Morning Briefing: Aris Mining Receives Lower Mine Permit
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday July 14th.
Wednesday, after drifting lower overnight, gold rocketed from $1940 per ounce to as high as $1965 after the U.S. Government reported a lower than expected inflation report, which triggered a big move higher in all of the markets on the expectation that the Fed will soon stop hiking rates and perhaps begin lowering the Fed Funds rate. The Mining Stock Journal finds it ironic that the prices of gold and silver soar on a lower than expected price inflation report. Silver was perhaps the best performing financial asset Wednesday, as it shot up over $1 per ounce for Tuesday's afternoon settlement as it pushed through resistance in the $23's and traded over $24 to settle at $24.34. The Mining Stock Journal noted that the fundamental factors underlying silver are perhaps historically strong, not the least of which is a growing supply deficit.
The mining stocks took the cue from the metals and galloped higher. Both the Amex Gold Bugs index and the GDX rose over 5%, outperforming the Dow, S&P 500 and Nasdaq by a factor of 4. The newsletter pointed out that several individual stocks shot up over 10%. Speaking of mining stocks, the Mining Stock Journal will release its latest issue today after the stock market closes. It will feature a detailed summary of the editors' recent visit to Fortuna Silver's new Seguela mine in the Ivory Coast as well as some significant updates to some junior mining stocks the newsletter recommends. You learn more about this newsletter InvestmentResearchDynamics.com
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….
Aris Mining received approval from the Caldas Regional Autonomous Corporation environmental regulator of its environmental management plan which permits the development of the Marmato Lower Mine in Caldas, Colombia. The development of a new US$280 million underground mine will provide access to the wider porphyry mineralisation below the existing small-scale Upper Mine, allowing for bulk mining and the production of 162,000ozpa over a nearly 20-year mine life. The underground development will include a 4,000tpd ore processing facility with the build to be funded from the company’s cash balance and $122 million of stream funding from Wheaton Precious Metals. It is scheduled to pour its first gold by the end of the September quarter in 2025. Aris Mining (TSX: ARIS) (OTCQX: TPRFF) News Release
Cartier Resources published new drill results from the West Nordeau and West Chimo Mine sectors in Quebec. Results highlighted this morning included 3.2 g/t Au over 15m and 23. g/t over 7m at West Nordeau. At West Chimo, drilling returned 25.7 g/t over .8m and 9.6 g/t over 1m. Drilling in the West Nordeau sector aims to increase resources in a future estimate, while drilling in the West Chimo Mine sector aims to discover new gold zones in a little-explored sector, located proximal to the underground infrastructures. (TSX-V: ECR) News Release
ATEX Resources announced partial assays for holes 24 and 22B, the last two, from the Phase III drill campaign at its Valeriano Copper-Gold Project in the Atacama Region of Chile. Highlights included 670m of 0.84% Copper Equivalent in hole 24 from 1,173m depth. The high-grade, Early Porphyry was intersected earlier in the hole than anticipated, widening the Central Trend by 70m to the west. The hole was paused at 1800m and will resume to its planned 2,200m depth as part of the Phase IV drill program. ATEX yesterday announced it entered into a US$15 million unsecured two-year credit agreement at 6% interest from a group led by existing strategic shareholders including Pierre Lassonde’s Firelight Investments, Beedie Investments and others. Certain shareholders agreed to exercise purchase warrants for aggregate consideration of over C$2.5 million, and management also agreed to exercise Warrants for additional consideration of over C$2.9 million. ATEX will have access to over US$19 million of capital as a result. ATEX Resources (TSXV: ATX) news release
Lithium Ionic announced a C$25 million bought deal private placement with Clarus Securities and Canaccord Genuity as co-lead underwriters for mineral exploration and development activities at its Brazilian hard rock lithium properties in Minas Gerais. The company will sell 11.9 million shares at C$2.10 per share, with the Offering scheduled to close on or about August 1. Lithium Ionic (TSXV: LTH) news release
Talon Metals hit a new area of semi-massive nickel sulphide in a part of the Tamarack Intrusive Complex in Minnesota which has never been explored. The new nickel mineralization was encountered at a shallow depth of approximately 296.3 meters in an area between the Raptor's Head Area and the Raptor's Crest Area within the newly named "Raptor Zone". This maiden drill hole intersected 4.21 meters of nickel mineralization, but of particular interest is that the mineralization is texturally very similar to what is observed in the Tamarack Resource Area Semi-Massive Sulphide unit located over 2 km south of this drill hole. Assays remain pending for this 450m step-out. (TSX: TLO) (OTC Pink: TLOFF) News Release
Sierra Madre Gold and Silver announced results of four additional drill holes from the Phase I drill program at its La Tigra Gold/Silver Project in Nayarit, Mexico. Highlights included 20m of 2.6 g/t AuEq from hole 5 and 5.95m of 7.25 g/t AuEq from hole 6, which also had a shorter 1.6m interval of 24.49 g/t AuEq. The Phase I drilling program has defined a 3.5 km long structural corridor with stacked northwest striking structures. (TSXV:SM) News Release
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