Morning Briefing: Drill Results from NGEx & Renegade Gold, Mineral Resource Est. for Basin Uranium
Welcome to Mining Stock Daily. I’m Kylie Williams
Today is Thursday, May 9th.
Wednesday gold decided to have what the Mining Stock Journal describes as the heart monitor day of an amphetamine addict. After shooting up from $2315 to as high as $2330, June contract basis, the price went into a cliff dive early yesterday morning to as low as $2311 and then shot back up to $2325. It was of course pushed lower at the Comex open but then yo-yo'd back up to $2329. Comments from a Fed official about keeping rates higher for longer then threw a wet rag but at that point it was in the only-the-Comex is open segment of the day. The yellow dog closed the afternoon session at $2315 down $7 from Tuesday. Silver only partially suffered the drama gold endured,but managed to close 8 cents higher from Tuesday. The mining stocks were largely unchanged Wednesday. The Mining Stock Journal notes that US Gold Corp was awarded an operating permit for its gold-copper project in Wyoming, thereby making the Company worth at least five times the current market. The newsletter will provide its analysis in the next 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… 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….
NGEx Minerals report drill results today from hole DPDH018 from the Lunahuasi Project located in the Vicuña District in San Juan Province, Argentina. The hole intersected 429.4 Metres at 2.31% Copper Equivalent, Including 102.7 Metres at 4.26% Copper Equivalent and 13.2 Metres at 16.24% Copper Equivalent. The hole ended in mineralization with the final 20.4m averaging 3.37% CuEq (2.87% Cu, 0.45 g/t Au, 20.2 g/t Ag). We will have more on this story later today. NGEx trade (TSX: NGEX) (OTCQX: NGXXF) News Release
Renegade Gold report additional results from the first phase of drilling at its advanced Newman Todd Deposit in Red Lake, Ontario. In what constitutes the first major program targeting below 300 m, drilling has successfully extended high-grade gold mineralization in multiple holes to a depth of more than 750 m. Of particular note, drilling has also identified a new Hanging Wall (HW) Zone of high-grade gold that will be prioritized for further drill testing. Mineralization at Newman Todd remains open to depth and occupies the entire 2.2 km strike length across the property. Drill Highlights include Hole NT-24-012 intersected 14.3 g/t Au over 2.8 m and 8.1 g/t Au over 4.7 m. These results extend high-grade gold mineralization more than 350 m below the previous drilling horizon. Renegade trade (TSXV: RAGE) (OTCQX: TGLDF) (FSE: 070) News Release
Treasury Metals and Blackwolf Copper and Gold announce that, further to the press release on May 2, which announced the combination of the two companies, that the Concurrent Financing of Treasury Metals has been upsized from $4 million to up to $6.4 million. Frank Giustra will be the lead order, subscribing for $2 million. Treasury Metals trade (TSX: TML; OTCQX: TSRMF) and Blackwolf Copper and Gold trade (TSXV:BWCG; OTCQB: BWCGF) News Release
Basin Uranium announced an initial mineral resource estimate (MRE) for its Chord uranium project located in Fall River County, South Dakota, USA. This MRE incorporates the Company's historic data set acquired through private and public sources and provides a path to expand and build towards a much larger, potentially in-situ recoverable (ISR) resource. The MRE was prepared by BRS Engineering Inc. in accordance with NI 43-101, Standards of Disclosures for Mineral Projects. Basin Uranium trade (CSE: NCLR) (CNSX: NCLR.CN) News Release
Yesterday…
Vizsla Silver reported results from six new drillholes targeting the La Luisa Vein located ~700 metres west of the Napoleon Area resource, at its 100%-owned flagship Panuco silver-gold project in Mexico. Recently completed drilling continues to demonstrate continuity of high-grade mineralization. Highlights include hole NP-24-430 returned 788 grams per tonne (g/t) silver equivalent (AgEq) over 1.30 metres true width (mTW) (682 g/t silver, 2.07 g/t gold, 0.17% lead and 0.23% zinc) Vizsla Silver trade (TSXV: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) News Release
Elemental Altus Royalties announced yesterday the acquisition of up to a 1.40% net smelter return royalty ("NSR") from Aterian Plc ("Aterian") over the HCK Lithium Project in the Republic of Rwanda ("Rwanda") currently under a Joint Venture agreement with Rio Tinto Mining and Exploration Ltd ("Rio Tinto"). Highlights include a New 1.25%-1.40% lithium NSR royalty acquired by Elemental Altus; Royalty covers HCK Project in Rwanda operated and managed by Rio Tinto, and Option to be granted second royalty on additional Musasa lithium permit in Rwanda. Elemental Altus trade (TSXV: ELE) (OTCQX: ELEMF) News Release
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