Morning Briefing: Calibre Mining hits Bonanza Grade

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

Today is Monday, June 27th.

Last week gold was pushed down from the $1,850 per ounce area to as low as $1817 on Friday morning before bouncing to close at $1830. The Mining Stock Journal said that two price spikes higher on perceived back-peddling by the Fed on its monetary policy were rejected aggressively by the price management team in the New York paper gold market. However, the newsletter added that gold still closed above the $1800-$1820 support area and it remained in an uptrend stretching back to March 2021. 

Silver also systematically was taken lower last week from $22 per ounce to as low as $20.55 before bouncing to close out the week at $21.12. The Mining Stock Journal said that, while the struggle to break through $22 persists, silver managed to hold nicely above $20. The gold:silver ratio closed the week at 86.64 and established a lower high on the daily chart. The ratio had hit a 23 month high in early May. It will be bullish for the sector if the gold:silver ratio heads lower.

The mining stocks were savagely brutalized last week, with GDX having now the entire 40% rise that occurred from the end of January to mid-April erased. The Mining Stock Journal said the mining stocks are as cheap relative to the S&P 500 as at any time in the last 20 years. The newsletter said that it expects a jaw-dropping rally in the precious metals sector to start sometime between now and the end of September.

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 is a lower-risk copper developer with a significant exploration potential on private land just south of Phoenix, in an infrastructure rich area of Arizona. The Cactus Project PEA illustrates an 18 year mine life, generating US$1 Billion post-tax free cash flow. It is a scalable, low capital intensity project with strong leverage to the copper price. 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 complemented by global capital markets expertise. Read more about the company at arizonasonoran.com.

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

Calibre Mining reported additional high-grade drill results from its Panteon North zone within the Limon Mine Complex in Nicaragua. Highlights included 5.6m grading 66.03 g/t Au including 2.3m grading 167.27 g/t. The results, 1km from the Panteon underground mine are considerably higher grade than expected, given the underground reserve grade at Panteon of 7.17 g/t. Calibre recently completed a VTEM geophysical survey which clearly demonstrates an opportunity for additional discovery and resource expansion along both the Panteon and Santa Pancha vein trends as a VTEM resistivity low/high contact has been traced for over 6 km from current drilling. Calibre Mining trades on the TSX under CXB and on the OTCQX under CXBMF. News release

Roscan Gold announced new drill results at both Kandiole North and Disse, which are both a part of the greater Kandiole Project in West Mali. At Kandiole North, the gold mineralization envelope has been extended 125 metres depth beyond the current pit limit of 150 metres depth. Results there included 7.62 g/t gold over 10 meters and 1.03 g/t over 26 meters. At Disse, the gold extension continues to grow with mineralized intervals in the fresh rock along several distinct mineralized lodes. Results there included 3.04 g/t gold over 12 meters, which also included 19.12 g/t over 1 meter. There was also 5.94 g/t over 4 meters which also included 18.57 g/t over 1 meter. Roscan Gold trades on the TSX V with ROS and on the OTCQB with RCGCF. News Release

GCM Mining announced multiple high-grade intercepts from the latest 32 diamond drill holes for 8,299m, from the 2022 in-mine and near-mine drilling programs at tis Segovia Operations in Antioquia, Colombia, as well as a further 28 diamond holes for 7,735m, from its brownfield drilling programs. Highlights includes 88cm grading 271.16 g/t Au and 142.9 g/t Ag in hole 47 on the 450 Vein at the El Silencio mine and 30cm grading 146.33 g/t Au and 712.0 g/t Ag in hole 35 on the Sandra K Techo Vein in the Sandra K mine. The 2022 campaign has 10 rigs for up to 67,000m focused on replacing mining production and organic growth through resource conversion to expand reserves. GCM Mining trades on the TSX under GCM and on the OTCQX under TPRFF. News release

Canada Nickel Company announced assay results from two holes from its Reid property which confirmed the same mineralogy as its flagship Crawford project. Highlights included 354m grading 0.24% nickel including 15m grading 0.39% nickel. Reid, which is 16km from Crawford, has a larger geophysical footprint than Crawford, where a resource update is expected in early July. Canada Nickel Company trades on the TSXV under CNC and on the OTCQX under CNIKF. News release

Baselode Energy provided an update on their diamond drilling program on the ACKIO uranium discovery on the Hook project within the Athabasca Basin of Saskatchewan. Hole 65 intersected a total of 81 meters of composite mineralization, including of 1,057 cps over 52.3 meters. This rams as the second-best drill hole on the project, according t the company. That is because hole 52 now hits the top of the ranks with 30 meters of 2,677 cps. Since announcing the start of the Program on February 9, 2022 , Baselode has completed 61 drill holes ( for 17,935.50 m. Thirty-three of sixty-one drill holes have intersected continuously elevated radioactivity. Baselode trades on the TSX V with FIND and on the OTCQB with BSENF. News Release

That concludes today’s morning briefing.

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