Morning Briefing: Magna Mining Publishes Crean Hill PEA
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, September 17th.
Yesterday December gold rallied to as high as $2617 before getting banged lower after Asia closed followed by a bounce and then banged lower again after the London a.m. fix followed by another bounce and smack lower after p.m. London fix. All told gold closed in the afternoon at $2609 up a couple dollars from Friday. The Mining Stock Journal noted that, in light of the expected rate cut decision by the Fed on Wednesday, it expects the price control team to do its best to keep a lid on the price to the extent possible. Silver rallied to as high as $31.47 in overnight trading but then fell prey to the same forces as gold. Poor man's gold ended the day at $31.07, largely unchanged from Friday. The mining stocks closed marginally lower from Friday.
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 has completed its preliminary economic assessment on its Crean Hill project in Sudbury, Ontario. Underground mining would be initiated with a 15-month Advanced Exploration program followed by a 12-month pre-production ramp-up period and 13 years of commercial production. Initial mining will be done with ramp access via a new surface portal with the eventual rehabilitation and re-establishment of the historic #2 shaft for personnel access and hoisting as mining progresses deeper. As it sits, Crean Hill currently hosts a pre-tax NPV of $265.3M and an IRR of 142%. Pre-production capex is $27.7M following the advanced exploration program. (TSXV: NICU) (OTCQB: MGMNF) News Release
Brixton Metals announced its third drill hole results for this year’s season from its Thorn Project in British Columbia. Today’s holes come from the Cirque target and returned 87m of .26% CuEq in hole 292. Hole 293 returned 37.5m of .28% CuEq. Drilling has targeted a potassic alteration zone with chalcopyrite and molybdenite mineralization at surface, located within a larger 3.6 km x 1.6 km area of phyllic to potassic alteration. The Cirque Porphyry Target is located approximately 3 km NE of the Camp Creek Porphyry Target, on trend along the Camp Creek fault. Geological mapping in 2024 has identified additional areas of porphyry style alteration along this trend. (TSX-V: BBB, OTCQB: BBBXF) News Release
Heliostar Metals has commenced a 5,000m diamond drill program at the Ana Paula Project in Mexico. The two stage drill program will test the east, west and down dip extensions of the High Grade Panel and the Parallel Panel targets. Phase one will consist of seven drill holes totalling 2,600 metres and phase two consists of eight drill holes totalling 2,400 metres. The Company aims to expand the resource this year and next, ahead of a Feasibility Study that the Company is planning to complete in late 2025. (TSXV: HSTR) (OTCQX: HSTXF) News Release
Mawson Finland announced new drill results from 8 holes at the Palokas zone at the Rajapalot gold-cobalt project in Finland. These holes were part of the company’s 38-hole 2024 winter drill campaign. Highlights from today’s results included 7m of 9.1 g/t gold and 706 ppm cobalt, 12m of 1.7 g/t gold. These results now open-up a significant new search-space for further exploration on the Palokas zone, and increase the strike-extension length of Palokas from around 130 m, to over 200 m at its deepest known point. (TSXV:MFL) News Release
Canalaska uranium provided an update on the summer diamond drill program at the Pike Zone on the West McArthur JV in the Athabasca Basin. Multiple drillhole results were reported this morning and were highlighted by 10.9m of 13.61% eU3O8 and 25.9m of 4.77%, which also had a 16.3 subinterval of 6.3% eU3O8. The summer drill program on the West McArthur project is currently ongoing and the Company is on track to achieve approximately 15 unconformity target intersections. The primary objective for the summer drilling program is delineation and expansion of the Pike Zone uranium discovery at the unconformity and within the upper basement. A secondary objective is Pike Zone extension testing along the C10S corridor searching for additional zones of uranium mineralization. (TSXV: CVV) (OTCQX: CVVUF) News Release
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