Morning Briefing: Mitsubishi Invests C$20M into Marimaca Copper
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Wednesday June 21st
Gold drifted higher in price through the close of the eastern hemisphere physical markets, trading as high as $1968 before pulling back in London trading. However, the Comex opening greeted precious metals investors with a massive price attack which caused a deep cliff-dive formation on the chart as gold was hammered down to as low $1941 before bouncing to settle the afternoon Globex session at $1948. Zerohedge attributed the sell-off to a much stronger than expected housing starts number. But the Mining Stock Journal said this attribution is both incorrect and silly. First, the housing starts numbers never affect the market action in gold and silver. Second, the price smash began 10 minutes before the starts data was released. Silver was pounded lower as well, from an early morning high of $24.10 to as low as $23.10 before bouncing to settle at $23.19. The Mining Stock Journal noted that it appears as if a line in the sand has been drawn at $24 for silver and $2000 for gold, adding that the blatancy of the market intervention is palpable. The mining stocks traded lower with both the metals and the overall stock market. Both GDX and the Amex Gold Bugs Index were down 4%. Summer doldrums may have set in as sentiment toward the sector spirals lower.
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…Fireweed Metals
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
Marimaca Copper has a new strategic investor. They announced a C$20 million equity investment by Mitsubishi Corporation by way of non-brokered private placement this morning which will be used to advance and accelerate the development of the Company’s flagship Marimaca Copper Project located in the Antofagasta region, Chile. Following completion of the Strategic Investment, Mitsubishi will own approximately 5.0% of Marimaca’s issued and outstanding common shares. The Unit subscription price represents an 11% premium to the 20-day volume weighted average price of the company. (TSX: MARI) News Release
Calibre Mining reported assay results from the 2023 near-mine discovery, delineation and resource expansion drill program at its Pan Mine in Nevada. Results at the Palomino target located immediately south of the open pit operation indicate higher grades than demonstrated at the Pan mine in the current Mineral Resource. Highlights from Palomino included 3.84 g/t Au over 15.2 metres including 4.19 g/t Au over 13.7 metres in Hole PR23-026 and 2.08 g/t Au over 27.4 metres including 2.67 g/t Au over 19.8 metres in Hole PR23-058. The company says the potential exists now to materially increase resource ounces, grade, and confidence south of the Pan mine. The Palomino deposit remains open to the southeast and at shallow depths. (TSX: CXB; OTCQX: CXBMF) News Release
Western Australian gold developer De Grey has been granted the right to earn a 50% interest in Novo Resources Egina project by spending up to A$25 million on exploration within four years. De Grey will manage all exploration under the earn-in and become the manager of the Egina JV once established. De Grey has separately agreed to take a cornerstone investment of A$10 million in Novo common shares for an approximate 11.6% post-financing undiluted interest in Novo and will become the Company’s largest single shareholder. Novo has also commenced a process for a dual listing on the Australian Securities Exchange through an initial public offering. (TSX: NVO) (OTCQX: NSRPF) News Release
Integra Resources provided a corporate update regarding their projects in western Nevada, all which were a part of the merger last month between the company and Millennial Precious Metals. The Company was provided notice by Royalty Consolidation Company, LLC, a private company controlled by Waterton of the sale of 100% of its existing royalty interests in the Nevada Projects to a wholly-owned subsidiary of Franco-Nevada. No new royalties on the Nevada Projects were granted as part of the transaction between Waterton and Franco-Nevada and no net proceeds from the sale will be recognized by Integra. (TSXV: ITR; NYSE American: ITRG) News Release
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