Morning Briefing: Equinox Gold Commences Processing Ore at Greenstone Project

Welcome to Mining Stock Daily. I’m Kylie Williams, filling in for Trevor Hall who is at the Gold Forum Europe in Zurich this week.

Today is Tuesday April 9th.

Starting Sunday evening, June gold traded as low as $2320 and as high as $2372. The price of course gapped down at the Comex open but then managed to climb back out that hole and closed the afternoon Globex session at $2358, up $12 from Friday's close. May silver traveled the same price path as gold, only with higher volatility. Silver traded as low as $26.97 Sunday night and as high as $28.20. After bouncing around during the Comex hours, silver closed in the afternoon at $27.97, up 37 cents from Friday. The Mining Stock Journal noted that both metals continue to be resilient against all efforts by the banks to push them lower. The mining stocks continue to distrust the big move in the metals, as the Arca Gold Bugs index fell 1% and GDX declined 0.7%.

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… Vizsla Silver.

Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at ⁠https://vizslasilvercorp.com/⁠

And here’s what you need to know this morning….

Another day, another mine coming online, this time from eastern Canada! 

Equinox Gold provided an update on progress at its Greenstone Project in Ontario, Canada. The Greenstone Project is being developed as a 60/40 partnership, respectively, by Equinox Gold and Orion Mine Finance Group and will be one of the largest gold mines in Canada, producing approximately 400,000 ounces of gold annually for the first five years and more than five million ounces of gold over its initial 14-year mine life. Ore was introduced into the grinding circuit on April 6, with first gold pour expected in May. More than 1.5 million tonnes of ore have been stockpiled and 70,000 tonnes of low-grade ore has been pre-crushed to use for early commissioning feed. Progressively higher-grade ore will be fed into the mill as production ramps up toward planned throughput of 27,000 tonnes per day, with commercial production targeted for Q3 2024. Equinox trade (TSX: EQX) (NYSE American: EQX) News Release

West Red Lake Gold Mines announced the arrival of a second underground diamond drill at its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada. In response to the recent drilling success at the newly defined North Austin zone, a second diamond drill has been added at Madsen to continue growing and de-risking this high-priority, near-mine resource area. Based on positive results from recent underground drilling programs at Madsen, two near-mine expansion areas - North and South Austin - have been prioritized for immediate expansion and infill drilling. West Red Lake trade (TSXV: WRLG) (OTCQB: WRLGF) News Release

Viva Gold provides initial assay results for three holes from the recently completed 10-hole, 1,515-meter reverse circulation drilling program at its 100%-owned Tonopah gold project on the prolific Walker Lane mineral trend in western Nevada. These first three RC holes were drilled to offset widely spaced gold intercepts from the 2022 and 2023 drill programs on the north side of the 2022 Preliminary Economic Assessment main pit area, an area that had previously been considered waste in the resource model. All gold (“Au”) and silver (“Ag”) intercepts in these first three holes were in tertiary volcanics. Viva trade (TSX-Venture: VAU; OTCQB: VAUCF) News Release

And in lithium news - Champion Electric Metals reports that it has encountered a lithium-mineralized pegmatite* during its maiden drill program at the Lithium Property in James Bay, Quebec. The first intercept came from a diamond core hole collared approximately 480 metres up-ice from the previously reported till sample containing thousands of spodumene grains and several spodumene mineralized pegmatite boulders. The mineral system remains open to the north-east. While drilling hole EIQ24-007, Champion Electric's team intersected approximately 19.1 m of spodumene bearing pegmatite from 7.30 to 26.40 m downhole, beneath 6.0 m of overburden. Experienced geologists on site used visual and UV light methods to confirm the presence of spodumene and re-confirmed the mineral identification after sharing photographic evidence with the broader team. Champion trade (CSE: LTHM) (OTCQB: CHELF) (FSE: 1QB0) News Release

Finally, some graphite news: Titan Mining has received assays from the initial phase of trenching and from the initial fifteen drill holes of the Company’s ongoing graphite exploration program focused on mineralization within the fully permitted footprint of the Company’s 100% owned Empire State Mine in upstate New York. Titan CEO Don Taylor commented, “The results have provided definitive evidence that the potential size and grade of the deposit are significant and present Titan with an early entry opportunity into the US graphite market. The Kilbourne target being tested is amenable to open pit mining on permitted ground.” Surface drilling at Kilbourne has focused on delineating the thickness and grade of the historically documented graphite mineralization within the Company’s active mine permit. To date 21 core holes have been completed, totaling 7,357 ft (2,242 m) of drilling. The Company has received assays from 15 of the completed 21 holes. Titan trade (TSX:TI) News Release

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