Morning Briefing: Heliostar Metals Publish First drill Results from La Colorada
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.
Its Tuesday, November 26th.
Gold dropped more than 3% on news that a ceasefire between Israel and Hezbollah may be near along with the nomination of Scott Bessent as US Treasury Secretary, a nomination favored by Wall Street. Front month gold began trading at $2716 in Asia and dropped about $100 by the time the Comex closed on the day at $2618 per ounce. Silver lost about 3 and a half percent on the day as well, opening at 31.40 per ounce and taking the down elevator to 30.11 where it bounces slightly and closed at 31.40. There is plenty of economic data incoming this week which may have further insights into where gold and other markets are heading, including Federal Reserve meeting minutes from November, PCE data and US GDP revision.
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… Vizsla Silver.
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And Here’s what you need to know this morning…..
Heliostar Metals announced their first results from a 12,500 metre drilling program at the La Colorada Mine in Sonora, Mexico. La Colorada is currently producing gold from residual leaching having ceased mining in late 2023. Mineralization at La Colorada's Creston Pit is predominantly hosted in three veins: the North, Intermediate and South Veins. Twenty-four holes are reported this morning, principally targeting shallow zones to the east and west of the Creston Pit. The results show narrow to wide, low to high grade oxide gold intercepts. Results included 5m of 18 g/t Au, 37m of 1.24 g/t, and 14.5m of 1.69 g/t Au. Results from the current drill program will be incorporated into a resource model and will support a reserve update that will be published with a feasibility study in mid-2025. This study will be the basis of a construction decision for the restart of mining from the Creston Pit at La Colorada in mid-2025. (TSXV: HSTR) (OTCQX: HSTXF) News Release
Marimaca Copper provide results of RC drilling completed at the Mercedes Target which is located 500m north of the Marimaca oxide deposit. Results included 68m of .64% CuT and a depth of 8m. This hole extends the board zones of surface oxide copper mineralization intersected in historic drillholes. Results of other drill holes were mixed, bu the company noted that the majority were above ore grade as defined by previous technical studies completed by Marimaca. (TSX: MARI) News Release
Enduro Metals announced assay results from its 2024 drill program at the Newmont Lake Property. The drilling consisted of four oriented diamond drill holes, totalling 1,248 meters, in the NW Zone of the McLymont Fault. The holes were planned to test a reinterpreted model of structural controls on gold mineralization at the NW Zone. Results included 10.01 g/t Au, 12.12 g/t Ag, and 0.37% Cu over 12.45m starting at 44.00m, within a broader interval of 24.70m grading 5.17 g/t Au, 6.34 g/t Ag, and 0.20% Cu starting at 44.00m. The company says its new structural framework sets the basis for refined targeting in the NW Zone and along the 20km strike of the McLymont Fault. (TSXV: ENDR) (OTCQB: ENDMF) News Release
Dakota Gold publishes results of thirteen drill holes from the ongoing infill and step-out drill program to expand the maiden resource at the Richmond Hill Gold Project. Todays results come from the northeast corner of the resource area known as Chism Gulch. Results included 4.14 g/t Au over 10.2m and 1.84 g/t over 10.5m. The results from the drill program will be incorporated into an updated S-K 1300 Initial Assessment next quarter. (NYSE American: DC) News Release
Guanajuato Silver provided an update on the 2024 drill program and other development initiatives at the Pinguico Project in Guanajauato, Mexico. The company says drilling of the southern portion of the property targeting the Pinguico and San Jose veins returned several high-grade intercepts that continue to expand the total resource potential. Results included 1.8m of 158 g/t AgEq and 3m of 156 g/t AgEq. The Company is targeting a resource estimate for Pinguico in late 2025. The company says they continue to advance underground mining activities with the goal of reaching a sizeable underground stockpile located approximately 600 meters from the Level 4 adit entrance. This advance is following known mineralization and is generating revenue from silver and gold production that is offsetting the costs of drifting. The Company expects to reach the stockpile in Q2, 2025. (TSXV:GSVR) (OTCQX:GSVRF) News Release
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