Morning Briefing: Arizona Sonoran Drill Results from Parks/Salyer

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

Today is Wednesday November 2nd. 

Tuesday gold rebounded from Monday's price take-down, running from $1633 to as high as $1660 before settling at $1650. As with Monday, the movement in the gold price was an inverse mirror image of the movement in the dollar. Tuesday it was news that China intends to juice its economy with monetary intervention. Silver also ran higher, piercing the $20 benchmark briefly before pulling back to settle at $19.62. The Mining Stock Journal noted that there was extreme volatility in the Treasury bonds and the dollar on Tuesday, reflecting increasing instability in the financial markets. It added that this ultimately will be bullish for gold and silver. For now, all eyes will be scrutinizing today's FOMC policy statement that will be released around 2 p.m. EST. The mining stocks staged a nice rally in response to the rally in the metals. GDX closed up 2.24% though it was even higher during the day. The Mining Stock Journal will be reviewing Snowline Gold in Thursday's new issue. Snowline bulls might not be happy with the analysis. You can learn more about the mining stock newsletter at 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…Integra Resources.

Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.

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

Arizona Sonoran Copper released assays results form 3 drill holes from its 32,000 m infill to indicated drilling program at Parks/Salyer, located ~1.3 mi southwest of the Company’s Cactus Mine Project. Highlights included 217.7m of 1.01% copper, 137.7m of 1.17% copper, which also included 25m of 2.3% copper, and 168.2m of 1.1% copper. These holes were drilled to 250ft drill spacings in support of an initial preliminary feasibility study. The company also noted that the final 4 holes from the expanded exploration drill program are now complete and successfully extended mineralization along the western extents of the deposit. The extents of the main high-grade core at Parks/Salyer have been defined by the completed exploration program, however exploration potential remains along the NE oriented mine trend corridor towards the Cactus West deposit. A total of 31 exploration holes spaced at ~500 ft drill spacings were included into the MRE and calculated an inferred copper resource of 2.9 billion pounds at 1.015% total Copper. The total leachable resource totals 2.45 billion pounds at 1.065% total Copper. Arizona Sonoran Copper trades on the TSX with ASCU and on the OTCQX with ASCUF. News Release

Goldshore Resources announced assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Results for eight holes, drilled to both expand and infill historic but poorly surveyed drill sections in the Main Zone, have confirmed higher-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of 1.34 g/t Au over 90.95m, 1.02 g/t Au over 59.9m, and 4.38 g/t Au over 9.5m. In addition, results for four holes, drilled to evaluate the under-drilled Southwest Zone, have confirmed narrow higher-grade gold mineralized structures with 23.7 g/t Au over 3.5m and 2.26 g/t Au over 8.25m. The company is still slated for a PEA delivery for Q1 of 2023. News Release

Fortuna Silver says the construction of the Séguéla gold Project located in Côte d’Ivoire is 83% complete. The las SAG mill package is due to arrive in early December and the process plant structural, mechanical, and piping (SMP) contractor has advanced work across multiple work fronts. Earthworks and high density polyethylene (HDPE) lining of the tailings storage facility (TSF) is on-track for completion before the end of 2022. As of October 31, 2022, $166.0 million of the total approved budget of $173.5 million, including $8.9 million contingency, has been committed.  The first gold pour is expected in mid-2023. Fortuna Silver Mines trades on the NYSE with FSM and on the TSX with FVI. News Release

Calibre Mining announced its  financial and operating results for the three and nine months ended September 30. In Q3, gold sales totalled 49,260 ounces grossing $85.2 million in revenue, at an average realized gold price1 of $1,730/oz with consolidated all-in sustaining costs of $1,322. The companies says they remain on track to meet full year production and cost guidance. Calibre Mining trades on the TSX with CXB and on the OTCQX with CXBMF. News Release

Novo Resources announced an updated mineral resource estimate for the Beatons reek gold project in Western Australia. The 2022 MRE incorporates reverse circulation (“RC”) drilling completed between January 2020 and May 2022. Beatons Creek now hosts an Indicated Mineral Resource of 3.05 million tonnes at 2.4 g/t Au for 234,000 oz Au, and an Inferred Mineral Resource of 0.83 million tonnes at 1.6 g/t Au for 42,000 oz Au, reported above a 0.5 g/t Au cut-off within an optimized open pit shell. The 2022 MRE reports decreases in both open pit tonnes and ounces, driven by revised mineralization wireframes which are based on a recent close-spaced RC drilling program, along with mining depletion, compared to the 2019 Mineral Resource estimate. Mineralization remains open to the north-west, with additional resource development drilling underway. Novo Resources trades on the TSX with NVO and on the OTCQX with NSRPF. News Release

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