Morning Briefing: Collective Mining Brings in a Strategic Investor; Newcore Adds to Enchi
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday February 27th.
Yesterday the gold price followed its traditional overnight pattern of trading up during eastern hemisphere physical gold trading hours, rising to as high as $2,046, only to be smashed lower right after Asian markets closed, pushed lower after the London a.m. price fix and then smashed again right after the Comex opened. The Mining Stock Journal noted that there's a Stockholm Syndrome-like comfort factor about the predictability of this pattern. After bottoming at $2034, mid-day in New York, gold bounced to settle the afternoon session at $2041, down $5 from Friday. Silver on the other hand was pounded relentlessly starting just after midnight, as it was jack-hammered lower from $23.08 to as low as $22.66 before bouncing to settle at $22.73. Once again silver was forced below $23, where there's a serious battle being waged. The mining stocks were hit once again, with GDX down 1.5%. The Mining Stock Journal commented that the sentiment toward the sector, based on chatting with mining company executives and subscribers, plus the pessimistic comments on social media, is as bad as it was in late summer 2008 and in 2015, just prior to big moves higher.
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….
Li-FT Power reported assays from 8 drill holes completed at the Fi Southwest, BIG West, Nite, & Fi Boye pegmatites within the Yellowknife Lithium Project. Highlights included 22m of 1.05% Li2O at Fi Southwest and was the first hole drilled in 2024. Drilling of Fi SW shows that it ranges from a single 20-40 m wide dyke to 2-3 dykes of similar cumulative width within a 50-70 m wide corridor. Other results included 4m of 1.11% at Fi Boye and 15m at 1% at Nite. (TSXV: LIFT) (OTCQX: LIFFF) News Release
Aurion Resources shared results for foru holes from the latest drill program on the Vanha prospect in the Kaaresselkä area of its wholly owned Risti property located in the Central Lapland Greenstone Belt in northern Finland. Recent holes included 3.68 g/t Au over 11.35 m and 2.87 g/t Au over 4.80 m. Gold mineralization (over 1.0 g/t Au) encountered in 15 out of 16 drill holes drilled by Aurion since 2022 at Vanha. (TSXV: AU) (OTCQX: AIRRF) News Release
Summa Silver provided assay results from its first drill hole completed during the winter drill program at the Mogollon Project in New Mexico. A 1.4 km step-out on the Queen Vein intersected 393 g/t AgEq over 7.4m, and included 2,735 g/t over 1.5m. The newly intersected mineralized zone is located between the recently acquired Deadwood and Eberle mines, both of which were only mined at shallow-levels and remain untested at depth. Drilling is now complete with results pending from two holes that tested for mineralization along-strike and below the Eberle Mine. (TSXV: SSVR) (OTCQX: SSVRF) News Release
Infinico Metals reported assay results from 3 boreholes at the recently completed drill program carried out on its Nicobi Project, located 160 kilometres northeast of Val-d'Or, Québec. Five boreholes were drilled, totalling 1,167 metres, in the Company's maiden drill campaign at the Nicobi Project. Assays received included 51.94m of 1.37% Ni, .38% Cu, 418 ppm Co and .16 g/t 2PGE from a depth of 6.1m in hole 1. This intercept represents a significant improvement in both the length and grade reported in any historic assay results on the Nicobi Project to date. (TSXV: INFM) News Release
Newcore Gold has increased the size of its district scale Project with the addition of the Omanpe license. Omanpe covers 32.12 km² and grows the size of the Enchi Gold Project to 248 km². Previously completed exploration work at the Omanpe Gold Target ("Omanpe"), including geophysical and geochemical surveys, generated gold-in-soil anomalies, adding several early-stage gold targets to the district-scale potential at Enchi. In addition, Newcore has completed an updated Environmental and Social Baseline Study for the Project. The Study concluded that there are no existing issues related to water, soil, noise, or air quality for the proposed development of the Project. (TSX-V: NCAU, OTCQX: NCAUF) News Release
Collective Mining announced a new strategic investment by a single purchaser for a total of C$18.9M. The non-brokered private placement comprises of one common share of Collective and one-half of one common share purchase warrant. In connection with the Offering, the Company and the Purchaser will enter into an investor rights agreement to acquire up to 9.99% ownership interest in the company. (TSX: CNL) (OTCQX: CNLMF) News Release
Fireweed Metals has a new website which included its integrated dataset of all previously released and historical drilling data on the Macmillan Pass Project. Those interested can now visit the site and dive into the database which contains zinc, lead, and silver assays, and bulk density information.
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