Morning Briefing: New Drill Results from Magna Mining, Aldebaran and I-80 Gold
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Wednesday June 7th.
Tuesday was somewhat uneventful in the precious metals sector. Gold gyrated between $1981 and $1973 per ounce overnight and through the day but managed to close up $7 from the previous day. Silver bounced between $23.85 and $23.45 per ounce, with a rather large push off the price cliff when the Comex opened. Silver bounced back up to $23.69 after that and flatlined through the afternoon settlement, closing slightly higher from the previous day. The Mining Stock Journal noted that there's been a material amount of silver removed from the registered account in Comex vaults to the eligible account, thereby removing that silver from delivery availability. In addition, a fair amount of silver is starting to leak out of the Comex vault system entirely.
The Mining Stock Journal said that it feels like a big move in gold and silver is percolating. The mining stocks were marginally higher Tuesday in non-descript trading. The Mining Stock Journal noted that its favorite sentiment indicator, the Hulbert Gold Newsletter Sentinment Index, is starting to show an improved investor attitude toward 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…Arizona Sonoran Copper
ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. 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. For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
i-80 GOLD announced additional results from underground drilling at the McCoy-Cove Property in Nevada. The ongoing ~40,000m drill program is focused on upgrading resources in the Helen and CSD/Gap Zones in advance of completing an updated resource estimate and feasibility study. Highlights at Cove included 14.2m grading 12.8 g/t Au and 7.6m grading 13.8 g/t in hole 5. I-80 said the first nine holes drilled of the Cove underground drilling program demonstrated continuity of gold mineralization in the upper portion of the CSD Gap horizon, confirming Cove as one of the highest-grade development-stage gold deposits in North America. I-80 also plans to complete the first phase of the underground decline and drift, and detailed hydrological and metallurgical test work in advance of completing a Feasibility Study. i-80 GOLD (TSX: IAU) (NYSE: IAUX) news release
Aldebaran Resources reported results for step out holes 227 and 228 from ongoing drilling at the Altar copper-gold project in San Juan Province, Argentina. Both were 200m step outs from previous drilling and provided additional pierce points into the promising geophysical anomaly beneath and lateral to the Altar deposit. Hole 227 entered favourable host rocks at about 1,000m depth and returned attractive grade mineralization until the end of the hole. Hole 228 hit the favourable host rock formation at about 750m depth and thereafter returned some of the highest-grade copper mineralization encountered on the project to date. Highlights included 565.6m of 0.60% CuEq in hole 228 including 58 m of 1.02% CuEq. Aldebaran Resources (TSX-V: ALDE, OTCQX: ADBRF) news release
Magna Mining released initial assays from a series of short, near surface drillholes immediately beneath the surface exposure of the 109 Footwall Zone. The assay results reported included 0.7% Ni, 0.6% Cu, and 8.7 g/t Pt + Pd + Au over 31 m in hole MCB-23-003, and 0.3% Ni, 0.8% Cu, and 9.0 g/t Pt + Pd + Au over 21 m in hole MCB-23-007. The intersections received to date support Magna’s new thesis that there are high-grade, structurally controlled systems running through the 109 FW Zone. As a result of confirming high-grade mineralization in this section of the 109 FW Zone, Magna is now planning a surface, advanced exploration bulk sample program to better define the grade and continuity of mineralization in this area. (TSXV: NICU) News Release
Osino Resources provided an update on the feasibility study for its Twin Hills Gold Project in Namibia. The company said it is positioned to publish the feasibility study mid-month, this month. In July 2023 it intends to commence a five-month front-end engineering design (“FEED”) package. In parallel to finalising the FS, Osino has progressed financing negotiations with a credible mining project financier and is working closely with its team to advance due diligence and transaction structuring towards relevant approvals in the second half of this year . The company also noted it is assessing a dual listing on the London Stock Exchange as well. So more news to come from Osino. (TSXV:OSI)(OTCQX:OSIIF) News Release
Li-FT Power says it has started a 45,000 meter drill program at its Yellowknife Lithium Project located to the east of Yellowknife, Northwest Territories. The current drill program is targeting seven outcropping spodumene-bearing pegmatite dyke complexes that are within 10 kilometers of an all-season highway. Drilling will begin by targeting areas that, based on historic trench sample results, returned the highest lithia grades from outcropping pegmatites. The Fi Southwest and Fi Main pegmatites will be the first targets to be drilled. The Company plans to drill each pegmatite target at 100 meter by 100 meter centers to a vertical depth of 300 meters. This is expected to provide sufficient sample density to enable estimates for inferred resources by mid-2024. (CSE: LIFT) News Release
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