Morning Briefing: Collective Mining Makes a New Discovery at Trap
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, January 18th.
On Wednesday gold and silver once again rallied in during eastern hemisphere trading hours, only to be pushed lower when the Comex opened. Gold - or the paper derivatives form of gold, rather - was dropped from $2032 to as low at $2,005 before bouncing to close the afternoon session at $2,009. Silver actually sold off during non-western trading hours but spiked higher going into the London a.m. fix. This suggests the possibility of a supply/demand shortage in silver, something that is currently reflected in silver lease rates and which the Silver Institute has been forecasting. When supply dwindles and demand stays constant or increases, the price rises. That said, the Mining Stock Journal said that, while the current pullback in the sector may not be exhausted, it believes the bottom is near. In correlation with the metals, the mining stocks were hit hard again, with GDX down 3.1%. The Mining Stock Journal - though an eternal optimist with respect to the sector - loaded up on Barrick Gold near-money calls after the Barrick's stock was hammered yesterday and when the stock was lower today.
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 reported the discovery of a new zone of precious metal mineralization at the Trap target as part of the Guayabales Project in Caldas, Colombia. Today's results from two diamond drill holes are interpreted to have intercepted the upper portions of a porphyry system which is overprinted by late-stage carbonate base metal sheeted vein zones. Results were 646m of .81 g/t AuEq, including 301.5m of 1.01 g/t in hole 2. HOle 3 returned 159.75m of 1.04 g/t AuEq, including 47m of 2.25 g/t. Drilling at Trap is expected to resume in the coming days. The next hole will be drilled steeper to test for continuity of mineralization at depth. (TSX: CNL) (OTCQX: CNLMF) News Release
Brunswick Exploration reported final drill results from the Fall 2023 program at the Mirage Project, located in the Eeyou Istchee-James Bay region of Quebec. Drilling has outlined two new spodumene mineralized dykes all within the Central Zone. Drill results reported today included 1.80% Li2O over 37.2 meters starting from surface in newly discovered dyke MR-6. In the maiden drill program, 5 of the 6 dykes reported continuous high-grade mineralization (1.5+% Li2O) over significant width (10+ metres) all within a roughly 2 x 2 km dyke swarm. (TSX-V: BRW, OTCQB: BRWXF) News Release
ATEX Resources announced complete assay resutls from drill hole 12A from its Phase IV drill campaign at the Valeriano copper-gold project in Chile. That hole intersected a longer than anticipated mineralized interval of 1,122 metres grading 0.48% CuEq within the Western Trend from 864 metres downhole. The Western Porphyry Trend has a mineralized strike length of over 700 metres and remains open to the north and south along strike. ATEX currently has three rigs actively drilling on the project. (TSXV: ATX) News Release
Scottie Resources reported new assays on the Blueberry Contact Zone in British Columbia's Golden Triangle, including several high-grade intercepts through the Fifi and Lemoffe vein zones along the Blueberry Contact. Results were 7.94 g/t gold over 13.2m, including a 2.3m interval of 36.1 g/t. Other results included 3 g/t over 5.25m and 18.7 g/t over 1m. The Company also announces a non-brokered private placement of securities for aggregate gross proceeds of up to $5,000,000. (TSXV: SCOT) News Release
Liberty Gold reported results from the 2023 core drill program at the Back Range Zone at its Black Pine Oxide Gold Project in Idaho. These core holes were drilled for a Phase 5 metallurgical program projected to begin in 2024 and to gain insights into the complex structural controls in this area. Results included 1.66 g/t Au over 43.0 m including 4.04 g/t Au over 12.4 m and 3.74 g/t Au over 22.9 m including 6.36 g/t Au over 5.4 m. Liberty Gold anticipates approval of the fourth Plan of Operations by mid year that will allow the company to drill test the 800 meter long gap between Back Range and the main Discovery area. (TSX:LGD; OTCQX:LGDTF) News Release
Bluestone Resources says Guatemala’s Ministry of Environment and Natural Resources approved the environmental permit amendment for the Cerro Blanco gold project to change the mining method from the existing permitted underground development to surface mining development. The Ministry of Energy and Mines has also updated, by way of resolution, the Project's approved mining license to reflect the environmental permit amendment. (TSXV: BSR) (OTCQB: BBSRF) News Release
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