Morning Briefing: Magna Mining hits Massive Sulphide within the Core of the 109 Footwall Zone
Welcome to Mining Stock Daily. I’m Trevor Hall
Today is Wednesday April 3rd.
Tuesday gold and silver continued forging higher, with gold closing at another all-time high. The gold price moved steadily higher starting Monday evening. The move accelerated early yesterday afternoon, as the yellow dog ran from $2274 and closed right at $2300 based on the front-month June contract. Silver followed a similar path but jumped 3.4% on the day, which was more than three times more than gold on a percentage basis. May silver traded over $26 and closed in the afternoon at $26.24, up over $1 from Monday's afternoon close.
The Mining Stock Journal commented that the current bull move in the metals is the most decisive since the bull market resumed at the beginning of 2016. The mining stocks were a bit tentative in response to the move in the metals, with GDX up 1.2%. Part of this may be attributable to the sharp sell-off in the stock market, which may have acted to mute the rally in mining stocks. That said, some silver stocks were up over 4% and Discovery Silver, which is on the Miming Stock Journal's highly recommended list, was up nearly 9%.
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… Victoria Gold.
Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at vgcx.com.
And here’s what you need to know this morning….
Magna Mining shared new drill results from the 2024 exploration program at Crean Hill, targeting the near surface advanced exploration area of the 109 Footwall (FW) Zone. Highlights included 0.7% Ni, 2.4 % Cu, 9.7 g/t Pt + Pd + Au over 26.3 metres, Including 3.2% Ni, 11.3 % Cu, 10.6 g/t Pt + Pd + Au over 4.4 metres in hole 68 and 1.6% Ni, 5.2 % Cu, 10.0 g/t Pt + Pd + Au over 17.1 metres, Including 2.5% Ni, 9.6 % Cu, 17.4 g/t Pt + Pd + Au over 6.8 metres in hole 70. These assay results are being incorporated into the design of the test mining program. (TSX.V: NICU) (OTCQB: MGMNF) News Release
BeMetals published the remaining drilling results from its 2023 exploration program at the Pangeni Copper Project in Zambia. A new phase of core drilling has recently commenced to identify additional zones of higher-grade copper and expand the footprint of the mineralization within the priority D-Prospect area. Some highlights reported this morning included 69.41 metres grading 0.25 % copper ("Cu"), including: 12.91 metres grading 0.37% Cu in the first interval of hole 14, while Interval 2: inlcuded 12.64 metres grading 0.32% Cu with 7.64 metres grading 0.39% Cu. The company says mineralization, and associated alteration discovered at the D-Prospect, currently traced over 1.5 kilometres along strike, shows many of the hallmarks of large-scale copper deposits mined in the Domes Region of the Zambian Copperbelt. (TSXV:BMET) (OTCQB:BMTLF) News Release
Red Pine Exploration announced results form 14 holes this morning from its 2023-24 resource expansion program at the Wawa Gold Project. Drilling within the Jubilee Shear system returned 4.53 grams per tonne (“g/t”) gold over 11.53 m, including 15.00 g/t gold over 1.14 m in SD-24-495. Drilling within the hanging wall of the jubilee shear returned 13.3 g/t over 1.22 m in SD-23-478. The on-going drilling program and the new assay results improve the company’s understanding of the geometry and continuity of the zones of gold mineralization located above the Jubilee Shear for their inclusion in the resource update. (TSXV: RPX, OTCQB: RDEXF) News Release
G2 Goldfields published their updated Mineral Resource Estimate on the company’s oKO project in Guyana. Total contained gold increased by 69% to 2.0 million ounces. Total indicated gold increased by 320% to 922,000 ounces, which included the maiden resource for the Ghanie Zone, which alone consisted of 236,000 ounces (oz) of gold (Au) in Indicated Resource contained within 3.34 million tonnes (Mt) grading 2.20 grams per tonne (g/t) Au, with an additional 604,000 oz of gold in Inferred Resources, contained within 12.22 Mt grading 1.54 g/t Au. Ghanie South (GS), Central (GC), and North (GN) all remain open with substantial depth potential. (TSXV: GTWO; OTCQX: GUYGF) News Release
Defense Metals ass apointed Guy de Selliers de Moranville as a new director to the Board of Directors following the departure of Dr. William H. Vird. Mr. de Selliers is a highly experienced finance professional who started his career at the World Bank in the mining division. He then joined Lehman Brothers in New York as Senior Vice President International Corporate Finance where among other assignments he covered the Canadian mining sector. He founded in 2003 an advisory firm HCF International Advisors which became the leading independent financial debt financial advisor to the metals and mining sector. Defense Metals trades on the TSXV with DEFN and on the OTCQB with DFMTF. News Release
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