Morning Briefing: It's LME Week!

Good morning and welcome to the Mining Stock Daily Briefing. I’m Trevor Hall and I’m Ian Wagner.

Today is Monday, September 30th. 

Last week gold hit 4 more consecutive all-time highs before selling off $14 dollars on Friday. December gold jumped from just under $2650 the previous Friday and closed the week at $2680. On Thursday the price briefly traded over $2700. Silver was also up big, running for $31.55 the previous week to as high as $33 on Thursday before closing the week at $31.91, December basis. 

The mining stocks rallied nicely through Thursday, but were hammered hard on Friday, with GDX losing 3% and closing the week basically unchanged from the previous week's close. The Mining Stock Journal commented that the sector has become quite overbought technically. It expects a brief pullback to correct this which will set-up the next leg higher.

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…

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…. 

U.S. Gold Mining Intersects more than 650 meters at 1 g/t Gold Equivalent From Near-Surface at its Whistler Gold-Copper Project in Alaska. The company announced initial assay results from the first two diamond drill holes of its 2024 drilling program. The first result is a re-entry of a previously drilled hole from 2023 at their Wheeler Deposit.  Assays return a high-grade core of 652.5 meters at 0.73 g/t gold, 0.16% copper and 1.5 g/t silver, or 1.00 g/t gold equivalent. That is near-surface from 7.0 m to 659.5 m down hole. The company also reports assay results from a second hole drilled at their Raintree Open Pit, with results including:  61 meters at 0.53 g/t AuEq from 311 m depth. The Raintree Deposit remains open along strike and to depth with further drilling planned to delineate the full extent of mineralization. US GoldMining trades on the NASDAQ: USGO. News Release

AbraSilver Resource announced Additional Drill Results from the Company’s ongoing, fully-funded 20,000 metre Phase IV drill program, on its wholly-owned Diablillos project in Argentina.  Holes DDH 24-017, DDH 24-021 and DDH 24-024 were drilled in the Oculto northeast area and designed to expand the existing known shallow mineralization.  Results included 28.5 m grading 87 g/t silver in hole 17, starting at a downhole depth of 108 m, within which was 7.5 m grading 190 g/t Ag.   Holes DDH 24-020 and DDH 24-023 were step-out holes in the J-A-C southwest area that were drilled to extend the existing Mineral Resources beyond the current conceptual open pit boundary.   Results there included 53 m at 58 g/t silver, starting at a downhole depth of only 68 metres, and included an interval of 5.1 m 129 g/t silver.  AbraSilver also published results from new Titan geophysical survey work on the Diablillos porphyry complex located 3.5 km northeast of the Oculto deposits. The company says the survey has confirmed a large chargeability anomaly beneath Cerro Blanco reflecting a zone of intense silicification that is interpreted as being related to a large porphyry intrusion. The company will commence a deep drilling program aimed at defining these targets.  AbraSilver (TSX.V: ABRA; OTCQX: ABBRF) News Release

Dolly Varden Silver has closed the second and final tranche of its previously announced bought deal financing for additional gross proceeds of $4.5million US from the issuance of 3.6M flow-through Shares. The aggregate gross proceeds to the Company from the completion of the Offering (including the gross proceeds raised from the completion of the first tranche of the Offering on September 4, 2024) is $32,200,000. The Offering was completed on a bought deal basis. (TSXV: DV) (OTCQX: DOLLF) News Release

Osisko Gold Royalties has entered into a binding agreement to acquire a 1.8% gross revenue royalty on the Dalgaranga Gold project operated by Spartan Resources in Western Australia. In addition, Osisko shall also acquire a 1.35% GRR Exploration Royalty on additional regional exploration licenses in proximity to Dalgaranga. The considerations to be paid by Osisko to the seller, Tembo Capital, for the Dalgaranga Royalty and the Exploration Royalty, respectively, total US$44 million and US$6 million. Dalgaranga, a recently mined open pit operation, has been rejuvenated by new high-grade discoveries, most notably the Never Never and Pepper deposits, which have shifted the focus towards ore extraction via underground mining methods. The Dalgaranga mill is fully-permitted and approvals for future underground mining are in progress. (OR: TSX & NYSE) News Release

Royal Road Minerals announced  it's 50% owned Saudi Arabian joint-venture company Royal Road Arabia, has qualified for the Kingdom's Exploration Enablement Program which provides for the reimbursement of up to USD $2 million in exploration costs per exploration license. The qualification is specific to RRA's Jabal Sahabiyah project which comprises three contiguous exploration licenses. (TSXV: RYR) News Release

Capital seems to be rolling into exploration once again. News out this morning that Roscan Gold has a fully subscribed $2-Million non-brokered bought deal. North Peak Resources announced a non-brokered private placement of $2-Million. And Radisson announced a $3-million non-brokered private placement as well. 

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