Morning Briefing: Belo Sun's Suspension Order is Overturned
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris
Today is Wednesday, July 20th.
Precious metals continued to cling on to support levels yesterday. Little changed with both gold and silver. Gold closed the day at $1711 per ounce while silver finished the day down only a few cents to $18.71. The gold/silver ratio continues to hover above 90, which historically provides a guide to understanding how cheap silver is relative to gold. Precious metal investors have not seen a ratio this high since the spring of 2020, when it ran as high as 120 before entering into that year’s buying frenzy during the COVID lockdown and central bank quantitative easing money drops.
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….
Belo Sun Mining said the Supreme Court of Pará State in Brazil overturned a suspension order issued by the Agrarian Court of Altamira related to the Construction and Environmental Licenses for its Volta Grande gold development project. The Court overturned the suspension order on the grounds that there was no evidence of damage or harm to the riverside people on both banks of the Xingu River and that they were properly consulted as part of the environmental studies conducted by Belo Sun. It also ruled that the decision of the Agrarian Court causes damage to the Company and stated that there should be no obstacles for Belo Sun to continue with the environmental licensing process while complying with the legal requirements determined by the applicable environmental and judicial authorities. Belo Sun Mining trades on the TSX under BSX and on the OTCQX under BSXGF. News release
Solaris Resources reported assay results from holes aimed at growing the northeast extension of the potential starter pit at its Warintza porphyry copper-gold project in southeastern Ecuador. Highlights included 230m grading 1.02% CuEq within a broader interval of 472m grading 0.76% CuEq from surface in hole 63 collared at the northeastern limit of the Warintza Central. The starter pit hosts an indicated resource of 180Mt grading 0.82% CuEq. Solaris Resources trades on the TSX under SLS and on the OTCQB under SLSSF. News release
Marimaca Copper announced further results from the 2022 infill and extensional drilling campaign at its Marimaca copper project in Chile. Drilling intersected broad zones of near-surface green copper oxide mineralization in 19 of the 20 drill holes, with drilling focused on infilling the higher-grade central core of the oxide deposit, and the MAMIX depth-extension zone discovered in 2021, with a highlight of 384m grading 0.64% copper in hole 68 at MAMIX. Drilling continues to improve confidence in the high-grade central core of the oxide deposit including new extensions below the existing PEA pit limits. A mineral resource update is planned for late in the September quarter. Marimaca Copper trades on the TSX under MARI. News release
Canada Nickel Company announced the results of laboratory tests for a new method of accelerated carbon capture called In Process Tailings Carbonation which it believes has transformative potential. The lab scale test program showed it could allow tailings from its Crawford project in Ontario, Canada to absorb enough CO2 to achieve Net Zero carbon emissions within 36 hours, and generate up to 21 tonnes of CO2 credits per tonne of nickel produced within just six days, rather than the multiple months involved in existing passive tailings approaches. At Crawford, this translates into an average of about 710,000 tonnes of CO2 credits per year. IPT Carbonation fixes CO2 geologically while the tailings are still in the processing circuit, rather than after they have been finally deposited. Canada Nickel Company trades on the TSXV under CNC and on the OTCQX under CNIKF. News releas
Meridian Mining shared results of preliminary metallurgical results of Cabaçal's copper-gold VMS mineralization. Meridian has completed its initial round of crushing, grinding, gravity-separation and flotation testing with the results highlighting the simple flowsheet needed to mill Cabaçal's copper-gold mineralization. These preliminary results are from representative samples drilled across the deposit and indicate significantly higher recoveries of copper and gold than those used in the historical resource calculation but are in-line with those recorded from the Cabaçal Mine's four-year production history. The company achieved a 29% copper concentrate from the program with preliminary recoveries of 94% copper and 87% gold. Meridian Mining trades on the TSX with MNO and on the OTCQB with MRRDF. News Release
Summa Silver provided an update on exploration work on its Hughes Project in Nevada. The Company has drilled eight holes at the Hughes Project concentrating on resource style spacing at the Murray and Belmont target areas. According to the company, all holes have intersected zones of quartz veins, stockworks and breccias featuring visible silver sulfide mineralization. Assays remain pending for these holes. Drilling is complete at Hughes, and the company is now looking to return to the Mogollon Project in New Mexico. Summa Silver trades on the TSXV with SSVR and on the OTCQX with SSVRF. News Release
Royal Fox Gold reported assay results for the northern portion of the Arctic Fox zone from its 2022 campaign on the Philibert gold deposit near Chibougamau in Quebec, Canada. Highlights included 25.7m grading 2.22 g/t Au in hole 385 from eight holes which tested the northern hanging wall contact of the Arctic Fox Zone over a 400m strike length. Results for 74 holes are pending. Royal Fox is working on developing a maiden resource estimate which will also include historical data. Royal Fox has an option on the Philibert Project. Royal Fox Gold trades on the TSXV under FOXG. News release
Kenorland Mineral has signed an earn-in agreement with Antofagasta Minerals on the Tanacross copper-gold project in eastern Alaska. The Agreement grants Antofagasta an option to acquire a 70% interest in the Project by spending US$30,000,000 on exploration over 8 years and delivering a NI 43-101 compliant preliminary economic assessment report. During the option period, Antofagasta will fund all exploration and Kenorland will be the initial operator. Kenorland trades on the TSXV with KLD and on the OTCQX with NWRCF. News Release
That concludes today’s morning briefing.
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