Morning Briefing: Atlantic Lithium Completes PFS for Ewoyaa Project

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Tuesday, September 27th

On Monday, gold and silver both held up well in the overnight session despite a rabid sell-off in European stocks. Both metals of course were given a ceremonial ride lower at the London a.m. fix but promptly bounced. Gold traded up to $1656 per ounce and silver nosed back over $19 per ounce after the Comex opened. But then both metals were suddenly slammed around 10 a.m. NY time along with the stock market. The Mining Stock Journal is confident that the big drop in the price of the metals is 100% a product of the hedge funds selling and shorting hay bales of paper gold and silver futures. On that note, the mining stock newsletter said that the current set-up across all of the markets is startlingly similar to that of September and October 2008. It believes some trigger event will set off a torrid move higher in the precious metals sector as happened in late October 2008. 

As a reminder, the GDX more than doubled between November and year-end 2008. The mining stocks continue to get dumped like hazardous medical waste. However, the newsletter's editor began accumulating December Fortuna Silver near-money calls and is looking at some other bottom-fishing candidates in the producer segment of the mining stocks on which it will make swing-for-the-fence bets using near-money, longer-dated calls.

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…Western Copper and Gold.

Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.

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

Atlantic Lithium completed a prefeasibility study on Ewoyaa project in Ghana to produce about 255,000 tons per year of 6% lithium spodumene concentrate over a 12.5-year mine life from reserves of 18.9 million tons grading 1.24% Li2O. CAPEX increased from US$70 million to $125 million including $27 million to bring crushing in-house for improved operational control and reduced lithium losses. The project will now advance to the next stage of studies and permitting targeting first production in Q3 2024. Piedmont Lithium is earning a 50% interest in Atlantic Lithium’s spodumene projects in Ghana, which includes an offtake agreement for 50% of annual production at market prices on a life-of-mine basis. Piedmont plans to import spodumene concentrate from the project to its newly announced Tennessee Lithium project for conversion to lithium hydroxide. Atlantic Lithium trades on AIM under ALL. Piedmont Lithium trades on the Nasdaq under PLL. News release

NorthWest Copper announced the third set of assays from the 2022 drill program at its Kwanika copper project in British Columbia, the first of four projects drilled this season and the only one with results reported to date. This set of assays intersected mineralization to the north of the footprint of the Kwanika Central Zone with a highlight of 87.7m grading 0.86% CuEq in hole 234 including 23.95m grading 2.18% CuEq. The company has results pending from elsewhere at Kwanika, Stardust, East Niv and Lorraine. NorthWest Copper trades on the TSXV under NWST and on the OTCQX under NWCCF. News release

Getchell Gold released assays that intersected and extended the North Fork zone gold mineralization at the Fondaway Canyon gold project in Nevada. Hole 19 returned 107.5m grading 1.8 g/t Au including 32.9m grading 2.9 g/t Au. Hole 19 represents the third successful step-out from the 2021 North Fork high-grade discovery. A resource estimate is scheduled for completion in the coming weeks. Getchell Gold trades on the CSE under GTCH and on the OTCQB under GGLDF. News release

Lahontan Gold provided results from the first seven reverse-circulation rotary drill holes of the Company's Phase Two drilling campaign exploring the Slab-Calvada pit area of its 19km2 Santa Fe Project in Nevada's Walker Lane. The seven drill holes, totaling 1,710m, targeted down-dip extensions of oxidized gold and silver mineralization along the Calvada fault and northerly step-out drilling from the Slab pit. Results from the seven drill holes included 25.9m of 2.55 g/t gold and 3.4 g/t silver and 47.2m of .78 g/t gold and 1.3 g/t silver. Lahontan Gold trades on the TSXV with LG and on the OTCQB with LBCXF. News Release

New Found Gold announced the results from six diamond drill holes that were completed as part of a program designed to test the west side of the Appleton Fault Zone, or AFZ, adjacent to the Keats Zone, all a part of the greater Queensway project in Newfoundland. Results included a new, near-surface gold discovery called “Keats West” which was made west of the AFZ, with intercepts including 17.87 g/t Au over 4.20m in NFGC-22-681 and 10.36 g/t Au over 10.50m in NFGC-22-686. These two intercepts are located approximately 50m apart along strike within an extensive brittle fault zone that has now been intersected over a strike length of approximately 120m and to a vertical depth of approximately 100m by four holes released today. Based on current modelling, this new structure strikes to the northwest, dips moderately to the southwest, and is open in all directions. New Found Gold trades on the TSXV with NFG and on the NYSE American with NFGC. News Release

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