Morning Briefing: Aston Bay Reports Another Copper Hit

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

Today is Thursday August 17th. 

Wednesday gold resumed its pattern of trading higher late Tuesday and through the Asian physical gold markets. But right after the a.m. London price fix the paper price management jockeys pushed the yellow metal off a cliff. Gold was further slammed after the FOMC minutes were released which essentially took any kind of September pause or pivot off the table. Gold was beaten down to $1922 per ounce, where it settled the afternoon session, down $12 from Tuesday. Silver followed a similar path, trading as high as 22.84 per ounce before getting punched down to $22.45, where it settled in the afternoon. The Mining Stock Journal noted that, in addition to the price management effort, hedge funds likely sold and shorted paper gold and silver in response to the FOMC headlines and the accompanying big jump in the 10-yr Treasury yield. 

Unfortunately the cuff-off for the COT report was Tuesday so we can't see who the culprits were yesterday. The mining stocks were hit again in sympathy with the metals as well as the sell-off in the general stock market. The Mining Stock Journal continued to slowly put more capital work in the precious metals sector as it expects that the action now is setting up a nice move higher this fall.

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….

Aston Bay Holdings reported another copper nit at its Storm project on Somerset Island, Nunavut, with visual copper sulfide mineralization. In an 18.5m intercept  in hole 4. With chalcocite and chalcopyrite, which correlates with the prospective sediment hosted copper horizon. The hole extends the apparent strike of the prospective copper horizon a further 2km to the west of hole 3. The company has very much been an out performer as of late in the junior mining equities, having run from .03 cents to .30 in just a matter of days. (TSXV:BAY) (OTCQB:ATBHF) news release

TinOne says they have identified lithium mineralization in historical core samples from its 100%-owned, 9,600-hectare Aberfoyle Project in Tasmania. Select drill core samples of mica-rich sedimentary rocks, host to the prospective Devonian granites, returned up to 0.47% Li2O over 21cm at the Storeys Creek target area. Follow-up surface sampling, geological mapping, mineralogical studies and potential drilling, in addition to further sampling of historical drill core, are warranted to fully understand the lithium potential of the target area. (TSXV: TORC) (OTCQB: TORCF) News Release

Contact Gold shared results of a second batch of drill results form the 2023 exploration program at the Green Springs project on the Cortez Trend in Nevada. At the X-Ray zone, drilling retuned 1.9 g/t Au over 25.91m, 1.41 g/t over 12.19m and 1.67 g/t over 10.67m. Further results are pending from 6 additional step-out and offset holes drilled at X-Ray during this year’s program. The 2023 program was carried out as part of a US$ 10 million earn-in at Green Springs by a wholly-owned subsidiary of Centerra Gold. (TSXV:C) (OTC:CGOLF) News Release

Tinka Resources announced results for the final three drill holes of the 11,000-metre 2022-2023 drill program at South Ayawilca. At the Zinc Zone, drilling returned 21.6 metres at 6.6% zinc and 18 g/t silver from 254.0 metres depth and 13.8 metres  6.8% zinc from 290.2 metres depth. At the Silver Zone, drilling returned 3.4 metres at 465 g/t silver from 209.7 metres in a 150-metre step-out hole. The Silver Zone mineralization remains open in all directions including up- and down-plunge. All drill intersections have now been incorporated into a new geological model which will form the basis of an updated Mineral Resource estimation due next month. (TSXV:TK)(OTCQB:TKRFF) News Release

Piedmont Lithium will increase its stake in Atlantic Lithium’s Ewoyaa Project as part of a staged investment agreement to earn a 50% equity interest in Atlantic Lithium’s Ghanaian lithium portfolio. Piedmont exercised its option to acquire a 22.5% interest in Ewoyaa, having funded the completion of a feasibility study. Piedmont also plans to provide a further $70 million toward Ewoyaa development capital to acquire an additional 27.5% interest. Piedmont expects to share the remaining Project capital costs equally with Atlantic Lithium for a total Piedmont commitment of about $128 million toward the total estimated $185 million Project capital costs. The Company is entitled to purchase 50% of lithium concentrate production at Ewoyaa on a market-based pricing mechanism for the life of the mine. This offtake will provide feedstock for Piedmonts proposed, 30,000-metric-ton-per-year lithium hydroxide conversion facility in Tennessee. Piedmont Lithium (Nasdaq: PLL; ASX: PLL), Atlantic Lithium’s (AIM: ALL, ASX: A11) news release

Fireweed Metals published an update on their previously announced $16.8M financing. The company says the offer was made available to existing shareholders with lead orders from the Lundin Family, Larry Childress, and others. It is fully subscribed with all allocations finalized. The Offering consists of 8,750,000 flow-through common shares of the Company at a price of CAD$1.92 per share through a charitable donation arrangement. (TSXV: FWZ; OTCQB: FWEDF) News Release

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