Morning Briefing: Filo Mining Drills 1,131.6m at 1.11% CuEq

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Thursday October 6. 

On Wednesday, gold and silver were pushed down in price after the eastern hemisphere stackers closed shop for the day. With stock index futures dropping hard, in all likelihood hedge fund algos dumped paper gold and silver with encouragement from the price management team. But the sell-off in the metals lasted only until about 30 minutes after the NYSE opened, when the stock market began to bounce from the opening sell-off, taking all paper financial assets higher. Gold did close $9 lower from Tuesday while silver fell 56 cents from the previous day. Similarly, the mining stocks pulled back, with GDX down 1.5%. However, the miners closed well above their lows of the day and GDX managed to hold onto its 50 dma, which it popped above on Tuesday. The Mining Stock Journal is starting to believe that the precious metals sector is entering an extended bull run. With physical gold and silver moving out of both Comex and LBMA vaults, there seems to be a growing shortage of deliverable physical metal to buyers who demand actual delivery from the vaults. As an example, on Tuesday it was reported that bullion banks in London are diverting gold deliveries from India to China and Turkey. Why not deliver metal to all buyers? Today's new issue of the Mining Stock Journal features a junior mining company advancing a gold project that trades at an irrational discount to a recently released Feasibility Study. The newsletter believes this stock has 3-4x upside potential. You can learn more about the newsletter at InvestmentResearchDynamics.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…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….

Filo Mining reported results from hole 67 at the Filo del Sol Project in San Juan, Argentina. This hole was drilled into the Aurora Zone, 100m to the northwest of FSDH058. It intersected 1,131.6m at 1.11% CuEq from a depth of 132m, including 4m at 1.54% Cu, 12.08 g/t Au and 20.5 g/t Ag from 202m and 36m at 0.76% Cu, 0.71 g/t Au and 123.2 g/t Ag from 248m. Filo says the hole ended in strong mineralization at a depth of 1,263.6m because the drill rig reached its depth capacity. CEO Jamie Beck said the news release “We've now got rigs on site with the ability to drill much deeper, and one of our near-term goals is to try to find the bottom of this amazing deposit.” The company currently has 6 rigs on site and are planning to add additional rigs into the the program as the weather moderates. In time, drilling will begin to spread out to test new exploration targets while also keeping a focus on expanding and defining the known zones. Some big step-out holes are planned to the north and south. Filo Mining trades on the TSX with FIL and on the OTCQX with FLMMF. News Release

Magna Mining announced assay results from recent drilling at the Shakespeare Mine. A total of 1,983 meters of drilling in 5 drillholes was completed in the first half of 2022. The holes were located in the Gap Zone near the West Zone of the deposit. Drilling has continued to expand on mineralization near the West Zone, extending the West Zone mineralization approximately 150m along strike and down dip from the current Mineral Resource. Highlights from drilling included 15.5 g/t Pt, 1.46 g/t Pd and 1.31 g/t Au over 0.35m at 284m depth. In addition to expanding the West Zone mineralization, the recent drilling suggests there is a significant change in the dip of the mineralized zone in this area, from north dipping to steep sub-vertical to shallow dipping to the south. Magna Mining trades on the TSXV with NICU. News Release

Collective also had new assay results out today from four additional holes completed at the Apollo target within the Company's Guayabales project located in Caldas, Colombia. Hole 12 returned 237.70 metres @ 2.88 g/t AuEq from 191.35 metres down hole and is the Company's highest-grade intercept to date within the Main Breccia discovery at Apollo. Hole 14 returned 47.45 metres @ 1.36 g/t AuEq from 84.25 metres down hole and 194.30 metres @ 2.00 g/t AuEq from 197.0 metres down hole. Three rigs continue to drill at the Apollo project with additional assay results anticipated in the near term, including potentially significant step out holes drilled to the north well past the currently modeled northern boundary of the Main Breccia system. Collective Mining trades on the TSXV with CNL and on the OTCQX with CNLMF. News Release

Copper Mountain Mining announced  it has entered into a definitive agreement with Harmony Gold Mining Company to sell its wholly-owned Eva Copper Project and its 2,100km2 exploration land package in Queensland, Australia for total consideration of up to US$230 million. The deal terms consist of US$170,000,000 in cash payable on closing of the Transaction. Up to US$30,000,000 in cash, based on a contingent payment arrangement where Harmony will pay Copper Mountain 10% of the incremental revenue generated from the Eva Copper Project and the Australian exploration land package above the revenue assuming a US$3.80/lb copper price; and Up to US$30,000,000 in cash, based on a contingent payment arrangement where Harmony will pay Copper Mountain US$0.03 per pound of contained copper for any SAMREC copper resource discovered and declared on a new deposit within the Eva Copper Project and the Australian exploration land package after the closing of the Transaction. Copper Mountain Mining Corp trades on the TSX with CMMC. News Release

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