Morning Briefing: Arizona Sonoran Concludes MainSpring Drilling; District Metals hits Massive Sulphide
Welcome to Mining Stock Daily. I’m Trevor Hall
Today is Monday, April 29th.
Last week gold declined $65 from the previous week to close Friday at $2347. The Mining Stock Journal noted that the entire weekly decline was accounted for on Monday as hedge funds that loaded up on gold contracts heading into that weekend dumped their contracts Monday after WW3 didn't break out over the weekend in the Middle East. Silver declined a little over $1, closing Friday at $27.25. The Mining Stock Journal commented that the precious metals sector continues to work off an extreme overbought technical condition that resulted from the sharp move higher that began in early March. It added that it expects the sector to pullback or at least trade sideways for a bit longer before heading higher again. The mining stocks actually rose for the week despite the weakness in the metals. GDX was up 1.5% for the week. The Mining Journal said that it expects high volatility across all of the market sectors this week with the FOMC meeting mid-week and the non-farm payroll report Friday.
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….
Arizona Sonoran Copper has completed its inferred drilling program on MainSpring which lies within the Cactus Project in Arizona. The inferred drilling program confirms a continuation of the thick enrichment blanket extending south and up dip from the Parks/Salyer deposit onto MainSpring, as well as the presence of enriched mineralization. In support of a single mineral resource model, the drill program successfully connected the high grade thick enriched Parks/Salyer mineralization and the shallow lower grade MainSpring mineralization with drill results returning 368m of .56% Cu, 436m of .32% Cu and8m of 1.18% Cu. With the final receipt of assays, a MainSpring mineral resource model is now being generated for its inclusion to the integrated Nuton and Cactus Preliminary Economic Assessment expected in Q3 of this year. (TSX:ASCU | OTCQX:ASCUF) News Release
District Metals provided an update on the recently completed drill program on the Tomtebo Property in the Bergslagen Mining District in Sweden. Drilling commenced in February. A total of just over 2,000m and six holes were completed. District Metals and their drilling partner Boliden, says they did encounter polymetallic sulphide mineralization in the Steffenburgs zone, with hole 42 intersecting copper-rich semi-massive to massive sulphide mineralization over approximately 17m at the depth of 309m. They also noted holes 41 and 43 intersected meaningful widths of similar copper-rich sulphide mineralization. In addition, down-hole electromagnetic results also show multiple off-hole conductors. (TSXV: DMX, OTCQB: DMXCF) News Release
And MSD spoke with Abitibi Metals late last week. This morning they are back in the news with more drill results out of the B26 polymetallic deposit. Results were .93% CuEq over 26.9m in hole 335 and 1.35% CuEq over 19.75m in hole 336. The company says the confirm and extend the copper and zinc-silver VMS potential of the "Satellite West" zone located 500 metres to the west of the Main Deposit and also demonstrate that the felsic volcanic complex hosting the mineralization is open to the northwest and represents a new expansion target with no historical drill coverage. Assays from 30 holes remain pending. (CSE: AMQ) (OTCQB: AMQFF) News Release
West Red Lake Gold announced its 2024 exploration strategy for the Madsen and Rowan Property in the Red Lake Gold District of Ontario. At Madsen, the company will be partaking in regional mapping and geochemical sampling on the Confederation Assemblage of rocks which have seen very little exploration work since 2014. At Rowan, the company is planning up to 15,000m of surface drilling to focus on growth and expansion of the existing mineral resource. (TSXV: WRLG) (OTCQB: WRLGF) News Release
Grid Metals published results from its maiden drill program on the Falcon West Lithium property in Manitoba. Drilling occurred at two locations approximately 750 meters apart. The drill program was the first to focus on lithium mineralization since the 1950s. Drilling in the west at the ArtDon target returned 3.7 metres grading 2.83% Li2O and 4.3 metres grading 2.82% Li2O. To the East at the Lucy Target, drilling returned 13.9 metres grading 0.73% Li2O and 5.8 metres grading 1.32% Li2O. (TSXV:GRDM) (OTCQB:MSMGF) News Release
Canadian Gold Corp announced results of its Phase 2 exploration drill program at the Tartan Mine, located near Flin Flon, Manitoba. Notably drilling at the South Zone resulted in the discovery of a new trend, where mineralization remains open and untested below 250 metres depth. That results returned 14 g/t over .94m within a broader interval of almost 3m of 5.9 g/t. Canadian Gold completed its Phase 2 winter drill program at the Tartan Mine with nine drill holes for a total of 4,550 metres. The Phase 3 drill program is anticipated to begin in the summer with plans to continue expanding the MZ, HWZ, and to test the continuity of mineralization at the eastern part of the SZ below 250 metres. (TSXV: CGC) News Release
Western Copper and Gold says that in connection with the Company's offering of common shares for gross proceeds of approximately $40 million announced on April 16th, Rio Tinto has notified the Company that it will exercise its participation right in full, allowing Rio Tinto to maintain its interest of approximately 9.7%. Rio Tinto will subscribe for 2,269,470 common shares of the Company at a price of $1.90 per share for proceeds of $4,311,993. (TSX: WRN) (NYSE American: WRN) News Release
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