Morning Briefing: Lifezone Drills High-Grade Nickel in Tanzania; Li-FT Power Commences Winter Program
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday, January 29th
Last week gold drifted sideways for the most part and closed slightly lower on the week. The Mining Stock Journal noted that the repetitious pattern in which gold rises during eastern hemisphere physical trading hours and then gets pushed lower in London and NYC persisted throughout the week. Silver, after getting slammed hard last Monday, bounced to close marginally higher for the week. The Mining Stock Journal said that the weekly Commitment of Traders report from the Comex showed that the bullion banks are close to being net long paper silver while the hedge funds and CTAs are now net short. Historically this positioning by the banks and funds precedes a move higher in the metals. The mining stocks rallied a bit on the week, with GDX up about 1%. The Mining Stock Journal said that the rally in the miners was largely confined to the mid-cap and large-cap producers. The newsletter added that it expects intensified downward pressure on the precious metals sector ahead of this week's FOMC meeting and the monthly non-farm payroll report.
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….
Kuya Silver reported their final assays results from a second diamond drilling program at the Campbell-Crawford Airgiod target area on the Silver kings Project. Today’s results bring about a discovery of high-grade silver and cobalt. Hole 31 intersected 12,200 g/t (392 oz/t) Ag, 0.17% Co (12,264 g/t AgEq*) over 0.40 m within a wider zone grading 1,799 g/t Ag, 0.03% Co (1,810 g/t AgEq*) over 3.20 m in the Angus Vein. Hole 30 was drilled 250m northest of the original Angus Vein and returned 249 g/t silver, 1.64% cobalt (863 g/t AgEq*) over 0.40 m, within a wider zone grading 132 g/t silver, 0.35% cobalt (263 g/t AgEq*) over 1.88 m, in a new NW-trending vein named the Moran Vein. This 250 m step-out triples the tested extent of buried silver-cobalt mineralization between the neighbouring Campbell-Crawford and Airgiod properties. (CSE: KUYA) (OTCQB: KUYAF) News Release
Lifezone Metals provided results from its 2023 Safari Link diamond drilling exploration program at its Kabanga Nickel Project located in north-west Tanzania. Resutls reported today included 15.1 meters grading 2.24% nickel, 0.24% copper, and 0.18% cobalt 300m northeast of the existing mineral resource. The 2023 exploration drilling program was designed to test for a continuation of the Tembo high-grade nickel mineralization into the Safari Link area, which comprises 1.4 kilometers of strike length north-east of the Tembo and the Safari zones. (NYSE: LZM) News Release
Silver Storm Mining shared new drill results out from its Phase 1 diamond drilling program on the La Parilla Silver Mine Complex in Durango, Mexico. Results included 689 g/t Ag.Eq1 over 9.39 metres ("m") including 1,000 g/t Ag.Eq over 5.25 m from the San Nicolas Zone. This is a breccia zone which can be traced 235 m toward the surface, where a 25 m deep artisanal shaft is located. Mineralization at San Nicolas commences from surface and has now been traced with continuity to a depth of 370 m. (TSXV: SVRS) (OTCQB: SVRSF) News Release
Li-FT Power has commenced its winter diamond drill program at the Yellowknife Lithium Project. This 2024 winter drilling program aims to drill just over 100 holes for 18,600 m on six of LIFT’s pegmatite prospects to build on the 34,200 m of drilling across 198 holes that was completed in 2023. This winter’s program will focus on resource expansion, stepping outwards from spodumene mineralization defined in the summer 2023 program. (TSXV: LIFT) (OTCQX: LIFFF) News Release
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