Morning Briefing: Drill Results from Founders Metals, CopperEx and Cabral Gold
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, May 30th.
Wednesday gold started falling shortly after midnight, with a big drop leading into the a.m. London fix and another hit right after the Comex opened. The price bottomed at $2335 which is basically where it settled. Silver is holding up, for now, better than gold. While the price fell along with gold after midnight and was spanked when the Comex opened, the price spiked higher when the stock market opened and ran to $32.45 before profit-taking by the paper side of the market pushed it back down to $32.16, where it settled unchanged from Tuesday. The Mining Stock Journal suggests that the recent run-up in the sector is now undergoing buyer and price fatigue. It added that a pullback would be healthy and would set up the next move higher. Profit-taking for sure hit the mining stocks, as GDX was given a 2.5% haircut. Part of this was likely in correlation with the sell-off in the stock market. Today's new issue of the Mining Stock Journal will feature some commentary on a handful of junior silver stocks as well as updates on the newsletters favorite stocks including Cabral Gold and Paramount Gold, both of which have experienced big moves higher recently.
We’ll get to the news out of the miners and explorers in just a quick 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….
Founders Metals shared drill core assay results from its fully-funded 2024 drill program at the Antino Gold Project in southeastern Suriname. At the West Donut Shear Discovery, drilling returned 4.5m of 3.27 g/t Au. At the Main Donut Shear, drilling returned 8m of 6.64 g/t and 19m of 1.02 g/t Au. The Donut Zone is located in the northwest section of the Antino Property, approximately 800 metres northeast of the Froyo Zone. (TSXV: FDR) (OTCQX: FDMIF) News Release
CopperEx Resources provided drill results from over 1,200m of reverse circulation drilling at the Company's flagship Exploradora Norte Project. The eight drill holes were completed in the Agua de la Piedra ("ADLP") and Sorpresa zones of the Franja del Oro Target, part of15-kilometer-long gold enrichment trend that represents one of several gold-copper enriched magmatic hydrothermal centers on the 20,800-hectare Exploradora Norte Project in Chile. Results reported this morning included 114m of .95 g/t Au, 240m of .31 g/t Au and 58m of .74 g/t. CopperEx has an Option Agreement for the property, to earn a 65% ownership interest, with a preferred option to earn an additional 35%. (TSXV: CUEX) News Release
Troilus Gold announced the discovery of a new gold zone named the ‘West Rim Zone’ located within 200 metres west of the North Reserve Pit Shell. That discovery returned 1.37 g/t AuEq over 11m within a broader section of 32m returning .74 g/t AuEq. The West Rim Zone was discovered as part of an ongoing 25,000m drill program at the Troilus Property designed to test near-mine and regional priority drilling targets. At Zone X22, drilling returned 1m of 10.27 g/t Au Eq and 30m of .83 g/t AuEq. This was a deeper extension hole below the North Pit. TSX: TLG; OTCQX: CHXMF News Release
Cabral Gold shared drill results from the Machichie Main and Machichie NE targets, within the Cuiú Cuiú Gold District, Brazil.Drilling at the Machichie NE target return 11m of 33 g/t gold. At the Main Zone, drilling returned 25m of 2.9 g/t. The current drill progam was extended earlier this month as the company works towards completing a pre-feasibility study on their heap leach project. (TSXV: CBR) (OTC Pink: CBGZF) News Release
Western Alaska Minerals says their drews have mobile back to the Illinois Creek camp in Alaska. Crews mobilized on May 14th to open camp, begin clearing the airstrip, and prepare the drill pads for the newly generated CRD expansion targets at LH and Warm Springs. Supply flights are on schedule to bring in personnel, including the geo-technical team and equipment within a week. (TSXV:WAM) News Release
Integra Resources says they intend to complete a 2,000m Phase 1 exploration drill program at Wildcat, commencing in June 2024. The drill program is designed to test the oxide mineralization adjacent to the existing mineral resource at Wildcat, while also testing the high-grade breccia target which is believed to be the feeder source of gold mineralization. Wildcat is located within the Farrell mining district in northwest Nevada. This program will be the first for Integra since acquiring the project as part of the merger with Millennial Precious Metals last year. (TSXV: ITR) (NYSE American: ITRG) News Release
Ridgeline Minerals says they are anticipating a 2024 exploration spend of $5.5M, with roughly US $5 million to be spent by NGM advancing the Swift and Black Ridge projects. Ridgeline will initiate a 3D Induced Polarization survey at its 100% owned Big Blue project as well as complete ongoing permitting initiatives at its 100% owned Selena project to allow for advanced exploration under a Plan of Operations. (TSXV: RDG) (OTCQB: RDGMF) News Release
Vizsla Copper has upsized their private placement for up to CAD$3.8M. The Offering has been revised to allow for the sale of any combination units of the Company at a price of C$0.11 per Unit and flow-through units of the Company at a price of C$0.12 per FT Unit. Red Cloud Securities Inc. is acting as lead agent and sole bookrunner on behalf of a syndicate of agents. (TSXV: VCU) (OTCQB: VCUFF) News Release
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