Morning Briefing: Elemental Generates New Royalties in Ethiopia; Collective Drills New Discovery
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday July 25th.
The gold price moved higher overnight Monday before succumbing to sell pressure on the Comex shortly after the Comex gold pit opened. After rising to as high as $1970, the price was taken down steadily throughout the day during U.S. trading hours to as low as $1955 before settling the afternoon Globex session at $1956. The Mining Stock Journal said that, interestingly, the price jumped from $1961 to $1970 right after the a.m. price fix, suggesting heavy demand for bars on the LBMA. The price closed on the 50 day moving average. Silver bounced around overnight but was slammed lower starting before the Comex opened, trading as low as $24.42 before bouncing a bit and settling at $24.51. The mining stocks were quite lethargic, with GDX trading down 20 cents, or 0.64%, on extremely low volume. The Mining Stock Journal commented that the trading action in the entire precious metals sector for sure reflects that late July is one of the slowest seasonal periods of the year for the sector.
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…Arizona Sonoran Copper
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona, a tier 1 location. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport via highway i-10, and with grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.
And here’s what you need to know this morning….
Collective Mining provided new results from five drill holes at the Apollo target within the greater Guayabales project in Colombia. Hole 54 was the first reconnaissance hole to test Target 1 and was drilled to the southwest from Pad 9 to a downhole depth of 629.75 metres. The hole is interpreted to have cut the edge of a potential new porphyry body with two zones of mineralization intersected along the hole.This hole returned 51.15 metres @ 1.79 g/t gold equivalent from 358.10 metres downhole and 93.20 metres @ 0.69 g/t gold equivalent from 490.05 metres downhole. The company will move a drill rig will be mobilized to test this target beginning in August. Back at Apollo, new drill results included 116.30 metres @ 0.89 g/t gold equivalent from surface from hole 56, 270.75 metres @ 2.11 g/t gold equivalent from surface in hole 58, and 163.25 metres @ 2.66 g/t gold equivalent from surface from hole 59. The 2023 Phase II drilling program is advancing on schedule with 28 holes completed and results announced with an additional nine holes awaiting assay results from the lab. (TSXV: CNL) (OTCQX: CNLMF) News Release
Elemental Altus Royalties the generation of two new gold and copper Net Smelter Return royalties, through the execution of a Sale & Purchase Agreement for the sale of 95% of its Ethiopian focused Seychelles incorporated subsidiary Altau Resources Ltd. to Canadian incorporated ANS Exploration. Through its local branch, Altau holds a 100% interest in the 299.5 km2 Daro and 284.9 km2 Zager licences located in the Arabian-Nubian shield geology of northern Ethiopia. The two uncapped 2.5% NSRs comes at a cost of US$200,000 in cash with US$50,000 upfront and 5 quarterly payments of US$30,000. ANS has a 5 year buy-back option on up to 1% of the royalties for US$1.5 million each. (TSXV: ELE) (OTCQX: ELEMF) News Release
Li-FT Power reported initial assays from the first five drill holes completed at the Fi Southwest pegmatite within the Yellowknife Lithium Project ("YLP") located outside the city of Yellowknife, Northwest Territories. Drill results have confirmed spodumene mineralization over 320m of strike length, to a depth of approximately 150m from surface at the Fi Southwest dyke which remains open in all directions. Drill results this morning included 35m of 1.3% lithium, 39m of 1.43% lithium and 79m of of 1.13%. Drilling is ongoing on the remainder of the dyke, which is currently testing a total of 1,100 metres of strike-length to a depth of 250 metres. (CSE: LIFT) (OTC Pink: LIFFF) News Release
Midnight Sun Mining published the remaining drill results from holes MTDD047 and MTDD048, and a summary of results from the 2022 drilling campaign on the Mitu Trend, one of four key prospects which comprise the Company's Solwezi Project in Zambia. Initial laboratory results were received shortly after the conclusion of drilling in 2022, however the Company chose to re-assay select drill core in order to confirm laboratory accuracy. SGS Inspection Services Kalulushi, has now completed all assays and the Company is pleased to report that initial results were confirmed, and significant mineralisation was encountered. Copper mineralisation intercepted at Mitu is associated with cobalt, nickel, and anomalous gold. Hole 47 returned 26.10m @ 0.32% copper, 0.07% cobalt, and 0.05% nickel. HOle 48 returned 22.25m @ 0.39% copper, 0.01% cobalt, and 0.01% nickel. Initial assays from hole 44 were also confirmed, which returned 11.50m @ 1.41% copper, 0.11% cobalt, and 0.03% nickel. (TSXV: MMA) (OTCQB: MDNGF) News Release
Independence Gold shared assay results from the Johnny Vein System discovered during the recent 4,000 metre drill program, at its 100% owned 3Ts Project, located approximately 185 kilometres southwest of Prince George, British Columbia. This is the second new vein system to be discovered during the 2023 drilling campaign and represents a significant step out to the west from the Tommy Vein System. Anomalous quartz vein samples collected in 1996 yielded grades up to 10.2 grams per tonne ("g/t") gold and 28.2 g/t silver but no further exploration has been undertaken in this area since then. During the 2023 drill campaign, two drill holes were designed to explore the extent of the Johnny Vein based on these historical results. Hole 3TS-23-31 was drilled 45m west of the vein sample and intersected the new Johnny Vein cutting 16.08m grading 2.54 g/t gold and 17.54 g/t silver. The second hole, 3TS-23-30, was drilled 25m to the southeast and intersected highly altered country rock at 89.0m depth before terminating at 98.0m. The Johnny Vein is the widest vein discovered to date in comparison to other known veins within the 3Ts Project and remains open at depth and along strike. (TSXV: IGO) (OTCQB: IEGCF) News Release
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