Morning Briefing: Ivanhoe to Raise $500M

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Wednesday, December 13th

Gold rallied back over $2,000 per ounce on Tuesday, spiking as high as $2012 after a benign CPI report hit the tape. But the price management squad would have none of that and promptly shoved the yellow metal back down below $2,000, to close the afternoon session at $1,995. Silver piggy-backed gold's trading pattern, trading as high as $23.45 per ounce before being pushed off the cliff. Silver managed to successfully fend off an attempt to take the price below $23 and closed the day at $23.06. 

The Mining Stock Journal reiterated that if the CPI news was bullish for the stock market, with SPX and Nasdaq soaring again, it should have been bullish for gold and silver. Clearly there's an official price containment operation in place at the moment. The mining stocks once again were hammered lower, with the Amex Gold Bugs index down over 3% and the GDX down 2.3%.

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… Western Copper and Gold. 

Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.

And here’s what you need to know this morning….

Arizona Sonoran Copper Company announced metallurgical results from the Nuton Phase 1 column leach program on its Cactus copper porphyry project in Arizona. Phase 1 testing on the first 15 columns showed that copper extractions of primary sulphide material ranged from 80% to 85% at elevated temperatures. Secondary sulfide (enriched) extraction from 85% to +95% was also achieved. The company plans to conduct similar tests on a Parks/Salyer primary blend and a mixed enriched blend sample. Phase 2 testing is contingent upon completing a Commercial Framework agreement with Nuton. Arizona Sonoran said Nuton’s heap leaching technology is a potential solution to access its currently stranded primary mineral resource while also improving copper extraction rates from enriched material. If it can reach an agreement with Nuton, the company could include the improved extraction rates into a technical study, complementing the base case PFS anticipated in Q1 2024. Arizona Sonoran Copper Company (TSX:ASCU | OTCQX:ASCUF) News Release

Ivanhoe Mines opened a brokered private placement of 41.7M shares at C$12 for proceeds of C$500 million to fund exploration and working capital. Under the investor rights agreements, CITIC Metal Africa Investments and Zijin Mining Group, can maintain their pro rata equity interest in the Company, with such Shares being in addition to those issued as part of the Offering. Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) news release

Banyan Gold has completed the 75% earn-in on the McQuesten Property, comprised of 73 claims, which contains the Airstrip Deposit and part of the Powerline Deposit of the AurMac Project in Yukon. The company said it has completed all the exploration expenditure requirements to earn 100%, and owns 51% of the Aurex Property (433 claims), which contains the majority of the Powerline and Aurex Hill Deposits. Banyan has until December 2025 to formalize the Aurex 75% ownership and has also completed all the exploration expenditures to earn 100%. The remaining 401 claims of the AurMac Project are 100% owned by Banyan. AurMac hosts a Resource of 6.2Moz of Gold. Banyan Gold (TSXV:BYN) news release

Reunion Gold announced additional drill results from its Oko West project in Guyana from the resource expansion drilling program beneath the June 2023 Resource pit shell between 500m to 1,000m. Highlights included 33m @ 7.26g/t Au in hole D-336. Highlights from resource conversion drilling above 500m included 110.6m @ 2.77g/t in hole D-343. Resource expansion drilling below the resource pit continues to indicate that the high-grade zone identified within block 4 continues to a depth of at least 1000m. Reunion Gold (TSXV: RGD; OTCQX: RGDFF) news release

Brixton Metals announced results of the remaining 2023 drill program at its Camp Creek Porphyry Target on the Thorn Project in the Golden Triangle. Hole 285 intersected 717m of .5% CuEq and included 248m of .6%. Hole THN23-277 ended in copper mineralization with strong porphyry indicators and while the hole failed to reach its target depth, it is set up to wedge from 900m depth as a daughter hole early next drill season. The 2023 program at the Camp Creek Porphyry Target totaled 10,099.68m of drilling from nine holes. (TSX-V: BBB, OTCQB: BBBXF) News Release

Barksdale Resources provided a drilling update on its Sunnyside project in Arizona. The company says hole 3 has crossed into the Paleozoic carbonate package at 1,237m and is continuing to the targeted depth of approximately 1,800m. The drill hole is expected to cross the projection of multiple massive sulfide lenses over the next ~500m. Hole 2 has been completed and reached its target depth of almost 1900m and intersected multiple zones of porphyry related mineralization. This included 27m of secondary copper enrichment at a depth of 320m and 6.1m of  quartz monzonite hosted vein mineralization grading 1.08% copper, 16.6 g/t silver and 0.02 g/t gold from 1,103m depth. (TSXV: BRO) (OTCQX: BRKCF) News Release

Eldorado Gold released a reserves and resources update with its Proven and Probable Reserves as of September 30 totalling 11.7Moz, a 5% decrease from a year ago. Its Measured and Indicated Resources totalled 19Moz, a 1% decrease from a year ago. Eldorado Gold (TSX:ELD) news release news release

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