Morning Briefing: Magna Mining Completes Bulk Sample Program at Crean Hill
Good morning and welcome to the Mining Stock Daily Morning Briefing.
Today is Monday, October 7th
Last week gold finished flat on the week, closing at $2667 Friday after trading as high as $2695 on Monday. The Mining Stock Journal commented that, right now, ahead of the obviousness of the Fed's move to lower rates and eventually inject liquidity into the banking system, there's a strong effort by the banks to keep gold below $2700. Silver, on the other hand, closed the week up 3% at $32.39. The gold/silver ratio fell to nearly 3 points to 82.35. But the ratio is still at the high end of its 2,000 year history which suggests that silver is poised to make a big move in the coming months. The mining stocks generically closed 2% lower last week, though the Mining Stocks Journal noted that several micro-cap junior project development stocks closed the week up anywhere from 10 to 20 percent. A few of those are Mining Stock Journal recommendations.
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…Vizsla Silver
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And Here’s what you need to know this morning…..
Magna Mining provided an update on the advanced exploration surface bulk sample at the Crean Hill project in Sudbury. The company says they have completed the sample program and have thus acquired the data needed to fully assess the base case metallurgical performance of the 109 Footwall zone. The sample was taken across the entire width of the mineralized zone, including the higher sulphide core of the deposit an the low-sulphide, but higherPGM extremities. Processing of the bulk sample was completed last month at Glencore’s Strathcona Mill. A total of 20,524 dry tonnes of feed from the 109 FW Zone was processed over a 5-day period. Concentrate was produced which will be processed through Glencore's Falconbridge Smelter. (TSXV: NICU) (OTCQB: MGMNF) News Release
Solaris Resources reported assay results from its ongoing 2024 drilling program of 60,000m targeting open extensions of mineralization while upgrading mineral resources and converting waste at its Warintza Project in Ecuador. Drilling highlights included 93m of 1.01% CuEq drilled to the northwest, 87m of 1.23% CuEq drilled to the north and 84m of 1% CuEq drilled southeast. These results show mineralization partially outside of its mineral resource estimate, specifically in the northwest and the northeast sectors. Step-out exploration drilling testing the potential for mineralization within a large area of undrilled soil anomaly on the far side of this body has been completed with assays expected in the coming weeks. The company also says they are on track to exceed its planned 60,000m drill program this year. (TSX: SLS; NYSE: SLSR) News Release
Foran Mining announced additional assay results from its summer drill program at the Tesla Zone at the McIlvenna Bay property in Saskatchewan. Hole TS-24-30 targeted a 200m by 150m area and successfully intersected a wide lens of copper-rich mineralization, further demonstrating the strength and potential scale of the Tesla Zone, according to the company. That hole returned 3.4m of massive sulphide grading 4.29% Cu, 8.21% Zn, 55.5 g/t Ag and 0.03 g/t Au (6.64% CuEq) and another 31.2m of breccia and stringer mineralization grading 2.40% Cu, 0.48% Zn, 19.2 g/t Ag and 0.51 g/t Au (2.72% CuEq). Assay results from six additional infill Tesla holes from the summer program are currently pending, with results expected soon. (TSX: FOM) (OTCQX: FMCXF) News Release
Montage Gold provided an exploration update at the Koné project in Côte d'Ivoire. The company says this year’s first drill campaign was completed at the end of July, totalling 30,170 metres at a cost of approximately US$4 million, with the goal of prioritizing key targets for the next drill programme. The drill programme successfully confirmed mineralisation at all 14 targets which were drilled. A second 2024 drilling campaign, totalling 60,000 metres at an approximate cost of US$8 million, commenced mid-September with the goal of delineating resources at selected advanced targets by year-end, in addition to continuing to drill test and progress other targets. Management believes that significant potential exists to add further higher-grade satellites, with the aim of enhancing the profile of the Koné project by slotting these discoveries early in the mine plan. (TSXV: MAU) (OTCQX: MAUTF) News Release
Heliostar Metals announced a non-brokered private placement of 10-million units at a price of $.60 per unit for gross proceeds of $6M. Eric Sprott will the sole sole subscriber to the deal, which also consists of a half warrant at an exercise price of $.90 per warrant and has a hold period of 24 months. The Company intends to use the net proceeds of the Private Placement for working capital and general corporate purposes. (TSXV: HSTR) (OTCQX: HSTXF) News Release
Speaking of financings, last week Scorpio Gold closed its non-brokered private placement of two and a half million dollars. The deal consists of just under 21-million shares prices at $.12 per share. The company intends to use the proceeds from the Financing for property maintenance and further exploration and development of the Mineral Ridge and Goldwedge Manhattan Projects, as well as for general working capital. (TSXV: SGN) (OTCQB: SRCRF) News Release
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