Morning Briefing: Awalé Resources Drills 32m of 45.7 g/t.
Welcome to Mining Stock Daily. I’m Trevor Hall
Today is Monday March 25th.
Gold closed out the week last week down slightly from the previous week, as it surrendered the $25 jump in price that occurred Thursday after the FOMC policy statement suggested that the Fed is looking for any opportunity to cut rates and re-open the money printing machine. Silver closed the week 18 cents below the closing price of the previous Friday. The price soared as much as 95 cents and threatened to jump over $26 on Thursday but then was monkey-hammered back down to $25 and closed below $25 at $24.84 Friday. The Mining Stock Journal commented that it feels like based on the massive net short position in paper silver by the Comex banks and the intra-day trading action that the banks are trying hard to keep silver from exploding into the high $20's and pushing to $30. It added that it's very encouraging that gold is holding its ground comfortably above the $2080 breakout level earlier this month. The mining stocks per GDX soared on Wednesday after the Fed meeting only to round-trip lower Thursday and Friday and, as with gold, closed slightly below the previous Friday's close.
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… Victoria Gold.
Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at vgcx.com.
And here’s what you need to know this morning….
Awalé Resources reported new assay results from the Charger Zone on the Odienné Project. Hole 83 returned 26 g/t gold over 57m and included 32m of 45.7 g/t. The company says mineralization is consistently high grade throughout the interval and is one of the highest-grade gold intersections in Africa in decades. hole OEDD-83 was specifically targeted to drill through potential mineralization associated with the newly recognized NE structural control. This new intercept opens Awale's original interpretation of broader mineralization where the breccia zones may connect at depth which would rapidly increase the volume of the high grade gold mineralization. (TSXV: ARIC) News Release
American Pacific Mining announced it has approved its 2024 budget and resource expansion program for the Palmer Project in Alaska. Palmer continues to be a Join venture operation between American Pacific and Dowa Metals. The US$12.8 million 2024 program has been designed to continue expanding the known extent of the high-grade copper mineralization within South Wall Zones 1 and 2. The 2024 program will also include a series of step-out drill holes to test the nearby North Wall Target. The North Wall Target represents a potential fault offset extension of the South Wall mineralization that has not yet been adequately tested. The program will also include some Environmental and permitting activities along with engineering studies. (CSE: USGD) (OTCQX: USGDF) News Release
Dryden Gold reported assay results from its Phase 3 drill lprogram ont he Elora Gold system. Highlights included 14.1 g/t gold over 7.5m and included a 1.42m interval of 43.81 g/t. The hole targeted the depth extension of historic drilling with visible gold being noted at 211.9 meters. The Company also drilled its highest-grade intercept to date in the Gold Rock Camp, with drill hole KW-24-003 returning 53.51 g/t gold over 1.05 meters including 181.00 g/t gold over 0.30 meters. Currently, the 2023-2024 drill program is designed in 4 Phases to maximize the drill budget and expand the footprint of gold mineralization while identifying new high-grade gold occurrences. (TSXV: DRY) News Release
Patriot Battery Metals says they have made a new spodumene pegmatite discovery called CV14 which is situated along trend of the CV9 and CV10 pegmatite clusters. Its outcrop measures 33m by 9 m in size with grab samples ranging from .94% and .86% Li2O. This years surface exploration program is planned to consist of channel sampling of known LCT pegmatites (including CV14), detailed geological mapping over the CV5 & CV13 spodumene pegmatites, and regional prospecting over unexplored areas of the Property. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) News Release
Arras Minerals reported data from soil sampling over the Aimandai Target which lies within the Elemes Project in Kazakhstan. The company has identified a second, unexplored 14km by 3.2 km NE-SW trneidng coherent copper anomaly. The area has a large, overlapping arsenic anomaly interpreted to be associated with an intermediate - to high sulphidation epithermal system indicating a preserved porphyry system. Field mapping and sampling has identified coincident altered rocks typical of a porphyry alteration system that has never been drill tested. (TSX-V:ARK) News Release
Western Copper and Gold announced it has completed a private placement with Rio Tinto pursuant to Rio Tinto's subscription rights as a result of the Company's recent private placement with the incoming CEO. Rio Tinto acquired 239,528 common shares of the Company at a price of C$1.35 per share for proceeds of C$323,363, allowing Rio Tinto to maintain its interest of approximately 9.7%. (TSX: WRN) (NYSE American: WRN) News Release
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