Morning Briefing: Fireweed Launches its Exploration Campaign, Integra Receives Key Approval
Welcome to Mining Stock Daily. I’m Trevor Hall
Today is Wednesday, June 5th.
Tuesday the gold price was given a $22 ride lower, though the Mining Stock Journal said it's important to note that 90% of the price decline occurred after China closed, leaving just the digital paper gold markets in London and NY open. The gold price managed to hold its 50 day moving average after a brief dip below it. Silver was pounded hard for a $1.17 loss on the day. As with gold, 90% of the decline was inflicted in the paper trading market. Silver was pushed below $30, closing at $29.60. In response to the price ambush on the miners, the mining stocks were hammered hard with GDX shedding 3.8%. The Mining Stock Journal expects a bit more downside turbulence but notes that a healthy correction will set-up the next big move higher in the sector.
We’ll get to the news out of the miners and explorers in just a quick moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Fireweed Metals says they are launching the largest regional program at their Macmillan Pass project in Yukon to unlock its district-level potential. A 14,000+ metre drill program using four diamond drill rigs will have 8,000 m allocated to step out holes at Tom, Jason, and Boundary, while 6,000 m will test new targets at Macpass as part of the regional program. The regional exploration program will utilize a combination of airborne and ground-based exploration techniques, including a helicopter Versatile Time Domain Electromagnetic (VTEM) and magnetic survey, Light Detection and Ranging (LiDAR) survey, ground-based gravity on both local and regional scale grids, soil sampling, prospecting, and mapping. The program is designed to delineate and advance current prospects, showings, and anomalies, as well as explore new targets in a commodity agnostic manner. (TSXV: FWZ; OTCQX: FWEDF) News Release
Integra Resources says their Mine Plan of Operations for the DeLamar and Florida Mountain Project has met the content requirement by the US Beaureau of Land Management. The acceptance of the MPO by the BLM is a critical step in permitting for DeLamar and incorporates nearly three years of environmental baseline studies, initial engineering design, and detailed descriptions of mining and reclamation activities proposed for the Project. The Company has been notified by the BLM that it may proceed with the National Environmental Policy Act ("NEPA") process. (TSXV: ITR) (NYSE American: ITRG) News Release
Calibre Mining shared new drill results fromt he Valentine Gold complex in Newfoundland and Labrador. Today’s results were located immediately southwest of the Leprechaun deposit on the edge of the open pit. Highlights included 2.25 g/t Au over 15.3m, 1.87 g/t over 11.5m and 36.83 g/t over .91m. This new mineralization is located between 100 and 175 metres south of the recent high grade ore control drilling and both areas remain open for expansion. (TSX: CXB; OTCQX: CXBMF) News Release
Nevada King Gold announced new assay results from one metallurgical core hole and two reverse circulation (holes recently completed at its Atlanta Gold Mine Project located 264km northeast of Las Vegas, Nevada, in the prolific Battle Mountain Trend. Results were 6.14 g/t Au over 30.7, 4.15 g/t over 35.1m and 3.08 g/t over 48.8m. Those last two holes were designed to infill a gap in drill coverage along the western side of the AMFZ and also track the southern extension of the northerly-trending intrusive contact in the hanging wall of the WAF that was intercepted in adjacent holes. (TSXV: NKG) (OTCQX: NKGFF) News Release
West Red Lake Gold Mines outlined some of the key mine infrastructure and development projects the Company plans to undertake at the Madsen Mine in the near to medium term with the funds from its recent financings. The company is looking to construct a 1,200-meter haulage way to connect the East and West portals/declines at the Madsen Mine, to increase material hauling efficiency, ventilation, and safety. The company would also like to install a permanent primary crusher inthe mill and initiate a test mining program to assess longhole stoping and cut-and-fill mining methods. . Over the remainder of 2024 the Company plans to have two (2) diamond drills operating regularly in a program totaling up to 39,000 meters. The company is working on a pre-feasibility study detailing that restart plan, which is targeted for release in early 2025. (TSXV: WRLG) (OTCQB: WRLGF) News Release
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