Morning Briefing: Heliostar Metals Drills 147m of 4.13 g/t Au at the Parallel Target

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

Today is Wednesday November 8th. 

Once again on Tuesday gold was taken lower, with a steady sell-off that began  early Monday evening. Gold fell from $1984 to as low as $1963. Interestingly, the price bounced when the Comex opened and traded back up to $1976 by the time the Comex closed. $1976 was also the afternoon settlement price. Silver followed the same price-path as gold, falling from $23.15 Monday evening to as low as $22.50 before bouncing during Comex trading up to $22.75 and settling the afternoon session at $22.71. The mining stocks were pounded mercilessly lower, with GDX down 1.92% and the Amex Gold Bugs index down 2.7%. The Mining Stock Journal noted that it's unusual for the Amex Gold Bugs index, which is composed of a handful of the largest mining stocks, to underform the more broadly based NYSE Arca Gold Miners Index, which is tracked by GDX on a day when the sector gets pounded. The newsletter also commented that the precious metals sector is working off a technically overbought condition as well as fighting off poor investor sentiment toward 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… Fireweed metals

Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.

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

Heliostar Metals reported results from two diamond drill holes at the Parallel Panel target at the Ana Paula Project in Mexico. The Parallel Panel target is 50 meters north of the High Grade Panel and was identified by the company as a new target over the past couple of months. Hole AP-23-309 is at the eastern end of the currently defined Parallel Panel and returned 147.05 metres grading 4.13 g/t gold from 37.5 metres downhole (Figure 1). Within that, the hole encountered 16.0 metres grading 11.2 g/t gold from 77.0 metres downhole in the Parallel Panel target. That same hole encountered additional subzones in the High Grade Panel, including 7m of 14.5 g/t and 8.6m of 8.7 g/t. Hole AP-23-308 tested the Parallel Panel over 140m west of hole AP-23-309. It returned 14.8 metres grading 5.06 g/t gold. (TSXV: HSTR) (OTCQX: HSTXF) News Release

Kodiak Copper reported results from its drill program on the MPD copper-gold porphyry project in British Columbia. Today’s results come from the first two holes at the Man Zone and returned 75m of .34% CuEq in the first hole and 116m of .45% CuEq in hole 2. Man is located near Kodiak's Gate Zone discovery, less than two kilometres to the south and along trend. The company says porphyry mineralization at Man correlates well with combined 3D Induced Polarization (3D IP) resistivity and chargeability anomalies that extend to significant depths, confirming Kodiak's exploration model. (TSXV: KDK) (OTCQB: KDKCF) News Release

Reyna Silver reported assays from 3 holes at the Medicine Springs Project in Elko county, Nevada. All the structures show multiple stages of high-grade mineralization surrounded by wide zones of dispersed mineralization. Results included 1.32m of 33 g/t silver, 11.9% zinc and 3.4% lead, 1.5m of 304 g/t silver and 2.35m of 217 g/t silver. The company says these results reinforce Medicine Springs as a prime candidate for a large-scale, well-mineralized CRD System and the technical team is incorporating all these new results into a refined district model for drilling next season. (TSXV:RSLV) (OTCQX:RSNVF) News Release

White Gold announced results from the Betty Ford target on the Betty Property in Yukon this morning. The new assay results include 2.96 g/t Au over 46.5 m from 11.5 m depth in hole BETFD23D014, including a higher-grade subinterval of 5.03 g/t Au over 25 m, which significantly expanded the width of the near surface high-grade gold zone to the south. Results for hole BETFD23D012 and partial results for hole BETFD23D013 were announced previously on September 7, 2023, highlighted by 3.38 g/t Au over 53.0m from 7.3m depth in BETFD23D013. Results for hole BETFD23D015 remain pending but are expected to be received and announced in the near future. (TSX.V: WGO, OTCQX: WHGOF) News Release

Prospect Ridge Resources announced assays from samples recovered from outcrops at the Copper Ridge within the flagship Knauss Creek property near Terrace, British Columbia. Highlights from those samples included 78.90 g/t Au, 457 g/t Ag and 13.45 % Cu. This area represents a high priority for the Company and future work will consist of mapping and prospecting and follow-up drilling in due course. (CSE: PRR) (OTC: PRRSF) News Release

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