Morning Briefing: Fireweed Metals Confirms Connection of Boundary Zones
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday July 26th.
The price of gold rose $10 from Monday's afternoon Globex closing price. After shooting up during eastern hemisphere trading hours on reports that weakness in China's economy might trigger more money printing there, the price was slammed right after the a.m. London price fix, bounced and then was slammed again right before the Comex open. After yo-yo'ing a bit, the price shot up from 1953 to as high as $1967 and settled the afternoon trading session at $1966. The only explanation the Mining Stock Journal can offer for that big bounce during U.S. hours is that those who use Comex futures to speculate directionally on the gold price believe that tomorrow's Fed funds rate hike will be the last one. Silver rose 35 cents from yesterday though it trended higher overnight in a trading channel that had a high degree of volatility. Silver closed the afternoon session at $24.85. The mining stocks responded positively to the price action in the metals, as GDX rose 1.6% and by far outperformed all of the broad stock market indices except the SOXX. The Mining Stock Journal noted that GDX has now bounced off of and up from its 50 day moving average and said that the chart technically looks bullish.
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…Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
Fireweed Metals has reported their first assays front he 2023 field season at the MacMillan Pass Project in Yukon and says the first 18 holes have successfully confirmed the connection between Boundary Main and Boundary West. Hole NB23-003 intersected 72 m of massive sulphide grading 6.48% zinc, 3.09% lead, and 97.8 g/t silver that is interpreted to be a successful test of the conceptual feeder zone target. Hole NB23-001 intersected sphalerite and galena mineralization, with a 38 m intercept of semi-massive sulphide correlated with the stratiform layer of mineralization grading 9.12% zinc, 1.5% lead, and 52.6 g/t silver. The company says additional step-out drilling in the area between the Boundary Main and Boundary West zones has continued to intersect wide intervals of zinc-lead mineralization with assays pending. (TSXV: FWZ; OTCQB: FWEDF) News Release
Integra Resources announced results of 21 drill holes from its stockpile drill program at the DeLamar Project in southwestern Idaho. At DeLamar North, drilling returned .53 g/t AuEq over 120m. At Florida Mountain, drilling returned .74 g/t Au Eq over 53m and included a 1.5 m interval of 9 g/t AuEq. The Company has released 176 drill holes of the 321 drill holes completed during the 12,588 m stockpile drill program which was completed in April 2023. Integra intends to release an updated mineral resource estimate for DeLamar in Q3 2023 which will include the stockpile and backfill mineralized material. In Q4 2023, the Company plans on submitting the Mine Plan of Operations at DeLamar, which represents a major de-risking milestone for the Project. (TSXV: ITR; NYSE American: ITRG) News Release
Dakota Gold says it has completed its metallurgical testing/validation drill program at the Richmond Hill Gold Project ahead of schedule and under budget. All holes have been logged, sampled, and shipped off for initial assays. A total of twenty-nine drill holes were completed for the program and included a fresh round of assay results reported this morning, which included 2.06 grams/tonne over 19.8 meters and 2.37 grams/tonne over 11.0 meters. Several holes exceeded the thickness and grades of the model, indicating there are untested parts of the system that are open along strike and at greater depth than previously understood. The company says these results have provided new insights into the major structures controlling brecciation and gold mineralization. This knowledge has provided new direction for step-out drilling in known breccia bodies to the north of the current drilling, and for new exploration drilling under the younger sedimentary cover in the Carbonate Camp area. (NYSE American: DC) News Release
Adventus Mining and Salazar Resources says the first of two phases of the environmental and social impact assessment ("ESIA") consultation activities for the El Domo project is complete. The completion of this phase represents the midway point for the final stage in the ESIA approval process, which started in June 2023. The next step is for MAATE to issue a public summary report, which is expected to be released in August 2023, followed by a final phase of consultation activities. The Participants continue to expect approval of the environmental license from the Government of Ecuador in the second half of 2023. Subject to this approval and final funding arrangements, El Domo construction activities are also expected to start in the second half of 2023. (TSXV: ADZN) (OTCQX: ADVZF) News Release
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