Morning Briefing: Guatemala Government Reiterates Support for Cerro Blanco Project

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

Today is Monday October 3. 

Last week gold rose $18 on the week  and rose $48 from the mid-week low of $1622. The restart of QE by the Bank of England gave the yellow dog a shot in the arm. Silver was also up on the week, though it lagged gold on a percentage basis. The Mining Stock Journal noted that silver may have been held back by its recent correlation with the S&P 500. Interestingly, both metals outperformed the stock market after Tuesday. The Mining Stock Journal said that it is encouraged that the metals actually rose on Thursday and Friday despite the big sell-off in the stock market. This could suggest that flight-to-safety capital is starting to find its way to the precious metals sector. The mining stocks also outperformed the general stock market last week, as GDX rose every day after Monday and was up 7% for the week.

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….

Bluestone Resources provided an update on its Cerro Blanco Gold Project in Guatamela. The Constitutional Court of Guatemala has issued a ruling that nullifies the referendum and its results held on September 18th in Asuncion Mita. The ruling, of definitive nature, is based on clear evidence showing the referendum was unconstitutional. The court ruled The self-established Commission that carried out the vote does not have the authority to hold a referendum outside of the legal framework of the municipality. The referendum was misrepresented by the Commission as being valid and binding. Only the relevant national governmental agencies have the legal jurisdiction over mining licenses in Guatemala. The Government of Guatemala reiterated its support for the Cerro Blanco Project. Bluestone Resources trades on the TSXV with BSR and on the OTCQB with BBSRF. News Release

Mako Mining provided a operational update from Nicaragua this morning. Back in July, the Company announced Q2 2022 production results showing recoveries of 74.5%, below the 86% recoveries announced in connection with its metallurgical testing from 2019.  Beginning August 10, 2022 several mill improvements were implemented to improve metal recovery. Since this date, recoveries have been averaging 85.9%. The company says the transition to carbonaceous fresh material from the oxide zone they were mining in 2021 was a significant challenge to overcome. They expect recoveries to remain around this level in the future. Mako Mining trades on the TSXV with MKO and on the OTCQX with MAKOF. News Release

Sanu Gold provided assay results from its first holes of its initial drill program on the Daina Gold Exploration Permit in Guinea, West Africa. Results included new discovery at the Daina 2 Main Zone, which returned 4.75 g/t gold over 21m, 5.5 g/t gold over 11 m and 1.99 g/t gold over 37m. The Program commenced in early August, 2022 and is now complete, with 3,675 m drilled in 40 RC holes at the Daina 1, Daina 2 and Daina 6 targets. Sanu Gold trades on the CSE with SANU. News Release

Arizona Metals has received conditional approval from the Toronto Stock Exchange to graduate from the TSX Venture Exchange and list its common shares on the TSX. Final approval of the listing is subject to the Company meeting certain standard and customary conditions required by the TSX. Once these conditions are satisfied, the Company's shares will begin trading on the TSX under its existing ticker symbol “AMC” and will be delisted from the TSXV. News Release

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