Morning Briefing: Integra Publishes First Stockpile Drill Results; Western Alaska Releases Results from Hole 22
Welcome to Mining Stock Daily. I’m Trevor Hall.
TREVOR
Today is Wednesday December 7th.
On Tuesday, gold rallied in the early morning from $1780 per ounce to as high as $1792, before succumbing to the sell-off in the stock market, as hedge funds and CTA's went to sell everything mode with stocks heading south quickly and the dollar running higher. The yellow metal rested at $1783 for the afternoon settlement. Silver similarly rose from $22.49 per ounce in the early a.m. up to $22.77 before heading south quickly with the rest of the market. Silver bottomed at $22.20 and bounced to settle at $22.35. The Mining Stock Journal noted that it said last week that a corrective pullback was coming. It's happening now. That is in all probability a bigger factor in price decline today than a deflating stock market.
The mining stocks held up better than expected, given both the drop in the price of the metals and the bigger sell-off in the general stock market. Both the Amex Gold Bugs index and the GDX handily outperformed the S&P 500, with the HUI down 0.35% and the GDX actually green by a penny. The Mining Stock Journal said that sentiment in the sector per the Hulbert Gold Newsletter Sentiment Index is still running a bit on the high side but that it has retreated from the highs last 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…Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning….
Integra Resources announced results from the first ten dill holes for 2,500m from its 11,000m stockpile drilling program at its DeLamar gold-silver project in Idaho. The program is designed part of the estimated 60Mt of low-grade stockpiled mineralized material at its DeLamar and Florida Mountain deposits. Highlights included 83.8m grading 0.31 g/t gold and 16.12 g/t silver for a 0.51 g/t gold equivalent in hole 32. Integra said the results are a proof of concept that stockpiled and/or backfill material, much of which was being moved as part of the DeLamar Pre-feasibility Study mine plan, should be of sufficient grade and tonnage to extend the life of the proposed heap leach operation. It plans to increase the number of rigs on this program to three by January while continued success should result in an updated resource estimate in the first half of 2023. Integra Resources trades on the TSXV under ITR and on the NYSE American under ITRG. News release
Western Alaska Minerals provided drill assay results from three thick multistage massive sulfide horizons in drill hole WPC22-22 at its Waterpump Creek Carbonate Replacement Deposit. Mineralization began at 161m depth. Intervals from the drillhole included 22.7m of 293 g/t silver, 9% lead, 20.3% zinc, 9.5m of 118 g/t silver, 3.5% lead and 8.7% zinc, and 54.6m of 187 g/t silver, 6.2% lead and 5.1% zinc. The company says similar mineralization has now been cut at similar elevations in 11 drill holes indicating a continuous elongate body 30 to 75m wide and 400m in length. Western Alaska Minerals trades on the TSXV with WAM. News Release
Blackrock Silver announced the results of three drill holes for 927m on its Silver Cloud project in Nevada. Highlights included 1.5m grading 52.62 g/t gold and 606 g/t silver in hole 20 in the Northwest Canyon area, representing a new high-grade vein discovery now known as Zeus. The company said that making a blind discovery of this magnitude on such a limited round of drilling is a testament to the caliber of its geological team. Silver Cloud is situated in the Northern Nevada Rift, one of the most prolific gold belts in Nevada. Blackrock Silver trades on the TSXV under BRC. News release
Collective Mining announced assay results from three additional holes in the Main Breccia of the Apollo target within its Guayabales project in Caldas, Colombia with highlights of 298.6m grading 1.54g/t Gold Equivalent in hole 19 and 102.2m grading 3.38g/t in hole 20, the latter being the highest-grade intersection over 100m drilled to date at Apollo. A revised model of the Main Breccia system has identified two high-grade subzones which will be drill tested in 2023. These are a high-grade copper zone which daylights at surface and a high-grade gold zone. Collective Mining trades on the TSXV under CNL and on the OTCQX under CNLMF. News release
Hot Chili said it took another step toward putting the infrastructure together for its Costa Fuego copper development in Chile as the Chilean Naval Authority granted it access to the physical land of its Maritime Concession for extraction of sea water. Hot Chili was awarded its Maritime Concession in 2020 which provided water extraction rights for Costa Fuego, securing sufficient water supply for a new large-scale conventional copper-gold operation, ensuring no ground water will be used and no de-salination plant is required. Costa Fuego includes the Cortadera and Productora deposits which contain an Indicated Resource of 725Mt grading 0.47% copper equivalent, containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo. Hot Chili trades on the ASX and TSXV under HCH and on the OTCQX under HHLKF. News release
Galway Metals says given prevailingly weak market conditions for exploration companies, it is temporarily suspending drilling activities at its flagship Clarence Stream gold project in Quebec. Management says they are making the decision to preserve capital while it reassesses findings in the Clarence Stream mineral resource update reported in April. The company currently has a balance sheet of $7.7M dollars. CEO Robert Hinchcliffe said that when markets improve the company will test targets that have not yet been drilled and will work on expanding existing deposits. Galway Metals trades on the TSXV with GWM and on the OTCQB with GAYMF. News Release
Banyan Gold is to raise C$11.5 million through the issuance of up to 11.8 million premium flow through shares priced at 57c and up to 12 million shares priced at 40c to advance its AurMac gold Property and other projects in Yukon. Banyan Gold trades on the TSXV under BYN and on the OTCQB under BYAGF. News release
Meridian Mining says it expects to close a C$5.9M financing comprised of 35c per common share. This was upsized from am original $3.25M financing. The Company intends to use the net proceeds for the completion of the Cabaçal Project PEA, Cabaçal Project exploration program and property payment pursuant to the Cabaçal Purchase Agreement. Meridian Mining trades on the TSX with MNO. News Release
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