Morning Briefing: Intrepid Drills 198m of .68% CuEq in Arizona; Troilus Publishes its Feasibility Study
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, May 14th.
The gold price topped out at $2377 late Sunday evening and then entered into a 45-degree decline through the close of the Comex floor trading operations at 1:30 p.m. NY time. From top to bottom the price declined $35. The Mining Stock Journal commented that it looked like systematic algo selling by hedge funds and CTAs, enabling the Comex bank market-makers to reduce their paper short positions. Silver had a different experience. After an initial paper market price flush when the market opened Sunday evening, silver shot up to as high as $28.61 before being flushed back down to $28.29 going into the paper silver Comex close. The Mining Stock Journal said that the Comex banks have a problem with their silver short position on the Comex given the enormous volume of physical buying being reported from India and China. The mining stocks followed the gold price action, with GDX down just under 1%. That said, Paramount Gold, one of the Mining Stock Journal's top recommendations, shot up 25% on enormous volume. The Mining Stock Journal will have color in Thursday's new issue.
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… Vizsla Silver.
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning….
Intrepid Metals published results from 5 diamond drill holes from the company’s Corral Copper Property in Arizona. All 5 holes were drilled in the Ringo Zone which is located along the southern margin of a 3-kilometer-long trend of near surface carbonate replacement and related supergene enrichment oxide copper-gold-silver-zinc mineralization. Highlights included 198m of .68% CuEq, 133.2m of .64% CuEq and 99.45m of .68% CuEq. Intrepid has completed 20 diamond drill holes (~3,900m) as part of a planned 5,000m program within its private lands at Corral Copper. (TSXV: INTR) (OTCQB: IMTCF) News Release
Faraday Copper also announced results from 5 drill holes this morning from the Copper Creek Project. At Area 51, drilling intersected 42m of .41% copper, which expands the known mineralization within the Eclipse breccia approximately 20m to the east and 50m to the north. At Keel West, drilling returned 51.45m of .5% copper and confirms that mineralization is open to the west of Keel and below the Old Reliable breccia. And a step-out holes west of Old Reliable returned 70.35m of .29% Cu which confirms the near-surface mineralization there remains open. As part of the Phase III program, twenty-seven drill holes have been completed and results for nineteen have been released. (TSX:FDY) (OTCQX:CPPKF) News Release
Alamos Gold reported new results from its underground exploration program at the Young-Davidson mine. Underground exploration drilling from the mid-mine intersected a new style of higher-grade gold mineralization in zones within the hanging wall of the Young-Davidson deposit. Drilling at the 9620 level returned 7.41 g/t Au over 22m, 19.9 g/t over 4.5m and 21.86 g/t over 4m. At the 9500 Level, drilling hit 10.73 g/t over 15.55m. The company says these new zones being discovered in the hanging wall highlight the significant exploration potential outside of the syenite. This is a new style of higher-grade mineralization, near their existing underground infrastructure, which has the potential to provide meaningful production upside. (TSX:AGI; NYSE:AGI) News Release
Victoria Gold published their Q1 production results from the Eagle Gold Mine in Yukon. Despite gold production being lower than target, the company did generate positive free cash flow before and after working capital adjustment. The company did produce 29 and a half thousand ounces of gold with a realized average gold price of C$2,724 per ounce. Revenue for the quarter was just under $83M and operating earnings were $5.8M for the quarter. Cash costs per ounce was C$1,845. (TSX-VGCX) News Release
Troilus Gold published its feasibility study for the Troilus Project in Quebec. The open pit mining scenario host a life of 22 years with potential of underground development. The report highlights the processing of 50,000 tonnes per day, which is 43% larger than the original 35,000 tpd processing rate contemplated in the PEA a few years ago. Its all-in sustaining cash costs are estimated to be just over $1,100/oz. Base case economics after-tax look to be USD$884.5 million and IRR of 14%. The initial capex of Troilus is estimated to be just over $1B. (TSX: TLG; OTCQX: CHXMF) News Release
Meridian Mining reported have an update from the Jauru copper and gold project in Brazil. Jauru is located 45km west of the company’s Cabaçal copper-gold-silver VMS project. Exploration activity have found a 7km copper in stream anomaly, with superimposed and offset gold anomalies. Also of interest are that offset and more focussed discrete gold and base metal anomalies are present in drainage passing over the footwall and hangingwall stratigraphy. Strong copper-in-stream responses extend into the metabasaltic footwall succession, including peak values of 41 - 63ppm Cu. (TSX:MNO)(Frankfurt:2MM)(Tradegate:2MM)(OTCQX:MRRDF) News Release
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