Morning Briefing: New Drill Results from Millennial Precious Metals and Brixton Metals
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Tuesday, August 16th
With India closed Monday and the Chinese markets generally troubled, the bid for physically deliverable gold was absent, making it easy for the price control team to push gold and silver lower on Monday in the paper market segment of the precious metals sector. Gold was pushed back below $1800 per ounce, settling December basis at $1794, Silver was hit for 2.4% but managed to hold $20, settling at $21.12 per ounce, September basis. The spike in the dollar made it easier for the paper market operators to accomplish their task of pushing the metals lower. However, with regard to the spike in the dollar, the Mining Stock Journal said that something is snapping in the credit markets beneath the surface - likely in the EU. Treasury yields fell despite the sharp rally in the stock market.
The Mining Stock Journal said that something chased a large quantity of flight to safety money into Treasuries and the dollar Monday and the smash in the metals was an effort to hide the "dead canary trapped in the coal mine." CME gold futures volume was about 50% more than the recent daily average, which indicates the price management operation took considerable effort. The Mining Stock Journal said that the mining stocks were hit hard at the NYSE open, with the GDX down over 3% initially. But it managed to climb quite a bit off its low of the day to close down about 1.5%.
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….
Millennial Precious Metals provided results from the ongoing Phase 1 drill program currently being conducted at its Wildcat project in Nevada. Drillhole WCCD-0003 returned an intercept of 1.26 g/t oxide Au over 39.2m from surface, and included a sub interval of 1.82 g/t oxide Au over 20.6m. Drillhole WCCD-0004 returned an intercept of 0.93 g/t oxide Au over 41.4m from surface, including a higher-grade intercept of 2.51 g/t oxide Au over 9.2m. The 2022 drill program consists of a minimum of ~2,000m and is primarily designed for infill drilling for mineral resource conversion, geotechnical data for pit wall design, metallurgical data, and to test gold mineralization below the oxidation profile. Phase 1 drilling will support the updated mineral resource and PEA expected to be released following the completion of metallurgical column testing and various mining studies. Millennial Precious Metals trade on the TSXV with MPM and on the OTCQB with MLPMF. News Release
Brixton Metals have their first drill hole results from the Camp Creek copper, gold, silver and molybdenum porphyry target at the Thorn Project in Canada. Hole 201 returned 967.7m of .4% copper equivalent. There were notable subintervals within this, including 365m of .7% copper equivalent, 150m of .92%, and 40m of 1.02%. The objective of hole 201 was to reach a depth of 1500m between the 2021 holes 183 and 184, which both ended in increasing copper grades downhole at 1336m and 1298m respectively. However, due to poor ground conditions hole 201 was terminated at 1302.71m. Brixton Metals trades on the TSXV with BBB and on the OTCQB with BBBXF. News Release
Magna Mining agreed to acquire Lonmin Canada for C$16 million including $13 million in cash upon closing and a deferred payment of $3 million payable a year after closing in cash or stock. Lonmin’s main asset is the Denison Project and past producing Crean Hill Ni-Cu-PGE mine in Sudbury, Ontario, 37km east of Magna's Shakespeare Project, which has the potential to provide feed to extend the mine life of its Shakespeare Mine and other potential synergies. Magna will inherit Loncan's existing commercial arrangements with Vale, including access rights and a NSR royalty but Lonmin's joint venture with Wallbridge Mining will terminate. To fund the acquisition and ongoing exploration and development activities, Magna announced a private placement of up to 74 million subscription receipts at 27c each to raise $20 million. Magna Mining trades on the TSXV under NICU. News release
CopAur Minerals discovered a new gold zone at its Williams Copper-Gold Project in the Toodoggone region of British Columbia. A four hole, 1,428m diamond drill program targeted untested soil geochemical anomalies at the GIC porphyry target resulted in the discovery of a new gold zone with a highlight of 50m grading 2.2 grams-per-tonne gold and 0.13% copper in hole 2 including 10.5m grading 4.2g/t gold. CopAur said both the copper and gold mineralization appear to be improving at depth with the drill hole ending in strong mineralization. The new discovery lies at the west end the of the GIC porphyry target, a 4 km x 0.8 km east-west trending copper-gold(±molybdenum) geochemical and IP/resistivity geophysical anomaly. CopAur Minerals trades on the TSXV under CPAU and on the OTCQB under COPAF. News release
i-80 Gold announced that initial drilling to test the 426 Zone of the Ruby Deeps deposit at its Ruby Hill project in Nevada intersected multiple zones of high-grade mineralization. Highlight from initial infill and step-out drilling included 13.4m grading 13.9 grams per tonne gold in hole 2, which included four high-grade intervals over decent widths and 23.2m grading 9.7g/t in hole 7, which also hit four intervals. The 426 Zone is the upper portion of the Ruby Deeps deposit. Drilling is designed to define mineralization for initial mine planning, to provide geotechnical work for the design of the underground decline, and to complete additional metallurgical test work. I-80 is completing a 20,000 metre drill program at Ruby Hill. i-80 Gold trades on the TSX under IAU and on the NYSE under IAUX. News release
Bravo Mining released new nickel and copper assay results from a previously released diamond drill hole at its Luanga platinum group metals, gold and nickel project in Pará, Brazil. The intercept of 11.04m grading 2.04% nickel and 1.23% copper occurs in massive and semi-massive sulphides – a style of mineralization not previously observed at Luanga, increasing the target type potential at the project. Within that 11m there were .8m of 10.8% copper and .98% nickel starting a 136m depth. Palladium, platinum and rhodium assay results are pending. With six drill rigs on site, drilling is now in progress in various locations along the entire 7km strike length of known mineralization, including to the north where the latest and final surface access agreements were recently signed. Bravo Mining trades on the TSXV with BRVO. News Release
That concludes today’s morning briefing.
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