Morning Briefing: Bravo Mining Drills Massive Sulphide at Luanga
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, May 28th.
Last week gold was pounded back down below $2400, down $90 for the week. Gold closed Friday at $2334 and came close to tagging its 50 day moving average which was $2318 as of Friday. The silver price was also administered a beat-down last week, losing a buck for the week but over $2 from last Monday's close. The Mining Stock Journal noted that gold is no longer technically overbought while silver per the RSI and MACD indicators is still in overbought territory. That said, given the price jump in gold and silver yesterday while the Comex and LBMA were closed, it looks like the eastern hemisphere physical market may be at the controls and the big buyers there could care less about western paper market technicals. The mining stocks followed the metals lower last week, with GDX down 4.7% for the week.
We’ll get to the news out of the miners and explorers in just a quick moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Victoria Gold.
Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at vgcx.com.
And here’s what you need to know this morning….
Bravo Mining published new assay results this morning from the Luanga Project in Brazil. The company’s regional exploration drilled two new areas of sulphide mineralization called the T5 and the T6 targets. Both are east of the original Luanga PGM+Ni+Au deposit. Hole 2 at the T5 intersected 11.48m of massive/semi-massive/breccia high-grade copper sulphide mineralization grading 14.3% Cu, 3.3g/t Au including 2.9m at 22.9% Cu, 3.6g/t Au. Hole 4 which was completed 50 meters east of Hole 2, also intersected 9m of massive to semi-massive/breccia IOCG-style copper sulphide mineralization, but assays remain pending for this hole. Bravo has initially budgeted a 3,000m of drilling to follow up the identified EM anomalies and will continue to systematically evaluate the T5 and T6 targets, as well as the other nine high priority conductors defined by HeliTEM and subsequent BHEM. (TSXV: BRVO) (OTCQX: BRVMF) News Release
Li-FT Power published new assay results this morning from the Shorty, BIG East, Echo, Fi Main, & Ki pegmatites within the Yellowknife Lithium Project in Northwest Territories. Highlights included 15m of 1.19% Li2O at and 17m of 1.05%, both coming from Echo. What is interesting about that last results is the dyke did not outcrop to surface and had not been intercepted in the earlier drilling in the Southeast. The company noted that a total of five spodumene-bearing dykes have been identified across the Echo property, and this shows there may be more hidden dykes within the system. (TSXV: LIFT) (OTCQX: LIFFF) News Release
Sun Peak Metals reported drill assay results from the previous drill campaign suspended back from the fall of 2020, prior to when that campaign was suspended when the Tigray regional conflict in Ethiopia began. Results then returned 8.89 meters averaging 2.22 % copper, 2.76 g/t gold, and 31.8 g/t silver, extending the Meli Main VMS zone down dip. There was also 11.48 meters averaging 2.38 % copper, 3.57 g/t gold, and 31.2 g/t silver. The exploration team has returned to the area. Drilling re-commenced in April. (TSXV:PEAK) (OTCQB:SUNPF) News Release
Angus Gold published results from 9 drill holes completed during the 2024 drilling program on the Eagle River Splay Area on its 100%-owned Golden Sky Project in Wawa, Ontario. The Eagle River Splay Area is located between Angus’ newly discovered Banded Iron Formation Gold Zone to the north and the high-grade Eagle River gold mine of Wesdome Gold Mines to the South. Results included 2 g/t Au over 5.4m at the Eagle River Play, which marks a new discovery for the company. The Summer 2024 drilling program is currently underway on the BIF Zone and new drill holes are being added to test additional follow-up targets. (TSX-V: GUS | OTC: ANGVF) News Release
American Pacific Mining has mobilized a drill to its Madison copper-gold project in Montana. The company is planning on an initial 5-hole program. Drilling will focus both on the near-mine area to extend the known mineralized zone identified through historical drilling, which included intercepts of 14.69 metres ("m") of 12.10 grams per tonne ("g/t") gold ("Au") and further downhole 61.63 m of 6.97% copper ("Cu"). The Company also plans to test highly prospective areas, identified through the interpretation of extensive historical and recent data, that have never been drilled. (CSE: USGD) (OTCQX: USGDF) News Release
Sierra Madre Gold and Silver announced that the federal Mexican regulatory agency in charge of environmental permitting, has approved modifications to the existing operating permit for the Guitarra Mine and Mill complex. The modifications will allow for dry stack tailings deposition at the Active Tailings Facility, the construction of a tailings filter plant adjacent to the existing mill, paste backfill using talings int he Guitarra underground mine and 58 surface drill pad locations. All vein systems contain historic mine workings, and multiple surface samples have returned economically interesting silver and gold values. (TSXV: SM) (OTCQX: SMDRF) News Release
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