Morning Briefing: Filo Raising $100M; Ridgeline Shares 2023 Exploration Strategy

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

Today is Thursday June 1st. 

Once again the gold price slid hard in late Asian physical market trading early Wednesday morning, only to start moving higher quickly subsequent to the a.m. London price fix. Weirdly, the price shot up $12 from $1980 to $1992 per ounce in the first 15 minutes of NYSE trading. The Mining Stock Journal said that it is quite possible that the action in London and New York is being dictated by the physical market despite the sell-offs in late Asian trading over the last few days. As evidence it said that the premiums to the world gold price currently being paid in India went positive recently, which means that the demand for gold coming from London vaults has jumped considerably over the last couple of weeks. In addition, an unusually large amount of Comex gold contracts were standing for delivery at the start of the first notice delivery period. These two factors may be applying pressure to cover shorts on the banks that are short paper gold. Gold traded as high as $1993 Wednesday before settling at $1981. Silver was again volatile overnight and during New York hours. After falling to $23.20 per ounce late Tuesday night, silver traded up to as high as $23.74 from $23.10 over a 90 minute period after the afternoon London fix. Silver then faded a bit and settled at $23.63. 

The mining stocks were higher along with the metals. The GDX closed up 2.4%. Speaking of mining stocks, the next issue of the Mining Stock Journal, released this afternoon, will feature a company advancing a U.S.-based gold project that should be a producing mine by late 2025. The newsletter said this company is being completely overlooked by the market and offers 5-10 times upside from the current price. You can learn more 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…Arizona Sonoran Copper.

ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.

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

Filo Mining is to undertake a non-brokered private placement basis 4.7M shares at C$21.10 for proceeds of C$100 million. Lundin Family Trusts and BHP. the Company's largest shareholders, have indicated their intention to participate, with the Lundin Family Trusts subscribing for up to C$70 million and BHP up to C$30 million. The proceeds will be used for exploration and development of the Company's Filo del Sol project in San Juan, Argentina. Filo Mining (TSX: FIL) (OTCQX: FLMMF) News Release

HighGold Mining said its shareholders approved the spinout of its subsidiary Onyx Gold. This is expected to become effective on or about June 6), subject to HighGold obtaining a Final Order from the Supreme Court of British Columbia. All HighGold shareholders will receive one share in the capital of Onyx Gold for every four common shares held in HighGold. Strong demand means the Company intends to upsize the Onyx Gold concurrent financing to C$7 million, consisting of units and flow-through units, with the shares to be listed on the TSXV. HighGold Mining (TSXV: HIGH) (OTCQX: HGGOF) news release

Solaris Resources confirmed the discovery of a second porphyry center at Warintza East in Ecuador, 350m from the original discovery and featuring the highest grades to date, with strong mineralization starting from surface extending to the end of the hole. Follow-up drilling is underway. Drilling returned 301m of 0.65% CuEq² in hole 28. Solaris Resources (TSX: SLS; OTCQB: SLSSF) news release

AbraSilver reported preliminary metallurgical test results for the JAC zone on its Diablillos property in Argentina. Overall recoveries at the JAC and Fantasma deposits range between 86% - 93% for silver and 82% - 91% for gold. A substantial percentage of the silver at JAC can be recovered by gravity separation which increases overall recoveries. Overall silver and gold recoveries could likely be increased further by grinding finer and with higher cyanide concentrations. Further metallurgical testwork and trade-off studies are now underway. AbraSilver trades on the TSXV with ABRA and on the OTC ABBRF. News Release

Nickel Creek Platinum announced an updated resource estimate at its Nickel Shäw Project in Yukon, Canada, which has a 31% increase to the measured resource tonnage to 122Mt and 37% to the indicated tonnage to 314Mt. Contained Ni in measured and indicated mineral resource categories have increased 31% to 2.47Blb. The deposit hosts nickel, copper, cobalt, palladium, platinum and gold. A prefeasibility study is to follow in the September quarter. Nickel Creek Platinum (TSX: NCP) (OTCQB: NCPCF) news release

Ridgeline Minerals provided  an update on its 2023 exploration programs across its portfolio of six projects in Nevada and Idaho. The team’s focus will continue to be on delineation and expansion of the Chinchilla Zone on the Selena project in Nevada. The next phase of core drilling will commence in July to expand the known upper oxide horizon as well as test these mineralized feeder faults at depth where they crosscut more than 400m of untested and highly prospective carbonate host rocks. In addition to Selena, the company confirmed the next phase of framework drilling is scheduled to begin in early Q3. (TSXV: RDG) (OTCQB: RDGMF) News Release

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