Morning Briefing: Drill Results from Tinka Resources, Scottie Resources, and more

Welcome to Mining Stock Daily. I’m Trevor Hall.

Today is Tuesday October 11. 

Gold was spanked below $1700 the instant the CME's Globex futures trading portal opened on Sunday evening. The Mining Stock Journal said the sell off was a paper gold futures phenomenon in part attributed to hedge fund algos shorting stock futures and precious metals futures and in part attributed to foul play from the banks ahead of the announcement that the Bank of England was going to continue with the QE program it implemented over a week ago to help bail out UK pension funds. The gold price as dictated by the paper market bottomed at $1672 and bounced a bit to settle at $1676.Silver air-pocketed lower on Sunday evening back below $20 to $1980 and was pushed down to as low as $19.52 before bouncing to settle at $1960. The mining stocks hung in well for most of the day considering the action in the general stock market along with the paper metals price ambush, but capitulated toward the end of the day to close decisively in the red. GDX fell 1.5% and the Amex Gold Bugs Index was sheep-sheared 1.65%. The Mining Stock Journal said that it expects considerable volatility in the markets this week, especially with the CPI and PPI reports to be released as well as escalating geopolitical tensions. As such, it advises that investors should consider buying physical gold and silver bullion rather than using surrogates such as GLD and SLV.

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…Integra Resources.

Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.

And here’s what you need to know this morning….

Tinka Resources published results for five  holes in the Company's ongoing 2022 drill program at the Ayawilca project in Central Peru. Results reported are for three resource extension holes at South Ayawilca and two exploration holes at Central Ayawilca. Drill hole A22-195 returned very high-grade zinc results (6 metres grading 18.8% zinc) within a repeated section of favourable limestone, approximately 10 metres below the main contact with the basement phyllite. This high-grade zinc discovery is expected to extend the Zinc Zone indicated resource at South Ayawilca by around 60 metres to the northeast, with mineralization remaining open in that direction. Previous holes in the vicinity may have been stopped prematurely and did not test the lateral continuity of the repeated limestone in the basement. In another positive development for the program, strong tin-copper mineralization was also intersected underneath zinc mineralization in hole A22-190 at Central Ayawilca (32 metres grading 0.36% tin, 0.33% copper and 13 g/t silver). Results are pending for two holes and the eighth drill hole in the program, A22-197, is in progress. Approximately 10 to 12 more drill holes are planned in the zinc resource definition program. Tinka Resources trades on the TSXV with TK and on the OTCQB with TKRFF. News Release

Arizona Metals announced results of seven recently completed drill holes at its Kay Mine project in Yavapai, County Arizona. Drilling highlights included hole 74 which returned 39.0 m at a grade of 4.2 g/t AuEq, from a depth of 649 m downhole, including higher-grade intervals of 7.2 m grading 6.0 g/t AuEq and 9.8 m grading 6.1 g/t AuEq. Hole 79 returned 7.9 m grading 4.0% CuEq from 682 m. This is a step-out hole to the south, which extended mineralization about 60 m south of hole KM-21-25B along the southern edge of the deposit. Mineralization is open to the south in this area. The company has drilled approximately 70,000 meters at Kay to date. Road construction is well underway to reach drill locations that will test the Central Target, located 300 m west of the Kay Mine Deposit. Drilling at pads C1 and C2 is expected to commence in November 2022, and will comprise part of the planned 76,000 metre Phase 3 program. Permitting is also in progress for pads W1 and W2 to test the Western Target, also part of the Phase 3 program. Arizona Metals trades on the TSXV with AMC and on the OTCQX with AZMCF. News Release

Frontier Lithium announced results for four additional drill holes completed during the Phase XII drill program on the Spark pegmatite which began in May 2022 and is currently in progress. The initial drill holes were designed to convert inferred material to the indicated category for the planned open pit. The Spark pegmatite is one of the two delineated premium spodumene-bearing lithium deposits on the PAK Lithium Project. Results reported today included 171.5m of pegmatite averaging 1.57% Li2O and 326.6.m of pegmatite averaging 1.92% Li2O. The initial objective for the Phase XII drill program was to focus on converting the inferred resource within the central portion of the Spark deposit at depth.  Frontier is now focused on defining the limits of the pegmatite and deepening some of the initial holes. Frontier Lithium trades on the TSXV with FL and on the OTCQX with LITOF. News Release

Scottie Resources reported  new assays on its Blueberry Contact Zone including intercepts of 11.3 g/t gold over 8.60 metres and 9.12 g/t gold over 16.15 metres. The high-grade mineralized structure has now been drill tested over 1,200 metres in strike and 360 metres in depth. Additional assays are pending on drill holes that could further extend mineralization 350 metres to the south, and initial visuals from the holes are encouraging, according to the company.  The Blueberry Contact Zone is located 2 km north-northeast of the past-producing high-grade Scottie Gold Mine, 35 km north of the town of Stewart, BC, along the Granduc Road. The Blueberry Contact Zone is 100% owned and royalty free. Scottie Resources trades on the TSXV with SCOT and on the OTCQB with SCTSF. News Release

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