Morning Briefing: Fireweed Publishes Final Results from Tom & Jason
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, Thursday February 1st.
The action in gold and silver trading on Wednesday was wrapped around the Fed's FOMC policy statement release. After drifting higher overnight, the yellow dog took off after rabbit shortly before the Comex open, shooting up from $2056 April basis to as high as $2074. Gold was hit hard as the dollar spiked higher after the FOMC policy statement was released because the Fed not only did not cut the Fed funds rate, as expected, but essentially took a March rate cut off the table. Gold was smashed down to $2050 but after the Comex closed it bounced up to $2057 in the afternoon Globex trading session. Silver followed a similar path, rising to as high as $23.45 before getting smashed after the FOMC rate decision to as low as $22.90 before bouncing back over $23 in post-Comex Globex trading, settling at $23.05. The Mining Stock Journal noted that silver holding $23 is potentially a bullish signal for the sector. The mining stocks outperformed the broad stock market indices by a considerable margin, with the ARCA Gold Bugs Index down 0.46% vs the Dow down 0.82%, the S&P 500 down 1.61% and the Nasdaq down 2.23%. This indicates that the some portion of the market was using the precious metals sector as a flight safety in response to the Fed and to the apparent escalation of military activity in the Middle East
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.
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And here’s what you need to know this morning….
Fireweed Metals reported their final assay results from the 2023 drilling at its Tom and Jason deposits, part of the larger Macmillan Pass Project in Yukon. Hole TS23-009 intersected 17.95 m (est. 14 m true width) of 11.45% zinc, 5.86% lead and 126.3 g/t silver. Hole TS23-009D2 intersected 18.78 m (est. 9.8 m true width) of 9.82% zinc, 11.65% lead, and 180.1 g/t silver. These holes intersected the new Tom South zone which was not in the 2018 mineral resource. The company says there is substantial potential in this zone beyond what was intersected this year. A Full rundown of the results can be found on this morning’s press release. (TSXV: FWZ; OTCQB: FWEDF) News Release
Thesis Gold reported assay results from thei Thesis II and Thesis II zones on its Ranch project in the Toodoggone Mining District in northern British Columbia.. Drilling at Thesis II was designed to test deeper mineralization identified at the end of the 2022 drilling campaign and returned 60m of 4.53 g/t Au. Thesis II drilling returned 24.32 m of 2.93 g/t Au and 39.90 m of 2.39 g/t Au. Last year's drilling at Ranch was strategically planned to support the development of a maiden resource estimate. (TSXV: TAU) (OTCQX: THSGF) News Release
Scottie Resources reported new results on its Scottie Gold Mine deposit including intercepts at the P-Zone of 6.89 g/t gold over 5.8 metres and 7.11 g/t gold over 2.2 metres. The results signify considerable upside on a near mine expansionary target. Holes in the Stockwork area targeted porphyry-style mineralization and intercepted wide zones bearing anomalous gold such as .36 g/t over 94.5m. (TSXV: SCOT) News Release
Patriot Battery Metals shared additional drill results from the 2023 program completed at the CV13 Spodumene Pegmatite at the Corvette Property in the Eeyou Istchee James Bay region of Quebec. 22 results were published today which included 26.1 m at 1.21% Li2O, 18.3 m at 1.33% Li2O and 16.4 m at 1.51% Li2O. he drilling continues to trace spodumene pegmatite at CV13 to the west-northwest along geological trend and remains open along strike and downdip in this area. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) News Release
FPX Nickel announced that in connection with the $14.4 million strategic investment by Sumitomo Metal Mining Canada which closed on January 22, 2024, the Company's three strategic investors have fully exercised their participation rights to re-establish their respective initial ownership interest in FPX's issued and outstanding common shares. The Company has completed an additional private placement through the issuance of a total of 8,981,971 Common Shares of the Company to the three strategic investors at a price of $0.48 per Common Share, for gross proceeds of $4,311,346. News Release
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