Morning Briefing: Brixton Returns Positive Cobalt Results at Langis

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

Today is Tuesday December 13th. 

After an overnight rally that took the gold price from $1798 per ounce to $1807 by 6 a.m. NY time Monday morning, gold sold off steadily during the NY paper gold Comex trading hours, falling all the way back down to $1789 before bouncing to settle at $1793. Silver also rallied overnight, running from $23.49 per ounce to as high at $23.76 before succumbing to the downside pressure of aggressive selling in Comex silver futures. Silver bottomed at $23.32 before bouncing to settle at $23.51. The Mining Stock Journal said that there were not any news announcements or events that would have triggered the sharp sell-off in gold and silver Monday. In fact, the stock market soared on the expectations of a weaker than expected CPI report Tuesday morning that would give the Fed leeway to pause hiking rates after Wednesday's FOMC meeting. 

The Mining Stock Journal pointed out that this same market psychology should have also caused a correlative rally in the precious metals sector. The mining stocks were hit in early NYSE trading but managed a rally that erased most of the sell-off. The Amex Gold Bugs index was down marginally while the GDX was down slightly more than marginally. The Mining Stock Journal expects a volatile week with the CPI report, FOMC meeting and a general lack of liquidity across all of the markets.

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

ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.

And here’s what you need to know this morning….

Brixton Metals announced results of the first batch of drill results from its Langis Project located in the Cobalt Camp of Ontario. In fact, hole 254 hit the best cobalt intercept on the project to date with 30m of .35% cobalt, which included 10m of .92% cobalt and a half meter of 9% cobalt, 72.5 g/t silver and 2.58% nickel. Cobalt and native silver mineralization at Langis appear to be derived from separate mineralizing systems, although the host veins commonly share structures with one another and the two can occur together frequently. The program started in early November with 7,000m planned and should be completed around the 20th of December. Brixton Metals trades on the TSXV with BBB and on the OTCQB with BBBXF. News Release

B2Gold announced new exploration drilling results from the Fekoa Complex in Mali. At the Mamba Zone, drilling returned 9.48 g/t gold over 14.6m and 3.76 g/t gold over 14m. At the Cobra zone, drilling returned 4.46 g/t over 3.62m. Saprolite mineralization was discovered at the new Boomslang Zone with 1.97 g/t gold over 30m. And at the Dandoko permit, drilling validated the high-grade saprolite zone at Seko with 18.84 g/t gold over 21.8m. B2Gold is conducting a $35 million exploration program at Fekola. This year, B2Gold completed about 169,000m. In addition, the Company re-affirmed its 2022 guidance of 990,000 to 1,050,000 ounces following consecutive monthly gold production records at the Fekola Mine in October and November 2022. B2Gold trades on the TSX with BTO and on the NYSE American with BTG. News Release

Centamin announced a second consecutive year of resource and reserve growth at Sukari, replacing open pit depletion for the first time since 2015, while underground Reserves tripled to 1.2Moz net of mining depletion. The company delivered a 5% increase in Proven and Probable Reserves to 6Moz at 1.1g/t Au after twelve months of mining depletion. Measured and Indicated increased 13% to 11.11Moz at 1.08 g/t Au after mining depletion and inclusive of Reserves. The company has budgeted 280,000m of drilling for 2023 focussing on open pit resource-to-reserve conversion at depth, underground exploration and delineation of known targets, and testing surface targets across the Sukari Concession. Centamin trades on the TSX:CEE LSE:CEY News release

Probe Metals reported the last results from the 2022 drill program on its Val-d’Or East Monique property in Quebec. This year’s program totaled 85,000m from 299 holes focussed on resource expansion and conversion, confirming a large gold system of 2.2km long, 1km wide and 600m deep. A Resource Estimate update scheduled for January. Highlights of the last batch of holes included 22.9m grading 4.9 g/t Au, 1m grading 427 g/t Au. Drilling will resume in January. Probe Metals (TSX-V: PRB) (OTCQB: PROBF). News release

Arizona Sonoran Copper provided an update on metallurgical programs. The company will operate a 12-column testing program for Cactus, Stockpile and Parks/Salyer, with the columns being 20 ft in height to simulate an entire bench on a heap leach pad. Currently, eight columns are running. Each column consists of different rock types, mineralogy and copper grades to collect leaching information for both oxidized and enriched mineralized material. Concurrently, Rio Tinto’s Nuton Technology is running a similar program on similar composites. Arizona Sonoran also added Graeme Hendricks as Senior Mine Engineer and Greg Phillips as Project Process Superintendent. Arizona Sonoran Copper (TSX:ASCU | OTCQX:ASCUF). News release

Having failed to close a proposed takeover of Yamana Gold, Gold Fields CEO Chris Griffiths has fallen on his sword and stepped down. He will be replaced on an interim basis by EVP South Africa Martin Preece. Gold Fields (JSE, NYSE: GFI) News release

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