Morning Briefing: Meridian Mining Publishes Resource Estimate for Cabaçal

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

Today is Monday, September 26th

Gold fell $22 per ounce last week, though with the stock market bloodbath it might have felt like the sky was falling on the precious metals. However, the entire loss in the price of gold occurred on Friday. Up until Friday gold was positive for the week and was handily outperforming the stock market. The Mining Stock Journal emphatically notes that Friday is almost always a negative day for gold, with the paper market exerting undue downside force on the price once Asia and India have shut down for the weekend. Silver fell 36 cents per ounce last week. Through the end of Thursday silver was up 35 cents. As with gold, an avalanche of Comex futures selling wiped out silver's gain, taking it below $19 to settle at $18.91. 

The Mining Stock Journal said that it remains confident that a big move higher is in store for the precious metals, led by a surprising bull move in the metals. The Comex banks continue to sit with a large net long position in silver and they once again covered a big chunk of their net short in paper gold per the COT report. The mining stocks were largely flat last week, also outperforming the stock market, until Friday when they were hammered even harder than the rest of the stock market. The GDX was demolished for 5.5%. The Mining Stock Journal noted that sentiment in the miners reflects extreme sentiment and pessimism. The newsletter believes now is the time to start bottom fishing.

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…Integra Resources.

Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.

And here’s what you need to know this morning….

Meridian Mining published its maiden mineral resource estimate for the Cabaçal copper-gold-silver VMS Deposit in Mato Grosso, Brazil. The Mineral Resource estimate is comprised of Indicated Resources of 52.9 Mt @ 0.6g/t Au, 0.3% Cu & 1.4g/t Ag plus Inferred Resources of 10.3Mt @ 0.7g/t Au, 0.2% Cu and 1.1g/t Ag at a 0.3g/t AuEq cut-off grade. Overall, the projects currently host 1.1M ounces gold, 168.0 Kt of copper and 2.4M ounces of silver indicated and 0.2M ounces gold, 24.5 Kt of copper and 0.4M ounces of silver inferred. Cabaçal's Au-Cu-Ag resource extends over 1.9km in length and remains open. Future results from Cabaçal's "resource expansion drill program" to be included in a 2023 Mineral Resource update. Meridian Mining trades on the TSX with MNO and on the OTCQB with MRRDF. News Release

Aris Gold completed a combination with GCM Mining with the combined entity renamed Aris Mining. Aris operates several high-grade underground mines at its Segovia Operations in Antioquia, Colombia and the Marmato mine in Caldas, Colombia, which together produced 230,000 ounces of gold in 2021. Aris also owns advanced development projects with the Marmato Lower Mine expansion and Toroparu project in Guyana, and is the operator and 20% shareholder of the Soto Norte joint venture in Santander, Colombia, a large-scale underground project advancing its environmental permitting. Aris has about US$352 million of cash and free cash flow generation from the Segovia Operations, and about US$260 million of additional committed funding from precious metals stream agreements available to fund growth projects. Aris Mining now has about 136.1 million issued and outstanding common shares. Aris Mining will trade on the TSX under ARIS and on the OTCQX under TPRFF from Wednesday, September 28. News release

Manitou Gold says they have confirmed a significant nickel discovery at its Goudreau project in  northeastern Ontario. Preliminary results are from the first two drill holes that tested an ultramafic intrusion measuring 850 metres long and 200-300 metres wide. All three drill holes intersected continuously serpentinized and mineralized intervals of ultramafic rocks in excess of 200 metres, including 252.1 m grading 0.25% N and 208.2 m grading 0.25% Ni. Four holes drilled to date (including the discovery hole) have tested just two of the thirty nickel intrusion targets identified on the Goudreau Project so far. Manitou Gold trades on the TSXV with MTU. News Release

Lumina Gold announced the remaining results from the 36,000m 2021-2022 drilling campaign for a Prefeasibility Study at its Cangrejos Project in Ecuador. Results from the final seventeen drill holes, fifteen from Gran Bestia and two from Cangrejos included combined geotechnical and mineral resource drill holes. Highlights include 450m grading 0.64 g/t gold and 0.12% copper for 0.83g/t gold equivalent in hole 10 drilled vertically in the center of the Gran Bestia deposit. This included a 118m interval of 1.28g/t gold and 0.21% copper. Resource estimation work will now commence, with newly drilled step-out areas expected to add to existing Inferred and Indicated resources while the inclusion of the northwest ridge extension at Gran Bestia may lower the stripping ratio. Lumina Gold trades on the TSXV under LUM and on the OTCQX under LMGDF. News release

Trillium Gold Mines provided the latest results from the Company’s first half 2022 exploration and drilling activities at the Newman Todd Complex in Red Lake, Ontario. Holes (NT22-211 and 212) were designed to test the southward-trending and deeper extensions of the Main Zone Fault-associated mineralization about 100 metres to 250 metres below all previous drill holes, situated in a gap in the drilled portion of the NT Zone. Both holes considerably expand the depth of mineralization down to almost 600 metres in this area. Results were 40.56 g/t Au over 4.18 metres including 136.0 g/t Au over 1.08 metre and 8.75 g/t Au over 20.4 metres, including 549.0 g/t Au over 0.3 metres. Trillium Gold Mines trades on the TSXV with TGM and on the OTCQX with TGLDF. News Release

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