Morning Briefing: Montage Exploration Program Results and Koryx Turns some Attention to Zambia
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Tuesday, April 8th.
There were wild swings in the global markets yesterday futures opening up Sunday afternoon anywhere from 4 to 5% down, but as the day progressed, many of the major indices found themselves back in the green with up to 8% swings red to green and back to red again by the end of the day. Gold experienced selling volatility, but not with the playground like moves such as the major boards in the US. Gold was sold off for another 2% towards is 50ma, closing the day at $2,973/oz. Silver, on the other hand, finished the day on the green after buyers went in an bought its dip. Silver closed up 1.2% at $29.60/oz. Copper big run has come to an end over the past week as it lost more than 22% from its highs. It is currently sitting at support just north of $4/lb.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Calibre Mining
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and in Nicaragua. The company recently announced a deal to merge with Equinox Gold. The transaction will create an Americas-focused diversified gold producer with a portfolio of operating mines in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines, Greenstone and Valentine. You can learn more at https://www.calibremining.com/
And here’s what you need to know this morning…..
Montage Gold announced results of its 2024 Koné project exploration program, in Côte d’Ivoire, provide significant confidence in achieving its previously published short-term exploration target of discovering more than 1 Moz of Measured and Indicated Resources, at a grade 50% higher than the Koné deposit. A total of 81,815 meters were drilled in 2024, amounting to US$13 million. Efforts on the new satellite deposits have added 160 koz at 1.16 g/t Au and 270 koz at 1.0 g/t Au of Indicated and Inferred Resources, respectively, at grades ranging between 0.9 and 1.6 g/t Au, or between approximately 60% and 180% higher than the Koné deposit. In addition, exploration efforts at the Koné deposit resulted in adding near-surface mineralization and confirming mineralization at depth. The Koné deposit Indicated Resource increased by 150koz to 4.49Moz at 0.57 g/t Au while the Inferred Resource increased by 110koz to 0.51Moz at 0.43 g/t Au. A subsequent 90,000-meter drill program, for US$14 million, was launched in early 2025 with the goal of continuing to delineate and test higher-grade satellites. As part of the program, significant infill and step out drilling has been planned on the 7 maiden higher-grade satellite deposits delineated in 2024. (TSXV: MAU, OTCQX: MAUTF) News Release
Awalé Resources published results from the last six diamond drill holes completed as part of the drill campaign targeting the BBM discovery at the Odienné Project. Results included 45m of 1.6 g/t AuEq, and included a 4m interval of 2.6 g/t Au, .55% Cu and 449 ppm Mo. Other results included 37m of .8 g/t AuEq. BBM has now confirmed consistent mineralization over 1km down to a depth of 300m below surface, with average true widths1 ranging from 30m in the core zone to 22m over the entire 1km drilled strike. All assays from the 22-hole, 6,380m, diamond drill program at BBM are now reported. (TSXV: ARIC) News Release
Dryden Gold says deeper drilling at Elora has intersected a new zone with significant visible gold. This newly discovered section is a hanging wall structure of folded sheared basalts and represents the most significant amount of VG that Dryden Gold has intersected to date. This new discovery is further evidence that the Dryden District hosts a strong Archean lode gold system like Red Lake, Kirkland Lake and Timmins Districts. The Company is awaiting assays to fully evaluate this structure to determine further testing within the current 15,000-meter drill program. Current drill hole targets at Elora are testing down plunge at true depths between 250 and 400 meters. (TSXV: DRY) (OTCQB: DRYGF) News Release
Amex Exploration announced results from its ongoing drill program on the Perron Project in Quebec. Today's results from PEG-25-854 have expanded the mineralized footprint of the Central Polymetallic Zone (CPZ) to the west near surface by approximately 130 m. The hole returned 39.06 g/t Au, 331.92 g/t Ag, 1.14% Cu, 3.38% Zn and 2.35% Pb over 1.30 m, including 48.27 g/t Au, 468.00 g/t Ag, 1.72% Cu, 4.48% Zn and 3.21% Pb over 0.80 m at a vertical depth of ~105 m. (TSXV: AMX)(OTCQX: AMXEF) News Release
Koryx Copper provided an update on work programs planned for this year’s field season on its two exploration licenses in Zambia, the Luanshya West Project and the Mpongwe project. The Company has allocated approximately US$1.2 million for the exploration programs in Zambia, split equally between the two project areas. A drone-mounted airborne magnetic survey is planned in early April to cover the entire Luanshya West license area. The detailed magnetic data interpretation will better constrain the basin margins and possible structural controls on mineralisation. At Mpongwe, the company has sourced and obtained extensive historical datasets covering the Mpongwe project area. The data includes detailed helicopter-borne magnetic and radiometric, and electromagnetic surveys as well as extensive surface geochemistry and drilling information from limited drill testing done by the previous explorers. Repeat sampling will be carried out where necessary, and in-fill sampling in areas where little work has been done previously. Follow up pitting/trenching and/or shallow (percussion/aircore) drilling and ground geophysical surveys are likely prior to diamond drill testing of targets in Q4-2025. Koryx holds the option to acquire up to 80% of the Projects in the Copperbelt in Zambia. (TSX-V: KRY) News Release
Barrick says the Reko Diq Joint Venture shareholders have approved the project’s updated Feasibility Study and conditionally approved the associated Phase 1 development capital subject to the closing of up to $3 billion limited recourse project financing, allowing the project to advance with major works in 2025, while maintaining the target for first production by the end of 2028. (NYSE:GOLD) (TSX:ABX) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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