Morning Briefing: Collective Drills New Zone at Apollo with 104.8m grading 5.56 g/t AuEq

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

Today is Tuesday April 25th.

On Monday the gold price bounced, testing the $2,000 per ounce level overnight during the physical gold accumulation hours of eastern hemisphere markets. The gold or, rather, the paper gold price was flushed down below $2,000 when the Comex opened. But after trading down to $1,984, the gold price shot higher and is trading at $2,004 Monday evening. The Mining Stock Journal noted that the price management team has been trying to push June gold below $2,000 since last Monday but each time they get the gold price below that holy grail price-point, the yellow metal snaps right back above $2,000. Silver will be interesting to watch Tuesday. With May silver trading in the $25.40's per ounce Monday evening, the open interest in Comex May silver futures options at the $25 strike is more than five times higher than at any put or call strike price remotely near $25. 

The Mining Stock Journal explained that Comex silver futures options big bank market makers short futures options to speculators and thus will harvest serious profits if they can engineer a price-raid on May silver, pushing it below $25. The mining stock newsletter noted that, if the price management can not achieve that objective and has to choke on the losses of the shorted calls, it's quite bullish for the precious metals sector.

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….

Collective Mining discovered a new high-grade zone at the breccia to porphyry contact at its Apollo porphyry system at the Guayabales project in Caldas, Colombia, by drilling 104.8m grading 5.56 g/t gold equivalent from surface in hole 42 including 44.6m @ 6.99 g/t from surface in oxides. Two reconnaissance holes were drilled eastwards from Pad 6 to test the potential for high grade mineralization at the eastern contact zone where the inter-mineral breccia and the host porphyry vein stockwork meet. Six additional holes have been completed at Apollo with assay results expected in the near term. Since the discovery of Apollo in June 2022, 44 drill holes  for 18,400m have been completed. Collective has three drill rigs operating with a fourth to be added soon. Collective Mining (TSXV: CNL, OTCQX: CNLMF) news release

I-80 Gold said drilling on the Hilltop fault structure at the Ruby Hill Property in Nevada discovered a new lense of high-grade poly-metallic carbonate replacement deposit type and skarn mineralization. This discovery hole returned 8.4m of 226.1 g/t Ag, 10% lead, 9.7% zinc and .5 g/t gold. The company also reported other drill results from the 2023 campaign including 11.6 g/t gold over 13.1m at the Lowerjack zone and 5.8m of 9.9 g/t gold at the Ruby Deeps zone. The Company has five drills active at Ruby Hill for both deposit delineation and exploration purposes. Further definition of the Upper Hilltop Zone will be completed once new drill pads are permitted. In the interim , the East Hilltop target area is a primary focal area with mineralization being defined in an area with little to no previous drilling. I-80 Gold trades on the TSX with IAU and on the NYSE with IAUX. News Release

Delta Resources released assay results from two additional drill holes from its 2023-Phase 1 drill program at the Delta-1 gold project near Thunder-Bay, Ontario. Highlights included 89.7m grading 1.15 g/t gold in hole 33 in drilling that stepped out towards an intense magnetic low to the east. Through 3D modelling and drill results to date, the geometry of the gold mineralized zone appears to consist of three distinct zones of higher-grade mineralization within an envelope of lower-grade material. The gold mineralization is generally located at the contact between sandstones to the north and mafic volcanics to the south. Delta-1 is in the Shebandowan Greenstone Belt and covers a 17 km strike extent of the Shebandowan Structural Zone. The company has drilled 13 holes for 3,506m at the Delta-1 and has yesterday announced another 5,000m drill program. Delta Resources (TSXV: DLTA) (OTC Pink: DTARF) news release

New Found Gold announced results from five diamond drill holes from a program to expand the Keats West zone on the west side of the Appleton Fault Zone at its Queensway project in Newfoundland and Labrador. Drilling intersected 22.9m grading 17.2 g/t Au and 18.4m grading 12 g/t in hole 1040. The company said it further demonstrates the continuity of the high-grade gold mineralization at Keats West, which can span a considerable thickness. Gold mineralization at Keats West has been defined over a strike length of 250m and to 305m down-dip with an average thickness of 30m. The Company is undertaking a 500,000m drill program at Queensway and 62,300m of core is pending assay results. New Found Gold (TSX-V: NFG, NYSE-A: NFGC) news release

Calibre Mining is exercising its right to purchase 50% of the Production Royalty, 1% NSR on its Eastern Borosi project in Nicaragua from Triple Flag Precious Metals for US$2 million, thereby reducing the existing royalty to a 1% NSR. Open pit mining at Eastern Borosi was started on time and on budget. Calibre Mining (TSX: CXB; OTCQX: CXBMF) news release

Satori Resources completed the acquisition of Apollo Exploration, which was Rob McEwen’s private exploration company. Satori has approximately $2,000,000 in cash, no debt, and in addition to the Tartan Lake Mine, now owns exploration properties in Ontario and Quebec. Upon receipt of final approval for the transaction from the TSX Venture Exchange, the Company plans to announce its change in management, together with its name change (to Canadian Gold Corp.) and associated ticker (CGC) once all documentation for same has been completed. News Release

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