Morning Briefing: Ivanhoe Mines Completes Restart of Kipushi
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, July 2nd.
Last week the gold price closed up slightly from the previous week and trended sideways with some mid-week volatility. Yesterday gold close up $5 from Friday's close at $2342, August gold basis. The Mining Stock Journal noted that the momentum indicators are starting to reflect the potential for a move higher though this does not say anything about timing. In addition, by several reports, physical demand in the eastern hemisphere continues to be strong. Last week silver closed down slightly from the previous week. Yesterday silver settled in the afternoon at $29.74, September basis, up 30 cents from Friday's afternoon close. The mining stocks, per GDX, trended lower last week and traded a bit lower on Monday. Both gold and silver traded higher in the afternoon Globex session which is why the miners were not responsive to gains in the metals from Friday
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
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….
American Eagle Gold says they have discovered outcropping copper mineralization at the NAK project in British Columbia. As a follow-up to an Induced Polarization survey conducted in 2024 that highlighted a new area of interest designated the IP Embayment Zone. American Eagle deployed field teams to the IPE Zone, where they discovered three widely separated outcrops. The company also provided an update on drilling and says hole 19 encountered chalcopyrite mineralization below 700 m down-hole that is similar to the outcropping mineralization and mineralization encountered in NAK's North and South Zone target areas. Assays remain pending. (TSXV: AE) (OTCQB: AMEGF) News Release
Kenorland Minerals says they have engaged an engineering consulting firm to assist int he preparation for a potential authorization and permit application for development of an underground exploration decline at the Frotet Project. Kenorland and Sumitomo have engaged BBA to develop a scoping study, which provides a comprehensive approach to permitting an exploration decline at the Project, as well as a preliminary cost estimate associated with developing the underground infrastructure. This scoping study outlines a pathway for permit acquisition and includes several baseline studies to be conducted by BBA. The underground exploration decline aims to facilitate year-round exploration activities, including drilling to delineate the Regnault Gold Deposit, with a resource estimate anticipated by late 2025. Kenorland holds a 4% net smelter return royalty on Frotet. (TSXV: KLD) (OTCQX: KLDCF) News Release
Aya Gold and Silver published new drill results from its at-depth drill exploration program at the Zgounder Silver Mine in the Kingdom of Morocco. Results included 2,870 g/t Ag over 6.5m and 1,252 g/t Ag over 4m at the Central Zone. At the Western Zone, the company drilled 7,631 g/t Ag over 1.5m while another exploration hole near the granite contact returned 5,696 g/t Ag over 2.5m. There are currently 4 underground rigs turning at Zgounder. (TSX: AYA; OTCQX: AYASF) News Release
Ivanhoe Mines announced the completion of construction and the restart of the historic Kipushi zinc-copper-lead-germanium mine in the Democratic Republic of the Congo (DRC), 100 years after it first operated, and 31 years since it was placed on care and maintenance. First feed of ore into the new concentrator was achieved on May 31, 2024, with first concentrate subsequently produced on June 14, 2024. Off-take agreements for Kipushi's high-grade zinc concentrate have been signed with CITIC Metal (HK) Limited of Hong Kong and Trafigura Asia Trading of Singapore. Further off-take agreements are expected to be signed in the coming months. (TSX: IVN) (OTCQX: IVPAF) News Release
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