Morning Briefing: Dolly Varden Drills 315 g/t AgEq over 79.2m
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, January 16th.
After declining for four straight days last week, gold shot up $32 on Friday to close out the week at $2,051. Similarly, after a bout of relentless selling for several days in a row, silver rocketed higher 62 cents, or 2.75%. The mining stock bolted higher in response to the jump in gold and silver, with GDX up 2%. Although U.S. markets were closed yesterday in observance of a holiday, gold rose another $7 in global trading and silver tacked on another 5 cents from Friday's close. The Mining Stock Journal said that, while it might appear that the catalyst was better than expected PPI report, the report did not help stocks as the Dow and the S&P 500 declined Friday while the Nasdaq was barely green. The newsletter noted that the precious metals sector became quite oversold technically last week and was due at least for a technical bounce. It also noted that, per the COT report, the banks were aggressively covering their gross short positions in paper gold and silver on the Comex last week. it's likely the spike higher in the metals prompted more short-covering on the Comex.
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… Vizsla Silver
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource, which will grow with a resource update in early 2024. Learn more at https://vizslasilvercorp.com
And here’s what you need to know this morning….
Arizona Sonoran Copper reported infill drill assay results from Parks/Salyer. 11 drill holes totally just under 7 and a half thousand meters were reported today as part of the infill to measured program at the Cactus Project. Results included 159m of 1.78% Cu, 244m of 1.01% Cu, and 269m of .91% Cu. Additionally, infill and exploration drilling to the south of Parks/Salyer has resumed at MainSpring with three drills, building on the 11- hole program undertaken in late 2023. The MainSpring drill program is testing the near surface southern extension of the Parks/Salyer deposit which lies some 1,500 ft (457 m) to the north. (TSX:ASCU | OTCQX:ASCUF) News Release
Dolly Varden Silver reported drill results from its 2023 work on the Homestake Silver deposit in British Columbia. Results reported this morning included 315 g/t AgEq over 79.2m including internal breccia vein intervals of 1,508 g/t AgEq over 9.22m and 7,572 g/t over 1m in hole 419. Hole 416 returned 357 g/t AgEq over 93.95m and included a 1 m interval of 9,422 g/t while hole 407 returned 246 g/t over 55.9m with a 2.2m interval of 1,883 g/t. The 23 drillholes reported total 12,150m of drilling targeting priority zones within the deposit and have significantly expanded the width and extent of the reinterpreted high-grade silver and gold mineralized plunge. (TSXV: DV) (OTCQX: DOLLF) News Release
Li-FT Power released new assay results this morning for 8 drill holes completed at the BIG West, Nite, & Fi Main pegmatites within the Yellowknife Lithium Project. Selected results included 27m of 1.26% Li2O at Fi Main, 10m of 1.47% at Nite and 5m of 1.14% at BIG-West. Li-FT has also received approval for amendments to its Land Use Permit and Water licenses for the Yellowknife Lithium Project to allow them to build a winter road from the Echo area to the all-season road that connects to Yellowknife, effectively creating an option for a road-based link between Echo to the global market. The amendment also allows LIFT to use additional water sources, enabling the Company to drill on all the leases associated with its project. (TSXV: LIFT) (OTCQX: LIFFF) News Release
Talon Metals provided assay results from various new drill holes within the "Raptor Zone". The Raptor Zone lies to the north of the Company's Resource Area and represents a new area with the potential for significant exploration upside at the Tamarack Nickel Project. Today's results include a 5.93-meter (19.5 feet) intercept of high-grade massive nickel and copper mineralization assaying 2.92% Ni and 1.73% Cu (4.09% NiEq), which includes a 2.2-meter (7.2 feet) intercept of high-grade massive nickel and copper mineralization assaying at 6.84% Ni and 3.80% Cu (9.31% NiEq). Based on drill results to date in the Raptor Zone, drilling suggests a 250-meter strike length of continuous high-grade massive nickel and copper mineralization within the Raptor's Head. (TSX: TLO) (OTC Pink: TLOFF) News Release
Tudor Gold publishes its seventh and final set of drill results for last year’s campaign on the Treaty Creek property in the Golden Triangle. Hole 178-W1 was drilled to target the CS-600 domain where the current Mineral Resource Estimate is categorized as Inferred mineral resources. The hole first intersected the 300H domain with 138.0 m grading 1.67 g/t AuEQ and then successfully intersected the CS-600 domain with an overall interval of 570.0 m grading 1.21 g/t AuEQ including 258.0 m grading 2.00 g/t AuEQ and 66.0 m grading 3.19 g/t AuEQ. (TSXV: TUD) News Release
Montage Gold reported results for their Updated Definitive Feasibility Study for the Koné Gold Project in Côte d'Ivoire. The report now incorporates ore from the Gbongogo Main satellite deposit which pushes Probable Mineral Reserves to just over 4Moz with 3.75Moz of gold produced over 16 years. The economics now sit at a $1,089M after-tax NPV5% and 31% IRR at base case $1,850/oz gold price. Life of Mine all-in sustaining costs are estimated at just under $1000 per ounce. Gbongogo Main represents 12% of Probable Reserves and contributes $350M in pre-tax net cash flow in first 3 years of operations. (TSXV: MAU) (OTCPK: MAUTF) News Release
District Metals has entered into an agreement with PI Financial as lead underwriter and sole bookrunner for a bought deal financing of $4 million. The deal will consist of just over 18 million units consisting of a price of C$.22 and comes with a half warrant with a strike of $.30 for a period of 3 years. (TSX-V: DMX) (OTCQB: DMXCF) News Release
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