Morning Briefing: Drill Results from Filo, Meridian and Li-FT Power
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, June 11th.
Monday gold began to move higher about two hours after midnight, running from $2,305 to as high as $2331 and closing at $2328. The Mining Stock Journal noted that China was closed Monday, which makes the move higher that started about 30 minutes before the Chinese markets close more intriguing. China will reopen Tuesday. Silver started moving higher as soon as the Globex trading system opened Sunday evening, rising from $29.23 to $29.93 when it was promptly slammed lower when the Comex opened. Two hours later silver bounced back to settle the afternoon session at $29.84. The mining stocks bounced back from Friday's blood bath, GDX up 1.46%. The Mining Stock commented that this week could be volatile ahead of Wednesday's CPI report and the updated FOMC policy statement which will be released three and a half hours after the CPI is released.
This episode of Mining Stock Daily is brought to you by… Victoria Gold
Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at vgcx.com.
And here’s what you need to know this morning….
Filo shared new assay results from three holes at the Filo del Sol Project. Hole 112 returned 1,036.0m at 0.65% CuEq from 96.0m in the Bonita Zone and included a 472.5m interval of 1.02%. Hole 114 returned 1,460.0m at 0.45% CuEq and included a 26m interval of 1.22% CuEq. This hole confirms Bonita’s northern extension. The block model for the deposit will be updated when drilling resumes after a short break. This work will feed into an initial sulphide resource estimate at Filo del Sol which we are targeting by early Q4 2024. (TSX: FIL) News Release
Meridian Mining provided an update on drilling activities at the Cabaçal and Santa Helena mines, part of the greater 50km Cabaçal Cu-Au-Ag VMS belt-scale project in Brazil. At Santa Helena, drilling has returned 5m of 4 g/t AuEq while also initiating the environmental impact studies for open-pit development at Santa Helena, as part of its hub and spoke development strategy for the broader belt. Infill drilling at Cabaçal targeted historical areas where data has been lost and were not included in the 2022 resource estimate. Drilling returned 10.1m of 2.1 g/t AuEq and 12.2m of 1.9 g/t AuEq. (TSX: MNO; OTCQX: MRRDF) News Release
Li-FT Power reported assays from 13 drill holes completed at the Shorty, Ki, Echo, BIG East, Fi SW, Nite, and BIG West pegmatites within the Yellowknife Lithium Project in Northwest Territories. Results included 25m of 1.21% Li2O at Shorty and 13m of 1.05% at Ki. These drill results are the final batch of results from the winter 2024 drill program. (TSXV: LIFT) (OTCQX: LIFFF) News Release
West Red Lake Gold published new drilling results from the Madsen Mine in Ontario. Today’s results come from the South Austin Zone, which currently contains the indicated mineral resources of just under a half million ounces grading 8.7 g/t Au. Today’s results included 8m of 16.69 g/t Au, 17.83m of 6.17 g/t 3.1m of 21.33 g/t and 2.48m of 25.77 g/t. These holes are starting to define a new, previously unrecognized footwall lens running sub-parallel to the South Austin zone. The purpose of this drilling was definition within South Austin to continue building an inventory of high-confidence ounces for the eventual restart of production at the Madsen mine. (TSXV: WRLG) (OTCQB: WRLGF) News Release
Solaris Resources has expanded their 2024 drill program a Warintza. he expansion of the 2024 drilling program is supported by the closing of its recent financing and significant productivity improvements from past infrastructure investments and improved logistics and processes. The company also published new drill results, including 81m of .73% CuEq within the broader 544m of .5% CuEq. The company says an updated mineral resource estimate is on track to be released next month. (TSX: SLS; NYSE: SLSR) News Release
Magna Mining has awarded the Advanced Exploration the contract at the Crean Hill Project to local company ADLP. The program will consist of a surface bulk sample of approximately 20,000 tonnes from the 109 Footwall Zone. The mobilization and site preparation are scheduled to begin in June, with drilling and blasting commencing in July, followed by processing at Glencore's Strathcona facility. Dewatering of the historic underground workings via the main shaft is planned to commence in Q3, allowing for the start of the portal on surface and underground ramp development later in 2024. (TSXV: NICU) (OTCQB: MGMNF) News Release
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