Morning Briefing: New Drill Results from Fireweed Metals and Li-FT Power
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday October 24th.
Monday gold reverted back to its traditional trading pattern in which the price runs higher during the eastern hemisphere true physical market trading action. True to form, the yellow monetary metal peaked right before the London a.m. price fix, after which it was hammered lower followed by another customary price whipping when the Comex opens. All told, gold ran up to $1994 per ounce, bottomed out in the derivatives market at $1982 and rebounded to settle at $1984. Silver interestingly topped out just below $23.50 per ounce in early morning trading and stair-stepped its way lower $23.06 before settling at $23.12. As this commentary is being written, silver has spiked higher in early Monday evening trading.
The Mining Stock Journal said that both fundamental and technical factors are affecting the intra-day price in the metals right now but the overall path of least resistance seems to be higher. The mining stocks ended lower Monday, with the GDX closing down 0.80% after a volatile up and down day. Though the very short term direction of the precious metals sector is uncertain, the Mining Stock Journal believes a big move is percolating, particularly in the junior mining stocks.
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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
Fireweed Metals reported additional assay results form the Macmillan Pass project in Yukon. Today’s results show that Boundary Zone continues to grow with strong continuity of the system. Results reported today included 81.3m of 8.5% zinc, 1.1% lead and 47 g/t silver and also included 12.4m of 17.2% zinc, 2% lead and 79.1 g/t silver in hole 16. Hole 12 intersected 67.7m of 6.3% zinc, 1.2% lead and 52 g/t silver, which also included 18.83m of 12.8% zinc, 2.3% lead and 105.7 g/t silver. Assays are pending for 24 remaining drillholes from Boundary, 10 holes from the Tom deposit and 2 holes form the Jason deposit. (TSXV: FWZ; OTCQB: FWEDF) News Release
Li-FT Power reported assays from 5 drill holes completed at the Shorty and BIG East pegmatites within the Yellowknife Lithium Project near Yellowknife in the Northwest Territories. Drilling intersected significant intervals of spodumene mineralization, with highlights including 18 m at 1.79% Li2O in hole 92 at BIG East, which it said was the highest grade intersect from across the project to date, and 12m at 1.04% Li2O in hole 59 at Shorty. Li-FT Power (CSE: LIFT) (OTCQX: LIFFF) news release
Piedmont Lithium said the Ewoyaa Lithium Project in Ghana has been granted a mining lease by the Ministry of Lands and Natural Resources for exclusive rights for lithium mining and commercial production for a renewable 15-year period. The issuance of the lease is subject to ratification by the Ghanaian parliament. Last month, the Minerals Income Investment Fund of Ghana said it plans to invest $27.9 million to acquire a 6% stake in Ewoyaa. Prior to starting construction, an approval by the Environmental Protection Agency of Ghana also will be required. Ewoyaa is being developed by Piedmont and its partner, Atlantic Lithium, and they expect the permitting process to be finalized in H2 2024. Piedmont Lithium (Nasdaq: PLL; ASX: PLL), news release
Thesis Gold reported assay results from the Bonanza Zone at its Ranch Gold Project in British Columbia, which has focused on definition and exploration drilling in preparation for a maiden resource estimate expected in Q2 2024. Ranch is contiguous with the company’s Lawyers Gold-Silver Project. Highlights included 4.05m at 119.49 (g/t) gold in hole 1, including 2m at 231g/t. Thesis Gold (TSXV: TAU) (OTCQX: THSGF) news release
Red Pine Exploration reported more drill results from ongoing exploration at Wawa, which validate the existence of a new zone of high-grade mineralization in the Jubilee Shear in the hanging wall of the Surluga Deposit. Highlights included 32.95m at 8.01g/t gold at the intersection of the Minto B/Jubilee Shears. A new high-grade vein discovered below the Jubilee Shear returned 1.04, at 46.9g/t. Red Pine Exploration (TSXV: RPX, OTCQB: RDEXF) news release
Founders Metals provided results of auger geochemical survey results targeting historical artisanal mining tailings at the Antino Gold Project in southeastern Suriname. The Company reports gold concentrations of up to 9.17 grams per tonne gold in the alluvial mining tailings at the Froyo zone and 3.77 g/t at the Eclaire zone. The preliminary survey outlines three large tailings areas that collectively cover >100,000 m2 with minimum thicknesses over 3.5 m. Ongoing work is underway to evaluate the full economic potential of the gold-rich tailings at Upper Antino and the much larger volume of tailings in the Buese area. (TSXV: FDR) 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.