Morning Briefing: Koryx Copper, Red Pine Exploration Assay Results
Welcome to Mining Stock Daily. I’m Kylie Williams.
Today is Wednesday April 24th.
Yesterday, gold continued selling off from Monday's bloodbath, dropping to $2305 into the London a.m. fix. But shortly after the fix the yellow dog started moving higher into and throughout the Comex hours, nearly clawing back the cliff-dive in price that occurred late Monday evening. Gold settled in the afternoon at $2335 June contract basis. Silver's price journey was similar to gold's, with a sell-off down to $26.70 May basis followed by a rally in which silver clawed back all of its late Monday cliff-dive. Silver actually closed up 10 cents to $27.34. The mining stocks turned in a surprisingly strong performance given price-action in the metals. GDX gained 1.6% and the Arca Gold Bugs index rose 1.76%. The silver producers were particularly energized yesterday. The Mining Stock Journal expects further price pressure on gold and silver but added that the strong demand in the physical market should help counteract the games being played by the banks in the paper market.
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… Fireweed Metals.
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
Koryx Copper announced the fifth assay results from its current drill program at its Haib Copper project in southern Namibia. The Company’s latest four drill holes continue to confirm that the deposit can deliver high grades over substantial widths within the known historical resource. All drill intercepts reported today included multiple + 2 metre samples with > 1.00% CuEq with one interval returning 3.95% CuEq, the highest in the history of the project. Koryx trade (TSX-V: KRY) News Release
Over in Quebec, Amex Exploration announced that after continuing to advance its geological understanding on the Perron Project over in Quebec, further drilling identified similarities between the Team Zone, 210 and E3 gold zones, therefore making it logical to combine the three. The larger consolidated Team Zone now covers a strike length of approximately 1.4 km and remains open to the northwest, southeast and at depth. The decision is geologically driven as all three zones display remarkable similarity in their lithologies, structures and mineralization style. The Company is also pleased to announce further drill results from these zones. Highlights from the 210 Gold Zone (which from now will form part of Team Zone) include: hole PE-22-586 which returned 11.50 m of 4.57 g/t Au, including 3.00 m of 10.72 g/t Au at a vertical depth of ~115 m in the 210 Gold Zone. With up to 14 known zones across the Perron property, this decision will improve simplicity and will save time in the ongoing modelling process and drill data compilation. Amex trade (TSXV: AMX) (FSE: MX0) (OTCQX: AMXEF). News Release.
Keeping in eastern Canada, Red Pine Exploration announced assay results from 7 drill holes representing 2,538 metres of diamond drilling from the 2023-2024 resource expansion program at the Wawa Gold Project, Ontario. Since the resource expansion drilling program began in 2021, Red Pine has now drilled approximately 66,100 m of the targeted program of up to 70,000 meters. Of these holes, approximately 57,000 m have now been reported. Today’s Drilling Highlights from the Jubilee Shear System include: 5.34 grams per tonne (“g/t”) gold over 13.39 m, including 16.50 g/t gold over 0.97 m and 13.62 g/t gold over 2.13 m in hole SD-24-490 and 2.16 g/t over 31.89 m, including 6.54 g/t gold over 3.39 m in hole SD-24-493. Red Pine trade (TSXV: RPX, OTCQB: RDEXF). News Release
Down to Chile, Golden Arrow Resources reports that it is now drilling the first hole of an approximate 10,000-metre diamond drilling campaign at the San Pietro Iron-Copper-Gold-Cobalt Project. The goal of the 2024 campaign is to provide additional drill data to facilitate the first Mineral Resource estimate for the Project. The focus of the program will be the advanced Rincones target where the 2023 drill program hit significant new intercepts that extended the mineralized zone, including 64.2m averaging 0.86% copper, 0.20 g/t gold, 196 g/t cobalt and 26.9% iron, starting at 42.8m depth in hole SP-DDH-12. The first several holes of this new campaign will complete a grid pattern to verify the spacing sufficient for classifying resources, as suggested by the modeling work completed to date. This will be followed by additional infill holes as required based on continued modeling. Following the infill holes at Rincones, up to 3,000 metres of drilling will be used to test for new mineralization at other high-potential target areas throughout the Project. Golden Arrow trade (TSXV: GRG) (FSE: G6A) (OTCQB: GARWF) News Release
And we’ll finish up the morning briefing with some uranium news from Saskatchewan…
Cosa Resources announced the completion of the winter 2024 diamond drilling program at its 100% owned Ursa uranium Project in the Athabasca Basin. Three holes were drilled totalling 3,438 meters completed at the Kodiak target area. Drill hole UR24-03 intersected structures, hydrothermal alteration and minor sulphide mineralization in the Athabasca sandstone several hundred metres above the unconformity, and high-strain ductile basement fabrics with late brittle overprint were identified. Sufficient supplies and equipment have been mobilized to conduct an expanded summer program. Cosa trade (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) News Release.
The Mining Stock Daily morning briefing is produced by Clear Commodity Network and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.