Morning Briefing: Collective Expands Apollo Strike Length with 358m @ 1.52 g/t AuEq
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Tuesday May 16th.
Monday gold traded laterally in a wide range but closed the afternoon trading session unchanged vs Friday. As usual, the price rose quickly when the eastern hemisphere physical markets were open and then traded sideways during LBMA and Comex trading hours. The yellow metal bounced around between $2,014 and $2027 per ounce before settling at $2019. Silver followed in a similar trading pattern as gold, trading between $24.10 and $24.40 per ounce but settled 12 cents higher than Friday's close. Silver has underperformed gold over the last five trading sessions per the gold/silver ratio which jumped from just under 79 to 83.27 yesterday.
The mining stocks rose yesterday, with the Amex Gold Bugs index up 1% and the GDX up 0.9%. The Mining Stock Journal noted that it believes that the recent price pullback in the sector is close to being exhausted. Though it can't offer an opinion on timing, the newsletter believes that the sector is close to starting another bull move.
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 announced assay results from a further two drill holes within the Apollo porphyry system at its Guayabales project in Caldas, Colombia. Hole 46 was drilled westward from Pad 6 and intersected a continuous interval of gold-silver-copper mineralization beginning at surface, returning 358m @ 1.52 g/t gold equivalent, which extended the strike length of the shallow mineralization to 160m x 130m. Hole 44 was drilled to the northwest from Pad 6 and returned 428.2m @ 1.41 g/t gold equivalent. Detailed visual logging of hole 53 to the northeast from Pad 10, indicates two potentially significant zones of mineralization were encountered along the Contact Zone, including intense sheeted CBM veins for the first time. Assay results for this hole are expected in June. (TSXV: CNL, OTCQX: CNLMF) News Release
O3 Mining provided additional assay results from nine drill holes from its winter program at the Marban Engineering Project in Val-d'Or, Québec, Canada, specifically in the Malartic H deposit, which consists of multiple stacked lenses covering over 600m along strike and 300m wide. Drilling covered a 1km stretch, filling gaps covered by historical drilling in the shallow part of the Malartic H deposit to achieve an 80m spacing. Highlights included 10.1m grading 5.9 g/t Au in hole 463. O3 said drilling showed the presence of thick mineralized zones at Malartic H and reinforce the prospectivity of the two main shears which cut across the Marban property. Malartic H is within 5km of the proposed Marben processing plant. O3 Mining (TSXV: OIII) (OTCQX: OIIIF) News Release
Canagold Resources announced an Updated Mineral Resource Estimate for New Polaris Gold Project near Atlin, BC with an underground Resource of 2.97Mt grading 11.6gpt Au for 1.11Moz in the indicated category and 930,000t grading 8.93gpt for 270,000oz in Inferred. This is an 89% increase in Indicated ounces compared with the 2019 preliminary economic assessment resource and 23% Increase to the overall resource tonnage due. Grade improved by 8% in the Indicated category due to the refined geological model constrained by 40,000m of additional drilling. A Feasibility Study is underway for completion next year. Canagold Resources (TSX: CCM, OTC-QB: CRCUF, news release
Faraday Copper reported results from 6 drill holes at its Copper Creek Project in Arizona. Highlights included 45.89m of 1.68% copper, .33 g/t gold and 5.5 g/t silver. The company says this hole highlights the potential gold upside on the property, which was not included in the Mineral Resource Estimate. Another hole returned 136.48 m of .54% copper from a gap area where drill density was limited. Because of the gold, the company is commencing a gold assaying program of historical drill core to determine the potential for inclusion in future resource updates. Samples will also be taken for metallurgical test work. In the meantime, Phase II drilling continues and is focused on expanding the MRE, better delineating high-grade zones and testing new targets. Faraday Copper trades on the TSX with FDY and on the OTCQX with CPPKF. News Release
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