Morning Briefing: Hot Chili to Acquire the Cometa Project

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

Today is Monday August 28th. 

Last week, after an effort on Monday and Tuesday to push gold below the 200 day moving average failed, the yellow dog springboarded from $1917 per ounce to as high as $1951 before getting subjected to the quote , unquote Friday effect and was pushed down to $1932 before bouncing back up to $1940, where it settled for the week, up $25 from the previous week ending close. The Mining Stock Journal noted that most of the run higher occurred on Wednesday in response to weak economic data released that day. Silver similarly rose last week but it started to scream higher Monday evening when Australia opened global trading. Poor man's gold shot up from $22.81 per ounce to as high as $24.42 before fading a bit Friday and closing out the week at $24.24. 

The Mining Stock Journal commented that the aggressive effort to cap silver below $23 failed miserably once again. It added that, not only did silver outperform gold last week, believe it or not, it outperformed Nvidia. The newsletter added that it believes silver has the potential for an explosive move this fall. The mining stocks rose along with the metals, closing a bit over 4% higher 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 & 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….

Hot Chili entered into a letter of intent with Bastion Minerals for an option to acquire 100% of the Cometa Project near its Costa Fuego Copper-Gold Project in the Atacama Region of Chile. Cometa consists of exploration and mining concessions covering 56km2 about 15km southeast of Costa Fuego's planned operating centre. Hot Chili will have a 60-day exclusivity period for a US$100,000 cash payment, with a 30-month option which it can exercise for US$2.4M within 18 months payable in cash or half stock and half cash. Hot Chili (TSX and ASX: HCH) Bastion Minerals (ASX: BMO) news release

Wolfden Resources said the Maine Land Use Planning Commission set the date for a public hearing for its Pickett Project rezoning application on October 16. A final decision is expected within 90 days after the hearing. The application proposes to rezone a 374 acre parcel from a General Management designation to Planned Developmen to allow for the permitting, construction, operation and reclamation of an underground metallic mineral mine. The proposed Project, is a 1200tpd underground mining operation to produce copper, lead, zinc and silver with a 10-15 year mine life. Upon favourable completion of the rezoning process, Wolfden plans to commence a feasibility study, and a drill program to convert inferred to indicated mineral resources. Wolfden previously withdrew its rezoning application in 2021 following opposition from Maine’s planning department. Wolfden Resources (WLF.V) news relesae

New Found Gold published another news release this morning, this time sharing results from 36 diamond drill holes that were completed as part of a drill program designed to expand on the recently discovered K2 Zone, located 725m north of Lotto and 2.2km north of Keats West on the west side of the Appleton Fault Zone. Gold intervals worthy of mentioning today is 198 g/t Au over 2.00m in NFGC-22-952. Another vein drilled in this campaign is the Stibnite vein which returned showed multiple intervals of gold mineralization along with significant amounts of stibnite, an antimony-bearing sulphide mineral as reflected by the antimony assay results of 0.95% Sb over 12.95m in NFGC-23-1303 and 0.04% Sb over 3.90m in NFGC-23-1391. This is the first time this mineral association has been observed at Queensway North. K2 currently spans a mineralizaed footprint of 410m long by 395m wide. (TSX-V: NFG, NYSE-A: NFGC) News Release

Goliath Resources reported the discovery of not one, not two but three new mineralized zones consisting of sulphide-rich breccia, stockwork and veins in shear zones on the icefields claim blocks on its Golddigger property in the Golden Triangle of BC. Called Treasure Island, Metallica, and Full Contact, they are in an area where recent snowpack and glacial abetment provided zones of newly exposed outcrop. All are drill ready. Treasure Island has multiple shear-hosted, polymetallic zones over a 500m long trend. Mineralized zones are up to 20m wide with sections of massive chalcopyrite and pyrite occupying shears. New Metallica has multiple oxidized quartz-carbonate veins, stockworks and lenses identified within altered andesite with 1 - 15 % sulphides. Zones up to 4m wide contain pyrite with lesser chalcopyrite, sphalerite and galena over 300m by 400m. The Full Contact discovery has a 1.3km-long gossan discovered with multiple silicified zones, quartz veins and shears with pyrite, with lesser arsenopyrite and sphalerite disseminated within silicified zones, concentrating in veins and fractures. Goliath Resources (TSX-V: GOT) (OTCQB: GOTRF) news release

Northern Graphite announced results of a new preliminary economic assessment that evaluated moving the processing plant for its Namibian operations located at Okorusu to the Okanjande mine rather than rehabilitating the mill in its current location. The PEA indicates that economics remain attractive under the new plan, with higher capital costs but lower operating costs. In addition, greenhouse gas emissions are reduced, sustainability is improved, and the expansion potential of the project is substantially enhanced. This new PEA now shows an After-tax NPV of just over $70M and an IRR of 36%. The PEA is based on only processing 6.1MT of measured and indicated resources, producing an average of 31,000 tonnes per year of concentrate over a 10-year mine life. (TSXV: NGC) (OTCQB: NGPHF) News Release

The Mining Stock Daily morning briefing is produced by Clear Commodity Network and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network. 

The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.