Morning Briefing: Integra Resources Intersects 3.95 g/t AuEq Over 77.7 M
Welcome to Mining Stock Daily. Standing in for Trevor Hall, I’m Paul Harris.
Today is Thursday, May 5th
Yesterday was FOMC Day, when anything can happen in the markets depending on the tenor of the FOMC policy statement and on the follow-up Powell press conference. Leading up to the policy release, gold and silver traded with two-way volatility and a suspicious price smash as the U.S. stock market opened. The volatility band widened considerably as the FOMC decision hit the tape. But once Jay Powell opened his mouth, gold and silver did a moon-shot, with gold soaring $28 to as high at $1890 per ounce, and settling at $1884, while silver shot up 85 cents to $23.15 per ounce, before settling at $23. Both metals are trading even higher Thursday morning.
The catalyst was a considerably more dovish policy implementation and outlook than had been priced into the markets, especially the precious metals sector. The Mining Stock Journal said that also at play is an increasing probability and expectation that the Fed will be forced in the coming months to reverse its monetary policy as a means of forestalling a major economic depression. This will be rocket fuel for the precious metals sector. The mining stocks were up over 1% on Wednesday but the response relative to the rest of the stock market to the Powell presser was subdued. The Mining Stock Journal said that, in its view, the mining stocks are by far the most undervalued asset sector across any of the markets.
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…Arizona Sonoran Copper.
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….
i-80 Gold announced the final four holes completed in the 2021 underground drill program at its Granite Creek Property in Nevada including positive results from initial drilling to test the down-dip potential of the Ogee Zone, the primary target for near-term development at Granite Creek. Initial drilling of the Ogee Zone was primarily focused on defining mineralization immediately below existing mine workings and then further expansion in the area between the bottom level of the mine workings and the deepest hole drilled by i-80 so far to test the Ogee Zone depth extension. Highlights included 12.6m grading 27.7 grams per tonne gold in hole 37. The Company is in the process of expanding the underground workings such that multiple headings are available for mining. It is expected that first mineralization from the underground operation will be trucked to Twin Creeks for processing mid-year under the agreement with Nevada Gold Mines. i-80 Gold trades on the TSX under IAU and on the OTCQX under IAUCF. News release
Wesdome Gold Mines announced results from definition and expansion drilling of the Falcon 7 Zone, at its Eagle River Mine near Wawa, Ontario. Drilling has been ongoing to determine the extent of the zone and to increase confidence of the gold grade distribution. It has also identified a number of splays and fold noses/limbs that have the potential to add to the existing resource base. Highlights included 4.9m grading 90.2 grams per tonne gold in hole 25 and 6.6m grading 87.1g/t in hole 31. Wesdome said the discovery and initial production from the Falcon 7 Zone reaffirm the potential of the surrounding volcanic rocks to host sizeable deposits of gold mineralization. Falcon 7 hosts reserves of 100,000 ounces grading more than 13g/t. Wesdome Gold Mines trades on the TSX under WDO. News release
Orezone Gold announced ongoing drill results from the Phase III program along the P17 mineralized trend at its Bomboré Gold Project in Burkina Faso. Drilling confirmed the down-plunge continuity of the mineralized zones at P17S, which remains open and warrants follow-up definition drilling, made a new intercept on the deeper extension of the main zone beneath the P17S-NE deposit outside the current mineral resource envelopes , and confirmed continuity of existing shallowly north-plunging mineralized zones, further extending the P17 Trend. Highlights included 30m grading 2.12 grams per tonne gold in hole 114 and 14.7m grading 2.13g/t in hole 102. Orezone expects to pour first gold from Bomboré in the September quarter. Orezone Gold trades on the TSX under ORE and on the OTCQX under ORZCF. News release
Integra Resources announced drill results from the DeLamar Project in Idaho from the 2021 drill campaign at its War Eagle target, about 3km from Florida Mountain. Highlights included 77.7m grading 3.85 grams per tonne gold and 7.74g/t silver for 3.95g/t gold equivalent in hole 23. It said War Eagle continues to deliver high-grade gold-silver intercepts which are on extension from previous drilling, suggesting the presence of additional high-grade gold silver mineralization at depth and on strike, and that it has now identified multiple high-grade gold-silver mineralized structures at War Eagle with strike lengths of up to 500m. Integra Resources trades on the TSXV under ITR and on the NYSE American under ITRG. News release
Millennial Precious Metals announced the commencement of Phase 1 drilling at its Wildcat Project in Nevada, USA as a part of a 20,000m drilling program. The Phase 1 drill program consists of a minimum of 20 diamond drill holes for 3,000m, and is primarily designed for infill drilling for mineral resource conversion, geotechnical data for pit wall design, metallurgical data for bottle roll and column tests and testing gold mineralization below the oxidation profile. Drilling will support an updated mineral resource and Preliminary Economic Assessment expected to be released in the second semester. Millennial Precious Metals trades on the TSXV under MPM and on the OTCQB under MLPMF. News release
Group Eleven Resources reported assay results from its maiden drill hole at the Tullacondra copper-silver target near its PG West project in Ireland, with a highlight of 130.1m grading 0.50% copper and 20.8 grams per tonne silver from surface including 65.1m grading 0.64% copper and 29.5g/t silver. The first hole also intercepted a silver-rich interval and a newly-identified zone of 13.2m grading 0.37% copper and 16.3g/t silver. The company said mineralization confirms the continuity of Cu-Ag mineralization intersected in historical holes drilled over 50m to the east and west. It said the historical resource remains open in most directions and there is potential to find look-alike bodies elsewhere on the property. Group Eleven Resources trades on the TSXV under ZNG and on the OTC under GRLVF. News release
That concludes today’s morning briefing.
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