Morning Briefing: EMX to Receive Royalty Payment from Caserones
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday, June 9th.
Gold grinded sideways overnight on Wednesday until the Comex open, which featured the ritualistic price slam that immediately dropped the gold price $7 in the first 15 minutes of Comex trading. However, uncharacteristically, gold snapped back to reclaim that $7 price hit then headed higher from there to as high at $1862 before fading somewhat to settle at $1854, unchanged from Tuesday. Silver diverged negatively from gold overnight, dropping from 22.20 to as low as 21.80 after the Comex open. It boomeranged back up with gold and ran up to 22.20 before settling at 22.04, down about 20 cents from Tuesday. The Mining Stock Journal noted the gold and silver are marking time until the CPI report is released Friday morning. However gold is outperforming silver on days when the stock market is hammered. Likely the reason for this is hedge fund algos treating silver like an industrial metal rather than real money. The mining stocks opened down, rallied into positive territory, then closed down roughly half a percent, though GDX and HUI outperformed the major stock market indices. The Mining Stock Journal will be releasing a new issue this afternoon that will feature several recommendations of junior mining stocks with home run potential plus an analysis of Gold Field's acquisition of Yamana Gold. You can get more information on this newsletter at InvestementResearchDynamics.com
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…Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
EMX Royalty says it will receive a royalty payment of approximately US$2.7 million (pre-tax) from the Company's effective 0.7335% net smelter return royalty interest covering the Caserones Copper-Molybdenum Mine in Chile. This royalty payment distribution to EMX, anticipated later this month, is based upon first quarter copper and molybdenum production. The higher-than-expected Q1 royalty distributions reflect strong copper prices and robust production throughput at higher grades. In addition to Caserones, EMX receives production royalty payments from its Leeville royalty in Nevada, and expects addition cash flow in 2022 from the Cukaru Peki Mine in the Bor Mining District in Serbia, as well as the Gediktepe and Bayla royalty properties in Turkey. EMX trades on the NYSE American and the TSXV with EMX. News Release
FPX Nickel provided an update on key findings from a series of engineering trade-off studies which have tangibly de-risked and improved the value of the Baptiste Nickel Project. These TOS focused on those project elements which have the strongest influence on overall Project value, with common objectives of optimizing Project economics, reducing the risk profile and better defining optionality ahead of the next study phase. Findings include the following: A comminution circuit utilizing semi-autogenous grinding tangibly improves project value and provides an improved execution basis versus the previously considered high-pressure grinding rolls approach. And there is significant value in a phased construction approach, including an initial operating phase of 4-7 years at 100,000 tonnes per day followed by an expansion to 150,000 tpd for the remainder of the 30-plus year mine life. While TOS results will be further refined at the commencement of the next formal Project study, the early addressing of optionality will allow the next study phase to be more efficient, focusing on robust project definition rather than optionality. FPX Nickel trades on the TSX V with FPX and on the OTCQB with FPOCF. News Release
Volcanic Gold released its maiden mineral resource estimate for the Holly property in Guatemala. The report today shows the estimate to be sitting at just over 406,000 ounces of 9.57 g/t gold equivalent. The Mineral Resource Estimate is underpinned by data from 21 diamond drillholes totalling 3707m of drilling. Drill spacing ranges between 20 and 100m. CEO Simon Ridgway said in the press release, “Although it is at an early phase of exploration, we felt it important to show all stakeholders the value in the ground and what it can mean to the local communities.” The Company will follow this resource calculation with the preparation of a preliminary economic analysis aimed to show that the high-grade La Peña vein deposit could be mined from underground, causing minimal surface disruption. Volcanic Gold trades on the TSX V with VG. News Release
Paycore Minerals shared exploration drilling results from the Company's 100%-owned FAD Property located on the Battle Mountain-Eureka Gold Belt in Nevada. Drilling returned 11.53 g/t gold equivalent over 25 meters in hole 4, and 13.41 g/t gold equivalent over 1.8m. Hole GH21-04 was drilled in the core of the Main FAD Zone to confirm historic data and the high-grade nature of mineralization. The hole is proximal to the historic non-43-101 resource. The FAD deposit currently has a mineralized footprint of approximately 1.5 x 1.5 km and is open in multiple directions. Outside of the core deposit area, little to no exploration has been completed and there are multiple extensions which are largely untested. Paycore trades on the TSX V with CORE. News Release
Orezone Gold reported further assay results from the maiden grade control (“GC”) reverse circulation (“RC”) drill program at the Bomboré Gold Project, located in Burkina Faso. GC drilling to-date is focused on near-surface oxide mineralization within the starter pits located in the northern portion of the mining lease. These starter pits will be the source of higher-grade oxide mill feed for the first year of production and are denoted as A1, A2, A3, H1, H2, and H3. A few results reported today include 4m of 22.42 g/t gold from 27 m. 31m of 2.3 g/t gold from surface. And 2m of 21.98 g/t gold from 10 m. Drilling was completed on a 12.5 m by 12.5 m pattern over the A2 starter pit to bench elevation 255 m. The GC program has confirmed the widths of the high-grade gold ore zones, generally 15 m to 30 m wide and in some places, up to 60 m wide within the A2 starter pit. Orezone trades on the TSX with ORE and on the OTCQX with ORZCF. News Release
That concludes today’s morning briefing.
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