Morning Briefing: First Drill Results from Thesis Gold
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday September 28th.
After falling through support at its 200 day moving average on Tuesday, gold continued its downward momentum in force yesterday. Dropping more than 30 dollars on the day, gold went as far as closing below $1900, settling at $1890 per ounce and in oversold territory. The fundamentals for the move are not surprising, given the wrecking ball carnage of the US dollar move higher yesterday and even more aggressive selling of long dated US bonds. Silver had a similar move to gold, also falling below and closing below its 200 day moving average, settling at 22.72. That was down 2% on the day. And many of the junior mining stocks saw capitulation-type moves and fishing line drops, including the main gold mining ETFs in the GDX and GDXJ. The GDX is sitting at a key level of support here.
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….
Thesis Gold announced high grade assay results from drilling below the historically mined BV zone at the Company's Ranch Gold Project in the Toodoggone mining district of northern British Columbia. Highlights included 6.27m grading 14.87g/t gold in hole 1, including 2.31m of 32.51 g/t. Initial drill results confirm the continuation of high-grade material along the 180m long historical BV trench, which constituted approximately 80% of the tonnes extracted from Ranch in 1991 to supplement production at the historical Lawyers Gold Mine. The company aims to complete a 30,000m drilling program to establish a maiden resource and emphasize high-grade zones with potential for early mining. Thesis Gold (TSXV: TAU) (OTCQX: THSGF) news release
Canada Nickel Company completed its carbon storage pilot plant, demonstrating its in-process tailings (IPT) carbonation carbon storage process. The Company processed more than 7t of tailings and confirmed the engineering design parameters for IPT Carbonation for incorporation in the Integrated Feasibility Study expected in October. The pilot plant also successfully applied the IPT Carbonation process to material from a third party project, demonstrating the potential to commercialize the process for other projects. The company also said a study said Canada Nickel’s Crawford project could reasonably expect in excess of C$25/t of CO2 in storage fees from its IPT Carbonation process. Canada Nickel Company (TSXV: CNC) (OTCQX: CNIKF) news release
Osisko Metals announced additional assays from its 2023 drilling at the Pine Point Project in the Northwest Territories, Canada, from the P499 and O556 deposits in the West Zone. Drilling was conducted as part of the Pine Point Joint Venture’s larger 2023 definition drilling program designed to achieve an average drill spacing of 30m within the current modelled mineral resources to upgrade those classified as Inferred to the Indicated category. Highlights included 25m grading 5.62% Zn and 4.57% Pb in hole 4 at P499 and 28m grading 10.91% Zn and 8.03% Pb in hole 5 at O556. Osisko said the bulk of the definition program is done and it will now focus on exploration drilling of new targets. Osisko Metals (TSX-V: OM; OTCQX: OMZNF;) news release
Eloro Resources says they have commenced the preliminary economic assessment for the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. The PEA study will consider the inferred mineral resource estimate of 560 million tonnes grading 13.8 g Ag/t, 0.73% Zn and 0.28% Pb in the Polymetallic Domain and 110 million tonnes grading 0.12% Sn, 14.2 g Ag/t and 0.14% Pb in the Tin Domain. While the Polymetallic Domain and the Tin Domain do not overlap or share any resource blocks, for the purposes of the PEA the mineral resources within both domains will be combined. The equity is down nearly 43% since that resource was published late last month. (TSX: ELO; OTCQX: ELRRF) news release
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