Morning Briefing: FPX Nickel Expands Generative Alliance with JOGMEC
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday April 18th.
Yesterday, after an attempt to push further above $2400, the gold price was cracked on the head right after the London p.m. price fix. A small cliff dive took the price down to $2389 for the Comex close. After a brief bounce the price was pushed down to $2376 for the afternoon settlement. Silver rose steadily overnight, rising as high as $28.88 into the London price fix. But that same scoundrel that gave gold a head-beating also got ahold of silver and pushed it down to as low as $28.20 when it bounced a bit to settle at $28.28. For the day, June gold fell $20 and May silver rose a couple pennies. The Mining Stock Journal noted that it suggested in the Monday update that the markets, including the metals, would be volatile this week. The mining stocks ignored the metals and rose despite the sell-off in the broad stock market. GDX jumped 1.5%. Speaking of mining stocks, the Mining Stock Journal will be releasing its latest issue this afternoon, featuring commentary on why gold and the dollar are rising in tandem right now plus what will happen next. Learn more at InvestmentResearchDynamics.com
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… Vizsla Silver.
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning….
FPX Nickel announced an expansion of th ecompany’s global Generative Alliance program with Japan Organization for Metals and Energy Security, or JOGMEC. FPX and JOGMEC have agreed to an expanded Year Two budget. The program will remain focused on the global identification and acquisition of high-quality awaruite nickel properties similar in geological character to the Company's flagship Baptiste Nickel Project. That budget will increase from the initially planned $650,000 to $1,500,000 for Year Two. In fact, the alliance has already acquired 120 km2 of new mineral claims in British Columbia. This staking was based on historic sampling by FPX coupled with updated geological interpretation based on FPX's learnings at Baptiste. (TSXV: FPX) (OTCQB: FPOCF) News Release
West Red Lake Gold Mines reported drill results from its Madsen Mine. These drill results reported today were focused on the high-grade South Austin Zone, which currently contains an Indicated mineral resource of 474,600 ounces (“oz”) grading 8.7 grams per tonne gold, with an additional Inferred resource of 31,800 oz grading 8.7 g/t Au. Highlights included 1.1m of 68.36 g/t Au and 3.95 m of 13.83 g/t. The company says the mineralization encountered near the collar of these holes is believed to be the down-dip continuation of a mineralized zone defined further up in the system. These intercepts are expected to extend this zone in future model updates. (TSXV: WRLG) (OTCQB: WRLGF) News Release
Arizona Metals shared new drill results from the Kay Mine Project. Three holes on the southern edge of the deposit have encountered zones of high-grade copper-rich and gold-rich mineralization that are open for expansion. Hole 143 returned 20.1m of 3.4% CuEq and Hole 139 returned 38m of 1.4% CuEq. Hole 137 was more previous metal rich and returned 7.9m of 1.4 g/t AuEq. With the completion of recent drill holes, Arizona Metals has drilled a total of 106,000 meters on the Property. The Company is fully funded to complete the remaining 53,000 m of the 76,000 m Phase 3 drill program. (TSX: AMC) (OTCQX: AZMCF) News Release
Yesterday, Awale Resources announced Canaccord Genuity and a syndicate of underwrites have agreed to purchase on a bought deal basis, 16 million units of the ecompany at a price of $.62 for proceeds of $10M. Each Unit will consist of one common share of the Corporation and one-half of one common share purchase warrant. Each Warrant will entitle the holder to acquire one common share of the Corporation for 24 months from the closing of the Offering at a price of C$0.80. The deal is receiving some scrutiny, as the company was trading closer to $.79 earlier in the day. (TSXV: ARIC) News Room
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