Morning Briefing: Integra Returns Positive Results from Stockpile Drilling; Orezone Finds Strong Q4 Production

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Tuesday January 10th. 

On Monday, gold ran up to as high as $1886 per ounce, up $15 from Friday's close at that point - before succumbing to profit-taking, fading to an afternoon Globex settlement of $1876, up $5 from Friday. Silver also popped in trading late Sunday night and early Monday morning, running to as high as $24.28 per ounce before selling off sharply and closing back below $24 to settle at $23.79. The Mining Stock Journal said that it's not sure why gold and silver faded other than perhaps hedge fund algos and CTAs selling Comex gold and silver long positions along with S&P 500 stock futures when the stock market headed south after peaking mid-day. The newsletter added that some of the sentiment indicators it watches suggest that bullisness toward the precious metals is running a bit hot and a price correction might not be a bad thing.

The mining stocks also jumped in early trading though not by as much as would be expected given the early strength in the metals. Perhaps this was the signal that the metals would fade. The GDX ended up losing 0.3% for the day while the Amex Gold Bugs Index lost 0.61%. Again, the Mining Stock Journal believes the sector may undergo a correction before heading higher.

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…Fireweed Metals.

Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.

And here’s what you need to know this morning….

Integra Resources announced additional drill results from the DeLamar Project, including results from metallurgical drilling as well as 24 additional drill holes from the 11,000 m stockpile drill program at the Project. Specific to the stockpile drilling, the company says results continue to be within the expected grade range of .3 g/t AuEq to .6 g/t and have the potential to provide material to further expand the heap leach mine life at DeLamar. A few selected highlights included .97 g/t AuEq) over 24.38 m, 0.58 g/t AuEq) over 83.82 m, 0.50 g/t AuEq) over 85.34 m, and 0.48 g/t AuEq) over 67.06 m. To date, the Company has tested the North DeLamar backfill, Stockpile 1 and Stockpile 2 and has drilled 3,980m in 86 drill holes as part of this program. The remaining stockpiles will be drilled in the coming months. Metallurgical drilling at DeLamar returned 1.38 g/t AuEq over 66.9m and .72 g/t AuEq over 32m. Integra Resources trades on the TSXV with ITR and on the NYSE American with ITRG. News Release

Kingfisher Metals announced drill results from the Goldrange Project in British Columbia. Drill holes at the Western Target Area, located 200-400 m west of the Pad 400 Target Area, focused on domains of high multi-element soil geochemical anomaly coupled with a coincident conductivity and chargeability anomaly. A few selected results include 2m of 1.36 g/t gold, 7.1m of 1.55 g/t and 2m of 4.37 g/t. The company is still awaiting results from the Eastern Target Area, the Langara Zone and the four final holes drilled near hole 18 which returned 2.9 g/t over 40m. Kingfisher trades on the TSXV with KFR and on the OTCQB with KGFMF. News Release

Calibre Mining produced 221,999oz of gold in 2022 including 180,490oz from Nicaragua and 41,509oz from Nevada. The company issued guidance for 2023 of between 250,000 and 275,000oz of gold production at an All-in Sustaining Cost of between US$1,175 and $1,275 per ounce. It expects to invest $55 and $65 million in growth capital and $25 and $30 million in exploration. Calibre Mining (TSX: CXB; OTCQX: CXBMF) news release

Orezone Gold produced 22,258oz of gold from its Bomboré Mine in Burkina Faso in the December quarter to bring its 2022 total to 27,831oz. The mine achieved commercial production on December 1, 2022 with a rapid ramp-up of plant production above nameplate capacity, hitting record throughput of 17,120 tpd, 20% above nameplate, on December 25. Plant recoveries are exceeding design at 92%. The Company expects continued strong production in the first semester which it said will position it favourably to aggressively paydown its senior debt and fund growth initiatives. It ended 2022 with a cash position of US$9.1 million. Orezone Gold (TSX: ORE, OTCQX: ORZCF) News release

Roscan Gold announced drilling results from an additional program consisting of 41 Reverse Circulation, 14 Air Core and 2 Diamond drill holes for 6,153m at its Southern Mankouke Zone in Mali. The results confirm additional mineralization and the continuity of mineralization between the main mineral resources of MS1 and its satellite at MS3. In addition, significant mineralization near the surface and in the fresh rock at depth, allows for a southern pit shell extension with the capturing of these potential additional ounces. Highlights included 23m grading 3.43g/t gold at Mankouke Central in hole 107 and 29m grading 1.1g/t in hole 94 at Mankouke South. Roscan Gold (TSXV:ROS) (OTCQB:RCGCF) News release

Hot off yesterday’s corporate update here on Mining Stock Daily, Magna Mining says it entered into an agreement with Canaccord Genuity  for a best efforts private placement  of up to 7.1 million charitable flow-through shares at $1.815 per share for aggregate gross proceeds of up to $13M and up to 2.7 million shares at $1.10 per common share for $3M. The Offering is expected to close on or about January 25. Magna Mining trades on the TSXV with NICU. News Release

Meridian Mining was granted a three-year extension to the highly prospective Álamo exploration licence which is part of the Cabaçal copper-gold project in Brazil Its approval opens a frontier along the southeast extension of the Mine Corridor, immediately along strike for the Santa Helena VMS deposit. The licence covers an area of 9,813 Ha, and hosts multiple open copper-gold soil geochemical targets, VTEM anomalies, and large alteration systems. The company also reported that infill drilling results at Cabaçal continues to define strong coherent layers of high-grade gold, copper and silver mineralization at the Northwest Extension with highlights of 26.8m @ 1.6g/t AuEq which strengthen Cabaçal's open-pit potential and enhance opportunities for a high grade starter pit. Meridian Mining TSX:MNO))(OTCQB:MRRDF) News release

Arizona Sonoran Copper announced its 2023 work plan for the Cactus Property in Arizona today. The company says all work streams will feed into the planned prefeasibility study due in the December quarter , or into the first quarter of next year. Work includes drilling, metallurgy, detailed engineering, permitting and technical studies, along with continued efforts to build the onsite operations and technical team. Drilling targeting oxide and enriched copper mineralization will include 32,000m of infill at Parks/Salyer in Q1 and 27,000m of infill at Cactus East and and Parks/Salyer beginning in Q2. Arizona Sonoran copper trades on the TSX with ASCU and on the OTCQX with ASCUF. News Release

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