Morning Briefing: Arizona Sonoran Expands the Cactus West Pit

Welcome to Mining Stock Daily. I’m Trevor Hall.

Today is Monday, June 10th. 

On Friday, Gold was given the elevator move down below its 50 day moving average. It managed to find some support at just above $2300 per ounce where it bounced and settled the week at $2323. The gold market attributes the move to two factors. First the surprisingly better than expected non-farm payrolls report provided little support for a Federal Reserve rate cut. China also announced that they stopped gold purchasing, which broke an 18-month buying streak. Silver also acted accordingly, dropping more than 6% on the day and settling at 29.40 per ounce. And as expected, the gold miners also had the cord cut from above them, with the GDX down 6.8% and the GDXJ down 7.5%.

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…. 

Arizona Sonoran Copper reported drilling results targeting below the leachable oxides and enriched sulphides, into the untested extents of primary copper mineralization around the Cactus West Pit, on the Cactus Project, in Arizona. Drilling confirms a thick zone of primary sulphide mineralization beneath the Cactus West open pit mine plan and at least 750 ft (229 m) south, 500 ft (152 m) southwest and up to an additional 700 ft (213 m) below the Cactus West mineral resource shell. Those results included 446m of .31% CuT, 301m of .34% and 260m of .38%. The Nuton-sponsored drill program aims to further delineate the primary mineralization beneath the existing oxides and enriched sulphides at the Cactus West open pit, as outlined in the current mine plan. (TSX:ASCU | OTCQX:ASCUF) News Release

FPX Nickel says they are going to re-initiate exploration activities at the Company's Mich property in Yukon. The Company has recently expanded its claims at Mich by over 350% and will conduct a wide-ranging surface sampling program over the summer of 2024 with the goal of advancing Mich to drill-ready status. FPX has been awarded a non-repayable grant under the Yukon Mineral Exploration Program which will be used to offset program costs. The Mich claims are underlain by he same belt of rocks that host the awaruite mineralization at FPX's flagship Baptiste Nickel Project in British Columbia. (TSX-V: FPX) (OTCQB: FPOCF) News Release

American Eagle Gold says a second drill rig as begun operations at the NAK copper-gold project in BC. Early reports indicate that operations are proceeding smoothly, and that drilling has encountered chalcopyrite, bornite, and molybdenite mineralization consistent with nearby holes drilled previously. This rig is currently drilling hole 19 at the South Zone. It is intended to traverse through a large and untested area along the southern margin of the Babine porphyry stock. (TSXV: AE) (OTCQB: AMEGF) News Release

Bravo Mining released assay results from the second drill hole at the "T5" target and from the first drill hole in the "T16" electromagnetic target at the Luanga Deposit in Brazil. At T5, drilling returned 8.75m of massive to semi massive and breccia hosted copper sulphide mineralization grading 9.5% Cu and 2.1 g/t Au. This mineralization remains open at depth and along strike. The T16 target intersected 1.29m of 2.39% Cu and 1.17% Ni. The company says this is potentially a different style of mineralization not previously observed at Luanga. As a result of the initial positive results, the EM-target drilling has increased from an initial 3,000m to 8,000m and may increase further, depending on results. (TSX.V: BRVO) (OTCQX: BRVMF) News Release

Patriot Battery Metals published its latest results from CV13 on the Corvette Property in Quebec, which included holes targeting the Vega Zone. The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest of the CV5 Spodumene Pegmatite, which hosts its maiden mineral resource estimate. Drill results included 33.4m of 2.4% Li2O, and included an 11m interval of 4.33%. Vega Zone is open in several directions with multiple step-out holes remaining to be reported. 83 holes from the 2024 winter drill program remain pending for assay results. The company says the Vega Zone will be a key target for the upcoming summer drill program, with details of the program to be released to the market in the coming weeks. (TSX: PMET) (OTCQX: PMETF) News Release

Energy Fuels says they have achieved commercial production of separated neodymium-praseodymium at its White Mesa Mill in Utah. Critically, the NdPr produced by Energy Fuels' meets the applicable product specifications of REE metal-makers, who specialize in the manufacture of REE-based alloys required for the permanent magnets widely used for electric motors in both battery powered electric vehicles and dual power hybrids. The Company expects to have commercial quantities of separated NdPr available for shipment by the end of June 2024. Energy Fuels believes this is the first time in several decades that a U.S. company has produced on-spec separated REE's from monazite on a commercial scale. (NYSE American: UUUU) (TSX: EFR) News Release

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