Morning Briefing: District Metals Drill High-Grade Precious Metal Intercepts at Tomtebo
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Wednesday, August 17th
India was once again closed yesterday, which made it easier for the gold price containment team to knock down the gold price using paper gold products. Right after midnight NY time, when India would have been in full swing, gold was given a nice ride on the down elevator from $1798 per ounce to as low as $1786, before bouncing during the NYSE hours and settling at $1790. Silver similarly was pressed down with paper from $20.24 per ounce to as low as $19.87, before bouncing sharply back over $20 and settling at $20.10.
The Mining Stock Journal said silver is potentially in bull mode as long as it can hold over $20 and move higher. Despite the lower prices for gold and silver, the mining stocks started the day down over 1% but bounced back and drifted higher over the trading day. The GDX closed up 10 cents, or roughly 0.4%. As with silver, the GDX appears to be in an uptrend for now and the miners finishing green on a day when the metals were taken lower is potentially a bullish sign. For now the Mining Stock Journal is still confident that an investible bottom is occurring in the sector.
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…Arizona Sonoran Copper.
Arizona Sonoran Copper Company is a lower-risk copper developer with a significant exploration potential on private land just south of Phoenix, in an infrastructure rich area of Arizona. The Cactus Project PEA illustrates an 18 year mine life, generating US$1 Billion post-tax free cash flow. It is a scalable, low capital intensity project with strong leverage to the copper price. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise. Read more about the company at arizonasonoran.com.
And here’s what you need to know this morning….
Kingfisher Metals provided updates on diamond drilling at the Goldrange Project in southwest British Columbia. The company says 11 diamond drill holes (for 2427 m) have been completed at the Cloud Drifter Zone so far this season with all holes seeing intervals of vein, breccia, and disseminated sulfide mineralization. Drilling at the Eastern Target Area intersected up to ~35 m of strongly altered and mineralized quartz diorite below an outcrop that grades up to 9.7 g/t Au, while Drilling at the Pad 400 Target Area intersected multiple areas of strongly altered quartz diorite with breccia and vein hosted mineralization. At the Western Target Area, drilling intercepted structurally controlled quartz-sulfide veins, breccias, and disseminated sulfide mineralization beneath the highest multi-element soil geochemical anomaly in the Cloud Drifter Zone. Assays remain pending for these results. Kingfisher trades on the TSXV with KFR and on the OTCQB with KGFMF. News Release
Calibre Mining announced assay results from ongoing resource conversion and expansion drilling at its Pan Mine in Nevada. The results indicate the potential for resource expansion while focusing on converting known zones of mineralization. Highlights included 18.3m grading 3.35 g/t Au in Hole 087 at the Black Stallion target, 47.2m grading 0.8g/t in hole 88 at the Pegasus Target, 10.7m grading 1.06g/t in hole 55 at the Palomino Target, 22.9m grading 0.9g/t in hole 15 at the Dune Target and 24.4m grading 1.41g/t in hole 32 at the Syncline Target. The company has an 85,000m drill program in Nevada including 50,000m at Pan. Calibre Mining trades on the TSX under CXB and on the OTCQX under CXBMF. News release
Condor Gold reported an updated mineral Resource Estimate on its La India gold Project in Nicaragua. The indicated resource is now 9.7 million tonnes grading 3.5g/t gold for 1.1Moz and 8.6Mt grading 4.3g/t for 1.2Moz in inferred resources. About half the resources are open pittable and half are underground mineable. The Cacao Mineral Resource increased 69% to 101,000oz in the inferred category. La India is comprised of six separate deposits. A Feasibility Study is underway on the La India Open Pit. Condor Gold trades on AIM under CNR and on the TSX under COG. News release
Troilus Gold reported new assay results from drilling at the Z87 pit at its Troilus Project in Quebec. These results extend high-grade mineralization more than 100m along strike to the North and South of the previously defined Z87 main zone. Highlights included 101m grading 1.27 g/t AuEq in hole 415 which extended high-grade mineralization 120m south of the main ore zone and 100m below the PEA Pit Shell. Troilus says the results are among the best and most continuous ever drilled at the project with the expansion of the Z87 zone potentially materially improving the strip ratio and project economics. As such, the company decided to extend the timeline of its Pre-Feasibility Study to allow for the inclusion of the last four months of drill data into the mineral resource calculation. The PFS and updated Resource Estimate are now targeted for the end of the September quarter. Troilus Gold trades on the TSX under TLG and on the OTCQX under CHXMF. News release
District Metals reported new assay results for the two drill holes from the spring 2022 program at the polymetallic Tomtebo Property in the Bergslagen Mining District in south-central Sweden. A total of 750 m in two drill holes was completed during this drill program that was carried out from mid-April to mid-May 2022, before moving the rig to the Gruvberget Property. Hole 38 returned 25.5m of 8.2% zinc equivalent, which also included 3.6m of 15.8% ZnEq. A higher grade gold interval of 384 g/t gold and 855 g/t silver over .4m was intersected at 273m depth in the hole and was capped at 10 g/t gold for the zinc equivalent calculation. The occurrence of the gold now becomes an even more interesting target, said the company, as they look to follow up where the VMS mineralization is open at depth and partially along strike. District Metals trades on the TSXV with DMX. News Release
NorthWest Copper reported more assays from its 2022 Kwanika drill program in British Columbia, which included the discovery of additional very high-grade copper and gold mineralization within a previously undrilled shallow area of the Kwanika deposit. Highlights included 109.05m grading 0.89% CuEq in hole 232 including 1.45m grading 14.52% CuEq, with the hole containing intervals of chalcocite breccia. The company said that the discovery of additional high-grade chalcocite breccia in a new area, close to surface, is an exciting exploration development and supports its thesis that it can find more of this style of mineralization while expanding the volume of near-surface mineralization at Kwanika. NorthWest Copper trades on the TSXV under NWST and on the OTCQX under NWCCF. News release
Elemental Royalties announced the completion of the share-for-share merger of equals with Altus Strategies. The Merger has created a diversified and scalable royalty company well positioned to acquire further high-quality, producing royalty and streaming assets and to serve as a platform for further consolidation in the royalty sector. Elemental intends to change its name to 'Elemental Altus Royalties Corp.' and its trading symbol on the TSX-V will remain as ELE. On the OTCQX, the ticker remains ELEMF. News Release
That concludes today’s morning briefing.
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