Morning Briefing: Magna Mining Discovers a New Copper Zone at Shakespeare
Good morning and welcome to the Mining Stock Daily Morning Briefing.
Gold was down slightly on its front month contracts after its previous selloff the day before. It closed the week last weeks at $2749 per ounce. The pullback was a healthy one to work off some of its overbought indicators. It was the first noticeable down week for gold since the beginning of October. Silver followed a similar price path on friday, closing down at .35% at 32.69 per ounce, although it is seeing a little bit of a bounce in early morning trading this morning. Silver’s uptrend remains intact. Copper remained in a tight range all week, trading between $4.32 per pound and $4.40. Concerns over weaker Chinese economic growth remain a dampening factor for its medium-term outlook. We expect all markets to be a bit subdued over the next two days as the world will once again focus on the outcomes of the US presidential election tomorrow.
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… Minera Alamos
Minera Alamos is a gold developer and producer with its first low capex mine, Santana, continuing to work through start-up development. The company is also advancing the Cerro de Oro project through the permitting process. Recently, Minera announced the proposed acquisition of Sabre Gold Mines which owns the planned 40,000 oz/y Copperstone gold mine in Arizona. Minera is built around its operating team which brought 4 mines into production in Mexico over the last 13 years. Learn more at mineraalamos.com.
And Here’s what you need to know this morning…..
Magna Mining provided an update on the ongoing regional diamond drilling program on the Shakespeare Project in Sudbury, Ontario. The company says they have discovered a new copper zone with this program. The initial drillhole on the Southwest (SW) Copper zone has intersected 1.4% Cu over 32.4 metres, including 2.3% Cu over 13.9 metres, beginning at 64.6 metres downhole. The structural zone hosts several known copper occurrences, with mineralization found locally, within the highly silicified shears, including the Stumpy Bay showing and now the SW Copper mineralization, approximately 1 km west of Stumpy Bay. Both Stumpy Bay and the SW Copper zone are located within a portion of the Shakespeare property held under a joint venture agreement with Glencore, which is currently held 86% by Magna and 14% by Glencore. (TSXV: NICU) (OTCQB: MGMNF) News Release
Banyan Gold provided new results of 19 diamond drillholes form the Powerline deposits on the company’s AurMac Project in Yukon. This set of holes was drilled in the north-central portion of the Powerline Deposit as part of the ongoing definition drilling program to increase confidence of the Resource model. Select highlights included .2m of 539.3 g/t Au from a depth of 166m, .3m of 290.1 g/t from a depth of 37.1m and 154.1m of .58 g/t from surface. Banyan initiated its 2024 exploration program on June 1, 2024, and over the course of this season one hundred and eighteen (118) drillholes and over 21,000 m of drilling has been completed within the Powerline and Airstrip deposits. Drilling was completed in mid-October and core continues to be logged and processed with this expected to be completed by mid-November. (TSX-V:BYN)(OTCQB:BYAGF) News Release
Dakota Gold published new drill results from the initial seventeen holes from the larger-ongoing infill drill program to expand the maiden resource at the Richmond Hill Gold Project. The initial infill drill results have encountered further gold mineralization from the central portion of the Richmond Hill resource area, consistent with results reported in our maiden resource. Results included 24.4m of .76 g/t Au, 17.9m of 1.1 g/t and 51.7m of 1.15 g/t Au. The resource remains open in all directions and has potential for improvement with additional drilling, metallurgical work to improve recoveries, and incorporation of silver in the resource. (NYSE American: DC) News Release
DLP Resources shared the complete drill results from drillhole 20 on the Aurora porphyry project in Peru. The hole was drilled to expand the copper mineralization to the southeast from previous hole 16. Hole 20 intersected copper-silver and molybdenum mineralization from 3.00m to the end of the hole at 1061.35m, which included .38% CuEq in its entirety and a 284m intersection of .87%. The drillhole was unfortunately stopped in molybdenum mineralization due to the maximum capacity of the drill rig. (TSXV: DLP) (OTCQB: DLPRF) News Release
Dolly Varden Silver announced new drillr results form its program at the Homestake Silver Deposit in British Columbia. The five (5) drillholes reported this morning, targeted the plunge of a wide, high-grade zone within the Homestake Silver Deposit within a wide gap of previous drilling. Results included 8.85 g/t Au and 5 g/t Ag over 48.23 meters, including one breccia vein grading 701 g/t Au and 184 g/t Ag over 0.54 meters. Another hole returned 4.64 g/t Au and 38 g/t Ag over 100.80 meters, including a breccia veins of 166 g/t Au and 675 g/t Ag over 0.97 meters. The 2024 Kitsault Valley Project drill program is finished for the season, with 69 drill holes completed for a total of 31,726m. (TSXV: DV) (OTCQX: DOLLF) News Release
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