Morning Briefing: District Metals Now Controls 100% of Viken
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, January 3rd.
Between October 6th and year-end, gold ran from $1823 to $2071, or 13.6%. Similarly, silver ran from $20.85 to $23.76, or 14%. Over the same timeframe, the S&P 500 rose 10% and the Nasdaq climbed 11.8%. And the mining stocks as represented by GDX jumped 15.3% over that time period. The Mining Stock Journal commented that it's amazing that gold and silver outperformed the stock market while GDX outperformed the S&P 500 by 50% from early October through year-end, yet there was zero commentary to that effect from the mainstream financial media. The newsletter added that, it's this anonymity factor with respect to the precious metals sector that makes it a textbook value investment play. The Mining Stock Journal opined that it expects a monster year from the precious metals sector in 2024 for many reasons, not the least of which is that the Fed will need to crank up the printing press again, not to support the real economy, but to prop up the banks. In that regard, the dollar index could start trading back down to the 70 level, where it was from March 2008 to late July. The newsletter added that it plans to trade the mining stocks very aggressively this year.
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 (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona, a tier 1 location. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport via highway i-10, and with grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.
And here’s what you need to know this morning….
Li-FT Power reported new assay results from 8 drill holes completed at the BIG East, Echo, Shorty, & BIG West pegmatites within the Yellowknife Lithium Project in the Northwest Territories. Highlights today included 26m of 1.56% lithium at BIG East, 10m of 1.24% and Echo and 10m of 1% at Shorty. LIFT has reported results from 132 out of 198 diamond drill holes. (TSXV: LIFT) (OTCQX: LIFFF) News Release
Ascot Resources also published new drill results this morning. These results are from the fourth and final batch of results from the 2023 drill program at the Premier Gold Project in the Golden Triangle of British Columbia. Specifically, these results from the in-fill and exploration work at the Big Missouri Deposit, which lies approximately 6 kilometeres north of the mill. Results reported today included 58.18 g/t Au over 1.99, which included 77.45 g/t over .99m. There was also results of 9.89 g/t over 6.94m and 8.26 g/t over 7.35m. Drilling for the 2023 exploration season at the Big Missouri deposit was conducted from early August until the end of October, during which time 72 holes were drilled from surface for a total of 6,539 metres. (TSX: AOT; OTCQX: AOTVF) News Release
Snowline Gold publishes new results from its 2023 exploration campaign. Hole V-23-064 returned 2.15 g/t Au over 308.8 m downhole, including 3.23 g/t Au over 180.3 m from surface, demonstrating strong consistency of near-surface, multiple-gram-per-tonne-gold mineralization within a gap in previous drilling at the Rogue Project's Valley target. Hole 62 and 63 in the northwestern part of the Valley target returned 1.41 g/t over417m and 1.59 g/t over 342m, both beginning form surface. Assays for more than 3,850 m of diamond drilling from Snowline's 2023 exploration efforts are forthcoming. (TSXV:SGD)(OTCQB:SNWGF) News Release
Amex Exploration published results from drill holes focused on definition drilling of the Eastern high Grade Zone of the Perron Project in the Abitibi region of Quebec. Results reported today included 4.3m of 23.81 g/t Au, 6.55m of 9.57 g/t and 3.5m of 5.1 g/t. The company continues to progress towards a resource estimate this year for the project. (TSXV: AMX) (OTCQX: AMXEF) News Release
District Metals has entered into a definitive agreement to purchase the remaining four mineral licenses covering the Viken energy metals Deposit in Sweden. District now owns control of 100% of the licenses comprising Viken, which is the largest undeveloped Allum shale uranium-vanadium-potash-molybdenum-nickel-copper-zinc deposit in the country. Terms of the agreement included $50,000 paid to the Vendor on closing, another $50,000 to the Vendor following a lift of the uranium exploration and mining moratorium in the country, 1 million District shares to the Vendor on closing, and another 3 and a half million shares issued to the vendor upon a lift of the moratorium. There is also a 2% net smelter returns royalty granted to the vendor on closing which can be bought back. (TSX-V: DMX) (OTCQB: DMXCF) News Release
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