Morning Briefing: Collective Mining Step-Out Drilling Results at Apollo
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday August 15th.
Gold on Monday once again moved higher during eastern hemisphere physical gold trading hours only to be swatted lower by the paper pushers in London and New York. After rising to as high as $1948 per ounce, the yellow metal was pushed off the paper gold cliff and fell to as low as $1934 before bouncing to settle at $1939. Silver similarly traded up to $22.82 per ounce in Asia before getting hammered down to as low as $19.41 before managing a bounce to settle the afternoon session at $22.65.
The mining stocks took their cue from the metals on Monday, with the GDX getting dumped to the tune of 1.75%. The Mining Stock Journal welcomes everyone to the dog days of August in the precious metals sector and noted that, while the Comex banks are covering their shorts in the paper market, investor sentiment is starting to become extremely negative, which could be a sign that a move higher in the sector might be just around the corner.
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 for three step out diamond holes drilled at the Apollo porphyry system in the Guayabales project in Caldas, Colombia. Highlights included 557.85m @ 2.10 g/t Gold Equivalent in hole 60 with the Hole Bottoming in Strong Mineralization. Hole 60 was drilled to test an upper zone of sheeted CBM veining and the main brecciated porphyry body locating directly below. Hole 61 intersected continuous and high-grade brecciated porphyry mineralization from surface averaging 217.55m @ 2.35 g/t gold equivalent, drilled from a collar 125m east of hole 60. Hole 62 was drilled to the southwest along the eastern Contact Zone of the Apollo system and intercepted 161.3m @ 2.71 g/t gold equivalent from surface. Hole 60 and visual logging of holes 63 through 65 have expanded the size of the outcropping sheeted CBM vein zone located above and peripheral to the high-grade brecciated porphyry system. Nine holes are in the assay lab. Collective Mining (TSXV: CNL, OTCQX: CNLMF) news release
Magna Mining released additional results from the 2023 drilling program at the Crean Hill Nickel Project, with assays representing confirmations of a shallow zone of massive sulphides. At the 101 Footwall Zone, drilling returned 31.6m of 3% Ni, .7% Cu, 1.2 g/t Pt+pd+Au. Another hole here returned 27.6m of 4.2% Ni, 1.4% Cu, 1.0 g/t Pt + Pd + Au. Drilling to date in the 101 FW has defined a wide, high grade, massive sulphide core, transitioning to massive sulphide veins along strike and down-dip, within the footwall breccia structure. An advanced exploration program planned to commence in 2024 will provide underground drilling platforms allowing detailed definition of this zone, which has potential to provide high-grade, potentially mineable resources early in mine life, which was not represented in the recent PEA. (TSXV: NICU) (OTCQB: MGMNF) News Release
Silver Tiger Metals intersected 3.3m at 1,153.6 g/t silver equivalent in Hole 462 in the Sulphide Zone at the El Tigre project in Sonora, Mexico. This is comprised of 378.7 g/t silver, 6.17 g/t gold, 0.31% copper, 3.10% lead and 6.31% zinc within a broader interval of 10.5m grading 443.9 g/t silver equivalent. These results tripled the known strike length of the Sulphide Zone, from 250m to more than 750m. The company said the steeply dipping body has true widths ranging from 2 to 25m and a down-dip extent ranging from 200 to 500m. Silver Tiger Metals (TSXV:SLV) (OTCQX:SLVTF) news release
Tudor Gold reported five drill holes from the 2023 exploration program at the Treaty Creek property in British Columbia. It has completed over 21,000m of drilling, within areas encompassing the Goldstorm Deposit and the Perfectstorm Zone. The company said drilling continues to expand Goldstorm to the northeast with AuEQ values above the 0.7 gpt underground resource estimate cut-off grade. It also said that large blocks within the inferred resource have been intersected, which it believes will convert them into the Indicated category. Highlights included 210m grading 1.48 g/t AuEQ in hole 170. Five additional drill holes on Goldstorm have been completed and three holes at Perfectstorm. A PEA is planned once Goldstorm is totally defined. Tudor Gold (TSXV: TUD) news release
Sierra Madre Gold and silver announced results of six additional diamond drill holes from Phase 2 drilling at its Tepic Silver Gold Project in Nayarit, Mexico. Highlights include 2.5m of 296 g/t AgEq at the Taunas area and 4.36m of 309 g/t AgEq at Veta Tomas. These are the first 2 holes on a previously unrecognized target and are located approximately 2km north east of the historical resource area. (TSX.V:SM, OTCQX:SMDRF) News Release
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