Morning Briefing: Ascot Resources Purchases Assay Lab
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday September 19th.
Gold Monday traded sideways during the eastern hemisphere physical market hours but was ushered lower after Asia closed for the day, trading as low as $1943 until mid-morning in the U.S.. At 10 a.m. NY time, the yellow dog took off running, from $1943 to as high as $1955, where it settled the afternoon trading session. The Mining Stock Journal could not find any possible news catalysts that would have triggered the sudden move higher. Silver similarly was beat down from an overnight high of $23.50 to as low as $23.24, when it took off higher with gold and settled at $23.52. The Mining Stock Journal noted that the bouncy trading action in the metals, where they pop right back up like a punching clown, is a potential bullish indicator. The mining stocks, after getting hit at the NYSE open, closed green, with GDX up marginally but the Amex Gold Bugs Index closing 0.5% higher. GDX has closed right at its 50 day moving average two days in a row. The Mining Stock Journal commented that it's starting to feel like the precious metals could go on a big move higher at any time.
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.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona, a tier 1 location. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport via highway i-10, and with grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.
And here’s what you need to know this morning….
Ascot Resources announced it has completed a transaction with Seacan Labs to acquire its full-service assay laboratory facility in Stewart, British Columbia, located 25 kilometers from the Company’s Premier Gold Project. The Assay Lab will be used to perform the testing required by Ascot for mineral exploration, mining operation, and environmental monitoring. The Company is now in the process of planning for the staffing and operation of the Assay Lab in advance of targeted production start in the first quarter of 2024. Total consideration for the transaction is C$3,548,587, consisting of C$500,000 in cash already paid at closing and 5,692,972 Ascot common shares. (TSX: AOT; OTCQX: AOTVF) News Release
Li-FT Power released assays from 5 drill holes completed at the Fi Southwest, Shorty, and BIG East pegmatites within the Yellowknife Lithium Project in Northwest Territories. Highlights included 34m of 1.35% lithium, 12m of 1.19%, 11m of 1.28% and 16m of .92%. The company says the big surprise from these drill results is that the BIG East area has more spodumene pegmatite material than expected. Although grade is partially diluted by internal sections of wallrock, the overall amount of pegmatite dyke material at BIG East could add more tonnage. (CSE: LIFT) (OTCQX: LIFFF) News Release
American Eagle Gold has drilled its best hole to date on its NAK copper-gold porphyry project. Hole 11 intersected 102m of 1.04% CuEq within 473m of .62%. In addition, NAK23-10 intersected 359 metres of 0.43% CuEq within 830 metres of 0.36% CuEq from surface. Holes NAK23-10 and 11 affirm that the northerly trending continuously mineralized zone drill-tested in 2022 also has significant width and higher grades. Assays remain pending for 3 more holes while drilling continues throughout the season. (TSXV: AE) (OTCQB: AMEGF) News Release
Wesdome Gold Mines announced surface exploration drill results form the Presqu’île Zone located 1.3 km north-west of the Company’s Kiena Mine Complex in Val d'Or, Quebec. This is part of an ongoing exploration program focussing on near surface gold potential along strike from Kiena that remains under explored. Highlights reported today include 32.5 g/t over 3m, 14 g/t over 5.3m and 9.31 g/t over 4.6m. The company says drilling supports the decision to proceed with the exploration ramp from surface later this year to further assess the continuity of the mineralization and test the down plunge extension of the deposit. The excavation of the ramp is expected to proceed in Q4 2023 once required permits are secured. This ramp can also be integrated with Kiena's existing underground ramp network, providing additional access to surface for ongoing operations and future mining of deposits such as Dubuisson from 33 level further to the east. (TSX: WDO) News Release
Arras Minerals announced assay results on 3 holes from the ongoing drill program at the Beskauga copper-gold deposit in Kazakhstan. Holes Bg23025 & Bg23026 were drilled 1 kilometer outside of the main mineral resource at Beskauga and returned 500m+ zones of continuous mineralization, including 570.5m of .27% CuEq and 504m of .19% CuEq. The company says the 1km step out suggest there is plenty of opportunity to grow the Beskauga Deposit as mineralization remains open at depth and open to the south. (TSXV: ARK) News Release
Ivanhoe Electric announced the closing of its public offering over just under 12 million shares at a price of USD$13.50 per share for a total of $184 million. Ivanhoe Electric intends to use the net proceeds of the offering for a preliminary feasibility study on the Santa Cruz Project, mineral rights payments, drilling and other exploration activities and for other working capital and general corporate purposes. (NYSE American:IE; TSX:IE) News Release
In other financing news, Reunion Gold announced a C$70M bought deal financing last night. And Equinox Gold has entered into an agreement with BMO on a bought deal of 4.75% unsecured convertible senior notes due 2028 in an aggregate principal amount of $150 million.
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