Morning Briefing: Fortuna Drills 3.5m of 88 g/t Au at Séguéla
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, December 12th
The price of gold started heading south as soon as the Globex digital trading system opened Sunday evening and into Monday, with the price falling from $2024 per ounce to as low as $1991 by the close of Comex floor trading. The yellow metal bounced to close the afternoon Globex session at $1997. The decline was pretty much non-stop albeit with two brief bounces. Silver did the same thing, declining from $23.36 per ounce to as low as $23.02 before bouncing to close the afternoon session at $23.12. The Mining Stock Journal was disappointed that gold could not stay above $2000 but is encouraged that silver was able to fight off an attempt to drive the price under $23.
The newsletter added that it is aggravating to watch the general stock market soar on the expectation of a benign CPI report and in anticipation of a Fed policy pivot because both events should also be highly bullish for gold and silver. The mining stocks sold off in correlation with the metals and also bounced to close off the low of the day. The Mining Stock Journal commented that it expects a little more short term pain that will set up a big rally but was reluctant to offer the timing for this.
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…
Fortuna Silver Mines reported drilling results from exploration at its Séguéla Mine in Côte d’Ivoire, the recently acquired Diamba Sud Gold Project in Senegal, and the San Jose Mine in Mexico. Highlights included 3.5m @ 88g/t gold in hole 1661 at the Ancien deposit at Séguéla, 6.3m @ 17.3g/t in hole 1683 at the Badior prospect at Séguéla, 14.7m @ 5g/t in hole 1695 at the Sunbird deposit at Séguéla, 16.2m @ 7.5g/t in hole 503 at Diamba Sud and 7.1m @ 204g/t AgEq in hole 1357 at the Yessi vein at the San Jose Mine. Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) news release
Li-FT Power reported assay results from 8 drill holes completed at the Echo, Shorty, Fi-SW, Ki, & BIG East pegmatites within the Yellowknife Lithium Project in Northwest Territories of Canada. Results included 13 m at 1.24% Li2O at Echo, 13 m at 1.28% Li2O at BIG East, 13 m at 1.27% Li2O at Ki and 11 m at 1.38% Li2O at Shorty. The Company has concluded its 2023 drill program at the Yellowknife Lithium Project with 34,238 m completed. Currently, LIFT has reported results from 108 out of 198 diamond drill holes. (TSXV: LIFT) (OTCQX: LIFFF) News Release
American Pacific Mining reported results from its Phase II rock and grab sampling program at the Danny Boy claims on the western portion of the Tuscarora Project. Of the 218 samples collected, forty exceeded one gram per ton gold with the highest value of 100.84 g/t Au. Two assays reported greater than 850 g/t silver with a high value of 1305 g/t Ag. The Danny Boy claims were acquired through the acquisition of Clearview Gold earlier this year. (CSE: USGD / OTCQX: USGDF) News Release
NextSource Materials announced a Feasibility Study for an expansion of its Molo Graphite Mine in Madagascar to take the operation from a capacity of 17,000tpy to 150,000tpy of graphite concentrate through the construction of an additional and standalone processing plant, with a 25-year mine life at a capital cost of US$161.7 million. The project would generate an after-tax NPV of US$370 million at an 8% discount rate and an IRR of 29%, with a 3.1-year payback. The production capacity was established based on discussions with automotive manufacturers and battery anode offtake partners. NextSource Materials (TSX:NEXT) (OTCQB:NSRCF) news release
Tribeca Resources announced results from the first diamond hole of a 10-hole Phase 2 drilling at its La Higuera Project in the Coastal Iron Oxide Copper-Gold (IOCG) Belt of northern Chile. Drill hole GBY008 intersected a thick interval of copper-gold mineralization from the base of shallow gravel cover. Highlights included 82m at 0.41% copper and 0.07 g/t gold. within 224m @ 0.31% copper, 0.06 g/t gold at 50m down hole depth. Drilling aims to test 650m of additional strike length at the northern end of the 1km long mineralized Gaby copper-gold discovery. Tribeca Resources (TSXV:TRBC) (OTC:TRRCF) news release
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