Morning Briefing: New Drill Results from Arizona Sonoran, Patriot Battery Metals and more

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

Today is Thursday, June 23rd.

Gold overnight on Wednesday meandered sideways to down slightly. But it took off like a scalded cat at 5:00 a.m. running from $1826 to as high as $1850 before fading and settling at $1840. The Mining Stock Journal could not find any specific attributions for the move higher and is content to attribute it to both flight-to-safety from a rocky stock market and somewhat quote-unquote soft comments on monetary policy from Jerome Powell in his semi-annual testimony on monetary policy to Congress. Silver on the other hand dumped overnight from $21.60 to as low as $21.20 before rebounding just before gold started its move. Silver rallied to $21.55 before fading to settle at $21.40. Possible hedge fund selling in correlation with the sell-off in the stock market might explain the silver action. Regardless, the Mining Stock Journal believes that physical silver is the cheapest asset among all practical alternatives right now. The mining stocks opened to the plus side but then faded when the metals pulled back in price. GDX ended the day down 1.4%. The sentiment toward the sector is trolling at very low levels. Speaking of mining stocks, in today's new issue, the Mining Stock Journal will feature an evaluation of Orla Mining's acquisition of Gold Standard Ventures. The issue will also include one of the most overlooked gold exploration companies in the mining stock universe as well as present a compelling case for a turnaround play once trading over $400 million but has plunged to a market cap under $50 million. Note: it's not Pure Gold.

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…Arizona Sonoran Copper.

Arizona Sonoran Copper Company is a lower-risk copper developer with a significant exploration potential on private land just south of Phoenix, in an infrastructure rich area of Arizona. The Cactus Project PEA illustrates an 18 year mine life, generating US$1 Billion post-tax free cash flow. It is a scalable, low capital intensity project with strong leverage to the copper price. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise. Read more about the company at arizonasonoran.com.

And here’s what you need to know this morning….

Arizona Sonoran Copper provided results of 3 new drill holes from its initial 12-hole exploration program at the Parks/Salyer project. The new drilling program tests the extents of the previously defined Exploration Target from the southern border of P/S and in a north-eastern trend towards the Cactus Mine, at 500 ft centres. Results included 479 ft of 1.32% copper, 474 ft of .89% copper and 324 ft of 1.1% copper. With drilling on track to be complete by mid-July, the team should have a handle on the mineral resource potential at the P/S Project, as well as the Phase 1 modelling results of the NutonTM Technology metallurgical testing. Arizona Sonoran Copper trades on the TSX with ASCU. News Release

Patriot Battery Metals reported its best lithium intercept to date on the Corvette Property in Quebec. The hole was from the final round of drill holes reported from the winter phase of work. Hole 30 returned 1.22% Li2O and 138 ppm Ta2O5 over 152.8 m. Hole 28 returned 1.45% Li2O and 177 ppm Ta2O5 over 84.0 m. As a result of the winter drill program, lithium mineralized pegmatite has been traced in drill hole over a strike length of approximately 1.4 km and remains open in all directions. A total of twenty (20) NQ size diamond drill holes (4,345 m) were completed during the winter/spring phase of the 2022 drill campaign and included seventeen (17) holes collared over ice, and three (3) holes collared over land. Patriot Battery Metals trades on the CSE with PMET and on the OTCQB with PMETF. News Release

Emerita Resources shared results from hole 2 which is their first drill hole completed ont he Romanera deposit on the Iberia Belt West Project in Spain. The hole returned 14.3 meters grading 7.61 g/t gold, 311.1 g/t silver, 3.0% zinc, 2.9% lead, 0.4% copper from 134.2 meters depth. Three additional drill holes have been completed to date and also appear to have intersected significant sulfide mineralization. Samples have been shipped to the ALS lab for analysis and these results will be reported once data is received. Emerita trades on the TSXV with EMO and on the OTC with EMOTF. News Release

Ascot Resources provided an update on  on the development, financing, and exploration of the Premier Gold Project in British Columbia this morning. Construction has been significantly advanced in many key project areas including detailed engineering, work in and around the mill building, the new water treatment plant clarifier foundation, the tailings storage facility and Cascade Creek Diversion Channel, the Big Missouri water discharge pipeline, and portal establishment and initial underground mine development at the Big Missouri deposit. The Company has been working with a growing number of potential financing partners including project lenders and streaming/royalty companies. These discussions are ongoing and the Company is confident a financing solution can be achieved in the foreseeable future. Until this funding is secured and in order to preserve Ascot’s current cash balance, the Company will begin decelerating various construction activities and placing certain work packages on hold. However, the underground mine development work and exploration program will remain on track. The deceleration of project construction will provide more time for mine plan and sequencing optimization, and will enable exploration drilling to determine the size extent and high-grade continuity of the emerging Sebakwe Zone at the Premier deposit. Given the delays in construction areas which require seasonal conditions, the target for first gold pour will be delayed from the first quarter of 2023 until between late 2023 and early 2024. Ascot trades on the TSX with AOT and on the OTCQX with AOTVF. News Release

Minera Alamos provided an update  on its regional exploration activities in the Melchor Ocampo area of Zacatecas. In total the Company owns 6,405 Ha of mineral concessions in the area surrounding its Cerro de Oro project development area. An ongoing program of rock sampling and mapping has been underway in this extended area since 2021 while the Company was working to finalize surface rights necessary for the permitting of the Cerro de Oro gold project, which was announced earlier this week. Surface rock samples have confirmed the presence of widespread disseminated gold mineralization contained in a sedimentary sequence of interbedded siltstone, sandstones and limestones that have been intruded by granitic dikes and sills. With this first pass rock sampling program complete, a more detailed sampling program will be initiated to further define the extent of the known mineralization in advance of drill targeting. Minera Alamos trades on the TSXV with MAI. News Release

That concludes today’s morning briefing.

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