Morning Briefing: Los Andes Publishes PFS for Vizcachitas
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday February 23rd.
Wednesday gold drifted higher overnight through the close of the physical buying markets in the eastern hemisphere, trading as high as $1851 before getting pushed lower into the a.m. price fix in London. Shortly after the price fix, gold shot higher up to $1854. But, in the absence of any material news or event catalysts, about 30 minutes before the Comex opened gold was shoved off a cliff, falling to $1832. It settled the afternoon Globex trading session at $1834. Silver interestingly rallied into the London a.m. price fix and then ran up to test $22 before getting hammered lower in correlation with gold down to $21.45 before settling at $21.50. The Mining Stock Journal commented that it looks like the price management team is countering the upward price pressure from the physical gold and silver buying market by using paper derivative gold and silver to prevent a big move higher driven by physical demand. The newsletter added that it believes this effort will be short-lived. The mining stocks were not happy with the price-action of the metals during U.S. trading hours, as GDX declined 2.3% and the Amex Gold Bugs index was hit for 2.2%. Based on the RSI momentum indicator, GDX is at its most oversold since early May 2022. Speaking of oversold, the Mining Stock Journal will be featuring a junior mining company with a substantially de-risked silver/poly-metallic project that it believes is an easy double this year. You can learn more about the newsletter at InvestmentResearchDynamics.com
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…Arizona Sonoran Copper.
ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Los Andes Copper announced results of its Prefeasibility Study at its Vizcachitas project, located 150 km north of Santiago. The technical report highlights A $2.8 billion post-tax net present value ("NPV") using an 8% discount rate and an internal rate of return ("IRR") of 24% at $3.68/pound ("lb") copper, $12.9/lb molybdenum and $21.79/ounce ("oz") silver. The resource at Viscachitas now sits at proven & Probable Reserves of 1.22 billion tonnes at a .41% CuEq, measured and indicated resources of 14.8 billion lbs CuEq and Inferred Resources of 15.4 billion lbs CuEq. The project comes at a cost of $2.4B dollars with a construction period of 3.25years and a payback period of 2.5 years from initial production. Los Andes Copper trades on the TSXV with LA and on the OTCQX with LSANF. News Release
Magna Mining announced drilling has confirmed a new zone of near surface sulphide mineralization approximately 1000 metres east of the Crean Hill Main Zone. The recent drilling was targeted near a historical drill hole which then showed positive mineralization. Assays remain pending for this new zone. However, the company did report assays from the Shakespeare deposit this morning. Results included 0.25% Ni, 0.32% Cu, 0.81 g/t Pt + Pd + Au over 36.1m and 0.23% Ni, 0.28% Cu, 0.80 g/t Pt + Pd + Au over 34.0m. Drilling has successfully expanded the West Zone mineralization both down-plunge, and closer to the surface in areas which were previously undrilled. Magna says Further successful drilling in the area between the East and West zones (MMC-22-47) supports the hypothesis that the Shakespeare open pit could be optimized in the future through incorporating East and West Zone mineralization into a single open pit design. Magna Mining trades on the TSXV with NICU. News Release
Osino Resources provided an update on the recently completed infill and step-out drill program at the Twin Hills Gold Project in Namibia. A total of 14,428m of drilling from 74 holes has been completed since the August 2022 MRE. his drilling has mainly focused on infill and step-out drilling on the main deposits of Twin Hills to convert as much of the Inferred resource to Indicated as possible. Highlights from this morning’s reported results included 11m of 4.72 g/t at Twin Hills Central, 74m of .63 g/t at Twin Hills West and 77m of .92 g/t at Clouds. The company says Assay results of 5,470m are still to be reported and these results will be incorporated into an updated MRE which will form the basis for the mid-2023 definitive feasibility study. Osino Resources trades on the TSXV with OSI and on the OTCQX with OSIIF. News Release
Minera Alamos says there exploration work at the Santana gold project in Mexico is underway. The focus on this year's drilling plan will be led by discovery drilling on a number of gold bearing breccia pipes in the cluster that comprise the Santana project. Up to 80 holes totaling 10,000 m of drilling have been laid out by the Company's exploration team with the first phase of the drilling commencing at Benjamin Hill and Benjamin West before moving to Zata. Total meterage will depend on results received but the planned program is well within the Company's budgets aided by a low cost of drilling due to the utilization of Minera's own drill rig at site. Minera Alamos trades on the TSXV with MAI. News Release
Superior Gold has entered into a definitive agreement to which Australian listed Catalyst Metals will acquire all of the issued and outstanding common shares of Superior and its Plutonic Gold Operations located in Western Australia. Superior will receive 0.3571 of one ordinary share of Catalyst for each Superior common share held. The Exchange Ratio represents the equivalent of C$0.44 per Superior Share and a total equity value for Superior of approximately C$54 million on a fully-diluted basis and implies a premium of 62% to the closing price of Superior on the TSX Venture Exchange as of yesterday. Superior Gold trades on the TSXV with SGI and on the OTCQX with SUPGF. News Release
Kodiak Copper says it entered into a purchase agreement to acquire a 100% interest in eleven claims contiguous with Kodiak’s MPD copper-gold porphyry project in Southern British Columbia. The consideration consists of 150,000 Kodiak shares upon closing of the transaction, A 2% net smelter returns royalty on the Property of which 1% may be purchased by Kodiak for C$3,000,000 at any time; and a cash payment of $5,000. Kodiak Copper trades on the TSXV with KDK and on the OTCQB with KDKCF. 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.