Morning Briefing: Fireweed Drills Best Hole to Date at Boundary
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, January 9th.
Gold and silver both took a beating overnight Monday with gold getting smoked at one point for $28 vs Friday afternoon's close and silver testing the $23 level. Both metals bounced when the NYSE opened. Gold finished the afternoon session at $2034, down $19 from Friday while silver managed to rally enough to close down just 8 cents from Friday. The Mining Stock Journal said that it is perplexed at the sell-off in the metals, as the dollar was lower and the stock market screamed higher. The newsletter said that it's pretty obvious the Fed is trying to reflate financial assets and has been pumping liquidity into the banking system. This should be bullish for the metals. The mining stocks were bloodied early but managed to bounce along with the metals. GDX managed to close down just 7 cents after trading down as much as 1.8% below Friday's close.
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, which will grow with a resource update in early 2024. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning….
Fireweed Metals reported its best drill intersection from Boundary Zone to date within the Macmillan Pass Project in Yukon. Hole 28 intersected 143.95m grading 14.45% zinc, 1.15% lead, and 60.0 g/t silver, including 28.71 m grading 25.52% zinc, 1.27% lead, and 91.3 g/t silver. Other results reported today were 66.11 m grading 7.13% zinc, 0.97% lead, and 54.8 g/t silver. Successful step-out holes continue to increase the extents of known zinc mineralization and demonstrate the high-grade tenor of the Boundary Zone mineralization. Assays are pending for 19 remaining drillholes including six more from Boundary Zone, and 11 holes from the Tom deposit, and two holes from the Jason deposit. (TSXV: FWZ; OTCQB: FWEDF) News Release
Collective Mining published new assay results from six new drill holes into the Apollo Porphyry System at the Guayabales Project in Caldas, Colombia. The Company reports intersecting the deepest and most westerly mineralization in brecciated porphyry ever encountered at Apollo with hole APC70-D5 cutting 527.40 metres @ 1.00 g/t gold equivalent at up to 1,070 metres below surface, including 107.00 metres @ 2.09 g/t gold equivalent. Short drill holes have intercepted high-grade carbon base metal vein style mineralization above and outside the brecciated porphyry in the shallow eastern flank of Apollo, returning 31.3m of 4.07 g/t gold equivalent from 35m below surface. The Apollo Porphyry System has been expanded to the southwest and at depth with maximum known dimensions now measuring 520 metres in strike x 395 metres in width x 1,070 metres vertical. (TSX: CNL) (OTCQX: CNLMF) News Release
Li-FT Power reported new assays thai morning from 8 drill holes completed at the BIG West, Nite, Shorty, Fi Main & Fi Southwest pegmatites within the Yellowknife Lithium Project. Today’s results included 23m of 1.5% Li2O at Fi SW, 12m of 1.51% at Nite and 12m of 1.04% at BIG-West. The results from Nite are the first from this pegmatite target. Drilling intersected 4 pegmatite dykes over 51m of core length. (TSXV: LIFT) (OTCQX: LIFFF) News Release
Angus Gold published assay results form the 5 drill holes at the Eagle River Splay area on its Golden Sky Project in Ontario. These are the first holes drilled into Eagle River. Results confirm the presence of high-grade gold with a brand-new discovery in GS-23-100, which intersected 48.7 g/t Au over 1.5 metres within a broader, lower-grade alteration zone of 5.5 metres. A Winter drilling program of 5,500 metres to set to resume mid-January to test additional targets on the Eagle River Splay and high-grade mineralization on the Dorset Gold Zone. (TSX-V: GUS | OTC: ANGVF) News Release
Scottie Resources reported new assays on its Scottie Gold Mine Project in British Columbia's Golden Triangle, including new high-grade intercepts on its D Zone target. The D Zone is located 200 metres east of the Blueberry Contact, and 1.7 kilometres northeast of the Scottie Gold Mine. Drillhole SR23-286 intersected a high-grade D Zone vein, grading 36.3 grams per tonne (g/t) gold over 5.0 metres including 91.5 g/t gold over 1.07 m. Drillhole SR23-289 intersected a high-grade D Zone vein running 20.1 g/t gold over 1.00 m. The company says these results support their exploration concept of a major structurally controlled mineralizing corridor that is transitional from the Blueberry Contact Zone southwest towards the historic Scottie Gold Mine. (TSXV: SCOT) News Release
Defense Metals says they hav executed the nonbinding memorandum of understanding with Ucore Rare Metals to explore collaborative opportunities as both companies move towards their respective commercialization efforts for a North American rare earth element supply chain. As one of the first projects under this MOU, Defense Metals will ship a mixed rare earth carbonate sample from its Wicheeda REE project to Ucore's Kingston, Ontario, RapidSX™ Commercialization and Demonstration Facility. Wicheeda currently consists of 6.4 million tonnes of measured mineral resources averaging 2.86% total rare earth oxide, 27.8 million tonnes indicated of 1.84% and 11.1 million tonnes inferred of 1.02%. (TSXV: DEFN) (OTCQB: DFMTF) News Release
In production news, Calibre Mining says production of 283,494 ounces for the year exceeded their high end guidance. K92 Mining recorded a quarterly production of just over 39,000 oz AuEq News Release. And Endeavour Silver improved their Q4 to achieve a full year production of just over 5 and a half million ounces of silver and 37,858 oz of gold. News Release
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