Morning Briefing: Drill Results from Collective Mining and Filo Mining

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Tuesday May 30th. 

Last week gold and silver continued to get pounded lower as the open interest in paper gold and silver on the Comex was reduced by hedge funds and CTAs unloading long positions while the Comex banks used the selling to reduce their short position profitably. Gold dumped from $1988 per ounce a week ago Monday to as low as $1936 before bouncing Friday and closing the week at $1946. Silver was jack-hammered from $24.20 perounce to as low as $22.78 before bouncing Friday to close the week at $23.43. The Friday bounce in both metals had short-covering footprints all over it. The Mining Stock Journal noted that both metals are now technically oversold based on the RSI and MACD indicators. They are also both sitting between their respective 50 and 200 day moving averages. 

The newsletter noted that, at this point, it would like to see open interest on the Comex in both metals decline more before feeling confident that the latest price pullback has bottomed. The mining stocks followed gold and silver lower last week. The GDX followed the metals higher and bounced half a percent on Friday, but the Mining Stock Journal said it would have liked to have seen a bigger bounce given the move in gold and silver. This possibly foreshadows further weakness 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…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….

Collective Mining announced assays from a further three drill holes at the Apollo porphyry system at its Guayabales project located in Caldas, Colombia. Highlights included 162.2m @ 2.59 g/t gold, 29 g/t silver and 0.56% copper for 3.90 g/t gold equivalent from surface in hole 45, the first into the Contact Zone in the southernmost part of the Apollo porphyry system. This intersected an abundance of sheeted CBM veins overprinting earlier porphyry mineralization. The strike for the Contact Zone now measures 150m. Hole 48 drilled to the southwest expanded the footprint of shallow mineralization, and exited the brecciated portion of the Apollo porphyry system and continued in a mineralized precursor porphyry unit with a highlight of 114.4m @ 2.38 g/t gold equivalent, increasing the maximum known strike length of the system to 435m strike x 385m width x 915m vertical. Hole 47 drilled to the east returned  307.6m @ 2.53 g/t gold equivalent. Eleven additional holes have been completed at Apollo with assays expected soon. Three drill rigs are operating with a fourth coming. Collective Mining (TSXV: CNL, OTCQX: CNLMF) news release

Filo Mining announced assay results from holes testing four different zones at the Filo del Sol Project in San Juan, Argentina. Highlights included 1,365m at 0.42% CuEq in the Bonita Zone including 291.7m at 0.66% CuEq in hole 75 and 1,363m at 0.77% CuEq in the Aurura zone in hole 76. Filo said a recent magnetotelluric geophysical survey supports the interpretation of a geological connection between Aurora and Bonita. This provides strong evidence that the system is continuous along at least 3.5km and that Bonita is the northern part of the system, rather than a separate zone. Filo Mining (TSX: FIL) (OTCQX: FLMMF) News Release

Roscan Gold released additional exploration results from 12 Reverse Circulation holes totaling 1,963 meters at Kabaya in Mali. These step-out RC holes have expanded the strike length of mineralization at KB3 to 600 meters from 300m. Additionally, these results indicate an increase in mineralization of about 70 meters below the existing 1,500-dollar pit shell. Highlights today included 1.62 gpt gold over 24 m and 2.27 gpt gold over 7m. (TSXV:ROS)(OTCQB:RCGCF) News Release

London-based private equity firm Appian Capital Advisory appointed Hochschild Mining chief executive Ignacio Bustamante as head of base metals, commencing August 28. Bustamante, who joined Hochschild in 1992 and was appointed chief executive in 2010, will oversee Appian’s operations and growth strategy across all base metals, with responsibility for acquisitions, development and operations. Appian is building a zinc and base metals business, which it will later seek to sell. Its most recent investments have been in zinc operations at Pine Point in Canada with partner Osisko Metals and in Vedra Metals in Italy, which add to its production from Rosh Pinah in Namibia. News release

FPX Nickel has closed a private placement financing of $16 Million with stainless teel producer, Outokumpu. Under the terms of the Private Placement, FPX has issued 26,800,000 common shares in the capital of the Company to Outokumpu at a price of C$0.60 per common share. Outokumpu now owns 9.9% of FPX. (TSXV: FPX) (OTCQB: FPOCF) News Release

Calibre Mining has commenced ore deliveries from its Eastern Borosi open pit to the Libertad Mill in Nicaragua. The company says the development of Eastern Borosi marks another significant milestone which will positively contribute to their grade driven production growth as they reaffirm 2023 guidance of 250,000 to 275,0000 ounces. (TSX: CXB; OTCQX: CXBMF) News Release

Val-d'Or Mining entered into an additional option agreement with Eldorado Gold under which Eldorado can earn up to an 80% interest in the Baden, Plumber, Island 27 and Matachewan Prospects near Matachewan in Northeastern Ontario. Eldorado's potential total expenditures under the agreement and other agreements now amounts to $34.5 million. Eldorado has an option to earn a minimum 70% direct interest in the four properties over five years with Eldorado to fund expenditures totalling $20M on any of the properties, and by making annual payments of $100,000 . Upon exercise of the 70% Option, the parties will form a joint venture. Eldorado can earn an additional 10%  by contributing all JV expenditures and delivering, a PEA. Val d’Or also purchased and cancelled various net smelter return royalties in exchange for 2.2M shares. Val-d'Or Mining (TSXV: VZZ) news release

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