Morning Briefing: Millennial Precious Metals Define New Targets at Wildcat
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Wednesday November 16th.
Tuesday was another volatile day for gold, which cycled a couple times between $1770 and $1790 starting early morning NY time. The first spike up to the high $1780's coincided with late day Indian trading activities, suggesting that India was feeding hungrily at the west's physical gold trough. After fading in the London paper gold market into the London a.m. fix, gold shot higher at the Comex open, presumably driven by hedge fund short-covering after the PPI numbers stimulated hopes for a Fed pivot. The yellow dog cycled one more time through the trading range before settling at $1782. Silver, on the other hand, curiously sold off steadily starting just before the Asian markets closed for day, dropping from a high of $22.37 down to as low as $21.45 into the close of the Comex. The Mining Stock Journal found it suspicious that financial assets in the form of stocks and bonds rallied hard after the friendly PPI report but silver was aggressively pushed lower. Foul play is suspected. The mining stocks largely traded slightly green in the morning but fell victim to a big intra-day pullback in the stock market and closed in the red, with GDX down a bit less than 1%.
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…Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
Millennial Precious Metals a recently completed regional mapping and sampling program at its Wildcat project located in Nevada successfully identified several new mineralized vent systems and significantly expanding the mineralized footprint at Wildcat to ~3.0km x 2.0km. Two significant new targets have been identified outside the primary resource area at the Main Hill, including the Crossroads target located ~1.5km northwest of the Main Hill where sampling returned up to 2.44 g/t oxide gold. This is also the Snow Squall target located ~4.5km south of the Main Hill where samples returned up to 28.9 g/t oxide gold. In addition, three new targets surrounding the Main Hill resource area were also identified. Millennial expects to drill test the new targets in 2023/2024 once the Exploration Plan of Operations (PoO) has been received from the Bureau of Land Management. Millennial Precious Metals trades on the TSXV with MPM and on the OTCQB with MLPMF. News Release
G2 Goldfields reported additional drilling results from the company’s OKO project in Guyana. At Shear 3, drilling returned 25.9 g/t gold over 3.4m and 11 g/t gold over 3.1m. At Shear 5, assays included 70 g/t gold over 3.8m, 28.4 g/t over 3.3m and 27.8 g/t over 3m. The company noted these current results provide further confidence of the continuity of high-grade mineralisation as well as expanding existing mineralisation beyond the confines of the resource calculation. Drilling continues to focus on defining and expanding the OKO Main Zone (OMZ) as well as exploring high value regional targets. G2 Goldfields trades on the TSXV with GTWO and on the OTCQX with GUYGF. News Release
Thor Exploration also announced drilling results from the Makosa gold deposit at the Douta Gold Project in Senegal. The results are the latest from an ongoing comprehensive exploration program of reverse circulation drilling, which was designed to both upgrade parts of the existing resource and to specifically target potentially higher-grade parts of the deposit. Assays returned 13.82 g/t gold over 4m, 12.98 g/t over 2m and 8.96 g/t gold over 7m. The Douta Gold Project encompasses the Makosa gold deposit which currently comprises an Inferred Resource of 730,000 ounces of gold, grading at 1.53 grams per ton. Thor Exploration trades on the TSXV with THX. News Release
GoGold Resourced shared drilling results from the Main Deposit within Los Ricos South as well as additional results from the newly acquired Eagle concession, which contains the northern strike extension of the Main Deposit on the Los Ricos South property. Highlights of the Main Deposit drilling include hole LRGG-22-209, which intercepted 11,103 g/t silver equivalent over 1.0m, contained within 3.0m of 4,852 g/t AgEq within a wider intercept of 33.2m of 513 g/t AgEq. At Eagle, drilling returned 1.2m of 2,627 g/t silver equivalent within a wider interval of 36m of 244 g/t. There was also a .7m interval of 3,420 g/t silver equivalent within a wider 8.2m interval of 129 g/t. GoGold trades on the TSX with GGD and on the OTCQX with GLGDF. News Release
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