Morning Briefing: Kenorland Drills 24.16 g/t Au over 4.7m at Frotet
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, June 18th.
The price of gold drifted lower oddly during eastern hemisphere trading on Monday but then, oddly, began to rise after China closed for the day. Not surprisingly, the price was slammed right after the London p.m. price fix and at one point was down $23 from Friday's close. The price drifted higher after the price waterfall and settled in the afternoon at $2234, down $14 from Friday. Silver followed a similar price path as gold only it handily outperformed its royal sibling, closing at $29.53, unchanged from Friday. The mining stocks were broadly lower yesterday, with GDX down 0.6%, though some silver stocks managed to close green. It feels like the summer doldrums are settling into the precious metals sector though the price rally in both metals after the price management team tried to push them lower when London closed is encouraging.
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… Arizona Sonoran Copper.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Kenorland Minerals reported final drill results form this winter’s drill program from the Frotet Project in Quebec. Highlights returned 24.16 g/t Au over 4.7m at R2. At R6, drilling returned 9.1 g/t over 9.5m. R1 returned 31.09 g/t Au over 1.9m. Assays from the 27 drill holes, totaling 18,448m of drilling completed during the program. The priority objective of the 2024 winter drill program was to increase confidence of the vein system geometry and grade continuity along the R1, R5, R6 and R7 mineralised structures and to determine how these intersect with the R2 trend. Kenorland currently holds a 4% net smelter return royalty and is operator of the Project. (TSXV: KLD) (OTCQX: KLDCF) News Release
Western Alaska Minerals says drilling has commenced on it Illinois Creek property in western Alaska. Initial drilling is focused on new target zones to expand and link together mineralization along 6 to 8 km of this silver-rich carbonate replacement ("CRD") system. LH and Warm Springs are the priority areas. The program is set for at least 4,000m of diamond core drilling with a potential to expand. (TSXV:WAM) News Release
American Pacific Mining has also initiated drilling in Alaska, this coming from the Palmer copper-zinc VMS project and with JV partner Dowa Metals. The 2024 drill plan will follow up on the structural trends interpreted to be associated with last year’s high grade results, while also testing the deposit extensions to expand the known mineralized envelope. The budget included 5,100m of drilling. (CSE: USGD) (OTCQX: USGDF) News Release
GoldMining reported new assay results from the first drill hole of its new drill campaign from the São Jorge Project in Brazil. The program consists of approximately 1,000 metres ("m") of total proposed diamond core drilling and 3,000 m of power auger drilling. The objectives of the program include, among other things, to complete confirmatory drilling within and near the margins of the existing São Jorge gold deposit and test a reinterpretation of the structural controls on high-grade mineralization. Highlights included 1.02 g/t Au over 163m with higher grade intersections throughout the hole, including 37m of 2.26 g/t from a depth of 95m. (TSX: GOLD) (NYSE American: GLDG) News Release
First mining Gold announced new drill results from its 2024 Phase 2B winter diamond drilling program at its Duparquet Gold Project in Quebec. This latest drilling targeted additional exploration trends of the North Zone, assessing the potential for higher-grade areas with extensional continuity. Drill hole DUP24-024 returned multiple intervals of significant higher-grade mineralization over considerable widths that are hosted proximal to and within a newly identified mafic volcanic unit, including 10.67 g/t Au over 5.3 m, 6.63 g/t Au over 9 m, 3.04 g/t Au over 33.5 m, and 5.97 g/t Au over 33 m. (TSX: FF) (OTCQX: FFMGF) News Release
Silver Mountain Resources says Peru's National Authority for Environmental Certification has approved the extension of the main environmental permit (or EIA-d) for its 100% owned Reliquias Mine, Caudalosa Mine and all their components in central Peru. This authorization extends the environmental certification for the Company's future mining operations until 2034.(TSXV: AGMR) (OTCQB: AGMRF) News Release
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