Morning Briefing: Drill Results Abundant from British Columbia

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

Today is Tuesday October 17th. 

Monday gold actually sold off during the eastern hemisphere trading hours and rallied back in London and New York hours. Gold closed down $7 from Friday. The mainstream media attributed the sell-off in gold to hope for a negotiated settlement in the Middle East before it escalates. The Mining Stock Journal suggested that there might have been some profit-taking after last week's big rally in the precious metals sector. The rally in the paper gold markets likely was continued short-covering by the bullion banks. Silver traded on the same price path as gold but with higher volatility, trading from $22.90 down to $22.64 before bouncing back up to $22.88 and then fading afternoon NY trading to settle at $22.76, down 13 cents from Friday. The mining stocks defied the price action in the metals and rose Monday, with up 0.17% and the Amex Gold Bugs index up 0.38%.  The Mining Stock Journal noted that the junior micro-cap exploration stocks continue to be spit upon by the market. It noted that the valuation level of the companies with good projects present the potential for lifestyle-changing investment opportunities. The newsletter will present some of its best ideas for this in Thursday's new issue.

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 published new assays from 5 drill holes completed at the Fi Southwest, Fi Main, and BIG East pegmatites within the Yellowknife Lithium Project in the Northwest Territories of Canada. Those results included 37m of 1.22% Li2O at Fi SW, 12m of 1.27% at BIG East and 16m of 1.24% at Fi Main. LIFT has reported results from 62 drill holes (10,927 metres). To date, 188 diamond drill holes have been completed. (CSE: LIFT) (OTCQX: LIFFF) News Release

Collective Mining announced results from metallurgical test work on its Guayabales project's Apollo porphyry system. Bottle Roll Cyanidation tests on eight composite samples composed of oxide, transition and sulphide material across multiple mineralization styles and at various grades averaged a 93.5% recovery rate for gold. Only four of the eight composite samples were suitable for a cyanidation circuit with copper grades below 0.15%. The average recovery rate for gold on the four suitable samples was very high at 96.7%. Preliminary rougher flotation test work to date demonstrates robust recovery rates for copper, silver, and gold. More detailed flotation work is in progress with final Phase 1 results expected in Q1 2024. (TSXV: CNL) (OTCQX: CNLMF) News Release

Kodiak Copper reported results from five drill holes at the West Zone on the MPD copper-gold porphyry project in British Columbia. These results included shallow copper assaying 1.17% Cu over 39m within a 198m section of .33% Cu in hole 8. Hole 11 returned the best mineralized interval reported from the West Zone to date with .49% Cu over 254m within .21% Cu over 941m starting at bedrock. New and historic drilling at the West Zone has confirmed porphyry mineralization over an area of 300 metres by 650 metres, and from surface to depths of 962 metres, which is open to extension. (TSXV: KDK) (OTCQB: KDKCF) News Release

American Eagle Gold also reported results of a new hole at the NAK Copper-Gold porphyry project. Hole 12 returned 900m of .5% CuEq from surface in the North Copper Zone, and included 540m of .61%. The drill hole neded in mineralization, measuring 3m of 1% CuEq six meters from the end of the hole. Assays from 5 additional holes are pending. (TSXV: AE) (OTCQB: AMEGF) News Release

Goliath Resources also published drill results this morning. The latest come from the Golden Gate Zone  within the Hazelton Volcanics 20 meters below the Bonanza Shear on the Golddigger Property in the Golden Triangle. Hole 197 assayed 34.03 g/t AuEq over 9m within27m of 11.6 g/t AuEq. Management believes the average widths and grades of this system should increase once all assays are received, compiled, and interpreted from the 2023 drilling program. (TSX-V: GOT) (OTCQB: GOTRF) News Release

Oroco Resources published a PEA and updated mineral resource estimate for the North and South Zones of its Santo Tomas copper project in Mexico. The PEA results support a staged open pit mine and processing plant starting at 60,000 tonnes per day in year 1 of production, expanding to 120,000 t/d in year 2 over a 20.1-year Life of Mine. The PEA highlights a US pre-tax NPV of $2.33 Billion and a 23% IRR, assuming a price of $3.85 per pound of copper. The Mine Design proposes a standard open-pit, truck and shovel operation with 10-meter bench intervals. Initial capital costs are estimated at US$1.3B; sustaining and expansion capital costs estimated at US$1.1B. (TSXV: OCO; OTCQB: ORRCF) News Release

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