Morning Briefing: Ascot and Calibre Continue to Find More High-Grade

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

Today is Thursday December 8th. 

The price of gold rose steadily starting just after midnight east coast time, rising from $1782 per ounce to as high as $1804 - February Comex contract basis - before pulling back to settle at $1799. The rise during the day was nearly uninterrupted except for a brief sell-off during the p.m. London gold fix. Silver moved higher throughout the early morning and most of the U.S. trading day, running up from $22.35 per ounce, touching $23 briefly and settling at $22.90, March contract basis. The Mining Stock Journal said that it would have been a moral victory if gold closed over $1800 and silver closed over $23. But both metals have had stronger than expected performances since the beginning of November. 

The newsletter noted that, once again, the precious metals sector rose intra-day despite the sell-off in the stock market. It added that the daily chart for gold is very bullish but the chart for silver looks potentially explosive. 

Despite a sell-off in the stock market, the mining stocks managed another healthy gain Wednesday. The Amex Gold Bugs index rose 1.5% and the GDX jumped nearly 2%. With the yield curve inversion continuing to steepen, the dollar selling off and real interest rates still quite negative, the ingredients are in place for a major move higher in the precious metals sector.

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…Arizona Sonoran Copper

ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.

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

Calibre Mining said step-out drilling along the Panteon North/VTEM geophysical corridor within the Limon Mine Complex hit high grade gold with a highlight of 9.3m grading 11.61g/t Au in Hole 4701. Drilling aims to test a multi-kilometre long structure identified by a VTEM geophysical survey earlier this year, with today’s results about 2.5km north of Panteon North, an area expected to contribute to Calibre’s next Resource and Reserve statement expected in Q1, 2023. Calibre Mining trades on the TSX under CXB and on the OTCQX under CXBMF. News release

Cordoba Minerals agreed to form a strategic arrangement with JCHX Mining Management for the joint-development of the Alacran copper-gold-silver Project in Cordoba, Colombia. JCHX will acquire a 50% interest in CMH Colombia for US$100 million in cash with CMH to own Alacran, with Cordoba owning the other 50%. JCHX will pay US$40 million upon closing, a second installment of US$40 million upon completion of a Feasibility Study, and the submission of the Environmental Impact Assessment, and a final US$20 million upon approval of the EIA within two years of the transaction's closing date. Should the EIA not be approved by the second anniversary, JCHX can elect not to complete the final installment. JCHX will advance a bridge loan of US$10 million to Cordoba. JCHX invested C$11 million into Cordoba in November 2019 for a 19.9% stake. Cordoba Minerals trades on the TSXV under CDB and on the OTCQB under CDBMF. News release

Osisko Mining signed a binding term sheet with Miyuukaa, a corporation owned by the Cree First Nation of Waswanipi, for the construction of proposed transmission facilities and the transport of hydroelectric power to the Windfall Project in the Abitibi greenstone belt in Québec. Miyuukaa will finance, build, own and operate a 69 kV dedicated transmission line to transport hydroelectricity to Windfall. Using hydroelectric power through the final stages of exploration and throughout the planned construction and operations phases will reduce greenhouse gas emissions and the Windfall Project's dependency on fossil fuels. The project will take 12 months to complete, with hook-up anticipated in H1 2024. Osisko Mining trades on the TSX under OSK. News release

Ascot Resources announced the third batch of assay results from the Big Missouri deposit at its Premier Gold Project in British Columbia from in-fill and exploration drilling. Highlights included its highest-Grade Intercept Since 2017 of 1m grading 488 g/t Au and 181 g/t Ag in hole 2445, within a broader interval of 7.9m grading 62.76 g/t Au and 27.36 g/t Ag. Ascot drilled 50 holes for 4,752m this year at Big Missouri. The company said many of the high-grade intercepts were encountered within or around existing stope shapes, and some in gaps between stope shapes increasing its confidence that there is more gold to be discovered outside the existing resource model. Ascot Resources trades on the TSX under AOT and on the OTCQX under AOTVF. News release

Dakota Gold provided results of initial drill holes 1-5 from its Richmond Hill Gold Project in South Dakota. Results reported today included 8m of 1.07 g/t gold, 30.7m of 1.45 g/t, 44.1m of 1.05 g/t and 39.1m of 1.14 g/t. The company says 3 of these holes indicate the presence of a large sulfide gold system. There are currently two drills operating at Richmond Hill targeting potential Homestake-style mineralization at depth, as well as conducting infill and step-out drilling designed to convert and expand the mineralization identified by 880 historical drill holes. Two drills at Maitland are currently targeting Homestake hosted mineralization as well as drilling confirmation holes necessary to convert historical Maitland oxide resources to compliant resources. Dakota Gold trades on the NYSE American with DC. News Release

HighGold Mining reported the third and final batch of assay results from 2022 drilling at its new Ellis Zone discovery at the Difficult Creek Prospect located 4 km from its JT Deposit. Drilling during the second half of the 2022 summer field season focused on stepping out along strike and at depth on the Ellis Zone on 25 to 50m centres. The new drilling returned strong mineralization west and down-plunge of recently released results and included 15.5m at 4.04 g/t AuEq, including 1.5m at 26.24 g/t AuEq, in hole 56. Drilling has now defined the Ellis Zone mineralization over a strike length of 125m and from surface to a depth of 225m with an average true thickness of 10 to 15m within the plunging core of the zone. HighGold Mining trades on the TSXV with HIGH and on the OTCQX with HGGOF. News Release

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