Morning Briefing: Biden Administration Set to Block Ambler Access Road in Alaska
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday April 17th.
Gold entered Tuesday trading just above 2400 June basis but was pushed below that benchmark in overnight trading. But an hour after the stock market opened the yellow dog jumped from 2383 to as high as $2413. While the front-month gold contract settled at the Comex close above $2400 for the first time ever, the price management squad made sure that gold closed just below $2400, at $2399.41, up slightly from Monday. Silver had a different experience, trending lower just after midnight, trading down to test the $28 breakout level and bouncing to close at $28.18, down 76 cents from Monday's Globex close. The mining stocks were attacked hard by sellers early in NYSE trading hours but managed to close off the lows of the day, with GDX down 1.5%. The Mining Stock Journal continues to be impressed with the underlying strength and resiliency of gold and silver.
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… 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….
American Eagle Gold says their 2024 exploration program at its NAK property is about to get underway with an initial nine line, deep-looking IP survey. The IP survey will add to the three-line deep-penetrating survey completed last year. The inversion modeling of that data, when combined with data from historical IP work at the NAK project, strongly suggested that the shoulder of the IP chargeability high broadly correlated with the zones of best mineralization encountered in the 2023 drilling. Following the survey, a 15,000m drill program is set to begin in May. (TSXV: AE) (OTCQB: AMEGF) News Release
Elemental Altus Royalties pulbished its operating and financial results for the fourth quarter and full year ended December 31, 2023. The company reported record revenue of US$11.7 million and record adjusted revenue of US$17.9 million. The company is guiding 10,000 to 11,700 gold equivalent ounces for this year, representing at its midpoint a 19% increase on 2023 and top-line exposure to gold and copper prices. (TSXV: ELE) (OTCQX: ELEMF) News Release
Western Copper and Gold has entered into an amended agreement with Eight Capital, on behalf of a syndicate of underwriters under which the Underwriters have agreed to buy from the Company, on a bought deal basis, 21,055,000 common shares of the Company at a price of $1.90 per Common Share for gross proceeds of $40M. This was upsized from the original $25M offering announced only yesterday. The net proceeds from the sale of the Common Shares are expected to be used to advance permitting and engineering activity at the Company’s Casino Project in the Yukon and for general corporate and working capital purposes. (TSX: WRN; NYSE American: WRN) News Release
Ridgeline Minerals announced a non-brokered private placement for $1.2M through the sale of 10m units at a price of $.12 consisting of a share and a half warrant at $.18. The proceeds from the sale of the Private Placement will be used to fund exploration activities at the Company's Nevada projects and for general working capital. (TSXV: RDG) (OTCQB: RDGMF) News Release
O3 Mining have received partial assay results form its 24,505 metre drilling campaign completed between January and March 2024 on the Malartic H area within the Marban Alliance project, in Val-d'Or, Québec. Results this morning included 119.1 g/t Au over 2.5 metres in hole O3MA-24-652 at a vertical depth of 114.2 metres and 80.6 g/t Au over 3.1 metres in hole O3MA-24-554A at a vertical depth of 33.6 metres. The objective of the 2024 drilling campaign on the Malartic H deposit was the conversion to the indicated category of the inferred resource estimated last year. (TSXV: OIII) (OTCQX: OIIIF) News Release
Onyx Gold announced results from 6 drill holes from its program on the Munro-Croesus Project in the Timmins gold camp of Ontario. All six drill holes were completed at the recently discovered GM Vein, located 350 m from the past-producing Croesus Gold Mine. The company says visible gold was observed in four of the six holes. Results included 26.09 g/t Au over 1.0 m and 7.39 g/t Au over 1.6 m. A total of 16 short holes have now been completed across three 10m step-out fences on the near-surface GM Vein discovery. (TSXV: ONYX) News Release
Benton Resources received results from drilling at the Great Burnt Copper Deposit in Newfoundland. Holes GB-24-36 and GB-24-37 were infill drill holes near the centre of the deposit in larger gaps that continue to confirm significant copper mineralization in the Main Zone. GB-24-37 returned 1.99% Cu over 18.10 m, including 7.25% Cu over 4.50 m and 18.65% Cu over 1.10 m. GB-24-36 also cut a wide interval of copper with 1.28% over 13.34 m, including 3.17% over 1.50 m. (TSXV: BEX) News Release
Trilogy Metals provided a note this morning from the headlines swarming last night that the Biden Administration is set to block the Ambler Access Road in Alaska. The proposed 211-mile, industrial-use-only road from the Upper Kobuk Mineral Projects to the Dalton Highway would enable the advancement of exploration and development at the Ambler Mining District. In a press release published by the Alaska Industrial Development and Export Authority, the organization urged the Department of Interior to comply with federal law and the promises made at statehood to allow access to state lands and minerals for the Ambler Access Road Project. The Ambler Access Project received full federal approval four years ago before being halted under the current administration. (TSX: TMQ) (NYSE American: TMQ) News Release
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