Morning Briefing: i-80 Gold Publish Updated PEA for the Cove Project
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.
It's Thursday, February 13th.
Yesterday we recorded an interview with Bill Fleckenstein in the middle of a tremendous rebound in the gold price following the hotter than anticipated CPI data. Gold dropped to $2,887 on the news. It was an opportunity for traders and buyers of the yellow metal to buy a bit of a dip and we watched the price of the metal slowly grind its way higher settling at $2,928 on the front month contract. There continues to be trade war concerns on the geopolitical front, but what appears be fundamentally fueling the move is the physical inventories between London and the Comex in New York. Analysts are highlighting an increase of 15 million ounces in just over two months into the three largest COMEX gold vaults, while London ounces are being removed. The metals short position appear to be at the lowest since 2020.
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…Calibre Mining
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value. https://www.calibremining.com/
And here’s what you need to know this morning…..
I-80 Gold published the results of an updated preliminary economic assessment of the Cove Project on the Battle Mountain - Eureka Trend in Northern Nevada. The Study has been updated to reflect a remodeling of the deposit using a more confined mining geometry, further advancement of the hydrology model, as well as using updated precious metals prices, capital and operating costs. Based on a $2,175/oz gold price, the Project's undiscounted after-tax cash flows total $397 million with an after-tax net present value of $271 million, assuming a 5% discount rate, generating a 30% internal rate of return. Mine Construction capital estimated at $157 million, nearly 60% of which is earmarked for dewatering activities. The estimated life of mine all-in sustaining costs are $1,303 per ounce. (TSX: IAU) (NYSE: IAUX) News Release
Heliostar Metals says they have repaid the $5M loan obtained from Deans Knight Capital Management used to acquire the portfolio of asses in Mexico from Florida Canyon Gold. The loan was taken out in early November and was paid in full within 3 months, earlier than expected. (TSXV: HSTR) (OTCQX: HSTXF) News Release
Maritime Resources announced drill results from a grade control program underway a the Hammerdown Gold Project in Newfoundland. The results this morning were 24.1 g/t Au over 3m, 6.43 g/t over 6.5m and 14.9g/t over 1m. From 2000-2004, Hammerdown was mined as a cut and fill operation with a cut off grade of 8.5 gpt gold. Most of the stopes were backfilled with unconsolidated waste material from the mine's development and production headings. In addition to confirming the location and grade of various mineralized veins, the grade control program has targeted and intersected many of the historic underground workings to verify their location and test the remaining mineralization within the mine's pillars. (TSXV: MAE) (OTC Pink: MRTMF) News Release
Arizona Gold & Silver reported drill results form two drill holes this morning out of the Philadelphia Project in Arizona. Results were 62.18m of 1.27 g/t gold and 4 g/t Ag in hole 142 and 40.39m of 1 gpt Au and 2.7 g/t Ag in hole 141. Both drill holes tested the Rising Fawn target, situated on patented mining claims within the main gold trend on the Philadelphia Project. 100m south of these holes, new holes returned 2m of 17.45 g/t Au and 2m of 16.55 g/t Au. The next phase of drilling will focus on targeting the down-dip extension of these high-grade intercepts. (TSXV: AZS) (OTCQB: AZASF) News Release
A subsidiary of Royal Gold has purchased an existing 2.5% net smelter royalty on a portion of Arizona Sonoran’s Cactus Project from Tembo Capital for $55M. Arizona Sonoran has the right to buy back 0.5% of Royal Gold’s aggregate 2.5% NSR for US$7 million, by July 10, 2025. (TSX:ASCU | OTCQX:ASCUF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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