Morning Briefing: Awalé Resources Drills 20 g/t gold over 29m at Odienné
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, July 31st.
Yesterday gold started rising late Monday morning and after a brief price take-down after the stock market opened the yellow dog shot-up from $2428 to as high as $2458 before settling at $2456 in the afternoon, up $27 from the previous day. Similarly, silver ran from $27.80 late Monday to as high as $28.55 and settled at $28.53, up 52 cents for the day. The mainstream narrative was that the metals were driven by the escalating war in the Middle East. But the Mining Stock Journal emphatically stated that the metals are running higher now despite still in a seasonally weak period because Central Banks globally are attempting to offset growing economic weakness with easy monetary policies which further debases fiat currencies. The mining stocks outperformed the stock market again, with GDX rising 0.85%.
We’ll get to the news from the miners and explorers here in a moment, but first a quick 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. 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….
Awalé Resources reported new assay results from the Odienné Project. Highlights included 20 g/t gold over 29m, 580 gram meters gold from 149m downhole in OEDD-88, and included an 8 meter interval of 39.5 g/t. Other holes returned 70m of 1.2 g/t Au and 4m of 16.8 g/t. Nine holes for 2,953m were drilled at Charger in two phases for this campaign, with five holes for 1,295 m reported today. Drilling confirms these breccia zones are linked to hole previously drilled and high grade hole OEDD-83 mineralization, indicating potential for increased high-grade gold volume with further drilling. The second phase of the drilling consisted of 4 holes, with three of these holes testing a demagnetization model where the ground magnetics completed over the prospect were processed to highlight a low magnetic response. Results from these holes and a complete set of assay results from BBM Zone will be released upon their receipt from the lab. (TSXV: ARIC) News Release
Amex Exploration released more drill results form the High-grade Zone and the Denise Zone on the company’s Perron Project in the Abitibi. From the High-Grade Zone, drilling returned 6.35 m of 30.85 g/t Au including 0.50 m of 342.10 g/t Au at a vertical depth of ~1100 m. Drilling at the Denise Zone returned 2.15 m of 16.58 g/t Au including 0.50 m of 66.35 g/t Au at a vertical depth of ~900 m. The company says they continue to see growth potential for resources at depth. (TSXV: AMX)(OTCQX: AMXEF) News Release
Wallbridge Mining announced assay results from the 9,000m Phase 1 drill program at the Martiniere gold project. Drilling intersected multiple zones of pyritic sulfide veining. Assays returned 44.63 g/t Au over 1.1 metres, 8.52 g/t Au over 1.5 metres, and 27.48 g/t Au over 1.0 metre in hole MR-24-066 testing the Bug Lake North zone. 8.40 g/t Au over 1.5 metres in hole MR-24-070, as well as 9.47 g/t Au over 0.9 metres and 4.62 g/t Au over 2.4 metres in hole MR-24-071A testing the Bug Lake South zone. The Company is also commencing a 6,000 metre Phase 2 Martiniere drilling program designed to test potential extensions of the mineralized gold trends identified through recently completed re-interpretation of deposit geology and mineralization controls. (TSX: WM, OTCQB:WLBMF) News Release
Hercules Metals has provided an update on exploration work at the Hercules Property in western Idaho. The company says a total of 4,600m have been drilled in 6 completed, 3 abandoned and 3 in progress drill holes ranging up to 722m in depth. A large fault zone, referred to as the "BN Fault," had impacted drilling progress. However, the inferred geometry of the BN Fault has now been mapped in 3D, which enables future drill holes to focus on areas with more favourable ground conditions away from the fault. Two drill rigs stepping to the northeast and southwest from the 2023 discovery area to test the potential trend of elevated copper-silver, immediately below the Triassic-Jurassic unconformity. A third drill rig is reconnaissance drilling compelling new targets across the property. The Company is planning to enhance productivity by adding a deep RC drill rig with an effective depth capacity of ~1,200m. Roads are being widened to allow access for a larger rig which has indicated availability in early September. (TSXV: BIG) (OTCQB: BADEF) News Release
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