Morning Briefing: Lundin Mining Reaches Agreement with Caserones Union
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, August 26th.
Last week Jerome Powell's confirmation on Friday that the Fed will cut rates in September helped fuel a $31 rally in the price of gold. Gold closed the week at $2548, just a couple bucks below the all-time high it set a few days earlier. Not to be bested by its royal sibling, silver shot up 81 cents, or 2.8%, outperforming gold by a better than 2 to 1 margin percentage-wise. Silver managed to close a short putt away from $30 at $29.86, September silver basis. Silver is up 11.5% from two weeks ago when it spent a couple days below $27. The mining stocks took their cue from the metals and staged a nice rally Friday. GDX closed up 1.44%, outperforming the major stock indices other than the Nasdaq Composite.
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… 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….
Founders Metals provided a corporate update and outlined regional exploration targets for the Antino Gold Project in Suriname. At Lower Antino, the company says 25% of their grab samples graded more than .3 g/t Au and up to 20.4 g/t Au while auger sampling has revealed a new 2.5 km gold trend hosting similar structures and geological features as to the Froyo Gold Trend in Upper Antino. At the Southern Froyo Extension, a recent grab sample of 57.4 g/t Au was collected 1.5km southeast of Froyo, which indicated the potential for repeat zones of gold mineralization similar to Froyo. The company also says they have identified a new prospect called Lawa. It is a completely unexplored area with three major gold-mineralized trends including two large intrusions along separate structures over a combined 2.7 km strike length. Trench sampling at Lawa will begin this fall. (TSXV: FDR) (OTCQX: FDMIF) News Release
Comet Lithium announced results from its Phase 1 exploration program conducted this summer at the Liberty property in Québec. The work produced 127 rock samples and identified two highly prospective zones, one along strike with Adina East and another in the southeastern portion of the Liberty Property, where additional outcrops and boulders have been observed. (TSXV: CLIC) News Release
Euro Manganese has entered into an offtake term sheet with Blue Grass Chemical Specialities for the sale of high-purity manganese metal from the company’s Chvaletice Manganese Project n the Czech Republic. Deliveries are to commence from first production, ramping up with the Project’s production capacity, for an initial term of seven years with potential for renewals. The commencement of the initial term will be subject to successful qualification of the Company’s HPEMM in Blue Grass Chemical’s supply chain. The qualification process shall commence with HPEMM from the Project’s Demonstration Plant, a sample is now under evaluation by Blue Grass. News Release
Lundin Mining have reached an agreement with the union at Caserones which has been accepted by the majority of the union members, to establish a new collective bargaining agreement. The Company will now focus on a safe back-to-work plan and an efficient ramp-up of operations which has been running at approximately 50% capacity during the labour action. (TSX: LUN) News Release
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