Morning Briefing: Collective Mining Makes High-Grade Discovery at Depth in Apollo
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall
Its Wednesday, October 23rd
Yesterday gold once again rallied to a new all-time high close for the close of Comex trading and the close of the afternoon Globex digital session. For the afternoon session, gold closed up just $24 from Monday. Silver similarly rallied nearly non-stop from Monday evening to the close of the Globex session, with December silver closing at $35.05, up $1.07 from Monday. The Mining Stock Journal commented that the move higher in both monetary metals has been relentless. The mining stocks took their cue from gold and silver, as the Arca Gold Bugs index jumped 2.2% and GDX rose just over 2%.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Vizsla Silver
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And Here’s what you need to know this morning…..
Collective Mining announced the discovery of a new high-grade gold zone at the Apollo system within the Guayabales Project in Colombia. This new discovery, which has been named the Ramp Zone, is interpreted to be the first intercept into a major new high-grade gold system at depth and can be classified as a partially reduced intrusion related Au-Ag-Cu system. The discovery hole returned a total of 517.35m of 1.97 g/t AuEq starting at a depth of 351.5m, with the new Ramp Zone being penetrated within the final 57.65m and grading 8.18 g/t AuEq. The final 18.85m returned 19.39 g/t AuEq. Although the Ramp Zone begins at or near 1,000 metres below surface, the discovery hole is in close proximity to a conceptual underground access tunnel connecting Apollo to mining related infrastructure in a potential future development scenario for the project. The Ramp Zone is open for further expansion along strike and at depth. The Company is currently drilling a new mother hole from Pad 16 designed to optimally drill test the Ramp Zone in all directions. (NYSE: CNL) (TSX: CNL) News Release
Sierra Madre Gold and Silver provided an update on operational activities at the La Guitarra silver and gold mine in Mexico. Beginning in October, the company began testing the operation of all three ball mills simultaneously and in various combinations. Daily throughput in the grinding and flotation circuits has been as high as 504 wet metric tonnes per day. The flotation plant has been in continuous operation since the beginning of testing. Silver recoveries to date have averaged 78%. Gold recoveries have steadily increased from 74% in June to the current October average of 87%. The Company expects commercial production to begin before the end of the year. (TSXV: SM) (OTCQX: SMDRF) News Release
Li-FT Power announced a non-brokered private placement of just under 2.7M common shares of the company which will qualify as flow-through shares at a price of $5.65 and common shares price at $3.65, for gross proceeds of over $21m. A single purchaser is expected to ultimately purchase all of common shares to be issued under the Offering as a strategic investment. The Purchaser currently holds 363,918 common shares of the Company. Upon closing of the Strategic Investment, the Purchaser will own 4,703,813 common shares of the Company, representing 9.99% of the issued and outstanding common shares on a non-diluted basis. (TSXV:LIFT) (OTCQX:LIFFF) News Release
Valkea Resources says Rupert Resources has notified the company that is has satisfied the Stage 1 requirements of its earn-in agreement for the company’s Sikavaara Project and has elected to enter Stage 2, whereby Rupert can earn in up to 70% of the project. The Sikavaara licenses are positioned along the highly-prospective, east-west trending Sirkka shear zone, in the Central Lapland Greenstone Belt of Northern Finland (Figure 1). The shear zone also hosts Rupert's 4.09 Moz Ikkari gold deposit3 and B2 Gold and Aurion Gold's joint Helmi and Sore gold discoveries. Valkea maintains a strong land-position along this structural trend with interests in the Sikavaara Project as well as its 100% owned Putaanperä Project. (TSXV: OZ) News Release
Thesis Gold announced assay results form the drill program at Lawyers, which is part of the Lawyers-Ranch Project in the Toodoggone Mining District of British Columbia. Results from the 2024 drill program successfully confirmed high-grade, near-surface mineralization, while deeper intercepts confirmed modelled stopes and point to the potential for expanding the underground mining scenario with future drill campaigns. Results reported today included 22.62m of 1.75 g/t AuEq in hole 1 and 8m of 11.39 g/t AuEq in hole 3, both coming in shallow drilling. Deeper drilling returned 4.89m of 5.31 g/t AuEq and 2m of 6.18 g/t AuEq. (TSXV: TAU) (OTCQX: THSGF) News Release
Nova Minerals shares results from the final 6 holes of the 21 hole reverse circulation program conducted in the RPM start pit area within the Estelle Gold Project in Alaska. The shallow drilling program was focused on near surface mineralization <50m in depth in support of the RPM starter mine PFS currently underway. Results included 29m of 7.1 g/t Au from surface, 28m of 4.5 g/t Au from Surface and 66m of 2.1 g/t Au from surface. (NASDAQ: NVA) News Release
Nevada King Gold announced assay results from two vertical diamond drill holes and 8 RC holes completed in the northern portion of the West Atlanta Graven Zone within its Atlanta Gold mine Project. The two vertical holes returned 106.7m of 3.95 g/t Au and 123.5m of 2.29 g/t Au. (TSXV: NKG) (OTC: NKGFF) News Release
And NGEx says Phase 3 drilling at the Lunahuasi property in Argentina has begun. The new drill program has commenced with three drill rigs currently turning, and another three to be added before the end of the month. The program will consist of up to 20,000 meters of diamond drilling to follow up on 17,862 meters drilled since discovery of the deposit in March 2023, with optionality to expand the program to follow-up encouraging results. (TSX: NGEX) (OTCQX: NGXXF) News Release
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