Morning Briefing: Aya Gold & Silver Discover New Style of Silver Mineralization
Welcome to Mining Stock Daily. I’m Kylie Williams
Today is Monday, May 13th.
Last week gold rose $60 to close Friday at $2375. Silver jumped $1.60, closing the week out at $28.51. The Mining Stock Journal said that the charts of both gold and silver look extremely bullish, with gold looking ready to break out to new all-time highs and silver looking ready to break out over $30 to its highest level in over 11 years. The mining stock newsletter said that physical demand, particularly from China, appears to be driving the metals right now. The mining stocks appear to be finally catching a real bid. GDX popped $1.53, or 4.5% last week. Many of the silver stocks were on a tear last week with some, like Endeavor Silver, up more than 20% for the week.
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… Fireweed Metals.
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
Aya Gold and Silver shared new exploration results from its 120,000m program at Boumadine in Morocco. This mornings results included 1,355 g/t AgEq over 3.1m and 1,317 g/t AgEq both coming from Boumadine. At Tizi, results included 1,021 g/t AgEq over 13.7m. The company also reported a new style of mineralization from hole 310, which contained even higher-grade silver with 7,820 g/t Ag over 1m. Significant upside potential exists to expand the Boumadine Main Trend, which currently extends 5.0km and remains open in all directions. Currently, the Corporation has mobilized seven drill rigs to complete the 120,000m drilling program. Half of the program will test the continuation of the known trend and infill. The remaining 50% will focus on geological targets generated by 2023 work and will be informed by the ongoing hyperspectral and high-resolution geophysical surveys. (TSX: AYA; OTCQX: AYASF) News Release
Cantex Mine Development provided an update on work done at the north Rackla claim block in Yukon. At the Central Sector of the project, 2023 drilling intersected 1.40 metres of 19.4 g/t silver, 6.43% lead and 24.15 percent zinc and 2.85 metres of 72.10 g/t silver, 8.77% lead and 16.30% zinc. The company noted that the assays were also being sent for germanium analysis. The company is also looking at a June start date of drilling at its Copper Project where it previously intersected 3.93% copper over 2.5m on the western side of its claim block. A second drill will be added in mid June, which will commence testing in the northeast of the Discovery Sector of the Main Zone for germanium-silver-lead-zinc where copper values are increasing. (TSXV: CD) (OTCQB: CTXDF) News Release
Canada Nickel provided an update on metallurgical test results from the first set of metallurgical tests on samples from the Mann Northwest property. The results were achieved using the standard flowsheet developed for the Crawford Nickel Sulphide Project. Test work obtained total nickel recoveries of 58% and 59% and iron recoveries of 44% and 48%. Cobalt recoveries were 15% and 28% and chromium recoveries were 10% in both tests. More than half of the recovered nickel was recovered to nickel concentrates with an average grade greater than 38% nickel. Iron concentrate grades averaged 58% and 62% iron in the two tests. The Company will follow a similar metallurgical program path as it did with Crawford and begin a variability open circuit testing program to confirm operating parameters and performance and then begin locked cycle testing to confirm metallurgical performance and concentrate grades and recovery to be used in future engineering studies. (TSXV:CNC) (OTCQX:CNIKF) News Release
Max Resources has entered into an earn-in agreement with Freeport-McMoRan for the Cesar copper-silver project in Northwest Colombia. Under the terms of the EIA, Freeport has been granted a two-stage option to acquire up to an 80% ownership interest in the Cesar Project by funding cumulative expenditures of C$50 million and making cash payments to Max of C$1.55 million. To earn an initial 51% interest, Freeport is required to fund C$20 million of exploration commitments at Cesar over five years and make staged payments to Max totalling C$0.8 million. Max will remain the operator of Cesar during this initial stage. Once Freeport earns its initial 51% interest, Freeport can increase its interest to 80% by funding a further C$30 million in exploration commitments at Cesar over five years and making staged payments totalling C$0.75 million. (TSXV: MAX) (OTC Pink: MXROF) News Release
Talisker Resources have signed an Ore Hauling Agreement with Stromsten Enterprises in partnership with Bridge River Management Corporation to transport material from its 100% owned Mustang Mine at the Bralorne Gold Project located in British Columbia. Under the Ore Hauling Agreement, gold ore will be trucked to either of the New Afton (owned by New Gold Inc.) or Craigmont (owned by Nicola Mining inc.) milling facilities to be processed in conjunction with the previously announced ore purchase and milling agreements. Talisker is initiating the Ore Hauling Agreement with the transportation of previously stockpiled material comprising approximately 6,300 tonnes to be processed at the Craigmont milling facility. The first shipment is expected to occur on May 15th. (TSX: TSK, OTCQX: TSKFF) News Release
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