Morning Briefing: ATEX Resources Drills 68.0 metres of 2.02% CuEq
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, May 15th.
Yesterday gold rallied from a Monday night low of $2340, June gold basis, to as high as $2365, closing $22 higher than Monday's afternoon settlement. Silver started to rise from the moment trading started Monday evening, running fro $28.49 to $28.97, July silver basis. It settled in the afternoon at $28.87 up 34 cents from Monday's afternoon close. The Mining Stock Journal commented that, while gold continues to press all-time highs, the 5-yr chart looks potentially explosive. The mining stocks traded higher, with GDX up 1.29%, outperforming every broad index except the absurdly overvalued SOXX index. Of note, two of the Mining Stock Journal's strong buy, overweight recommendations have been on fire the last 2 days. Discovery Silver is up 27.2% over the last four days and Paramount Gold is up 45% over the last four days. The mining stock newsletter maintains that both stocks remain irrationally undervalued. If you want to find out why, go to InvestmentResearchDynamics.com to learn about the Mining Stock Journal.
This episode of Mining Stock Daily is brought to you by… Vizsla Silver.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. 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.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
ATEX Resources publishes assay results for drill holes 26 and 17B this morning, coming from the Phase IV drill campaign at the Valeriano copper-gold project in Chile. Hole 26 intersected 68.0 metres of 2.02% CuEq, which was within the broader interval of 978.0 metres of 0.75% CuEq. The hole ended in grades of 1.5% CuEq and was terminated 400m above the planned depth. The company noted that the copper, gold and silver enriched low sulhidation epithermal system was intersected above the projected porphyry target. Hole 17B ended at 1,254.0 metres and intersected 504.0m of 0.56% CuEq. Due to the early onset of seasonal storms in the region, the Phase IV program has been concluded totalling approximately 12,000m of diamond drilling. (TSXV: ATX) News Release
C3 Metals says they intersected 79m of .71% Cu and .49 g/t gold at its Connors porphyry project at the Bellas Gate project in Jamaica. That hole included a sub interval of 46m of .95% copper an d.69 g/t gold. C3 Metals has identified 16 porphyry, 40 epithermal and multiple volcanic hosted redbed style copper-gold prospects over a 30km strike extent. Most targets remain untested, but the company believes that these most recent results confirm the potential for high-grade mineralization within the porphyry systems at Bellas Gate. (TSXV: CCCM) (OTCQB: CUAUF) News Release
Silver Mountain Resources published results of its preliminary economic assessment for the Reliquias project in Peru. The study highlights project economics with an NPV of C$107 million1 at 5% discount rate, and Pre-Tax Internal Rate of Return ("IRR") of 57%. Capex is estimated to be just under US$25M with a 1.8yr payback period. The company set average annual metal production of 2.2 million ounces AgEq per year at in all-in sustaining cost of $17/oz. The Project is planned as an underground mine operation. (TSXV: AGMR) (OTCQB: AGMRF) News Release
In an effort to fend off BHP offers, Anglo American has decided to reshape the company. They will look to re-organize the company into three divisions, copper, iron ore and fertiliser, while also looking to divest in producing platinum metals, coal and nickel operations through sales and spin offs. Anglo hopes that its restructuring can lead to the type of higher valuation achieved by miners solely producing copper. Anglo plans to complete the overhaul by the end of 2025. BHP’s second proposal to buy Anglo came at a price of $43 Billion.
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