Morning Briefing: Montage Gold takes a Stake in African Gold Limited
Good morning and welcome to the Mining Stock Daily Morning Briefing.
It's Tuesday, March 25th.
Gold continued to work off its slightly overbought status yesterday with another down day. The front month contract dropped 2/10ths of a percent closing at $3,015/oz. The action is the precious metal remains constructive, as it continues to find support at $3000. Monotonous consolidation around these levels would be welcome for investors before it makes a new leg higher. Gold miners remain in an upward trend per the GDX. Last week, the major gold mining ETF tested resistance around the $45 mark. The equities remain a best kept secret in the market as many are beginning to buy the S&P and NASDAQ dips after the 10% correction.
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…Integra Resources.
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
And here’s what you need to know this morning…..
Montage Gold is back in the news this morning. The company has entered into a strategic partnership with African Gold Limited, an ASX listed company, to obtain a 19.9% interest in African Gold through the issuance of up to 2.19 million common shares of Montage representing a deemed consideration of up to approximately C$6.3 million. Montage will be participating alongside a broader non-brokered private placement whereby an additional 26.3 million ordinary shares in African Gold will be issued to subscribers. Through the Offering, African Gold will obtain aggregate gross proceeds of approximately C$1.66 million based on a share issuance price of A$0.07. African Gold is currently undertaking a 10,000-meter drill program at its Didievi project which continues to return high-grade extension intercepts on its main target, known as the Blaffo Guetto trend. The Didievi project hosts an Inferred Resource of 4.93Mt at 2.9 g/t Au containing 452,000 ounces of gold. (TSXV: MAU, OTCQX: MAUTF) News Release
Northern Superior Resources announced additional results from its 20,000 metres expansion drilling campaign at the Philibert gold property in Quebec. Results included 1.94 g/tAu over 31m and 2.03 g/t over 19.7m, both of which were under the current resource pit from the Grey Fox footwall. There was also a 10.6m interval of 2.89 g/t Au, which outlines a new core area outside of the resource pit, which remains open along strike and at depth. An expanded pit design with greater depth could enable the capture of higher-grade mineralization, which was so far considered to have underground potential only. The Philibert property is located 9km from IAMGOLD’s Nelligan project. (TSXV:SUP) (OTCQB:NSUPF) News Release
Group Eleven Resources shared new assay results from four new holes from the ongoing drill program at the Ballywire zinc-lead-silver discovery on the PG West Project in Ireland. Highlights included 7.5m of 20.1% Zn+Pb and 51 g/t Ag in hole 29 and 25.7m of 7.9% Zn+Pb, 78 g/t Ag an d.12% Cu in hole 27. Drilling continues at Ballywire with two rigs testing further down-dip of the two holes released today, plus the NE extension; assay results are expected in due course. (TSXV: ZNG) (OTC Pink: GRLVF) News Release
Power Metallic Mines published results of 6 holes from the 2024 drill campaign. Four holes tested targets in the Lion zone while two holiest tested the Tiger target. At the Lion Zone, drilling returned 23m of 2.08% CuEq and 31m of 1.06% CuEq. At the Tiger zone, results included 9.9m of 1.77% CuEq. (TSXV: PNPN) (OTCBB: PNPNF) News Release
Canterra Minerals has commenced drilling at the Buchans Project in Central Newfoundland, 50 kms north of Calibre’s Valentine Gold Mine and 34 km from Teck’s past producing Duck Pond Mine. Drill targets for this campaign includes Pumphouse and Lundberg. Pumphouse represents an underexplored fault repeat of the Oriental mine horizon located 500 m northwest from the former Oriental orebody and 1.5 km northeast of the former Lucky Strike orebody. Lundberg drilling looks to expand the current 16.8 Mt resource2 laterally and at depth, including north of higher grade stockwork mineralization intersected by Canterra's 2024 drilling and provide further information relating to the underlying Lundberg stockwork footwall mineralization which had not been the focus of previous operators. (TSXV: CTM) (OTCQB: CTMCF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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