Morning Briefing: Benton Resources Drills 74.2m of 1.43 g/t Au; Production Numbers Begin to Roll In
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.
And I’m Ian Wagner.
Its Thursday, October 17th
Yesterday gold's push higher continued, as the price began to rally just before midnight Tuesday, running from $2675 to as high as $2701. The price was hammered lower shortly after the NYSE opened but bounced to settle in the afternoon at $2690, December basis, up $11.50 from Tuesday.
Silver began to rally Tuesday evening after Australia and the Asian markets began to trade. Silver rose steadily from $31.60 to as high as $32.40 before the same hammer that pushed gold lower took silver back under $32, where it closed at $31.88, up 13 cents. The Mining Stock Journal noted that it's just a matter of time before gold trades over $2700 and silver holds over $32. The mining stocks were also green, with GDX gaining 0.8% from Tuesday.
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…..
Benton Resources announced new drill results from the South Pond Gold Zone, which have expanded known mineralization. Hole 7 intersected 74.2m of 1.43 g/t gold while hole 3 returned 43.75m of 1.62 g/t Au. To date, Benton has completed 23 drill holes in its ongoing program at South Pond totalling 3,183 m. Bentonhas completed the necessary exploration expenditures to earn its 70% interest in the Great Burnt Copper-Gold Project and Homeland Nickel recently notified the Company that they will participate as a joint venture partner on a 70% (Benton) - 30% (Homeland) basis with respect to exploration expenditures moving forward with Benton as the operator. (TSXV: BEX) News Release
Faraday Copper announced results of one drill hole from its ongoing Phase III drill program at the Copper Creek Project, located in Arizona. Hole 74 intersected 22.65 meters at 1.31% copper within 50.20 m at 0.74% copper from 46.20m. The hole was drilled to evaluate the near-surface mineralization above the recently discovered Banjo breccia in the American Eagle area. The company notes that mineralization at Banjo extends from surface to 400 m depth and remains open. (TSX:FDY) (OTCQX:CPPKF) News Release
Aston Bay and American West Metals Report strong drill results from the Storm Project, Nunavut, Canada. Drilling at the Chinook Deposit has intersected thick, high-grade, near-surface copper intervals including results of 42.7m @ 3.1% Cu, 4.0 g/t Ag from the surface, 35.1m @ 2.7% Cu, 5.8 g/t Ag from 22.9m downhole, and 29m @ 2.6% Cu, 4.3 g/t Ag from the surface. Results from the Cyclone Deposit show intersections of 16.8m @ 1% Cu, 4.0 g/t Ag from 15.2m downhole, and 33.5m @ 1.5% Cu, 8.5 g/t Ag from 35.1m downhole, including, 3.1m @ 6.9% Cu, 23.0 g/t Ag from 54.9m downhole. Assays for the remaining Cyclone drill holes are expected in the next 2-4 weeks. Aston Bay trades on (TSXV:BAY) (OTCQB:ATBHF) News Release
Elemental Altus Royalties has entered into a binding agreement to acquire an additional 50% ownership of 24 existing royalties from AlphaStream for a consideration of US$28 million in equity. The Portfolio includes Elemental’s existing producing gold royalties on the Bonikro Gold Project, the Ballarat Mine, South Kalgoorlie Operations and 21 additional royalties located in Australia. Upon completion of the Acquisition, Elemental Altus, through a 100% interest in the Portfolio, will hold an effective 4.5% NSR royalty on Bonikro, a 2.5% NSR royalty on Ballarat, and a A$10/oz royalty and A$1 million Discovery Bonus on SKO. The deal will provide Elemental with immediate cash flow with approximately US$6 million additional revenue forecast in 2025 by consolidating the Portfolio. (TSXV: ELE) (OTCQX: ELEMF) News Release
Yesterday, District Metals announced the commencement of core drilling at the polymetallic Stollberg Property located 35 km to the southwest of the Tomtebo Property within the Bergslagen Mining District of south-central Sweden. total of 2,200 m of drilling in five to six holes is planned at the historic Gränsgruvan Mine. The Stollberg-Tomtebo Properties are being explored in collaboration with Boliden Mineral AB. he Stollberg Property contains similar host rocks, structure, alteration, and mineralization styles as the Garpenberg Mineralized Trend, which gives significant support in making a similar new discovery. (TSXV: DMX) (OTCQB: DMXCF) News Release
Orezone Gold announced third quarter 2024 gold production results from its Bomboré Gold Mine. The company produced 26,581 ounces of gold in the quarter, totalling 82,244 ounces year-to-date. The Company is on track to meet the mid-point of its 2024 production guidance of 110,000 to 125,000 ounces, evidenced by the strong gold production of 6,331 ounces through the first 15 days of October, at a head grade of 0.85 g/t gold. (TSX: ORE, OTCQX: ORZCF) News Release
First Majestic also published quarterly production numbers. Consolidated quarterly production hit 5.5 million silver equivalent ounces, consisting of 2.0 million silver ounces and 41,761 gold ounces. In the first nine months of 2024, the Company produced 6.0 million silver ounces and 117,036 gold ounces for total production of 15.9 million AgEq ounces, or approximately 72% of the midpoint of the Company's revised 2024 production guidance of 21.4 to 22.6 million AgEq ounces. (NYSE: AG) (TSX: AG) News Release
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