Morning Briefing: Magna Mining Drill Results from Crean Hill
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday May 18th.
Wednesday gold sold off steadily overnight starting from $1997 before midnight, capped with a final push lower when the Comex opened to as low as $1979. The yellow dog bounced and managed to settle around $1985, down $7 from Tuesday. Silver also traded down overnight though not as much percentage-wise as gold, falling from $23.96 to $23.76. But silver shot up when the Comex opened, trading up to $24.06 before yo-yo'ing down to $23.72 and bouncing back up $23.97 before settling at $23.93, up a few cents from Wednesday. The Mining Stock Journal attributed the action in silver to silver's sometime correlation with the stock market, as the stock market charged higher Wednesday, with the major indices up well over 1%. The Mining Stock Journal noted that it believes the current price correction in the sector is nearly complete but expects one more period of painful downside action while the banks do their thing to get the hedge funds and CTAs to liquidate their large long position in paper gold and silver. The newsletter added that it is confident that the current pullback or correction is setting up a monster move higher later this summer. The mining stocks followed gold more than silver, with the Amex Gold Bugs index falling 1.2%. That said, a handful of stocks rose such as Hecla Mining which was up over 2%. The newest issue of the Mining Stock Journal will be released this afternoon. It will feature an analysis and opinion of Fortuna's acquisition of Chesser Resources now that the newsletter has had a chance to discuss the deal with management. You can learn 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…Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
Magna Mining reported additional assays results from the ongoing diamond drilling program at Crean Hill. Results include assays from five drillholes completed on the G1 Zone, a narrow embayment structure at the Sudbury Igneous Complex contact, approximately 1000 metres east of the Crean Hill Main Zone, and one additional drillhole targeting the 109 Footwall Zone. At G1, drilling returned 5.2m of 1.0% Ni, 0.8 % Cu, 0.2 g/t Pt + Pd + Au. At the 109 Footwall Zone, drilling returned 28.4m of 0.2% Ni, 0.3 % Cu, 8.0 g/t Pt + Pd + Au. The Company currently has two diamond drill rigs operating at Crean Hill since mobilizing a second drill rig in early April. This year to date, there have been 47 drillholes completed for 8,145 metres of drilling, with the results of 9 holes reported to date from the 2023 drilling program. A third drill rig will be commencing a 5,000 metre program at the Company's Shakespeare Mine in mid-June. (TSXV: NICU) News Release
Prospector Metals also reported drill results from the company’s Whitton Ni-Cu-PGE Project in Ontario. The 2023 maiden drill program consisted of four NQ-sized diamond drillholes totaling 826.40m to test the Roadcut Pt-Pd target and the Whitton Ni-Cu sulphide target. Two roadcut holes returned 0.49 g/t Pt+Pd over 10.50m and 0.46 g/t Pt+Pd over 14.40m. Prospector currently has field crews mobilized back to the Roadcut area in order to expand the surface expression of the mineralized zone and define further drill targets. (TSXV: PPP) (OTCQB: PMCOF) News Release
Luminex Resources announced drill results from four holes that targeted the Cuyes West structure, with hole CU23-25 also intersecting a new breccia pipe discovery underneath the existing Cuyes open pit mineral resource. That hole returned 203.0 metres grading 1.48 g/t Au Eq, including 33.0 metres grading 5.41 g/t Au Eq. The pipe was a blind discovery and comes within 100 meters of surface, but does not outcrop. Other results included 1.0 metre grading 118.44 g/t Au Eq; the highest-grade assay ever at Cuyes. (TSXV: LR) (OTCQX: LUMIF) News Release
Marimaca Copper provided an updated mineral resource estimate for his Marimaca oxide deposit in the Antofagasta region of northern Chile. In the measured and indicated category, Marimaca now sits at 200.3Mt at 0.45% CuT for 900kt of contained copper. The inferred resource is now at 37.3Mt at 0.38% CuT for 141kt of contained copper. The company says the resource significantly de-risks the Marimaca ore body ahead of the planned Definitive Feasibility Study. The 2023 MRE incorporates 28,374m of new drilling data completed since the 2022 MRE released in October 2022. The MOD database now consists of 139,164m of drilling completed since discovery in 2016. New drilling data captured following the 2022 MRE was largely targeted at conversion of Inferred Resources to the Measured and Indicated categories. (TSX: MARI) News Release
Heliostar Metals has appointed Samuel Anderson as Vice President of Projects. Samuel Anderson has 23 years of experience in development, construction, and production environments including a 17-year career with Newmont Corporation. At Newmont he held positions of successively greater responsibility including Ore Control and Geologic Modeling Geologist at the Twin Creeks Mine in Nevada and Mine Geology Superintendent at the Merian Mine in Suriname. News Release
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