Morning Briefing: Lundins Become Largest Shareholder of Fireweed Metals

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Wednesday November 30th. 

The gold price began sprinting higher late Monday night, trading as high as $1758, where it bounced around until the Comex opened and the price was pushed back down aggressively. But when the stock market opened gold shot back up to the high 1750's. Gold faded in the afternoon, settling at $1748, up about $7 from Monday. Silver traded in a similar pattern as gold, only the ups and downs were more extreme. However, poor man's gold fought off multiple efforts to push it below $21 and settled at $21.18, up 26 cents from Monday. The Mining Stock Journal said that, notably, when the stock market sold off pretty hard mid-morning, the precious metals sector did not follow the market lower. The newsletter said that there's a possibility that the precious metals sector could be set up to move higher from here regardless of the next direction taken by the stock market. On that thought, it noted that the charts for the sector continue to look quite bullish, especially silver. The mining stocks followed the lead set by gold and silver and had an outstanding day, with GDX up 3.1%. The Mining Stock Journal said that sentiment toward the sector is turning cautiously bullish but that it won't take much fundamental encouragement to ignite a torrid rally in the sector.

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….

Fireweed Metals has a new shareholder in the Lundin Family. Last night, the company announced a non-brokered private placement for gross proceeds of more than $27.5M CAD, which is compromised of just over 28 million shares at a price of .74 per share, 3,000,000 flow-through common shares of the Company at a price of CAD$0.88 per share, and 3,300,000 flow-through common shares of the Company at a price of CAD$1.20 per share through a charitable donation arrangement. The Lundins’ participation in the Offering makes them collectively Fireweed’s largest shareholder. The proceeds from the Offering will be used for exploration and development of the Company’s projects in northern Canada, and for general working capital purposes. Fireweed Metals trades on the TSXV with FWZ and on the OTCQB with FWEDF. News Release

Barksdale Resources announced it nitial resource estimate at Cerro Verde as part of the San Javier copper-gold project , located within two hours of Hermosillo in the state of Sonora, Mexico. The resource is pit-constrained and uses a base case of US$4.00/lb copper and various cut-off grades according to metallurgical characteristics of the mineralization. The report shows approximately 419 million pounds of contained copper within measured and indicated categories with an additional 31 million pounds of contained copper within inferred resources. The Company will now initiate a preliminary economic study at Cerro Verde that envisions a low-strip copper heap lead style operation that produces cathode copper on site. Barksdale Resources trades on the TSXV with BRO and on the OTCQX with BRKCF. News Release

Adventus Mining and Salazar Resources says the President of Ecuador has signed the eagerly awaited pre-legislative consultation decree which will guide the formal comment process for the draft environmental consultation regulation as part of the Environmental and Social Impact Assessment approval process. Upon completion of the comment process for the Regulation, which is expected shortly, the President of Ecuador is expected to enact the Regulation through Presidential Decree. From there, the Participants expect two rounds of community consultations led by the Government of Ecuador. These community consultations are expected to be similar to the many community consultations led by the Participants since the discovery of the El Domo deposit within the Curipamba project concessions in 2008. Current guidance from the Government of Ecuador is that the Regulation comment period and subsequent final consultation process governed by the Regulation are expected to require seven to nine months to the signed and full approval of the El Domo ESIA, at which point full construction activities can begin. Adventus trades on the TSXV with ADZN. Salazar Resources trades on the Venture with SRL. News Release

G2 Goldfields says drilling at its OKO gold project  has intersected a new surface zone of broad disseminated gold mineralization. In addition, mechanical trenching over 500m to the north of this new drill intersection has exposed wide zones of stockwork style mineralization within similar host rocks, from which considerable amounts of free gold have been observed in pan concentrates. The first four holes of the current twelve diamond drill holes have been assayed and returned 21m of 1 g/t gold and 50m of 1.71 g/t gold. G2 Goldfields trades on the TSXV with GTWO and on the OTCQX with GUYGF. News Release

And Novo Resources provided an exploration update from the Egina District which is within that Pilbara exploration portfolio. A comprehensive drilling program is systematically testing high-priority structural and intrusive-related gold prospects within the wider Becher Area. To date over 1,120 holes for some 26,500 m of a planned >30,000 m regional AC drill program in 2022 are complete and a deeper targeted RC drilling program has commenced. The Becher Area drilling program will be suspended during the wet season from mid-December 2022 to early March 2023. Novo trades on the TSX with NVO and on the OTCQX with NSRPF. News Release

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