Morning Briefing: Consolidation in the Uranium Space

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

Today is Wednesday September 27th. 

As suggested would happen in Monday's market wrap-up, the price of gold was pushed down below $1925 per ounce in order for the Comex market makers to force the large number of calls open between $1925 and $1940 to expire worthless, enabling the market makers to keep the premiums collected from shorting the calls to speculators. This occurs almost every contract month but the October options expiry price hit was blatant. As per usual, gold held steady overnight until the London a.m. price fix began, when the yellow metal was beaten relentlessly from $1935 to as low as $1918, where it settled. The drubbing was non-stop and 100% a product of the gold and silver derivatives markets. Silver conversely was hit hard overnight but took off like a rocket right after Asia closed trading up to $23.34 per ounce. But just prior to, during and after the London a.m price fix it was bashed back down to $23.10, where it settled the afternoon session. 

The Mining Stock Journal is encouraged that gold and silver continue to hold $1900 and $23, respectively, although both these lines in the sand have disappeared this morning. The mining stocks were hit both from the selloff in the metals and the sharp sell-off in the stock market. Notwithstanding the doom gloom engulfing the precious metals sector, almost every technical and sentiment indicator suggests that the sector is capitulating and setting up for a bull move. 

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….

Revival Gold reported on its exploration at the Beartrack-Arnett Gold Project in Idaho, where it has completed 15 holes for 3,100m this year. Highlights included 7m grading 0.66g/t gold in hole 104D at Roman's Trench and 3.1 g/t gold over 0.7 meters drilled width. Revival also collected thirteen surface rock samples from a road cut on the same target with values of up to 11.7 g/t gold. A follow-up channel sampling program has been initiated. Revival has increased planned drilling from 3,000m to 3,400m to add two holes in the untested Midlands target area. Revival Gold (TSXV: RVG, OTCQX: RVLGF) news release

Meridian Mining reported results from the Santa Helena deposit near its Cabaçal Mine in Brazil. Hole 321 returned 3.6m @ 1.3% Cu, 4.2g/t Au, 35.3g/t Ag & 0.5% Zn from 10.0m within a broader interval of 23.1m @ 0.5% Cu, 0.9g/t Au, 13.9g/t Ag and 0.4% Zn. With this hole, the southeast trending corridor has been extended by 500m to 1.6km. The Company also reported results from an infill trench in the Cabaçal Northwest extension, which returned 7.0m @ 0.4g/t AuEq and 7.0m @ 4.0g/t AuEq. the company says this helps better explain the source of a widespread gold dispersion anomaly and may mark the up-plunge projection of one of the shallow SE plunging high grade lodes intercepted by hole 0494 that returned 26.7m @ 21.5g/t Au ~170m to the southeast.(TSX:MNO) (OTCQX:MRRDF)  News Release

Dakota Gold reported assays from four drill holes at the Maitland Gold Project in South Dakaota. The results demonstrate continuity of the gold mineralization along the structural trend that defines the Unionville Zone, while two intercepts identified new zones of Homestake Mine-style gold mineralization along the western fringe of the structural corridor that has now been extended by drilling about 5km northwest of the +40-million-ounce historic Homestake Mine. Highlights included 44.1m grading 2.06g/t in hole 13. Dakota Gold (NYSE American: DC) news release

Northisle Copper and Gold received an additional assay from its 2023 drill program at the Northwest Expo target on the North Island Project in British Columiba. Hole 13 intercepted 130m grading 1.65g/t Au and 0.33% Cu for a 1.58% CuEq, the highest grade and thickness ever drilled on Northwest Expo. This included a sub-interval of 72m grading 2.07% CuEq, which included 15m grading 3.71% CuEq. Phase 2 drilling at Northwest Expo began on September 8, with two additional holes completed in Zone 1 and a third in progress. The company said the gold grades it is hitting are much higher than typically found in copper porphyries with potentially enormous implications for the project. Northisle Copper and Gold (TSX-V: NCX) news release

Aldebaran Resources completed a US$20.5 million non-brokered private placement financing, led by a strategic investment from South32. South32 acquired 8.5M shares at $1.01 and 2M Shares at $0.88 to boost its stake from 9.9% to 14.8%. The proceeds will be used to advance the Altar copper-gold project in San Juan, Argentina. Aldebaran Resources (TSX-V: ALDE, OTCQX: ADBRF) News Release

In the uranium space, IsoEnergy and Consolidated Uranium are consolidating. The two companies announced a definitive agreement to merge. IsoEnergy will acquire shares of Consolidated Uranium it does not already own, with Consolidated Uranium shareholders to receive 0.5 of a IsoEnergy share. IsoEnergy will also undertake a private placement of 4.7M subscription receipts at $4.50 for proceeds of $21M. That financing, however, is spoken for through cornerstone investors of NexGen Energy, Mega Uranium and Energy Fuels. (TSXV: ISO; OTCQX: ISENF) News Release

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