Morning Briefing: Fireweed Metals Drills 105 m of 8.4% Zinc and 12.1 g/t Silver

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

Today is Monday February 27th.

Last week the precious metals sector continued to trade lower in what the Mining Stock Journal believes is necessary pullback, or technical correction, that will set up the next move higher. Gold was down $33 for the week, closing Friday at $1817. Gold is now roughly halfway between its 50 day and 200 day moving averages. The 200 day moving average was at $1782 on Friday. Silver was down 76 cents for the week, closing Friday at $20.94. The Mining Stock Journal said that silver closed slightly below its 200 dma but said the selling on Friday felt almost capitulative. Both metals have become extremely oversold based on the RSI and MACD momentum indicators. The mining stocks also took another beating last week, with GDX down 4.5% percent. GDX also closed Friday below its 200 day moving average for the third day in a row. The Mining Journal said that the sell-off in the sector might not be over yet but it's getting close. The Hulbert Gold Newsletter Sentiment Index closed at -17.2 Friday, which means that, on a net long/short basis, precious metals newsletters are 17.2% net short the sector. Historically a reading this negative precedes a big move higher, though it's not a good indicator of timing. In addition, the Mining Stock Journal said that the volume in several mining stocks declined precipitously last week, indicating that the selling may be exhausted.

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….

I-80 Gold Corp and Paycore Minerals announced the two companies have entered into a definitive arrangement agreement whereby i-80 will acquire all of the outstanding common shares of Paycore. Paycore owns the FAD Property that is host to the high-grade FAD deposit located immediately south of, and adjoining, i-80's 100%-owned Ruby Hill Property located in Eureka County, Nevada. The transaction will consolidate the northern portion of the Eureka District. The transaction consists of an Exchange ratio of 0.68 of an i-80 common share for each Paycore share held, representing a 36% premium for Paycore shareholders based on the 20-day volume-weighted average price for both Paycore and i-80 for the period ended on February 24th. Paycore trades on the TSXV with CORE while i-80 Gold trades on the TSX with IAU and on the NYSE with IAUX. News Release

Dundee Precious Metals reported diamond drilling results  on the Tierras Coloradas concessions, located in the Loja province of Ecuador. The drilling program was designed to test a series of low sulphidation epithermal veins, previously identified by field work and scout drilling in 2020. Highlighted results reported this morning included 17.3 metres at 46.09 g/t Au from 101 metres depth, which includes a higher-grade interval of 79.54 g/t Au over 7.72 metres. Over eight kilometres of vein strike length has been delineated, largely accounted for by the Aparecida and La Tuna vein systems. Both targets remain open in multiple directions. Dundee Precious Metals trades on the TSX with DPM. News Release

Banyan Gold reported results from the final 57 holes from the company’s 2022 exploration program at Powerline and Aurex Hill deposits in Yukon. Highlights included 31.2m of .84 g/t gold, 30.5m of 1.48 g/t and 78.3m of .48 g/t. The 2023 Drilling at AurMac will include a Phase 1 program of 25,000 m slated to commence this March supported by up to four (4) drill rigs. The 2023 program will be aided by the on-site preparatory lab, that will reduce assay turnaround times which will help target and refine drilling activities during the season. Banyan Gold trades on the TSXV with BYN and on the OTCQB with BYAGF. News Release

Adventus Mining reported additional infill drilling results from the underground portion of the El Domo volcanogenic massive sulphide deposit within the Curipamba project in central Ecuador. Results included 21.00 metres of 6.03% CuEq in hole 408, 5.27m of 4.7% CuEq in hole 409, and 1.85m of 11.35% CuEq in hole 411. All results from the infill drilling program are to be used in updating the underground portion of the Mineral Resource estimate for El Domo in 2023, which will be part of a future feasibility study that will integrate the development a potential underground operation in addition to the planned open pit. Adventus Mining trades on the TSXV with ADZN and on the OTCQX with ADVZF. News Release

Nevada King Gold provided assay results form six reverse circulation holes and one core hole this morning from its Atlanta Gold Mine project in Nevada. Results included 93.6m of 2.18 g/t gold and 17.1 g/t silver and 45.7m of 4.21 g/t gold and 79.6 g/t silver. The company says the broad expanse of deep, lower grade mineralization hosted within variably silicified volcanics and underlying silicified breccia occurring west of the West Atlanta Fault starts at depths of 150m to 250m and typically extends to depths of 300m to 400m, although many of Nevada King's holes and historical holes bottomed in mineralization, so the lower depth constraint is uncertain. Nevada King Gold trades on the TSXV with NKG and on the OTCQX with NKGFF. News Release

Lundin Gold says they have added 1.58M ounces of gold to the mineral reserves at Fruta Del Norte, more than replacing mined reserves since the beginning of operations. Measured and Indicated ("M&I") Resources are reported at 23.0 million tonnes ("Mt") with an average grade of 9.20 grams per tonne ("g/t") containing 6.8 million ounces ("Moz") of gold. Proven and Probable Reserves for FDN are reported at 18.0 Mt with an average grade of 8.68 g/t containing 5.0 Moz of gold. Lundin Gold trades on the TSX with LUG and on the OTCQX with LUGDF. News Release

Revival Gold provided an update on the ongoing Beartrack-Arnett prefeasibility study work. The group has developed draft updated heap leach mineral resource models and mine plans for both the main deposit (Beartrack) and the satellite deposit (Haidee) at Beartrack-Arnett that incorporate 2022 drilling results. Undated resource models for both heap leach and mill material will be incorporated into a new Mineral Resource estimate for Beartrack-Arnett, which will be released with the PFS. The schedule for the report to be published in mid-this year. Revival Gold trades on the TSXV with RVG and on the OTCQX with RVLGF. News Release

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