Morning Briefing: Magna Mining Signs Toll Mining Agreement with Glencore
Welcome to Mining Stock Daily. I’m Trevor Hall
Today is Tuesday, June 4th.
Monday gold started a big move higher a couple hours after midnight, rallying from $2335 to as high as $2375 before settling at $2371, up $24 from Friday's afternoon settlement. Silver followed a similar path as gold, running from an attempt to get it below $30 to as high as $30.95 and settling at $30.86, up 31 cents from Friday. The Mining Stock Journal noted that there weren't any specific catalysts that prompted the robust rally in the metals, though about 2 hours after the metals started running higher the US dollar fell off a cliff. The mining stocks surprisingly were somewhat muted in response to the rally in the metals. as both GDX and the Arca Gold Bugs index were green but not as green as one would have expected given the magnitude of the move in the metals. The Mining Stock Journal opined that the market is leaving a lot of room in the mining stocks right now for aggressive investors to make life-style changing wealth picking the right mining stocks.
We’ll get to the news out of the miners and explorers in just a quick 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 has signed a Toll Mining Agreement with Glencore of Canada for the surface bulk sample of the 109 Footwall Zone at the Crean Hill Project. Magna intends to ship approximately 20,000 tonnes of mineralized rock from the near surface portion of the 109 FW Zone. The material will be processed separately through Glencore's Strathcona Mill and produce a bulk concentrate. This will provide important information on base and precious metal recoveries, allowing Magna to better plan underground advanced exploration and future commercial production. Magna intends to have contractors mobilize to site in June. It is estimated that the surface work will take 4-6 weeks and the toll milling will be completed in Q3 2024. (TSXV: NICU) (OTCQB: MGMNF) News Release
Brunswick Exploration reported final assay results from the Mirage winter drilling campaign in the Eeyou Istchee-James Bay region of Quebec. The campaigns focused on the Central Zone. Results reported today included 1.64% Li2O over 69.3m and 1.17% over 28.3m in the MR-6 duke. At the MR-9, drilling returned 1.07% over 14.4m and 2% over 4m. The company plans to announce its 2024 summer exploration program in the coming weeks. (TSX-V: BRW, OTCQB: BRWXF) News Release
Fury Gold Mines shares results rom its Spring 2024 diamond core drilling program at its 100% owned Éléonore South gold project also located in the Eeyou Istchee Territory in the James Bay region of Quebec. The Spring 2024 diamond drilling program comprised 2,331.4 metres (m) completed in seven diamond drill holes testing 2.3 kilometres (km) of strike along the JT - Moni Trend. The drilling targeted 100 to 125 m downdip extensions from historical drilling. All seven drill holes intercepted anomalous gold mineralization including 137.5 m of 0.44 g/t gold and 18.7 m of 0.97 g/t from drill hole 24ES-161, 115.5 m of 0.50 g/t gold from drill hole 24ES-162 and, 28.0 m of 0.47 g/t gold from drill hole 24ES-160. The limited drilling completed confirms that the gold mineralization hosted within the Cheechoo tonalite remains open. (TSX and NYSE:FURY) News Release
Talon Metals says they have extended nickel-copper mineralization n the Raptor Zone of the Tamarack Nickel Project in Minnesota. Although assays remain pending, the company says they intersected massive sulphide mineralization there and have etened the zone form 250m to 350m. The Raptor Zone is a sill-shaped intrusion parallel to and approximately one kilometer north of the Tamarack Resource Area, with the Tamarack Resource Area stacked on top of the Raptor Zone. (TSX: TLO) (OTC Pink: TLOFF) News Release
StrikePoint Gold released results of its inaugural drill program on the Cuprite Gold Project located in Nevada's Walker Lane gold trend. The Company completed 5 holes totaling approximately 3,100 meters. Results included 12.19m of .46 g/t Au and 10.1 g/t Ag, which included a 6.1 interval of .74 g/t Au and 14.75 g/t Ag. The company says the results confirm the potential of this epithermal system to host higher grade mineralization. (TSXV: SKP) (OTCQB: STKXF) News Release
Sierra Metals is refinancing its $75 million long-term debt facility and the entering into a new $95 million facility with new covenants, payment terms, and a 5-year term. the additional $20 million will be earmarked for high-return capital projects as well as for transaction fees and expenses. Capital expenditures include the development below the 1120 level and the completion of the shaft at the Yauricocha mine in Peru, as well as for mine developments of over 8,000 meters, a new ore pass, and the initial engineering works on a new tailings dam facility at the Bolivar mine in Mexico. (TSX:SMT | OTCQX:SMTSF) News Release
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