Morning Briefing: Full Day of Drill Results to Start the Week

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

Today is Monday January 9th. 

Last week the gold price jumped $50 per ounce, running from $1820 to $1870, punctuated by a $30 rise on Friday. Silver rose 18 cents for the week, but at one point on Tuesday was up $1 to $24.80 per ounce before selling off to as low as $23.28  through Thursday. But the same animal spirits that caused gold and the stock market to soar Friday also stimulated a 60 cent jump in silver, which closed out the week at $23.98 March contract basis. The Mining Stock Journal notes that it looks like the price management squad has moved its price management line for silver up to $24 from $22. The newsletter does not expect this price wall to stand very long. The gold/silver ratio chart shows a steep downtrend channel. The ratio turned lower Friday from the upper boundary of the trading channel and looks to be headed lower to test 74, which is the the 52 week low. 

The mining stocks rose for the week last week, with the GDX moving 9.2% higher last week. The Mining Stock Journal said that it appears as if all of the planets are lined up for a big move in the precious metals sector during 2023. The newsletter added that it believes a Fed pivot will not be required for this to happen, though a pivot sometime this year would act like rocket fuel for the sector.

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….

Brixton Metals provided results of additional drill results from the Trapper Gold Target on its Thorn project in British Columbia. The company said holes 237 and 243 contain the broadest gold intercepts to date with significant visible gold. Results reported this morning were 304.46m of 1.19 g/t gold in hole 237 and included an 84m interval of 3.1 g/t. Hole 243 returned 298m of .85 g/t gold and included a 6.57m interval of 20.7 g/t gold. Other results reported this morning included 199m of 1.12 g/t gold and 173m of 1.08 g/t. The 2022 Phase 2 drill campaign at Trapper was designed to test the southern and eastern extensions of the main mineralized trend previously identified in 2021 and early 2022. Results from the 2022 drill program continue to demonstrate the potential for broad intercepts of near surface gold mineralization which remains open in all directions. Brixton trades on the TSXV with BBB and on the OTCQB with BBBXF. News Release

New Pacific Metals reported a Preliminary Economic Assessment on its Silver Sand Project in Potosi, Bolivia outlining an operation to produce about 12Moz/y of silver at an all in sustaining cost of $10.42/oz over a 14-year mine life. The project would yield an after tax NPV of US$726 million at a 5% discount rate and an IRR of 39% at a base case silver price of $22.50/oz  following an initial capital cost of $308 million. Silver Sand will be an open-pit mine with contract mining. Value enhancement may come from infill drilling to upgrade areas of high-grade mineralization, resource expansion drilling, further metallurgical studies to improve grinding, leaching and other operating parameters, and a mining dilution study. New Pacific Metals (TSX: NUAG) (NYSE-A: NEWP) News release

Magna Mining announced first assays from the 109 Footwall Zone at the Crean Hill mine have been received. Hole 10 was targeted within the near surface 109 FW Zone Mineral Resource and intersected mineralization grading 0.4 % Ni, 0.5 % Cu, 7.2 g/t Pt+Pd+Au over 98.3 metres, including higher grade intervals grading 0.8 % Ni, 0.8 % Cu, 12.7 g/t Pt+Pd+Au over 44.0 metres, including 3.7 % Ni, 2.8 % Cu, 20.2 g/t Pt+Pd+Au over 7.1 metres. The 109 FW Zone at Crean Hill is another distinct footwall zone, located proximal to the Main Zone. It is a  separate footwall zone tested by Magna at Crean Hill, confirming the presence of multiple FW breccia corridors that will be further tested with the 2023 drill program. Magna Mining trades on the TSXV with NICU. News Release

Revival Gold reported results from the first twelve of eighteen core holes drilled in the Haidee deposit area last year at its Beartrack-Arnett Gold Project in Idaho. Each hole released today intersected above cut-off grade, near-surface oxidized gold mineralization with highlights of 18m grading 1.12 g/t gold and 32.8m grading 0.36 g/t gold in hole 97D. The program was designed to upgrade and expand the deposit’s current Inferred heap leachable Mineral Resource with 18 holes completed for 2,900m. Results will help support the Preliminary Feasibility Study on the first phase re-start of heap leach operations due later this year and further validate the potential for future up-dip and down-dip additions to the current Mineral Resource. Revival Gold (TSXV: RVG, OTCQX: RVLGF) News release

Goliath Resources reported the third and last batch of assay results of the 2022 drill campaign on the Surebet discovery at its controlled Golddigger Property in the Golden Triangle of British Columbia. 22 out of 23 reported holes from Surebet intersected broad high-grade intervals of gold-silver mineralization demonstrating the continuity of this newly discovered large gold system with a highlight of 11m grading 12.1gt Au and 54.1gt Ag for a 13.53 gt AuEq in hole 100, a 650m step-out to the West. Drilling has confirmed that Surebet covers at least 1.6 square kilometers. The company is planning the 2023 drill program. Goliath Resources (TSX-V: GOT) (OTCQB: GOTRF) News release

Tinka Resources released what it called a spectacular hole from infill and resource expansion drill program at the Ayawilca zinc project in central Peru. Hole 202 at South Ayawilca returned its best drill intercept ever of 38.9m grading 20.0% zinc including an ultra high-grade interval of 10.4m grading 42% zinc. It said massive sulphide mineralization is concentrated in the hinge of a fold anticline at South Ayawilca with several fan-holes now targeting extensions of this ultra high-grade zinc mineralization. The current drill program has now been expanded due to the excellent results with around 7,000m of drilling completed and another 4,000m planned through April. Tinka Resources (TSXV:TK)(OTCQB:TKRFF) News release

Vizsla Silver has closed its strategic investment into Prismo Metals. The consideration for the Strategic Investment consisted of a cash payment of $500,000 and the issuance to Prismo of 1 million common shares of Vizsla. In connection with the Strategic Investment, Prismo and Vizsla have agreed to form a technical committee to pursue district-scale exploration of the Panuco silver-gold district. Vizsla now has the a right of first refusal to purchase the Palos Verdes project from Prismo. Vizsla Silver trades on the TSXV and the NYSE with VZLA. News Release

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