Morning Briefing: Faraday Confirm Discovery at the Banjo Breccia
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, August 21st.
Yesterday gold traded up to another new all-time with December gold trading as high $2570. Right after the London afternoon fix gold was monkey-hammered down into the Comex close but managed to settle at yet another all-time high close on the Comex, at $2550 followed by an all-time high-close of $2551 at the afternoon close of Globex trading. The Mining Stock Journal noted that demand from India appears to be unusually strong heading into the biggest Indian buying period of the year, particularly after the Government slashed the import tax. September silver traded as high as $30.02 but was hammered starting 30 minutes before the gold price management operation, trading as low as $29.35 before a shallow bounce took poor man's gold to its afternoon close to $29.48. The mining stocks rallied once again Tuesday with GDX closing up 0.7%.
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… Fireweed Metals.
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
Vizsla Silver provided an update on its resource expansion potential and outline its exploration plans to test high priority targets in the central and east areas of its flagship Panuco silver-gold district. The company is planning on completing +10,000 metres of exploration drilling in the central-east area of the district, complete +5,000 meters of resource infill/expansion drilling in Copala central and also completing a VTEM, airborne mag and radiometric surveys. This year they are also looking at mapping up to 70% coverage of the district and also providing an updated resource estimate in Q4. Vizsla has defined several district-wide targets it plans to test in H2 2024, which have the potential to host similar resources to that of which has already been defined. (TSXV: VZLA) (NYSE: VZLA) News Release
Faraday Copper provided results of two drill holes from its ongoing Phase III drill program at the Copper Creek Project, located in Arizona. Results included the discovery hole for the Banjo breccia and confirms significant mineralization above the American Eagle underground resource. That hole 70 returned 117.9m of 1.01% copper and 1.87 g/t silver from a depth of 323m. Hole 71 returned 88.16m of .39% copper and 1.43 g/t Ag with a 15.8m interoval of .93% copper and 3.71 g/t silver from a depth of 188m. The Phase III drilling shows the potential for a large near-surface resource to be defined above the current underground resource. The current interpretation suggests characteristics similar to the Mammoth breccia. Mammoth connects with the Keel underground zone and is the most vertically continuous mineralized system defined so far on the property. (TSX:FDY) (OTCQX:CPPKF) News Release
Newly listened Mawson Finland Limited provided an update from its Rajapalot gold-cobalt property in Northern Finland. The company says they have completed its first drill program on the property. The objective of this season’s drilling was to further increase the inferred resources inventory at the Rajapalot project by exploring for potential continuations to the presently defined mineral-system. The Rajapalot deposit inferred resource estimate has been calculated pursuant to the PEA at a size of 9.78 mt @ 2.8 g/t gold and 441 ppm cobalt, for total contained metal of 867 koz of gold and 4,311 tonnes of cobalt. Its December 2023 PEA shows an NPV5% of USD $211 million post-tax and an IRR of 27% post tax. (TSX-V: MFL) News Release
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