Morning Briefing: Exploration Drill Results from Kodiak Copper, Calibre Mining, Goldshore and more
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, June 29th.
Once again gold rallied overnight while the eastern hemisphere physical gold trading markets were in operation only to be pushed lower exactly at the London a.m. price fix. Gold had traded up to $1831 until it was given a $12 push off the cliff by paper gold down to $1819 before settling at $1821. Silver not surprisingly followed gold's price-path, only the sell-off was more extreme, with NY paper silver plunging from $21.35 to as low as $20.72 before bouncing into the afternoon to settle at 20.83. The mining stocks fared a lot worse than the metals, as the steep sell-of in the stock market pulled everything down with it. GDX was hit 2% and is barely holding a level of support that extends back to April 2020. The Mining Stock Journal once again reiterates that these markets in general have the look and feel of the summer of 2008.
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…Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning….
Kodiak Copper reported drill results for the first four drill holes from the fully funded 25,000 metre 2022 drill program at the 100% owned MPD copper-gold porphyry project in southern British Columbia. Initial 2022 drilling has focused on infill drilling within the sparsely drilled southern Gate Zone. Drilling is testing continuity of the copper-gold-silver mineralization within up to 200 metre wide, previously undrilled gaps in the 2021 drill program. New results in drill holes MPD-22-002 and MPD-22-004 confirm wide intervals of significant mineralization are present between earlier drill holes in this area. Hole 4 intersected 114 meters of .44% copper equivalent within a broader 501 meters of .28% copper equivalent. Hole 2 intersected 47 meters of .38% copper equivalent which was within 227 meters of .24% befor ending prematurely in the mineralized zone when the drill hole was lost. Results suggest high potential for strong continuity of mineralization, similar to what has been observed in the northern discovery area of Gate. Kodiak Copper trades on the TSXV with KSK and on the OTCQB with KDKCF. News Release
Calibre Mining was out with more drill results from the 35,000-metre drilling program at its Gold Rock project located in the Battle Mountain - Eureka gold trend, Nevada.out of the North Pit Zone, intercepts included 2 g/t gold over 45.7 meters. In the Central Zone, drilling intersected 2.94 g/t gold over 18 meters. And in the South Pit Zone, the company hit 3.1 g/t gold over 18.3 meters. These were just a few select highlights reported this morning. Calibre expects Mineral Reserves to be included in a year end 2022 technical report. Gold Rock is a federally approved project and technical work is ongoing in support of state permitting which is anticipated to take between 12-18 months which is expected to commence in Q3 2022. Calibre Mining trades on the TSX with CXB and on the OTCQX with CXBMF. News Release
Azimut Exploration announced the discovery of a nickel copper massive sulphide mineralization during its maiden diamond drilling program on the Wapatik Property. Associated with an ultramafic intrusion, the mineralized interval corresponds to an electromagnetic conductor with excellent chances for expansion. Drilling returned 2.68% Ni, 1.30% Cu, 0.09% Co over 3.30 m from 143.4 m to 146.7 m along hole WAP22-003. The company says it strongly supports Azimut's view that the region is underexplored for nickel-copper deposits despite its favourable geological context. A minimum 6-hole follow-up program is already underway to further delineate the shape and extent of this discovery. Other attractive targets within the intrusion may also be drill-tested. Azimut trades on the TSXV with AZM and on the OTCQX with AZMTF. News Release
Goldshore Resources also shared assay results from its ongoing 100,000 meter drill program onthe Moss Lake project in Northwest Ontario. Drilling is aiming to better define and expand high-grade structural zones within the Moss Lake deposit to improve the overall grade and volume beyond that of the historic mineral resource. Four shallow holes drilled during the winter ice program have confirmed high-grade gold mineralization within shears hosted by altered diorite with best intercepts of 78.35m @ 1.17 g/t Au from 170.35m depth, 24.7m @ 1.28 g/t Au from 105.3m depth and 24.65m @ 1.05 g/t Au from 81.2m depth. CEO Brett Richards said in this morning’s press release the team sees several PEA permutations, including a smaller, higher grade starting project followed by a larger scale operation formulated on the global resource. Given the current economic climate, a lower CapEx project expanding to the larger operation may well be the best approach to developing Moss Lake, while not losing sight of the larger Tier One potential. Goldshore trades on the TSXV with GSHR and on the OTCQB with GSHRF. News Release
That concludes today’s morning briefing.
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