Morning Briefing: B2Gold Makes a Strategic Investment into Matador Mining

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

Today is Wednesday October 26th. 

Similar to Monday, gold and silver sold off overnight but shot back up after the Comex NY trading hours commenced. Gold went from $1656 per ounce shortly after midnight to as low as $1642 and then rocketed up to as high as $1666 before pulling back to settle $1657. Similarly, silver fell overnight from $19.35 per ounce down to $18.75 but shot back up to as high as $19.40 and faded a bit to settle at $19.31. The Mining Stock Journal said that negative economic data released Tuesday morning kindled the animal spirits of equity market perma-bulls begging for a Fed policy pivot. The newsletter said it suspects that the sharp move higher during NY Comex hours is primarily a function of frantic hedge fund trading programs covering some paper gold and silver short positions. As a reminder, the COT report this past Friday showed that hedge funds significantly increased both gold and silver net short positioning. 

The Fed easy money hopefuls sent the general stock market soaring, which spilled over into the mining stocks. GDX jumped 2% on the day. But the Mining Stock Journal noted that the mining stocks, despite performing in-line with the broad stock market indices, generally felt somewhat subdued. That said, the newsletter added that it still believes the precious metals sector is setting up for a big move between now and year-end.

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….

Summa Silver says they have identified  vein-extensions at the Mogollon Project near Silver City, New Mexico. Rock sampling shows that high-grade mineralization exists in new areas not previously prospected in modern times with sampes returning 4,058 g/t silver equivalent at the Great Western Vein, 2,116 g/t silver equivalent at the Maud South Vein, 1,024 g/t silver equivalent at the Golden Arrow Vein and 213 g/t at the Last Chance Vein. The company noted that drilling is underway at the Consolidated Mine and its first hole of the season intersected the Queen Vein over 15 m and featured visible silver sulfide mineralization 75 m down-dip from hole MOG22-05.There are now roughly 50 km of prospective veins and structures to prioritize at Mogollon. Summa Silver trades on the TSXV with SSVR and on the OTCQX with SSVRF. News Release

Matador Mining has obtained a A$3.6 million strategic investment from B2Gold to advance exploration in Newfoundland, Canada at the Malachite target. B2Gold agreed to purchase 31 million shares at 12c, representing about 9.9% of Matador’s outstanding shares. B2Gold and Matador entered into an investor rights agreement, Matador will form a three-person Management Technical Committee comprising of one representative appointed by B2Gold. Matador Mining trades on the ASX under MZZ and on the OTCQX under MZZMF. News release

Clean Air Metals announced assay results from  the  2022 drill campaign from the Current PGE-Cu-Ni Deposit at the Company's Thunder Bay North Critical Minerals Project near Thunder Bay, Ontario. Infill test hole 58 returned 10.0m grading 3.31g/t Platinum (Pt), 3.16g/t Palladium (Pd), 0.61% Copper (Cu) and 0.43% Nickel (Ni) from 244.0m-254.0m downhole including 6.0m grading 4.32g/t Platinum (Pt), 4.11g/t Palladium (Pd), 0.79% Copper (Cu) and 0.52% Nickel (Ni). The company says these assays support prefeasibility study (PFS) mine design at Thunder Bay North. Considerable upside exploration potential for massive sulphides outside the PEA production area remains at the base of the Escape and Current magma conduits along the Escape Lake Fault. The Company is presently expanding its Work Permit footprint to accommodate a drill program on these targets this winter. Clean Air Metals trades on the TSXV with AIR and on the OTCQB with CLRMF. News Release

Western Exploration reported initial assays from a Phase 1 drill program at Doby George, one of three deposits at its project in Nevada. Highlights included 23.63m grading 3.27 g/t Au, including 7.32 meters of 5.27 g/t Au in hole 789, and 54.56m of 2.08 g/t Au in hole 790. The company said the first two drill holes at Doby George demonstrate remarkable continuity and tenor of near surface oxide gold mineralization. Western Exploration trades on the TSXV under WEX and on the OTCQX under WEXPF. News release

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