Morning Briefing: Entrée Resources Provides Development Update at the Oyu Tolgoi JV
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Ian Wagner
Today is Tuesday, October 29th
Yesterday, after the gold price was hit at the open of trading Sunday evening, the price yo-yo'd on Monday and closed down $6 from Friday afternoon. Silver traded in a similar overnight pattern, though it managed at one point Monday mid-morning to trade up to and over $34 before it was pushed lower, closing at $33.84 down 3 cents from Friday. The mining stocks traded back forth from green to red but closed down from Friday, with GDX down a little under half of a percent. The Mining Stock Journal commented that the precious metals sector is working off an overbought technical condition while it consolidates the big move higher that began in early July.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Arizona Sonoran Copper.
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And Here’s what you need to know this morning…..
Meridian Mining announced more drill results this morning from the Cabaçal Cu-Au-Ag project in Brazil. The company says multiple wide zones of stacked Cu-Au-Ag mineralization overprinted by a later stage gold event, continue to be defined and extended. Results included 38.2m of 3.2 g/t AuEq, 12.4m of 3.3 g/t AuEq and 22.2m of 1.7 g/t AuEq. The ongoing program continues to cover areas where historical core was only partially sampled, leaving gaps in the historical assay sequence, and in other areas to continue to confirm the void model in more sparsely drilled areas. (TSX:MNO) (OTCQX:MRRDF) News Release
FPX Nickel announced the expansion of claims at the Baptiste Nickel project in the Decar Nickel District in British Columbia. The total area of the Decar claims package is now approximately 451 km2, providing several benefits to the development of Baptiste, including geological potential, project development flexibility, and simplification of the regional engagement landscape. FPX staked approximately 188 square kilometers of new ground adjacent to Decar on the northern, western and southeastern boundaries. They have also acquired 18 square kilometers of claims to the south with a cash consideration of $185,000. TSXV: FPX) (OTCQB: FPOCF) News Release
F3 Uranium shared new assay results for thirteen drillholes of the ongoing drill program at the PLN Property. At the JR Zone, drilling returned 10.5m of 2.66% U3O8, which included a 2m interval of 12% and .5m of 20.7%. The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as "high grade" and results greater than 20.0 weight % U3O8 as "ultra-high grade." (TSXV: FUU) (OTC Pink: FUUFF) News Release
Commerce Resources says it has made a new niobium discovery in Quebec on its Eldor Property. The inaugural drilling program at the Knox Prospect has identified niobium intercepts of 69.4m of .61% Nb2O5 within a wider interval of 96.5m of .51%. Athe Miranna Prospect, drilling returned 65.7 m at 0.53% Nb2O5, including 35.7 m at 0.67% Nb2O5. Commerce says this new discovery, coupled with the known mineralization at the Mallard and Miranna Prospects, signals the substantial potential for additional critical element discoveries proximal to the Ashram Rare Earth and Fluorspar Deposit. (TSXv:CCE) (OTCQX:CMRZF) News Release
Entrée Resources says the first Oyu Tolgoi Lift 1 Panel 1 underground development work on the Entrée/Oyu Tolgoi joint venture property has commenced. The work is included in the 2024 Oyu Tolgoi Mine Plan previously submitted to and approved by the Mineral Resources and Petroleum Authority of Mongolia. The work is limited as to scope, and the timing of any future development work in the Hugo North Extension deposit footprint is contingent upon the resolution of certain outstanding issues, including the transfer of the Shivee Tolgoi license to the Company’s joint venture partner Oyu Tolgoi LLC. The company is waiting for a decision from a three-member tribunal from its arbitration process. (TSX:ETG; OTCQB:ERLFF) News Release
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