Morning Briefing: Ivanhoe Electric Drills its Best Intercept at Hog Heaven
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday April 2nd.
Starting Sunday evening, gold ran from the Friday close of $2,255 to as high as $2288 by midnight. This was followed by a pullback that pushed gold down to $2265 shortly before the Comex opened. After bouncing back to $2280, the price dropped like a rock to as low as $2249 in response to a sudden spike higher in the dollar. But gold then managed to rally back to $2272 by the close of the afternoon Globex session. Silver similarly ran up overnight to as high as $25.41 from the $25.09 Friday close before a pullback to $25. When the Comex opened silver shot up to as high as $25.50 before doing a 70 cent cliff dive back down to $24.85, after which poor man's gold staged a rally that took it back over $25.21 by the afternoon close. The mining stocks were bubbly on Monday in response to the moves in the metals. GDX rose 1.3% and the Arca Gold Bugs index jumped 1.6%. The Mining Stock Journal is quite encouraged by what seems to be strong support from Asian physical gold and silver demand. That said, the recent move higher in the sector has been sharp and by some sentiment indicators trader enthusiasm is at a level that typically precedes pullbacks.
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….
Ivanhoe Electric published new drill results from the Hog Heaven project in Montana, which included the best copper-gold-silver intersection to date on the project. Hole 14 returned 82m of .63% Cu, .32 g/t Au and 37.8 g/t silver from a depth of 568m. The highest grade interval included 21.7% copper, 3.94 g/t gold and 510 g/t silver over 1.1 meters from 632 meters. The company says drilling to date has demonstrated the high-sulfidation epithermal mineralization has a strike length of at last 800m around the Northern Edge of the Flaghead Diatreme. Hog Heaven is under an earn-in agreement from Brixton Metals. (NYSE American:IE) (TSX:IE) News Release
MP Materials has received a $58.5 million award to advance its construction of America’s first fully-integrated rare earth magnet manufacturing facility. The Section 48C Advanced Energy Project tax credit allocation was issued by the IRS and Treasury following a competitive, oversubscribed process administered by the Department of Energy that evaluated the technical and commercial viability and environmental and community impact of approximately 250 projects. MP Materials began constructing its Fort Worth, Texas, manufacturing facility in April 2022. The company is currently producing magnet precursor materials in a North American pilot facility. It expects to commence commercial production of precursor materials in Fort Worth this summer and finished magnets by late 2025. (NYSE: MP) News Release
Talisker Resources announced new drill results from the Bralorne Gold Project this morning. Todays results included 97.40 g/t Au over 2.00 metres within a broader intercept of 38.17 g/t Au over 5.20 metres on the Alhambra Vein. There was also 9.58 g/t Au over 1.90 metres within a broader intercept of 4.22 g/t Au over 8.15 metres on the BK-9870 Vein. Talisker initiated resource conversion drilling on October 17, 2023, with 15,000 metres of planned drilling and completed the program on February 15, 2024. (TSX:TSK | OTCQX:TSKFF) News Release
Stallion Uranium say it has encountered anomalous radioactivity in the first completed hole of the Company’s maiden drill program on its 100% owned Coffer Project in the prolific Southwestern Athabasca Basin in Saskatchewan. Hole 1 encountered anomalous radioactivity near the unconformity with a peak of 1,540cps (Counts per Second) in a 4.2m radioactive interval including 0.3m at 1,322 cps. The second hole of the drill program is already underway. The collar of the hole is a step out of 700m to the east of the first hole. This drill hole is designed to test the continuity of radioactivity at the unconformity intersected in drill hole CF24-001 as well as provide additional geological information to support the observations made. (TSX-V: STUD; OTCQB: STLNF) News Release
Scottie Resources has entered into a financing agreement with Franco-Nevada. Scottie will sell a 2% gross production royalty to Franco for a total of CAD$8.1M. The Royalty will apply to all minerals produced on Scottie's claims in the Stewart Mining Camp in the Golden Triangle. In addition, Franco-Nevada has agreed to purchase common shares of the Company comprising the entire back-end of an aggregate C$1,500,000 charity flow-through private placement at a price to flow-through subscribers of C$0.275 per flow-through common share of the Company. (TSXV: SCOT) (OTCQB: SCTSF) News Release
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