Morning Briefing: Heliostar Metals announces strong results from the Ana Paula project
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Ian Wagner.
Today is Monday, October 28th
After six successive days of all-time highs in gold through last Tuesday, gold closed $27 higher than the previous Friday despite getting smashed for $31 on Wednesday. Silver appeared poised to breakout into the high $30's through Tuesday but was hammered $1.19 on Wednesday. In spite of this, poor man's gold closed the week up 60 cents from the previous week. The Mining Stock Journal commented that it felt like the Comex banks were trying to coerce hedge funds and CTAs to puke their long positions in paper gold and silver and book profits on the big bank short positions. In the most interesting news of the week, Vladimir Putin at the BRICS conference in Russia proposed that the BRICS establish their own precious and base metals trading exchange in order to take away the West's price control efforts on the Comex and LME. The mining stocks were hit hard starting Wednesday last week, particularly after Newmont reported a big earnings miss. GDX fell 5.7% from its Tuesday close though it was basically flat vs the previous week's close.
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…Minera Alamos
Minera Alamos is a gold developer and producer with its first low capex mine, Santana, continuing to work through start-up development. The company is also advancing the Cerro de Oro project through the permitting process. Minera is built around its operating team which brought 4 mines into production in Mexico over the last 13 years. It is fully funded with over $20-million dollars in working capital. Learn more at mineraalamos.com.
And Here’s what you need to know this morning…..
Heliostar Metals announced the first results from the 2024 drill program at the Ana Paula project in Guerrero, Mexico. The Company is drilling 2,600 metres in Phase One of the program and will follow-up the best results with a second phase of 2,400 metres. The focus of the 2024 drill program at Ana Paula is on extending the High Grade and Parallel Panels to the west. It also tests the down-dip extension of the High Grade Panel while infilling the Parallel Panel target. Two holes will be drilled through potential mine stopes to collect metallurgical samples for the ongoing Feasibility Study.
Hole AP-24-313 was the largest planned step-out of the program. It aimed to connect a deeper zone of higher-grade gold mineralization defined in the 2023 resource estimate with the High Grade Panel. First results from this gap returned an interval of 6.05 meters grading 8.24 g/t gold from 388.5 meters downhole.
Hole AP-24-314 delivered a positive surprise, defining a new zone of gold mineralization; 16 meters grading 16.7 g/t gold from 182.0 meters downhole. The intercept occurs between the High Grade Panel and Parallel Panel and will require additional drilling to define its full extent. The Company believes that this could be one of several zones of mineralization at favourable fault/lithology intersections that occur surrounding the High Grade Panel.
Drilling is ongoing, with five holes completed to date for a total of 1994.8 meters. The company anticipates reporting assay results over the remainder of 2024. (TSXV: HSTR) (OTCQX: HSTXF) News Release
Zodiac Gold reported drill results from from its diamond drilling program at the Alasala target. Hole 007 returned results of 4.05m at 13.92 g/t (including 1.6m at 34.5 g/t Au). Hole 008 returned results of 7m at 2.23 g/t Au (including 1m at 12.65 g/t Au) and 4.25m at 0.99 g/t gold. The company notes that these zones are believed to be open at depth. The drilling program, which commenced in Q3 of 2024 and was completed in early October 11, consisted of eight diamond drill holes in the Mandingo Hill, Man Field and Lion Hill areas of the Alasala target. (TSXV: ZAU) News Release
Aura Minerals has announced they will will acquire Bluestone Resources. Bluestone valued at approximately C$ 0.50 per Bluestone Share, representing a 51% premium to spot and a 40% premium to the volume weighted average price. The deal is a combination of cash or Aura shares on closing and a contingent value right ("CVR"), representing a total enterprise value of up to US$74.3 million. Aura will be acquiring a 100% interest in Bluestone's Cerro Blanco gold project ("Cerro Blanco") and the adjacent Mita Geothermal project in Guatemala. Bluestone previously received a notice from the Guatemalan Ministry of Environment challenging the approval procedure that approved the surface mining method for Cerro Blanco. Aura intends, upon closing of the transaction, to evaluate the alternatives for a future potential development of Cerro Blanco. Aura Minerals (TSX: ORA) (OTCQX: ORAAF) News Release
Q2 Metals drills 347.1 m at 1.35% Li2O Including 30 m at 1.76% Li2O at the Cisco Lithium Property, James Bay, Quebec, Canada. These are core assay results from the 2024 drill campaign at the Cisco Lithium Property located within the greater Nemaska traditional territory of the Eeyou Istchee James Bay region of Quebec, Canada. All drill holes intersected pegmatite with visual indications of spodumene mineralization. Highlights returned:
Hole 021: Widest interval at 347.1 metres at 1.35% Li 2 O, including seven higher-grade sub-intervals, including 30 m at 1.76% Li 2 O.
Hole 017: Widest interval at 71.8 m at 1.01% Li 2 O, including 13.3 m at 1.77% Li 2 O.
Hole 019: Widest interval at 56.8 m at 1.06% Li 2 O, including 9.1 m at 1.80% Li 2 O.
Q2 metals trades on the (TSX.V:QTWO) (OTCQB:QUEXF) News Release
And Atlas Lithium has received the operational permit for its Neves Project from the government of the state of Minas Gerais in Brazil. With this decision, Atlas Lithium has all the needed authorizations to assemble and run its processing plant and develop open-pit mining operations at one of its lithium deposits. The triphasic permit obtained by Atlas Lithium is the most expeditious licensing modality available as it encompasses the initial, the installation, and the operating licenses all within this same issued authorization (known as "LI/LP/LO" in the local regulatory terminology) (NASDAQ: ATLX) News Release
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