Morning Briefing: Drill Results from American Pacific Mining and Meridian Mining
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, September 4th.
Yesterday, after running up to as high as $2538 while the Asian markets were still open, gold was pushed lower starting just in front of the a.m. London fix, with most of the price hit occurring after the Comex opened. Gold traded as low as $2505, December contract basis, but then bounced in the afternoon to close at $2524, down $9 from Friday. Silver was hit even hard on a percentage basis, but again with 90% of the price decline occurring after the Comex opened. Poor man's gold bottomed at $28.07, December basis, and bounced to close at $28.40, down 85 cents from Friday. The Mining Stock Journal noted that the sector had become quite overbought and was due for a pullback. The mining stocks were hammered in correlation with the metals price action as well as the drubbing that occurred in the stock market. GDX was smoked for 3.5%. The Mining Stock Journal believes that the markets are behaving quite similar to the way they behaved in September 2008.
We’ll get to the news from the miners and explorers here in a moment, but first a quick 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….
Meridian Mining published new drill results from its Cabaçal Cu-Au-Ag project. Hole 535 returned 21.6m @ 3.1g/t AuEq while hole 529 returned 6.1m @ 2.8g/t AuEq within the open pit area. The focus of drilling is now contributing to final stages of mine planning and on targeting areas where data has been historically lost in whole or in part, along with some infill of areas of wider spaced drilling. With the data, the company has also generated multiple new copper and gold targets within the 10 km mine corridor. (TSX:MNO)(OTCQX:MRRDF) News Release
American Pacific Mining reported assay results front he first 3 holes of the company’s 7 holes of the phase I drill program at the Madison copper-gold project in Montana. Results were 38.25m of 1.28% Cu and 1.22 g/t Au in hole 2, 32.71m of 3.15 g/t Au in hole5 and 17.04m of 1.04 g/t Au in hole 1. The company says these initial results show that significant amounts of gold and copper mineralization extend well beyond the historical mined areas. In addition, American Pacific says this Phase I drill program offers both near-mine exploration potential and expansion opportunities, but more importantly helps vector the Company into a more focused district-scale evaluation. (CSE: USGD) (OTCQX: USGDF) News Release
Bravo Mining reported more assay results from five holes at the T5 copper-gold target within the Luanga project. Hole 9 returned 17.4m of 3.49% Cu, .95 g/t Au and included 3.5m of 13.1% Cu and 3.87 g/t Au. At the western side of T5, drilling returned 4.3m of 4.7% Cu and .97 g/t Au, which also increases the current strike to 200m. A total of 321 drill holes have been completed to date by Bravo, for 68,299 metres, including 8 metallurgical holes. (TSXV: BRVO) (OTCQX: BRVMF) News Release
Alamos Gold reported new results from ngoing surface exploration drilling within the Mulatos District focused on defining higher-grade mineralization at Puerto Del Aire and Ceroo Pelon. At PDA, drilling returned 5.43 g/t Au over 18m at the GAP-Victor Zone and 3.03 g/t Au over 28.4m at the PDA3 Zone. At Cerro Pelon, drilling 5.45 g/t Au over 27.9m and 12.47 g/t over 6.46m, which also included a 1m interval of 58.1 g/t Au. Cerro Pelon is located nine kilometres (“km”) by road from the planned PDA mill and represents a potential source of additional high-grade mill feed. A total of $19 million has been budgeted at Mulatos for exploration in 2024, consistent with 2023. (TSX:AGI; NYSE:AGI) News Release
Mawson Finland announced new drill results from 7 drillholes on the South Palokas prospect which were drilled as part of the Company’s 38-hole 2024 winter drilling campaign on the Company’s wholly-owned Rajapalot gold-cobalt project. Results included 21.75m of 5.25 g/t Au and 515 ppm cobalt in hole 335. This is a new lens of mineralization located in the footwall below the South Palokas ore-body. (TSX-V: MFL) News Release
Blackrock Silver reported results of its preliminary economic assessment for the Tonopah West Project in Nevada. The technical report shows an after-tax NPV of $326M and an IRR of 39% on an initial capex of $178M. Tonopah West shows a 7.8 year mine life with a head grade of 570 g/t AgEq and an all in sustaining cost of $11.96. Base case input prices in the report were $1,900 / oz gold and $23/oz silver. The PEA excludes Northwest stepout deposit from the mine plan. 3 drills are at site on a 20,000 metre resource expansion and conversion program aimed at de-risking an initial 3 years of production and bridging a one kilometre mineralized strike potential to NW step-out zone that could bring additional ounces online. (TSXV: BRC) (OTCQX: BKRRF) News Release
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