Morning Briefing: Drill Results Out for Defiance Silver, Skeena Resources and More

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

Today is Tuesday October 25th. 

Monday gold was denied the same rally privileges as stocks, as the gold price fell overnight $15 from $1664 per ounce to $1649, while stock index futures shot higher. Gold did rally a bit to settle at $1654. Silver has as much as 40 cents chopped off its price, as it fell from $19.40 per ounce to a low of $19, before bouncing to settle at $19.19. The Mining Stock Journal finds it curious that the prospect of the Fed potentially pivoting to loosen up its monetary policy sends stocks soaring but not the precious metals. This is true particularly as the above-ground stock of physical gold and silver in Comex and LBMA custodial vaults is rapidly declining. 

The mining stocks were hit pretty hard in early NYSE trading, with the GDX down over 3% at one point, but rallied in the afternoon along with the metals. The GDX closed down 1.6%. The Mining Stock Journal said that the Hulbert Gold Newsletter Sentiment Index dropped to -15.5 on Friday, reflecting increasing bearish sentiment toward the precious metals sector. The newsletter added that this is potentially bullish.

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….

Defiance Silver says it has extended high-grade zones with drilling at the Veta Grande vein system within its Zacatecas silver project in Mexico. Hole 52 returned .9m of 4.18 g/t Au, 868 g/t Ag, 4.61% Pb and 17.05% Zn or 2172 g/t AgEq, which was within a larger of 3.38 metres of 956 g/t AgEq. Hole 53 deviated significantly from the targeted pierce point towards the western limit of the mineralized shoot. but still intercepted 2.0m of 0.51 g/t Au, 121 g/t Ag, 1.36% Pb and 4.85% Zn or 434 g/t AgEq. The company says  the mineralized body encountered by earlier drill holes 36 & 37 and then further at depth with today’s reported hole 52 clearly demonstrates the strength of the mineral system and the exploration potential at depth outside of the current resource area. Defiance Silver trades on the TSXV with DEF and on the OTCQX with DNCVF. News Release

Blackrock Silver announced final drill results from its first scout exploration drill campaign on its Tonopah North project in the Walker Lane trend of Nevada, which show the project has significant lithium potential over a considerable area. A broad lithium zone was intersected in all drillholes across the Tonopah North project area encompassing 2,100 hectares. The lithium bearing zone has an average thickness of 28.1 metres and has been drilled near the surface to a depth of 117.3 metres below the ground. Based on the drilling to date, the lithium zone is entirely within the Siebert Tuff, and has a similar profile to the lithium mineralization encountered at the TLC deposit located 3 kilometres to the northwest. Lithium values up to 1,217 ppm lithium were intercepted. Blackrock Silver trades on the TSXV under BRC. News release

Pacific Ridge Exploration reported an intercept of 497.2m grading 0.66% copper equivalent or 0.96g/t gold equivalent in hole 5 at the RDP copper-gold project in British Columbia, including 107.2m grading 1.41% CuEq or 2.04 g/t AuEq. The inaugural drill program at RDP totaled 1,861m in six drill holes. RDP is 40 km from its flagship Kliyul copper-gold project. The 2022 RDP drilling program was funded by Antofagasta Minerals who can earn a 75% interest by spending $10 million on exploration over eight years and delivering a preliminary economic assessment. Pacific Ridge Exploration trades on the TSXV under PEX and on the OTCQB under PEXZF. News release

Silver Tiger Metals reported an intercept of 2.1m grading 1,536.1 g/t silver, 0.19 g/t gold, 1.62% copper, 7.71% lead and 13.66% zinc for a 2,341.9g/t silver equivalent in hole 431 in the El Tigre Vein, within 9.4m grading 1,013.3 g/t silver equivalent. The company said, this and two other wide consistently mineralized high grade holes confirm the discovery in the El Tigre Vein it reported in September. Drilling continues on this exploration target under the unmined portion of the historical El Tigre Mine as the company follows the high grade along strike to the North. Silver Tiger Metals trades on the TSXV under SLVR and on the OTCQX under SLVTF. News release

Skeena Resources provided results of assays out from the 2022 regional and near mine exploration programs at the Eskay Creek gold-silver Project in the Golden Triangle of British Columbia. Results reported today included 1.94 g/t Au, 32.3 g/t Ag over 26.5m, 1.12 g/t gold over 109.82m and 1.13 g/t over 96.02m. The company says this hole, hole 1090, successfully confirmed the continuity of gold-silver mineralization in the 23 Zone and has expanded mineralization to surface,  which will have a potentially positive impact on the future open-pit strip ratio once the updated resource and engineering studies are completed. Additional drillholes targeting the surficial mineralization will be planned for future drilling campaigns. Skeena Resources trades on the TSX and the NYSE with SKE. News Release

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