Morning Briefing: New Drill Results from Magna Mining and Patriot Battery Metals

Welcome to Mining Stock Daily. I’m Trevor Hall and I’m Paul Harris. 

Today is Monday July 10th. 

Gold was whipsawed late last week between the ADP payrolls data and the Non-farm payrolls data. At its lows, gold touched down to 1903 per ounce but rallied on Friday to close the week out at $1932 per ounce. For now, there appears to be some stiff resistance around $1940 the yellow dog will need to work through for its next move higher. Silver is working on a new trend higher after bouncing off of its 200 dma. It closed the week at 23.29 per ounce. Eyes will remain on inflation data this week with the CPI report due Wednesday.

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…Fireweed Metals

Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.

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

Magna Mining released assay results from their ongoing  diamond drill program at Crean Hill near Sudbury, Ontario. Today’s results included 6.0% Ni, 2.2 % Cu, 5.8 g/t Pt + Pd + Au over 2.2 metres in the 105 Footwall Zone. At the 101 Footwall Zone, drilling 4.3% Ni, 0.4 % Cu, 1.7 g/t Pt + Pd + Au over 0.4 metres and And 11.2% Ni, 0.4 % Cu, 0.1 g/t Pt + Pd + Au over 0.4 metres from hole 20. Hole 24 returned 5.1% Ni, 1.3 % Cu, 0.03 g/t Pt + Pd + Au over 0.8 metres. Drilling to date has demonstrated good continuity of sulphide veins within the current mineral resource, and recent drilling has extended both of these zones beyond where they are currently modelled. The 105 FW Zone, trends into the footwall from the Main Zone, which was historically the main source of contact Ni-Cu mineralization at Crean Hill. The 105 FW Zone has historically been defined to the 1500 foot level, and remains a significant Mineral Resource with historical mining on only a few levels. (TSXV: NICU) News Release

Patriot Battery Metals announced assays from the final holes from this year’s winter drill program at the Corvette Property in James Bay region of Quebec. Today’s reported drill holes cover the CV5 Pegmatitie’s recently defined eastward extension, the high-grade Nova Zone and the recently defined westward extension. Highlights included 108m of 2.44% lithium with a 37.5m interval of 3.58% in hole 181. Hole 177 returned 115.3m of 1.81% lithium and included 89.6 m of 2.2%. The CV5 Pegmatite has now been traced continuously by drilling as a principally continuous spodumene mineralized pegmatite body over a lateral distance of at least 3.7 km, a 1.5 km extension of the known mineralized pegmatite strike since the end of 2022, and 2.9 km since the end of 2021. It remains open along strike and to depth along a large portion of its length. The company is expected to release a mineral resource estimate soon.  (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) News Release

i-80 GOLD announced results from two additional underground drill holes at its McCoy-Cove Property in Nevada, including the best intercepts to date which continue to demonstrate continuity of high-grade mineralization in the CSD/Gap Zone. Highlight included 32.7m at 14.9 g/t Au in hole 10, including 14.8m at 22.8 g/t. The ongoing program, expected to consist of 40,000m of drilling, on 30m spacing in advance of an updated resource estimate and economic study related to the construction of mining operation at McCoy-Cove. This program is focused on the CSD/Gap and Helen Zone portions of the deposit  which also includes mineralization below the pit in the Cove South Deep and 2201 deposits that are not being drilled as part of this program. i-80 GOLD (TSX: IAU) (NYSE: IAUX) news release

Galantas Gold announced results from the first exploration drill hole at its Gairloch Project in Scotland. It discovered cobalt and vanadium, in addition to other energy transition materials including copper, silver, titanium and zinc. Highlights included 17.9m grading 2.87% copper, 0.77 g/t gold, 0.46% zinc, 0.03% cobalt and 7.52 g/t silver in hole 1. Four holes have been completed for 190.4m, with another two holes planned by August in the six hole program. One will test the mineralization at a deeper level while the other will be a deep hole to test below the current deposit. The Kerry Road deposit is a stratabound, Besshi-style, VMS gold-copper-zinc deposit exposed at surface. Galantas Gold (TSX-V & AIM: GAL; OTCQX: GALKF) news release

Alpha Lithium announced a Preliminary Economic Assessment for its 25,000tpa Tolillar lithium brine project in Salta, Argentina from a DLE-based production process. The project would yield an after tax NPV of US$1.5 billion at an 8% discount rate and an IRR of 25.1% following an initial capex of US$777 million, with a 3.8 year payback. The study does not include contribution from wells drilled since mid-2022. Alpha intends to incorporate drilling completed since mid-2022, and anticipates an expanded resource which could potentially support a longer mine life and a second 25,000 tpa phase, for an aggregate 50,000 tpa operation. Tolillar 10-15 km from Livent’s Fenix operation. Alpha Lithium (OTC: APHLF) news release

Hecla Mining completed the acquisition of Yukon explorer ATAC Resources. Hecla acquired ATAC for US$18.8 million in Hecla stock with the issuance of 3.7 million shares based on the exchange ratio of 0.166 of Hecla share for each ATAC common share. As part of the acquisition, Hecla acquired 5.5M units of Cascadia Minerals, a 19.9% stake, and full warrants with a five-year term for a C$2 million cash investment. Cascadia will be managed by the former management of ATAC, who will explore specific properties in the Yukon and British Columbia. Hecla will have the right to appoint two directors to Cascadia’s board. (NYSE:HL) News Release

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