Morning Briefing: Founders Metals Drill 19m of 14.23 g/t Au

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Thursday February 29th.

Overnight Wednesday gold uncharacteristically sold off during eastern hemisphere trading hours dropping to as low as $2033 April basis. Then, again uncharacteristically, the gold price launched shortly before the London a.m. fix and thru the Comex open, shooting up to as high as $2047 before bouncing around an closing out the afternoon session, up $5 from the previous day. Silver also traded lower overnight, dropping to as low as $22.47 before bouncing at the London price fix and shooting up 26 cents until it was pushed lower at the Comex open. Silver settled at $22.67, May contract basis, down slightly from Tuesday. The mining stocks continue to get pushed lower with the Arca Gold Bugs index down 1.5% and GDX down 1%. The Mining Stock Journal commented that the price discovery mechanism in all of the financial markets is extraordinarily impaired, with mainstream stocks, particularly tech, extremely overvalued and the mining stocks historically undervalued.

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… Victoria Gold.

Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at ⁠vgcx.com⁠.

And here’s what you need to know this morning….

Elemental Altus Royalties provided a portfolio update this morning covering some key news out of their portfolio. The company is highlighting news that Lundin Mining increased the Mineral Reserve and Mineral Resource Estimates for the Caserones Copper-Molybdenum Mine, more than replacing depleted Mineral Reserves and increasing Mineral Resources in the Measured and Indicated category by over 1.1 million tonnes of contained copper, or an increase of more than 35%. Elemental also noted Allied gold recently provided production guidance for its Dibi Gold Deposit in Mali which is expected to commence first production in the first half of this year. (TSXV: ELE) (OTCQX: ELEMF) News Release

Founders Metals has new drill core assays this morning from the Donut target at the Antino Gold Project in Suriname. The results were highlighted with 19m of 14.23 g/t Au. These results demonstrate Donut's ability to deliver high-grade gold intervals alongside broader, lower grade gold intervals, the company says. (TSXV: FDR) (OTCQX: FDMIF) News Release

Treasury Metals announced additional drill results from the Far East drill program, which was a follow up program that aimed to confirm the continuity of mineralization across the 600 metre, Goliath-style target defined by drilling conducted in previous exploration programs. Results included 42.9 metres grading 0.54 g/t Au and 14.66 g/t Ag, 39.3 metres grading 0.64 g/t Au and 5.72 g/t Ag, ,and 5.7 metres grading 2.25 g/t Au and 1.58 g/t Ag. The Far East target is located approximately 8 kilometres east of the Goliath deposit and was initially identified in 2011. (TSX: TML) (OTCQX: TSRMF) News Release

Abitibi Metals shared results of the first two holes of its maiden drill program underway at the B26 Polymetallic Deposit. Results from thos holes were 4% CuEq over 22.7m and 4.1% CuEq over 34m. The company says these results represent some of the highest-grade intercepts int he project’s history and support the ear-surface open-pit potential of the B26 Polymetallic Deposit. The Company is currently completing its winter drill program at the Deposit, where a minimum of 10,000 metres is targeted by the end of March under the first phase of a fully funded 30,000-metre 2024 field season. (CSE: AMQ) (OTC: AMQFF) News Release

Lavras Gold released six new drill holes testing the Fazenda do Posto gold discovery on the LDS project in Brazil. These new holes were designed to test the nature and extent of gold mineralization and hydrothermal alteration associated with this new gold discovery. Results included 173m of 1 g/t Au from a depth of 69m and 123m of 1.1 g/t from a depth of 228m. The company will use this data along with all previously released holes towards a resource for LDS. (TSX-V:LGC, OTCQX:LGCFF) News Release

New Found Gold says they have made a new discovery called the Vegas Zone, which lies between the Monte Carlo and th eK2 Zones on the west side of the Appleton Fault Zone. That hole returned 35.2 g/t Au over 16.85m and included a short .3m interval of 1,910 g/t Au. Vegas was discovered through reconnaissance grid drilling and subsequent, follow-up drilling has identified a high-grade segment of this moderately northeast-dipping fault that appears to link between the Monte Carlo and K2 structures. Additional drilling is planned to expand on this newly identified high-grade domain. (TSX-V: NFG, NYSE-A: NFGC) News Release

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