Morning Briefing: Eloro Drills 150.47 g/t AgEq over 441.21m
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, September 20th
On Monday the gold price sold off in the early morning along with Asian markets to as low as $1668. But then the yellow dog started shooting higher about an hour before the Comex opened, trading as high as $1684, where it settled in the afternoon session. The Mining Stock Journal was unable to pin-point any specific news or market events that triggered the rally. Likewise silver sold off early down to $19.25 and then ran higher in tandem with gold, staging a 30 cent move higher and settling at $19.55. The Mining Stock Journal commented that data from India and China show that both countries were buying copious amounts of gold, which may have been the catalyst that spurred a short-covering rally in paper markets of London and NY. Sentiment toward the mining stocks fell further on Friday, as the Hulbert Gold Newsletter Sentiment index dropped to minus 15.15%, which means that a net 15% of precious metals newsletters recommend shorting the sector. Notwithstanding this, the mining stocks staged a late day rally in correlation with the entire stock market. The Amex Gold Bugs index jumped 2.6% while GDX rose 1.7%. Several individual mining stocks that were up over 3% on the day.
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.
ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Eloro Resources provided assay results from 21 diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, in southern Bolivia. Five surface holes tested the feeder zone in Santa Barbara which was also tested by two underground holes. 6 holes tested the northwest extension of Santa Barbara. Eight holes were reported for the Porco area of the project and 5 holes focused on completing drilling in the Santa Barbara Resource definition drilling area and its extension to the south-southeast. Although a full list of the results will be found on this morning’s press release, the headline hole was hole 30, which did test that feeder zone, and returned 150.47 g/t Silver Equivalent over 441.21m beginning at 28.7m depth. This is the longest continuous mineralized intersection obtained in drilling at Iska Iska thus far. Eloro Resources trades on the TSXV with ELO and on the OTCQX with ELRRF. News Release
Burin Gold provided gold assay results from the last hole drilled at Hickey's Pond in southeastern Newfoundland, Canada. Today’s headline interval was 6m of 2.15 g/t gold. The Hickey's Pond system has now been tested over 600 m of strike length, and drilling has intercepted broad zones of significant gold mineralisation in many holes. Work is in-progress to compile and interpret all data collected during the 2022 drilling program, including gold and multi-element geochemistry, thin section petrography, detailed drill logs, spectral mineralogy, and structural geology. The Company will integrate these data into a comprehensive geological model for the showing to better assess and understand its resource potential and help direct future exploration plans. Burin Gold trades on the TSXV with BURG. News Release
Kenorland Minerals announced it has closed a fully subscribed non-brokered private placement of common shares previously announced on September 9, 2022.A total of $7,492,515 was raised through the sale of 10,703,593 common shares, which included the purchase by Sumitomo Metal Mining Canada of 1,087,738 common shares, representing its full allotment in order to maintain its 10.1% interest in the Company. The proceeds of the Placement will be utilized to fund the Company's exploration activities on its existing project portfolio and for general working capital. Kenorland Minerals trades on the TSXV with KLD. News Release
FPX Nickel says it has engaged Next Mine Consulting Ltd. to prepare an updated mineral resource estimate for the Baptiste Project at the Decar Nickel District in British Columbia. The mineral resource estimate, which is expected to be completed in the fourth quarter of 2022, will be based on an improved modelling approach including both geological domaining and grade shell modelling, and will be expanded to report the mineral content of total nickel and potential by-product elements including iron and cobalt. The company will also included all of the 2021 in-fill drilling in the new results. FPX Nickel trades on the TSXV with FPX and on the OTCQB with FPOCF. News Release
Bunker Hill Mining reported it has secured a ball mill capable of increasing production throughput at the Bunker Hill Mine. The equipment secured includes a ball mill, motor and numerous spare parts, and is being purchased from D’Angelo International LLC. The mill being purchased is 13.5’ diameter by 20’ in length, is powered by a 2,000 horsepower motor, and is intended to fulfill the 1,800 tpd mine plan in the PFS. A grindability study has indicated a maximum throughput capacity of 2,100 tpd under Bunker’s ore specifications; through continued mine planning and optimization, the Company plans to investigate the feasibility of this run rate in future mine models. The mill was previously utilized at a mining operation in the western US, within 500 miles of the Bunker Hill Mine. The Company is planning delivery for Q1 2023, consistent with scheduled mill construction activities. Bunker Hill trades on the CSE with BNKR. News Release
The Mining Stock Daily morning briefing is produced by Clear Creek Digital and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.