Morning Briefing: Collective Mining Expands Apollo While Targeting Olympus Deeps

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Wednesday March 13th.

Tuesday gold drifted marginally lower overnight ahead of the release of the February CPI report. After the report came in hotter than Wall Street's forecast, the gold price - Comex paper gold basis - was hammered lower. It closed at $2,163, down $24, or 1.1%. Silver similarly drifted lower overnight only to be slammed lower after the CPI report. Silver traded as low as $24.19 and closed the afternoon post-Comex Globex session at $24.34, down 37 cents, or 1.5%. The mining stocks were brutalized, with the Arca Gold Bugs Index down 2% and GDX down 1.83%, though they closed above the lows of the day. Conversely, the Dow,  S&P 500 and Nasdaq soared despite the worse than expected inflation numbers. The Mining Stock Journal finds it rather curious that a hot CPI report is somehow good for the Dow and S&P 500 and great for tech stocks but bad for precious metals and mining stocks.

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… Victoria Gold.

Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at ⁠vgcx.com⁠.

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

Collective Mining published new assay results for two holes drilled into the Apollo porphyry system at the Guayabales Project in Colombia. Both holes increased the overall dimensions of Apollo with APC-92 expanding the southern portion of the system to the east and the west while APC-93 expanded the system in the north. HOle 93 returned 560.05 metres @ 1.83 g/t gold equivalent from 127.25 metres. Assay results for the final 455.90 metres of drill hole APC-93 are still pending as the core is being batched for assay with current hole OLD-1, both of which were designed to test the Olympus Deeps porphyry system. Hole 92 was drilled to the west-south-west from Pad 14 and increased the dimensions of Apollo to the east and west in the southern block portion. That hole returned 151.20 metres @ 1.12 g/t gold equivalent and 86.00 metres @ 0.55 g/t gold equivalent. (TSX: CNL, OTCQX: CNLMF) News Release

Li-FT Power reported new assays this morning from 8 drill holes completed at the Echo, Fi Main, Fi Southwest, & Fi Boye pegmatites within the Yellowknife Lithium Project. Highlights included 16m of 1.26% Li2O and 14m of 1.2% both coming from the Echo Zone. The company says they are seeing a complex stacked set of spodumene pegmatites that are shallow-dipping which is favorable for open pit mining. (TSXV: LIFT) (OTCQX: LIFFF) News Release

Bravo Mining received assay results from eight diamond drill holes at its Luanga palladium + platinum + rhodium + gold + nickel project in Brazil. Drilling in the North Sector continues to improve in grade and thickness with returns of 58.3m at 3.88g/t PGM+Au, 0.12% Ni and 45.7m at 3.60g/t PGM+Au, 0.08% Ni. A total of 269 drill holes have been completed by Bravo to date, for 57,648.45 metres. Results have been reported for 235 Bravo drill holes to date. Assay results for 26 Bravo drill holes that have been completed are currently outstanding. (TSXV: BRVO) (OTCQX: BRVMF) News Release

Galway Metals reported  assay results from its diamond drilling program at the Southwest Deposit at the Company's Clarence Stream gold project in New Brunswick, Canada. The highlight was 114.1 g/t Au over 2m and included a half meter interval of 447 g/t. This hole extend mineralization 106m at depth from previously released intercepts. The Southwest Deposit, as well as the South and North Deposits, are open in all directions for expansion. (TSXV:GWM);(OTCQB:GAYMF) News Release

And last week we heard from Vista Gold. They are back in the news this morning with results from their updated feasibility study for Mt Todd in Australia. Material capital and operating cost components have been updated with quotes obtained in Q1 2024. The updated study also reflects the current outlook for the long-term gold price and foreign exchanges rates, and the recently announced royalty. Mt Todd now sits with an NPV of $1.13B and an IRR of 20.4% using an $1,800 gold price and a $.69 Fx rate. The initial capital requirements now sits at $1.03B which continues to reflect the use of a third-party owner/operator of the power plant. The life of mine average cash costs is sitting at $913 per ounce. (NYSE American and TSX: VGZ) News Release

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