Morning Briefing: Integra Set to Acquire Florida Canyon Gold
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday, July 29th.
Last week gold was rammed lower, primarily during the western paper gold trading market hours. Thursday featured a $50 price hit and, not coincidentally, it was also expiration day for the August gold futures options. The gold price traditionally is hammered on the day of the front month gold and silver futures options expiration. For the week gold was down just $19 points after it bounced on Friday and closed back over its 50 dma. Silver fared even worse than gold last week, down $1.40 for the week including a $1 price smash on said options expiration day. Silver is quite a bit below its 50 dma but the Mining Stock Journal noted that both gold and silver have worked off their overbought conditions and silver is actually now oversold. The mining stocks were lower for the week last week with GDX down 2.7%. But the Mining Stock Journal noted that GDX continues to trend higher in a bullish upward sloping trading channel.
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… 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 has entered into a definitive agreement to acquire all of the issued and outstanding shares of Florida Canyon Gold, which includes the Florida Canyon Mine in Nevada. The company was formed from the spinout when Alamos Gold acquired Argonaut Gold. This acquisition sets up Integra Resources as a diversified Great Basin-focused gold and silver producer with immediate gold production of approximately 70,000 ounces of gold equivalent per annum. Under the terms of the Transaction, FCGI shareholders will receive 0.467 of a common share of Integra. The Exchange Ratio implies consideration of C$0.69 per FCGI Share based on the closing market price of the Integra Shares on the TSX Venture Exchange on July 26, 2024 for total consideration of approximately C$95 million. The 2024 NI 43-101 Technical Report for Florida Canyon demonstrated a 7 year mine life. Production last year all-in sustaining costs of $1,654/oz of gold equivalent. Integra will also enter into a $20M bought deal and a fourth supplemental credit agreement with Beedie Capital to finance the transaction. (TSXV: ITR) (NYSE American: ITRG) - (TSXV: FCGV) News Release
Collective Mining announced assay results from four drill holes at the Trap Target within the Guayabales project in Columbia. Drill-hole TRC-11, which was designed to validate the geological model for Trap, was drilled from TPad3 to the southwest and as soon as it crossed the fault it intercepted the Mineralized Deformation Zone. That hole returned 174.45m of 1.19 g/t AuEq which included a 40.85m interval of 3.76 g/t AuEq. Hole 8 returned 51.05m of 1.41 g/t AuEq while hole 10 returned 89.85m of .73 g/t AuEq. Trap is located approximately 3.5 kilometres to the northeast of the flagship Apollo system. (NYSE: CNL) (TSX: CNL) News Release
Regulus Resources has entered into a collaboration agreement with Compañía Minera Coimolache to evaluate the viability of an integrated Coimolache Sulphides/AntaKori copper-gold project. The evaluation will consist of a mineral resource estimate ("MRE") with the option, upon mutual agreement of the Parties following the completion of a MRE, to complete a preliminary economic assessment. Costs of the evaluation program will be split with Regulus paying 50% and Coimolache paying 50%. This agreement allows, for the first time, the unconstrained evaluation of the potential of the Integrated Sulphide Project. (TSXV:REG)(OTCQX:RGLSF) News Release
Bravo Mining has received assay results from 15 diamond drill holes from the North SEtor of its Luanga palladium + platinum + rhodium + gold + nickel deposit in Brazil. Selected results included 69.4m of 3.77 g/t PGM+Au, 46m of 2.3 g/t PGM+Au, and 45.6m of 5.01 g/t PGM+Au. Drilling in the North Sector continues to show improvements in both grade and thickness compared to historic drilling in this sector. Mineralization intersected to date lies within 150m of surface and is open to further extension at depth. (TSXV: BRVO) (OTCQX: BRVMF) News Release
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