Morning Briefing: Calibre, Founders and G2 in the News
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday April 15th.
Last week gold closed at record highs every day. On Friday, gold shot up to $2450. But right after London closed, leaving the Comex was the only gold trading market open in the world, the price management team went to work bombarding the Comex floor and Globex electronic trading system with reams of paper and digital contracts. This pushed the price down $100, though gold managed to recover enough to close at $2374, up $1.40 from the previous day. Silver, after six consecutive daily 52-week high closes, pulled back a little on Wednesday but started a new 52-week high close Thursday. Friday silver shot up with gold and tapped $30 before getting bludgeoned back down to $28 by the paper warriors on the Comex. Silver also bounced from that to close at $28.33, another 52-week high close. For the month of April silver is up $3.35, or 13.5%. The mining stocks per GDX were unchanged on the week. GDX launched early Friday with the metals but then succumbed to both the price ambush on gold and silver and sharp sell-off in the stock market. The Mining Stock Journal expects a volatile week across all of the markets given the elevated military tensions in the Middle East and the expectation of an aggressive effort by the Comex paper cowboys to push gold and silver lower.
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… Fireweed Metals
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
Founders Metals announced core assay results from the Antino Gold Porject in Suriname. Todays results come from the Froyo Gold Zone closing a substantial gap in drilling. All four holes intercepted the main Froyo shear where expected, further demonstrating the robust nature and excellent continuity of the gold system at Froyo. Results included 5m of 10.23 g/t Gu and 13m of 11.02 g/t Au. The company has also completed drill holes along strike to the northwest and to the south at Froyo, with assays pending. (TSXV: FDR) (OTCQX: FDMIF) News Release
Calibre Mining announced drill results from its 2023 resource conversion and expansion program at the Borosi Mine Complex in Nicaragua. Selected highlights reported today included 6.87 g/t Au over 7.0 metres Estimated True Width (“ETW”) including 19.80 g/t Au over 1.1 metres, 10.81 g/t Au over 3.4 metres, and 1,431.6 g/t Ag over 2.9 metres. The company says the high silver grades demonstrate further potential to capture additional value in the future. (TSX: CXB; OTCQX: CXBMF) News Release
G2 Goldfields provided an update on the ongoing exploration program at the OKO-AREMU gold project. 5 more drill holes were reported this morning from the Ghanie Central area. Results included 24m of 2.9 g/t Au and 10.5m of 4.5 g/t. At Ghanie North, drilling returned 24.5m of 5.3 g/t. This intercept lies within a relatively unexplored 1 km long section of the Oko structure that is currently being drilled by G2. The company recently published an updated mineral resource estimate for the OKO-Aremu project, which now sits at 922,000 ounces of gold (“Indicated”) and 1,099,000 ounces of gold (“Inferred”). (TSX: GTWO; OTCQX: GUYGF) News Release
Defiance Silver provided an update on the mapping and surface sampling campaign at its Lucita property in Zacatecas, Mexico. Work to date includes surface geochemical sampling in both new and historically sampled zones and has led to a revised interpretation of the geology at Lucita. The surface work will be used to support further delineation of drill targets for future exploration. At Lucita North, work encountered polymetallic Ag-Zn-Pb±Au±Cu mineralization, suggesting the presence of a large mineral system with multiple mineralizing events. At Lucita South, there was more of a precious metal factor encountered in drilling and surface sampling. The Lucita property is the northernmost portion of the Company's Zacatecas district land package. (TSXV: DEF) (OTCQX: DNCVF) News Release
American Pacific Mining says they have submitted for approval a Plan of Operations to the Alaska Department of Natural Resources summarizing the next five years of field activities. The activities included in the PoO will allow further evaluation of the environmental, social, technical, and economic aspects associated with the potential development of the mineral deposits located within Palmer Deposit. (CSE: USGD) (OTCQX: USGDF) News Release
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