Morning Briefing: Collective Mining Tests Depths at Apollo and Return 792.25m of 1.71 g/t AuEq

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Tuesday June 27th. 

Monday gold drifted lower overnight until 3 a.m. NY time, when it launched higher from $1932 to as high at $1943, concomitantly with a cliff in the U.S. dollar. Then, when the Comex opened, gold plunged right back down to $1932 while the dollar shot up. Gold bounced then faded to settle the afternoon electronic session at $1932. The Mining Stock Journal noted that there really was not any news that would have explained the price action in both gold and the dollar but said they traded almost perfectly inversely. Meanwhile silver traded higher Monday, closing up 36 cents from Friday's closing level. The mining stock newsletter said that a not unmeaningful amount of silver left the Comex last week, which may explain the outperformance of silver vs gold Monday. The newsletter added that silver is very cheap relative to gold right now based on the gold-silver ratio. The mining stocks Monday responded positively to the action in gold and silver, particularly silver mining stocks, as GDX closed up nearly 1%.

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 released assay results form two drill holes designed to test depth extensions of the Apollo porphyry system within the Guayabales project in Caldas, Colombia. Hole 49 was drilled steeply to the northwest from Pad 6 to a maximum downhole depth of 852.9m and returned 847.25m of 1.09 g/t gold equivalent. The company says this hole confirms that the system remains wide open at depth in the northwest area of the deposit and future directional drilling will look to expand the system and tighten up drill spacing. Hole 55 was was drilled to the northeast from Pad 6 and was drilled to a maximum depth of 909m. That hole returned 792.25m of 1.71 g/t gold equivalent. On a gram X meter basis, the hole returned 1,356 g/t gold equivalent, and represents the largest grade accumulation drilled to date at Apollo. Nine additional holes have been completed at the Apollo system with assay results expected in the near term with all holes except one intersecting bulk tonnage mineralization over significant core lengths. (TSXV: CNL) (OTCQX: CNLMF) News Release

Lithium Ionic provided results of its maiden mineral resource estimate for the Itinga Lithium Project in Brazil. The project now sits with a measured and indicated resource of 7.57 million tonnes grading 1.4% lithium oxide and an inferred resource of 11.86Mt grading 1.44% lithium oxide. Based on drill holes that occurred outside of the MRE, SGS identified potential for significant additional lithium-bearing mineralization at Bandeira once tighter drilling is completed in these areas, estimated to be in the range of 1.5 - 3.0Mt at grades of 1.3 - 1.6% Li2O. The drilling program for the remainder of 2023 has been expanded to 50,000 metres to increase the size of the MRE and establish an NI 43-101 mineral reserve estimate at Bandeira and Outro Lado, while defining an NI 43-101 mineral resource estimate at other prospective regional targets, including the Salinas and Itira targets. (TSXV: LTH; OTCQB: LTHCF) News Release

Sama Resources announced an increase in Indicated and Inferred mineral resources at its Samapleu and Grata nickel (“Ni”), copper (“Cu”), Cobalt (“Co”) and platinum group elements (“PGE”) project in Côte d’Ivoire, West Africa. For the Samapleu-Grata deposits combined, Inferred Resources total 101.9 million tonnes (“Mt”) averaging 0.25% Ni for 558.6 million pounds (“Mlbs”) of Ni metal, 0.23% Cu for 526.8 Mlbs of Cu metal, 0.01% Co for 33.4 Mlbs of cobalt (“Co”) metal, 0.29 g/t Pd for 939,400 ounces of palladium (“Pd”) and 0.1 g/t Pt for 311,400 ounces of platinum (“Pt”). The combined Indicated Resources total 14.99 Mt averaging 0.25% Ni for 81.6 Mlbs of Ni metal, 0.22% Cu for 72.9 Mlbs of Cu metal, 0.02% Co for 5.5 Mlbs of Co metal, 0.31 g/t Pd for 149,400 ounces of Pd and 0.1 g/t Pt for 49,500 ounces of Pt. The addition of the Grata mineralization doubled the mineral resources compared with the 2020 PEA. (TSX-V:SME) (OTC:SAMMF) News Release

Lahontan Gold shared results from the first four reverse-circulation rotary ("RC") drill holes from the Company's 2023 7,000 metre Phase Three drilling campaign exploring the Calvada pit area of the Company's Santa Fe Mine Project in Nevada's Walker Lane. Results reported today included 38.1 metres grading 0.87 g/t Au and 2.5 g/t Ag, including 10.6 metres grading 2.02 g/t Au and 2.4 g/t Ag. And 82.3 metres grading 0.68 g/t Au and 2.0 g/t, including 21.3 metres grading 0.93 gpt Au and 1.9 gpt Ag. (TSXV:LG)(OTCQB:LGCXF) News Release

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