Morning Briefing: Millennial Precious Metals Drill 0.39 g/t Oxide Au over 120.2m

Welcome to Mining Stock Daily. I’m Trevor Hall.

Today is Tuesday October 4.

The precious metals soared on Monday along with the rest of the stock market, though gold, silver and the mining stocks outperformed the major stock indices by a large margin. Gold jumped over $40 at one point, jumping over $1700 and settling at $1710. Silver sprinted laps around gold, percentage-wise, running up more than a $1 over $20 to settle at $20.75. The trigger for the big move across all the markets was the hopeful and elevated yearning by stock market bulls for a Fed policy pivot. The Mining Stock Journal said that part of the move in gold, and especially in silver, was hedge funds scrambling to cover Comex short positions. But the newsletter also suggested that we may be seeing the start of what happened  with the precious metals sector in late October 2008. Review the charts if you need to have your memory refreshed. The mining stocks continued their move higher that began last Tuesday. The Amex Gold Bugs Index jumped 4.9% and GDX was up 3.8%. Some individual stocks - and not just primary silver producers - were up in the teens percentage-wise. Perhaps this is the early stages of the next bull cycle in the precious metals sector.

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….

Millennial Precious Metals provide results ts from the Phase 1 drill program at its Wildcat project located in Nevada. Drillhole 6 returned 0.39 g/t oxide Au over 120.2m from surface, including ~50m of oxidized mineralization below the 2020 NI 43-101 pit shell. Drillhole WCCD-0007 returned an intercept of 0.51 g/t oxide Au over 50.0m, including 0.98 g/t oxide Au over 11.3m.  Drillhole WCCD-0010 returned an intercept of 0.87 g/t oxide Au over 42.7m, ~50m outside the 2020 NI 43-101 pit shell. The 2022 drill program at Wildcat consisted of 12 holes totaling ~1,250m. The program was designed for infill drilling for mineral resource conversion, geotechnical data for pit wall design, metallurgical data, and to test gold mineralization below the oxidation profile. Millennial Precious Metals trades on the TSXV with MPM and on the OTCQB with MLPMF. News Release

Galleon Gold reported additional drill results from its 2022 drill program at its West Cache Gold Project in Timmins, Ontario. Hole 218 returned 15.6 g/t Au over 7.6 m within broader zone of 7.41 g/t Au over 18.1 m. The company stated that this intercept is to be included in a block model update for detailed design of the underground bulk sample program. This intercept, intersected as the hole progressed towards target, has produced a gold grade that's significantly higher than expected. This interval is the best combination of grade and thickness seen to date in Zone #9. Galleon Gold trades on the TSXV with GGO. News Release

Uranium Energy announced a new  discovery of high-grade uranium at its 82.77% owned Christie Lake Project, located in the eastern Athabasca Basin of northern Saskatchewan, Canada. To date, seven holes have been drilled into a new discovery, named the Sakura Zone. Discovery hole, CB-173 encountered high-grade mineralization that averaged 7.8% eU3O8 over 9.1 m between 422.2 m and 431.3 m, and included a subinterval of 26.1% eU3O8 over 2.3 m from 425.1 m to 427.4 m. Follow-up hole CB-176A, intersected the unconformity approximately 13 m north-east of CB-173, and intersected 68.7% eU3O8 over 2.1 m from 426.9 m to 429.0 m, the highest-grade mineralized intersection ever encountered on the Christie Lake Property. All seven holes contain uranium mineralization at or near the unconformity. Christie Lake Property is situated in the eastern Athabasca Basin approximately 9 km northeast and along strike of Cameco's operating McArthur River Mine, the world's largest and highest-grade uranium mine. Uranium Energy Corp trades on the NYSE American with UEC. News Release

Tudor Gold also had new drill results out this morning from its flagship Treaty Creek property in the Golden Triangle of British Columbia. Hole 155 was drilled to target the footwall of the Treaty Thrust Fault 1 (TTF1) where the March 2021 NI 43-101 Mineral Resource Estimate classified the area largely as Inferred Mineral Resource. Headline number this morning included 136.5m of 1.62 g/t gold equivalent, 200m of 1.04 g/t gold equivalent, 300m of 1.27 g/t gold equivalent, and 66m of 2 g/t gold equivalent. The Program at the Treaty Creek property includes an aggressive resource expansion and delineation plan for several areas, including the Goldstorm Deposit and the Eureka and Calm Before the Storm Zones.  All results reported today were from Goldstorm. Tudor Gold trades on the TSXV with TUD. News Release

EMX Royalty said it will receive a US$3 million milestone payment for the Parks-Salyer royalty property in Arizona. The milestone payment results from ASCU's maiden resource estimate for the Parks-Salyer project that exceeds thresholds for contained copper included within EMX's Royalty Property footprint. The Company also retains a 1.5% net smelter return royalty covering the Royalty Property. EMX trades on the TSXV and NYSE American with EMX. News Release

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