Morning Briefing: Magna Mining Drills 4% Ni over 31.1m

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Thursday January 5th. 

Gold greeted the turn of midnight Wednesday with a $22 per ounce move higher between 12 a.m. and 3:30 a.m. NY time. The Mining Stock Journal said that it looks like the culprit that triggered the move was the US dollar index doing its best rendition of the La Quebrada Cliff Divers.  Gold faded a bit the rest of the trading day, settling at $1860, up $15 from Tuesday's afternoon settlement price. Silver traded overnight to as high as $24.63 per ounce before selling off to close in the afternoon at $23.92, down 25 cents from Tuesday's afternoon closing price. The Mining Stock Journal believes that the trading action in silver resulted from profit-taking, as it is up 33% since hitting $18 in mid-October. As this is being written, silver has traded back over $24. 

The mining stocks were the gold-medal winners Wednesday, so to speak, with the GDX up 4.3% and the Amex Gold Bugs Index up nearly 5%. Some individual stocks were up double-digits percentage-wise. One of the Mining Stock Journal's favorite plays, US Gold, was up 8.6%. The newsletter said that it believes US Gold offers at least a 5-bagger from the current valuation level. In addition, as the newsletter told its subscribers in one of the December issues, it bought more Viva Gold now that it has faded below 10 cents. The MSJ publisher, Dave Kranzler, increased his personal holdings in Viva by 10%. MSD has featured interviews with Viva CEO, Jim Hesketh, for anyone interested in learning about that Company.

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…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….

Magna Mining announced additional assays from the November 2022 drill program at Crean Hill. Drillhole MCR-22-005 was designed to follow up on previously announced high grade nickel mineralization intersected in the 101 Footwall ("FW") Zone in drillhole MCR-22-003. It returned 4.0 % Ni, 0.7 % Cu, 0.7 g/t Pt+Pd+Au over 31.1 metres, including two massive sulphide intervals grading 6.5 % Ni, 1.0 % Cu, 0.5 g/t Pt+Pd+Au over 5.0 metres, and 5.7 % Ni, 0.7 % Cu, 0.8 g/t Pt+Pd+Au over 16.1 metres. Diamond drilling for the 2023 drill program at Crean Hill is scheduled to resume next week with 15,000m currently budgeted for the full year. Magna Mining trades on the TSXV with NICU. News Release

NorthWest Copper announced a preliminary economic assessment on its Kwanika-Stardust copper project in British Columbia which outlines a combination of open pit and underground operations with a 22,000 tonnes per day process plant to produce a copper concentrate with gold and silver by-product credits. The operation would produce 91Mlb/y of copper equivalent at an all-in sustaining cost of US$2/lb for 12 years. It would yield an after-tax net present value of C$215 million at a 7% discount rate and an internal rate of return of 12.7% at a US$3.63/lb copper price following an initial capital investment of C$567.9 million, with a six-year payback. NorthWest plans to continue to evaluate the possibility of further synergies with nearby deposits such as Lorraine. NorthWest Copper (TSX-V: NWST) (OTCQX: NWCCF) news release

Royal Gold acquired two portions of a gross smelter return royalty that together cover a large area including the Cortez mine operational area controlled by Nevada Gold Mines and the entirety of Barrick Gold’s Fourmile development project in Nevada for US$204.1 million in cash. The package includes a 0.24% gross royalty rate covering areas including the Pipeline and Crossroads deposits; and, a 0.45% gross royalty rate covering areas including the Cortez Hills, Goldrush, Fourmile and Robertson deposits. Cortez is expected to be a top three revenue producer in the Royal Gold portfolio. It has already provided the company with total royalty revenue of over $400 million over a 27-year period. Royal Gold (NASDAQ: RGLD) news release

Scottie Resources reported the highest-grade intercept it has ever drilled in the Blueberry Contact Zone near the past-producing Scottie Gold Mine near Stewart in British Columbia. Drilling returned 2.4m grading 194 g/t gold in hole 156. The company said this significantly expands its bonanza grade zone at the north end of the Blueberry contact structure. Scottie Resources (TSXV: SCOT) (OTCQB: SCTSF) news release

Millennial Precious Metals announced they submitted an Exploration Plan of Operations to the Bureau of Land Management for its Wildcat project in Nevada. The proposed EPO covers 12,432 acres within Millennial's 17,612-acre land package at Wildcat (see Figure 1). Phase 1 drilling at Wildcat was confined to 5 acres of total surface disturbance under the current Notice of Operations, whereas the proposed EPO includes up to 400 acres of disturbance over several stages, beginning with 85 acres of disturbance in the first stage. The EPO will allow for expanded exploration drilling of new mineralized targets and resource infill drilling to further define the current mineral resource area. Millennial Precious Metals trades on the TSXV with MPM and on the OTCQB with MLPMF. News Release

DLP Resources announced  assay results for the third hole at its Aurora porphyry copper-molybdenum project near Cuzco in Peru. Hole 3 intersected copper-molybdenum mineralization from below the partially leached upper 38m down to the end of the hole at 702.30m with an interval of 218m grading 0.8% copper equivalent. The hole confirms Aurora mineralization to a vertical depth of 660m, with hole 3 the deepest drilled hole on the Aurora project. The company has some 3,000m drilling planned in the current campaign. DLP Resources (TSXV: DLP) (OTCQB: DLPRF) news release

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