Morning Briefing: FPX Updates its Mineral Resource at Baptiste

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Monday November 14th. 

On Friday gold ran up from $1752 to as high as $1775 before settling a bit lower.

Silver spiked up over $22 to $22.15 before getting slammed down to as low as $21.36. The Mining Stock Journal noted that the silver slam was engineered in the paper derivatives trading after the eastern hemisphere closed down for the weekend. The newsletter added that the sell off in silver appears to be aggressive price control, in which $22 has been a stout level of resistance going back to late September 2021. The Mining Stock Journal pointed out that the latest Comex warehouse silver stock report showed that the total amount of silver in Comex custodial vaults has fallen below 300 million ounces. Of that, just 35 million ounces is reported as available for delivery. The newsletter believes that this is compelling evidence, along with the recent massive drain of silver from London vaults, that a major liquidity squeeze in the physical market is unfolding which could drive the price of silver considerably higher. The mining stocks rose marginally on Friday, which was a pleasant follow-through from Thursday's huge move. The Mining Stock Journal commented that the precious metals sector has had a big move since early November. Any pullback should be regarded as a buy opportunity.

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…Arizona Sonoran Copper.

ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.

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

Solaris Resources reported assay results from a a series of holes aimed at delineating resources at the Warintza East discovery within its Warintza Project in Ecuador. Hole SLSE-15 was collared in the middle of the Warintza East grid and drilled east into a partially open volume, returning 204m of 0.60% CuEq² within a broader interval of 910m of 0.40% CuEq² from near surface, extending mineralization to the east where it remains open. Hole 14 stepped out approximately 250m from the eastern limit of the grid and drilled northwest into an open volume, returning 292m of 0.50% CuEq² within a broader interval of 694m of 0.40% CuEq² from near surface, extending mineralization in this direction where it remains open. The company says drilling to date confirms Warintza East as a significant porphyry deposit which remains open for expansion in multiple areas, with assays pending from a series of extensional holes to the northeast, east and south. Solaris Resources trades on the TSX with SLS and on the OTCQB with SLSSF. News Release

FPX Nickel reported their updated mineral resource estimate for the Baptiste Nickel Project at the Decar Nickel District in British Columbia. The company says there is a significant improvement to the Davis Tube Recoverable nickel grade, with a 6% DTR nickel grade increase in the indicated category and a 15% increase in the inferred category. The 2022 mineral resource estimate also reports, for the first time, the content of total nickel and potential by-product elements, cobalt and iron. The new modelling approach includes defined geological sub-domaining, new grade shell modelling and an improved dike model to provide an improved basis for the exclusion of near or below cut-off grade material for mine design purposes.  This compares to the previous approach, applied in the 2020 PEA, which solely used lithology domains and an assumed 3% removal of rock mass to account for waste or dike sections within the deposit. FPX Nickel trades on the TSXV with FPX and on the OTCQB with FPOCF. News Release

Endurance Gold reported assay results from the recently completed diamond drilling program at the Reliance Gold Property in southern BC. The primary objectives of the 2022 drilling program are to extend the strike of the mineralized system and to test the extent of mineralized feeder structures below the shallow-dipping, near-surface Eagle Zone. Today’s results included 4.95 grams per tonne ("gpt") gold over 12.1 m including 12.55 gpt gold over 4.3 m and 2.99 gpt gold over 12.0 m including 7.35 gpt gold over 4.3 m from an Eagle South Feeder structure in a 250 m step-out to the northwest.  In 2022, a total of thirty-eight (38) diamond drill holes for 8,274 metres ("m") and thirty-three (33) reverse circulation holes for 2,455 m were completed. Assays are still pending for sixteen (16) diamond drill holes. Endurance Gold trades on the TSXV with EDG and on the OTC with ENDGF. News Release

Lahontan Gold announced results from an 4 reverse-ciculation drill holes from the company’s Phase Two drill campaign exploring the Slab pit area on the company’s Sante Fe Project in Nevada’s Walker Lane. he four drill holes, totaling 883 metres, targeted down-dip extensions of oxidized gold and silver mineralization east and northeast of the Slab pit. Results included 32.0 metres grading 0.50 gpt Au and 7.9 gpt Ag,  and 13.7m of .43 g/t gold and 1.9 g/t Ag. Results from the final five reverse-circulation drill holes from our 2022 Phase Two drilling campaign are expected shortly. Lahontan Gold trades on the TSXV with LG and on the OTCQB with LGCXF. News Release

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