone immediately adjacent to the WAG. Current drilling is centred on expanding WAG mineralization northward, southward, and to depth. Nevada King Gold (TSXV: NKG) (OTCQX: NKGFF) news release
Maple Gold Mines shared gold assay results from the first phase of deep drilling at the Telbel Mine area of the Joutel Gold Project located in Québec, Canada, which is held by a 50/50 joint venture with Agnico Eagle. Results included 3.5 grams per tonne ("g/t") Au over 4.8 m (from 2,018.2 m downhole), including 5.2 g/t Au over 2.0 m and 11.1 g/t Au over 0.5 m in semi-massive to massive pyrite. The company says the longest hole was drilled to 2,242.0 m, and ended in sulfide mineralization, with anomalous gold grades increasing downhole; the hole may have ended on the edge of a more significant sulfide body. (TSXV: MGM) (OTCQB: MGMLF) News Release
Delta Resources says it has started a 20,000m drill program at the Delta-1 Gold project, 50km west of Thunder-Bay, Ontario. This new drilling program is in addition to the 5,000m program nearing completion. Both programs are designed to expand the current mineralized zone along strike and at depth, while testing property-scale targets with similar geological and geophysical signatures as the Eureka Gold Zone. (TSXV: DLTA) (OTC Pink: DTARF) News Release
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