Morning Briefing: Fortuna Mining reports a record of 455,958 gold equivalent ounces for 2024
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Ian Wagner.
Its Monday, January 21st.
Gold and silver whipsawed yesterday as President Trump was inaugurated for his second term in the White House. Gold reached as high as 2754 and as low as 2715 before settling at 2731. Silver on the other hand rose consistently throughout the day, closing near the high of the day at 31.32 The North American equity markets were closed on Monday. GDX finished last week at 36.75
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Calibre Mining
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value. https://www.calibremining.com/
And here’s what you need to know this morning…..
Amarc Resources announced additional drill results from its Copper-Gold-Silver AuRORA Deposit discovery at the Company's JOY Copper-Gold District in the Toodoggone-Kemess region north-central British Columbia. This release reports assay data from six holes and highlights include hole 60 which returned 130m from 74m of 1.98% Cu-Eq, hole 63 which returned 132m from 70m of .88% Cu-Eq. And Hole 73 which returned 219m from 102m of .8% cu-eq. Amarc President and CEO. Dr. Diane Nicolson said "AuRORA presents much to be excited about, including the high grades of gold, in combination with strong copper and silver values intersected, and the lateral and vertical continuity of those grades, all in a deposit that is near surface.” Freeport-McMoRan is fully funding work programs at JOY to earn an interest in the project, and Amarc is the operator of all programs.(TSXV:AHR) (OTCQB:AXREF) News Release
Rua Gold Intersected visible gold and antimony and confirms continuity of high-grade gold mineralization at Murray Creek. The company announced an update from the drilling campaign underway at the Reefton Project on the South Island of New Zealand. All three holes in Murray Creek have intercepted visible gold in down-dip extensions of the historical Victoria lode, demonstrating vertical continuity over 100 meters and still open. Murray Creek assays ranging from 11.1 – 34.1g/t gold, intercept widths indicate a pinch and swell of the vein from 0.2 to 1.2m. (TSXV: RUA) (OTCQB: NZAUF) News Release
Dryden Gold Intersects Additional High-Grade Gold at Elora, Expands Strike Length & Depth Potential. The company announced drill results that continue to expand on the Elora Gold System in the Gold Rock Camp. The Phase 6 drill program was completed during November 2024 and consisted of four holes totaling 1,172 meters.
Drill Highlights:
Hole KW-24-026 intercepted the mineralized zone at approximately 190 meters from surface and returned 5.92 g/t gold over 12.34 meters, including 19.43 g/t gold over 1.74 meters and 42.40 g/t goldover 0.50 meters.
Hole KW-24-028 was drilled 60 meters northeast along strike of hole KW-24-026 and returned 3.88 g/t gold over 13.81 meters, including 12.51 g/t gold over 3.50 meters and 10.60 g/t over 0.51 meters.
KW-24-029 was drilled 90 meters northeast along strike of hole KW-24-026 intercepting 4.17 g/t goldover 5.75 meters, including 17.30 g/t gold over 1.18 meters.
Hole KW-24-027 was drilled 20 meters deeper than KW-24-026 and intercepted 0.91 g/t gold over 16.55 meters.
Dryden Gold is fully funded with a $5.8 million exploration budget for 2025, and drilling is scheduled to resume in February 2025. Dryden Gold trades on the (TSXV: DRY) (OTCQB: DRYGF) News Release
Freegold Ventures Limited announced additional assay results from its 2024 drilling program at the Golden Summit Project in Alaska. A total of 41 holes were completed, totalling 25,708 meters. Assays have now been reported for 29 of the 41 holes completed.
Hole GS2425 showed Significant Mineralization to Depth West of Willow Creek, including
2.7 g/t Au over 139 metres from 400 metres
Including 3 metres of 44.7 g/t Au and 2.7 metres grading 59.5 g/t Au
GS2426 – also showed higher grades, including
1.93 g/t Au over 105 metres
Including 1.2 metres grading 44.1 g/t Au and 1.4 metres of 65.9 g/t Au
The company said they aim to increase the overall grade of the resource to enhance future economic returns. Freegold trades on the (TSX: FVL) (OTCQX: FGOVF) News Release
Fortuna Mining reported a record of 455,958 gold equivalent ounces for 2024. The company produced more than 369 ounces of gold and more than 3.7m ounces of silver across their five operating mines. Results were driven by strong performance the Seguela mine but the company saw increased costs at it’s Lindero mine in Argentina. While Fortuna’s gold production fell in the midpoint of their 2024 guidance; silver production was noticeably lower than 2023 by more than 2 millions ounces and did not meet guidance. AISC for the full year is expected to be within the 2024 guidance range of between $1,110 and $1,230. The company also noted that they repurchased 6.4m common shares at an average price of $4.77 per share. Fortuna trades on the NYSE: FSM) (TSX: FVI) News Release
The Mining Stock Daily morning briefing is produced by Clear Commodity Network. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
That’s it for today everyone. Have a great day. Stay safe.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.