Morning Briefing: New CEO at the Helm of i-80 Gold
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, September 18th.
Yesterday the price of gold zig-zagged overnight in downtrend channel bounced after the a.m. fix and then underwent the routine Comex open price hit. Gold continued lower through the Comex close then bounced to settle in the afternoon under $2600 at $2596 December basis, down $14 from Monday. Silver traded similarly only with higher volatility. After peaking at $31.30 at 10 a.m. it was shoved onto the down elevator and plunged as much as 44 cents before rebounding to settle at $31.05.
The mining stocks were mostly red throughout the day with a brief period in positive territory. GDX closed down 0.81%. The only comment from the Mining Stock Journal is that it's FOMC week and downward volatility is customary.
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… Arizona Sonoran Copper.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
I-80 Gold announced Richard Young has been appointed as Chief Executive Officer and a Director effective immediately, succeeding Ewan Downie following his retirement. This appointment completes the previously announced succession process. Mr. Downie will also step down as a director of the Company and will continue as an advisor to the Company. Mr. Young rings strong experience in Nevada including operational positions with Barrick Gold at its Goldstrike Mine, one of the largest gold mines in North America. Richard was the founder and CEO of Teranga Gold Corporation, playing a key role in its transformation from a single asset producer into a successful low-cost, mid-tier gold producer that was ultimately acquired by Endeavour Mining PLC in 2021. (TSX: IAU) (NYSE: IAUX) News Release
LaFleur Minerals published its mineral resource estimate for its Swanson Property in the Abitibi Gold Belt of Québec. The current MRE is an update to the historical estimate completed by previous operator Monarch Mining. Under this new report, Swanson now hosts a total Indicated Mineral Resource Estimate of 2,113,000 t with an average grade of 1.8 g/t gold for 123,400 oz of contained gold and an Inferred Mineral Resource Estimate of 872,000 t with an average grade of 2.3 g/t gold for 64,500 oz of contained gold. LaFleur Minerals moving forward with recommended Phase 1 exploration program at Swanson including a very high-resolution magnetic-VLF-EM geophysical survey, oriented soil sampling program, and prospecting and geological mapping with plans to commence drilling in late 2024 and early 2025. (CSE: LFLR) (OTC Pink: WPNNF) News Release
Stallion Uranium has acquired ten new prospective uranium exploration claims via staking. The new claims will make up the Company’s Stone Island Project, covering 9,993 hectares and further bolstering Stallion’s land package in the prolific Southwestern Athabasca Basin. The new dispositions are contiguous to the Western Athabasca Basin JV Project (Stallion and Atha Energy) and are 100% owned by Stallion Uranium. (TSX-V: STUD; OTCQB: STLNF) News Release
Electric Royalties announced the signing of a binding letter of agreement with Minera Cobre Verde, which is a subsidiary of Cobre y Metales, to acquire two copper streams on the Minera Cobre Verde Mine in the Antofagasta Region of Chile. Under the terms of the Agreement, Electric Royalties will pay consideration to MCV of US$2.1 million to acquire the Stream, whereby Electric Royalties will have the immediate right to acquire a fixed amount of 76,000 pounds of copper monthly at a fixed price of US$2.75 per pound for a term of four years. The Stream will be cash-settled and is not dependent on actual copper production at the MCV Mine. (TSXV:ELEC) (OTCQB:ELECF) News Release
Dynacor Group recorded unaudited gold sales of $26.3M in August. Thats a 21.8% increase compared to last year, which is mostly a results of higher metals prices and offset by decreases in volumes. In August, the average selling price of gold was US$2,467 per ounce, compared to US$1,912 per ounce in August 2023 as gold price continued rising reaching even its historical high during the month. This level of sales also represents a month-to-month increase of US$4.9 million (22.9% increase) over July 2024. Dynacor says they are well in line to meet the forecasted annual guidance of US$265-285 million. (TSX-DNG) News Release
The Mining Stock Daily morning briefing is produced by Clear Commodity Network and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.