Morning Briefing: New Drill Results from Millennial & Arizona Sonoran; Royal Road Moves into Argentina
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday November 29th.
On Monday gold rallied all the way up to $1764 during the physical gold trading period of the 24 hour day and even into the and through the London a.m. fix. But in the absence of a news event catalyst of any reasonable materiality, the gold price took a steep fall during prime paper gold derivatives trading, plunging nearly straight down to as low as $1739 into the Comex floor settlement. Silver similarly ran up to as high as $21.60 before the rug was pulled out from under the price in the paper market, sending silver plunging off the cliff to as low as $20.87, before bungy-jump bouncing around the $20.90 area. The Mining Stock Journal said that, in all likelihood, the hedge funds were dumping paper gold and silver long positions entered into over the last two weeks in response to the sharp sell-off in the stock market. There was also some hawkish comments from some of the FOMC voting officials meant to address stock market perma-bulls who were convinced the Fed might pivot on its monetary policy stance at the December FOMC meeting. The mining stocks were blind-sided with a tire iron, with GDX pounded down 4%. The Mining Stock Journal commented that, while the volume was above average on Monday, it was not as high as it was during the big rally that occurred for most of the month of November. The newsletter noted that GDX shot up 26.5% between November 3rd and November 23rd. As such, a pullback is to be expected.
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….
Arizona Sonoran Copper released assays from 5 drill holes this morning coming from its infill drilling program at Parks/Salyer. Today’s results included the best hole drilled ont he property which returned 340.3m of 1.22%CuT of continuous mineralization. Other holes reported this morning were 240.6m of .74% CuT, 117.7m of .99% CuT and 162.5m of .63%. A total of 31 exploration holes spaced at ~500 ft drill spacings were included in the MRE and calculated an inferred copper resource of 2.9 billion pounds at 1.015% total Copper. The total leachable resource totals 2.45 billion pounds at 1.065% total Soluble Copper. The current 32,000 m drilling program is reducing drill spacings to 250 ft, aimed at upgrading the mineral resource category to indicated in support of the potential definition of maiden reserves in the upcoming PFS. Arizona Sonoran Copper trades on the TSX with ASCU and on the OTCQX with ASCUF. News Release
Royal Road Minerals announced it has entered into a binding heads of agreement with an individual title holder, which provides the Company with the option to acquire 100% of certain mineral rights comprising the Santo Domingo porphyry copper and gold district in San Juan Province, Argentina. The Santo Domingo district is located 120 km east of San Juan City at an average altitude of approximately 1,200 meters above sea level. The district comprises two, as-yet undrilled, porphyry copper-gold occurrences and several vein-hosted gold and silver occurrences located within a mineral rights package comprising 14 separate title areas and covering a total area of approximately 200 square kilometers. Royal Road Minerals trades on the TSXV with RYR. News Release
Millennial Precious Metals provided assay results from the recently completed resource conversion and exploration drill program at its Wildcat project located in Nevada. Today’s results included hole 5 which returned .36 g/t oxide gold over 17.7m and .55 g/t oxide gold over 68.6m directly below the 2020 pit shell. Drillhole WCCD-0012 returned intercepts of 0.34 g/t oxide Au over 30.5m and 0.41 g/t Au over 54.9m (oxide and mixed), ~150m outside the 2020 NI 43-101 pit shell. The company noted that all reported drillholes from the Phase 1 program intersected the rhyolitic tuff breccia, which represents the bulk of the mineralization at Wildcat Main Hill. Overall, Phase 1 drilling at Wildcat demonstrated strong grade continuity, no overburden coverage (extremely low strip ratio), and excellent rock competency for favourable pit slope angles, all of which are attractive characteristics for a potential heap leach operation. Millennial Precious Metals trades on the TSXV with MPM and on the OTCQB with MLPMF. News Release
HighGold Mining announced assay results from four resource infill and expansion drill holes completed at the Johnson Tract project in Southcentral Alaska. Drill hole JT22-152 has delivered the best intersection drilled to date at the JT Deposit with 120.5m of 18.76 g/t gold, .55% Cu, 3.86%zinc, .93% lead and 6 g/t silver, or 22.1 g/t AuEq. Other results reported this morning were 9.3m of 10.9 g/t AuEq and 30.4m of 1.33 g/t AuEq. To date, assay results have been released for 19 of the 55 drill holes completed during the 2022 Program. HighGold trades on the TSXV with HIGH and on the OTCQX with HGGOF. News Release
Dolly Varden Silver announced dril results from its Homestake Ridge property in the Golden Triangle of British Columbia. Results reported today included 27.44 g/t gold and 463 g/t silver over 9.16m, 14.56 g/t gold and 4 g/t silver over 2.5m and 7.18 g/t gold and 30 g/t silver over 10m. The objective of drilling during 2022 at the Homestake Main and Homestake Silver deposits was to expanded multiple, subparallel mineralized zones and to upgrade Inferred Resources. These results are primarily infill drilling from areas of Current Inferred Mineral Resources and suggest that the higher-grade gold-silver lenses may be continuous over more extensive areas than previously interpreted. In addition, the drilling has generated new targets down-dip the Homestake Main deposit along the projected plunge of the higher grade shoots that are wide open for expansion. Dolly Varden trades on the TSXV with DV and on the OTCQX with DOLLF. News Release
Collective Mining announced assay results from four additional holes drilled at the Apollo target within the Company's Guayabales project located in Caldas, Colombia. Highlights came from hole 17, a significant step-out hole to the north, which intersected two zones of mineralization within the Main Breccia discovery at the Apollo target. The first zone returned 72.3 metres @ 2.57 g/t gold equivalent . The second zone cut the longest intercept of continuous mineralization within the Main Breccia discovery drilled to date with 547.65 metres @ 1.03 g/t gold equivalent. The hole was terminated at 912m depth due to rig capacity but bottomed in strong mineralization. The Main Breccia discovery now measures up to 385 metres along strike by 350 metres in width and has been extended down to a vertical depth of 825 metres below surface. The discovery remains wide open for expansion and further step-out holes are currently being designed. Collective Mining trades on the TSXV with CNL and on the OTCQX with CNLMF. News Release
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