Morning Briefing: G Mining Announce Commercial Production at Tocantinzinho
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, September 3rd.
Last week gold closed down $24 in light pre-holiday week trading while silver was managed down 77 cent for the week. Gold, December contract basis closed at $2534 and silver closed at $29.24. Mission accomplished, the banks made sure the monthly close in the front-month silver contract was below $30. The Mining Stock Journal was not surprised that the price management team used a low-volume pre-holiday to manage the metals prices lower. The gross open interest short position hit an all-time high through Tuesday last week, the cut-off day for the Commitment of Traders report. The banks' gold short open interest is on the high side but not as high as it was when gold peaked in 2011. The mining stocks were down marginally, with GDX down 0.3% for the week.
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… Arizona Sonoran Copper.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
G Mining says its Tocantinzinho Gold Mine in Brazil has reached commercial production. Commercial production is defined as a period of 30 consecutive days of operations during which the mill operated at a minimum of 60% of nameplate throughput of 12,890 tonnes per day. During August 2024, the mill operated at 76% of nameplate throughput, processing a total of 304,312 ore tonnes (9,817 tpd) at a recovery rate of 88%.Tocantinzinho is engineered to have a 10.5-year mine life with an average annual gold production of 174,700 ounces, and an average annual gold production of 196,200 for the first five full years. (TSX: GMIN) (OTCQX: GMINF) News Release
Revival Gold has restructured and extended its earn-in and related stock purchase agreement under which the company intends to acquire Meridian, which is a subsidiary of Pan American Silver and owner of the Beartrack property. The restructured agreement eliminates the obligation for Revival Gold to pay a subsidiary of Pan American the greater of US$6 per ounce of gold in mineral resource or US$15 per ounce of gold in mineral reserve on the third anniversary of the closing of the Agreement. In addition, the Amendment provides for a three-year extension to the earn-in; thereby deferring the requirement for Revival Gold to provide site bonding until October 2027. Under the Agreement, Pan American maintains site bonding surety for Beartrack (current face value of US$10.2 million) and Revival Gold reimburses Pan American for all site-related operating and maintenance costs. Revival Gold has agreed that upon closing of the Agreement, Meridian will grant a subsidiary of Pan American a 0.3% net smelter return royalty on Beartrack, which is in addition to the 1.5% net smelter return royalty that is already to be granted at closing. (TSX-V: RVG, OTCQX: RVLGF) News Release
Vizsla Copper reported their first batch of results from core drilling at the Woodjam project in British Columbia. Hole 120 returned 86m of 1.16 g/t AuEq. This hole extends gold mineralization at Deerhorn to the south is open for further expansion towards that direction. The company has expanded an initially planned 8 drill hole program to at least 10 now. (TSXV: VCU) (OTCQB: VCUFF) News Release
Rupert Resources provided an update on the Ikkari project from both a metallurgical testing and exploration drilling update. The company says pre-feasibiity study met testing is complete and simple bulk sample gravity and leach circuit testing demonstrated 96.4% gold recovery from a head grade of 1.99 g/t. Variability samples returned recoveries between 93.4% and 98.8% highlighting the consistent high recoveries across a range of head grades. Drilling results from Ikkari returned 192m of 3.6 g/t Au and 35m of 6.3 g/t. Regional exploration work returned 2m of 13.2 g/t Au from the Heinä South northern high-grade zone. (TSX: RUP) News Release
Troilus Gold announced drill results from an exploratory drill program on the newly discovered West Rim VMS target located within 150m of the North Reserve Pit Shell at the Troilus Project in Quebec. The West Rim drill program was designed to test various geophysical anomalies and collect geological data that will inform the next phase of drilling. Today’s results included 1.66 g/t AuEq over 20m and 1.08 g/t AuEq over 11m. News Release
Calibre Mining shared partial ore control RC infill drilling results from the Marathon Pit at the Valentine Gold Mine. The company says when comparing approximately the same tonnage to the 2022 Mineral Reserve model over three planned mining benches, the Ore Control Block model yields significantly more gold than the 2022 Mineral Reserve model due to 47% higher grades. These results coupled with the Leprechaun ore control results substantiate the 2022 Mineral Reserve and increase confidence. (TSX: CXB; OTCQX: CXBMF) News Release
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