Morning Briefing: New Drill Results from Sabina and Vizsla
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, June 2nd.
Gold on Wednesday drifted aimlessly lower in overnight trading. Then a couple minutes after 8 a.m. the yellow dog shot straight up, gaining over $20 over a 90 minute span. There was not any news that can be fingered as the catalyst and the move was accompanied by a robust move higher in the dollar. Silver interestingly diverged positively from gold early Wednesday morning, then was hammered lower into the a.m. London price fix. Silver started moving higher at 6:30 a.m. NY time, then joined gold's rocket launch a little after 8 a.m. Silver once again tested $22 but was turned away by the usual suspects before settling at $21.83. With the economic data continuing to signal big economic troubles brewing, the Mining Stock Journal said it would not be surprised if gold takes a shot at $1900 and silver punches thru $22 as the market begins to discount expectations that the Fed backs down from its current stance on monetary policy. The mining stocks were the only sector of the stock market that managed to close higher on Wednesday. The Amex Gold Bugs index rose a little over half a percent and GDX was up .80%. Several individual mining stocks were up over 1%. The Mining Stock Journal said it continues to smell the possibility of a big move higher brewing in the precious metals 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 Company
Arizona Sonoran Copper Company is a lower-risk copper developer with a significant exploration potential on private land just south of Phoenix, in an infrastructure rich area of Arizona. The Cactus Project PEA illustrates an 18 year mine life, generating US$1 Billion post-tax free cash flow. It is a scalable, low capital intensity project with strong leverage to the copper price. 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 complemented by global capital markets expertise. Read more about the company at arizonasonoran.com.
And here’s what you need to know this morning….
Sabina Gold and Silver provided results from the final drill holes of its 2022 spring drilling program at the Goose property on the Back River Gold Project in Nunavut. The company says all holes encountered intervals of significant gold mineralization, including 12.59 g/t Au over 45.05 m, 21.87 g/t Au over 15.10 m and 12.64 g/t Au over 20.35 m. The goal of this eight-hole drilling program focused at the V2 Zone at Umwelt was to better define the continuity of areas within the existing resource envelope near the interface of the planned open pit and upper portions of the underground. This year’s drilling has demonstrated that the higher grade of the V2 zone has been extended up plunge into the lower portions of the open pit. The added confidence in this higher-grade mineralization will serve towards informing optimization of the Umwelt mine plan. Sabina trades on the TSX with SBB and on the OTCQX with SGSVF. News Release
Asante Gold says the refurbishment, commissioning and start of operation of the Process Plant at the Bibiani Gold Mine was successful. A 14-day period of intermittent operation is planned to test controls, calibrate operating systems and align critical equipment “under full load”. This is expected to lead to 24 hour/day operation by the end of June 2022. The Bibiani Gold Mine came out of care and maintenance in September 2021 and an extensive refurbishment program has continued since that time. With the support of its key contractors, Asante remains on track to pour gold in the third quarter of 2022. Asante Gold trades on the CSE with ASE and on the OTC with ASGOF. News Release
Noram Lithium provided results form hole CVZ-75 and 76 this morning out of itz Zeus Project in Clayton Valley, Nevada. Results included 45 meters of 962 PPM Lithium. The hole ended in mineralization. Hole 76 returned 30.5 m of 1163 ppm lithium. This hole also ended in mineralization. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. Noram Lithium trades on the TSX Venture with NRM and on the OTCQB with NRVTF. News Release
Vizsla Silver reported results from 18 new drillholes targeting the southern extension of the Napoleon Vein on the Panuco silver-gold project in Mexico. Highlights include 2,098 g/t silver equivalent over 4.3 meters, including 7,213 g/t over 1.11meters true width. Today's results outline a new high-grade, precious metals rich zone with significant widths below the Napoleon resource reported on March 1, 2022. To date, this high-grade footprint has been traced over ~800 metres along strike, ~300 metres down dip and remains open at depth. Moving forward, Vizsla plans to continue expanding and infilling this high-grade zone ahead of the planned resource update in Q4 of this year. Vizsla Silver trades on the TSX V and the NYSE with VZLA. News Release
C3 Metals reported surface reconnaissance results from mapping and sampling at the Arthurs Seat Project in Jamaica. Assays returned up to 13.8% copper and 492 g/t silver. 55 copper mineralized samples were collected over 4.5km by 1.5km area. Exploration to date at Arthurs Seat has defined a 6.75 km2 prospective area of copper mineralized veins and breccias interpreted to represent the upper part of an underlying porphyry system. Magnetics, mapping and detailed prospecting are continuing. It is one of four Jamaican projects owned by the Company and is located adjacent to the Company's Bellas Gate property where the Company has commenced a 5,000 metre drill program. C3 Metals trades on the TSX V with CCCM. News Release
That concludes today’s morning briefing.
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