Morning Briefing: New Drill Results from District Metals and BeMetals
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Wednesday, September 21st
The gold price was pushed lower again overnight on Tuesday, despite indications of impressive physical gold importation into India, trading as low as $1668 before bouncing a bit and trading sideways between $1672 and $1675 for the rest of the day. Silver also sold down to as low as $19.06 overnight before bouncing during U.S. hours and trading up to settle at $19.25, down 27 cents from Monday. The Mining Stock Journal said the overnight slide in stock futures suggests that mechanized CTA funds and momentum-based hedge funds were selling stock futures, buying the dollar and selling or shorting gold and silver futures. That said, when the stock market sell-off accelerated mid-day, gold and silver were well bid and drifted slightly higher, which could be a positive indicator.
The Mining Stocks were bludgeoned early in stock trading but began to drift higher with the metals as the broad stock market was getting spanked. However GDX stil had 2.75% of the value removed from its portfolio. The Hulbert Gold Newsletter Sentiment Index dropped again to negative 21.21%, indicating that even more precious metals newsletters recommend shorting the sector that the previous day. The sentiment index is a chip-shot away from the 2022 low. While the index certainly can go quite a bit more negative, historically a reading as low as it is now has been followed eventually by a frenetic rally in the sector.
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 … Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning….
Trilogy Metals provided an update on the Ambler Access Project, which is the proposed 211-mile industrial us only road from the Upper Kobuk Mineral Project to the Dalton Highway. The United States Bureau of Land Management has published in the Federal Register a Notice of Intent that it will prepare a Supplemental Environmental Impact Statement for the proposed Ambler Mining District Industrial Access Road. The Notice of Intent indicates that The USBLM will accept comments related to the SEIS for 45 days so that the USBLM can determine which, if any, additional impacts and resources related to identified deficiencies should be more thoroughly assessed. Tony Giardini, President and CEO of Trilogy, commented: While we welcome the clarified timeline of the SEIS, we continue to urge the United States Department of the Interior (the "DOI") to move expeditiously through its work to reinstate the Joint Record of Decision ("JROD"). The Upper Kobuk Mineral Projects will bring significant positive benefits, including high-paying, stable jobs and increased security of US domestic production of metals." Trilogy Metals trades on the TSX and NYSE with TMQ. News Release
BeMetals shared assay results from its ongoing diamond drilling program at the Kato Gold Project in Hokkaido, Japan. Highlights front he Seta Vein Zone returned 26.1m of 3 g/t gold. This hole extends the Seta Vein Zone by some 100 meters along strike. Drilling at the Kamitake Vein Zone returned 16.75 m of .58 g/t. This vein is only some 40 metres from the Seta Vein and future drill targeting will be planned to test Kamitake's potential grade, depth and strike extension. Both the Seta and Kamitake zones exhibit vein textures and other mineralogical features which are hallmarks of other typical epithermal gold deposits. Due to the continued success of the program, BeMetals plans to increase the size of its initial drilling campaign to 2,000 metres and will continue releasing more assay results in the coming months. BeMetals trades on the TSXV with BMET and on the OTCQB with BMTLF. News Release
Goliath Resources shared a new drill update this morning from the Golddigger property in the Golden Triangle of British Columbia. According to the company, step-outs form the Surebet discovery has returned the presence of “multiple grains and /or flakes of visible gold in two separate holes which have been independently confirmed by the Colorado School of Mines, with whom the Company is collaborating on a project aimed at determining the origin and evolution of the gold mineralizing fluids at Surebet. The company says the occurrence of visible gold strongly indicates the potential for very high-grade intervals and the Classic Surebet Zone mineralization has now been confirmed over a 1.6 squared kilometre area. Assays remain pending. In fact, to this desk’s best knowledge, the company has not published any new assay data since August of last year. We will be sure to report those highlights once they are eventually published to the market. Goliath Resources trades on the TSXV with GOT. News Release
District Metals reported new assay results form the Gruvberget Property located in the Bergslagen Mining District in south-central Sweden. A total of 1,144 m in five drill holes was completed at the Gruvberget North zone from mid-May to early-July 2022. All of the drill holes were 30 to 60 m step outs below historical drill intercepts where four out of five holes intersected polymetallic sulphide mineralization that remains open at depth and partially along strike. Hole 2 returned 9.1m of 6.1% ZnEq. Hole 3 returned 9.2m of 5.9% ZnEq. The company says the Gruvberget North zone warrants a much larger drill program to better assess the size and scale of the mineralized system we have on hand. District Metals trades on the TSXV with DMX. News Release
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