Morning Briefing: Another Yukon First Nation States they Will Not Support Mine Development
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, July 25th.
Wednesday gold ran up overnight to a high of $2432 mid-morning before reversing lower and closing in the afternoon just below $2400 at $2397, down $9.70 from the prior day. Silver similarly ran higher overnight to a high of $29.62 but then was pushed lower after the stock market opened and closed at $29.07, down 25 cents from Tuesday. The Mining Stock Journal noted that the early a.m. price rise indicated good physical demand from Asia. The Mining Stock Journal attributes the sell-off in gold and silver to the sharp sell-off in the stock market triggered by selling from funds long paper gold and silver in a rush to sell everything not nailed down. The mining stocks actually performed well given the drama in the markets. GDX spent a large portion of the day in positive territory before closing down 0.6%. The mining stock ETF by far outperformed the broad stock indices.
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… Vizsla Silver.
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning….
Brixton Metals reported their first drill results for the 2024 season at it Thorn Project in British Columbia. Results come from hole 290 with mineralization beginning at a depth of 314.5m and ended in mineralization at the depth of 1564m. The total length of the hole returned .28% CuEq but found subintervals of 121m of .55% and 150.73m of .56% CuEq. The company says this hole significantly increases the volume of mineralized porphyry at Camp Creek target. Brixton is currently drilling with two rigs until the end of the season. Ground MT geophysical surveys at the North Copper Target and Cirque Copper Target are now complete and geochemical surveys, prospecting and mapping are ongoing. (TSX-V: BBB, OTCQB: BBBXF) News Release
Sun Peak Metals published their first assay results from this year’s program from the Shire Project in Ethiopia. The Company drilled 24 diamond drill holes, totaling 5,236 meters, testing the Terer and Hamlo VMS Targets, which are both located on the Terer Exploration License. Hole 2 returned 18.46m of 1.34% CuEq which included 9.8m of 2.13%. The Terer VMS zone is located 2 km west and directly along strike of the Anguda North gravity high anomaly, which will be tested in the next drilling phase. From the Hamlo target, drilling returned 10.9m of .29 g/t Au and 1.36% Zinc. The company says these drill results at Terer and Hamlo, combined with findings from Anguda South, confirm a significant VMS system extending over 10 km, validating the geological model and exploration methods used by Sun Peak. (TSXV:PEAK) News Release
Orezone Gold says they will be initiating a multi-year exploration campaign designed to test the broader size and scale of the Bomboré mineralized system. To date, Bomboré has been reserve defined over greater than a 14km strike length, with the average depth of drilling to approximately 200m. The Company has designed an initial 30,000m first pass drill program, which will test multiple targets across the system. First pass drilling along the Bomboré Shear Zone (“BSZ”) will be focused on testing the potential of the mineralized system down to depths of up to 400m. The goals of the program are to expand the reserve and resource base, delineate higher-grade centers of mineralization, and further increase the mine life. (TSX: ORE, OTCQX: ORZCF) News Release
After the closing bell yesterday, Newmont published their highly anticipated Q2 results. The company produced 2.1 million gold equivalent ounces and generated just under $600M of free cash flow. Their all-in sustaining costs for production did rise to by more than $100 per ounce to $1,562 per ounce. Newmont is down over 3% if pre-market trading. (NYSE: NEM, TSX: NGT) News Release
And there is more news out of Yukon this morning following the heap leech failure from the Eagle Mine. The Carcross/Tagish First Nation has supported the Na-Cho Nyak Dun First Nation in calling for an independent investigation into the heap failure. The First Nation also stated their will not support any future mining projects within their traditional territory. Their territory sits just south of Whitehorse along the Yukon and British Columbia border.
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