Morning Briefing: New Drill Results out from BC's Golden Triangle
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Tuesday November 1st.
On Monday gold sold off steadily starting right after midnight, falling from $1648 to $1636, where it settled for the afternoon. The Mining Stock Journal said that the dollar soared overnight, which was likely the catalyst for hedge fund algo programs to sell or short paper gold against going long dollar futures. Aside from that, there was not any fundamental news that would have triggered a sell-off in gold. Silver interestingly closed unchanged for the day, though it fell overnight for a brief visit below $19, bouncing at $18.80 back up to $19.20 before settling at $19.11. The Mining Stock Journal noted that, based on the large quantities of physical silver being delivered to India and China from London, along with extraordinarily high premiums for silver eagles and bags of pre-1964 silver coins, there's chatter of of a potential short squeeze in the silver market. The fact that Comex banks continue to increase their net long position in silver futures at the possible expense of hedge funds lends credence to this view. The mining stocks bounced around in negative territory all day Monday, with GDX closing down 2.27% and the Amex Gold Bugs Index losing 1.63%. Newmont reports earnings today before the open and Barrick reports its Q3 numbers Thursday before the open.
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…
Tudor Gold released the eighth set of drill results for the 2022 exploration program at their flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia. The Program at the Treaty Creek property includes an aggressive resource expansion and delineation plan for several areas, including the Goldstorm Deposit and the Eureka and Calm Before the Storm Zones. At the Goldstorm Deposit, drilling returned 294m grading 1 g/t gold equivalent in hole 156 and 592.5m of 1.16 g/t gold equivalent in hole 158. This hole confirms the consistency of mineralization throughout the porphyry system and that no boundary on the northern side of the system has been encountered. This hole is located 250 m north of the 2021 mineral resource estimate. At the Copper Belle Deposit, drilling returned 168m of .68 g/t gold equivalent and 39m of .65 g/t. Drilling at the Konin Zone returned 46.5m of .53 g/t. The company noted that crews will be wrapping up exploration work this week. Tudor Gold trades on the TSXV with TUD. News Release
Skeena Resources provided drilling results from the very first deep drill hole that successfully intersected the down dip extension of the Eskay Creek Deposits as part of the ongoing 2022 regional and near mine exploration programs at the Eskay Creek gold-silver Project. Exploratory drill hole SK-22-1081 has identified a completely new occurrence of Rhyolite-hosted mineralization situated 650 metres down dip of the NEX Zone in the Eskay Deeps. This very broad interval grades 3.79 g/t Au, 59.4 g/t Ag (4.46 g/t AuEq) over 32.19 metres. The company says this hole suggests significant exploration potential north and west of the currently defined resources for the project. Skeena Resources trades on the TSX with and NYSE with SKE. News Release
C3 Metals intersected 63.9m at 1.19% copper from 58.8m below surface at its Jasperoide project in Peru. The Phase 1 and 2 programs successfully defined a cohesive mineralized 650m long skarn body at the Montaña de Cobre Zone that is strongly oxidized from surface to over 250m in depth. The company is now focused on updating the block model, commencing metallurgical test work and continuing community relations and drill permit programs. C3 Metals trades on the TSXV with CCCM and on the OTCQB with CUAUF. News Release
ATAC Resources announced results of diamond drilling at the Osiris Deposit on the Nadaleen Project within the broader Rackla Gold Property in Yukon. Five diamond drill holes were completed in 2022, totaling 1,551 m. Three holes targeted the Osiris Zone and one hole targeted each of the Sunrise and Conrad Zones. At Osiris, drilling returned 33.2 m of 2.63 g/t gold and 10.8m of 3.69 g/t gold. ATAC Resources trades on the TSXV with ATC and on the OTCQB with ATADF. News Release
Fireweed Metals announced results for the first metallurgical and ore-sorting test work from Boundary Zone at Macmillan Pass in Yukon. Open circuit cleaner flotation tests show up to 97% zinc recovery with zinc concentrates showing high grades ranging from 53% to 63% zinc. A coarser grind size also yields excellent recovery, with up to 99% in rougher tests. Selective use of ore sorting only on low-grade material also shows promising results for potentially increasing feed grades, decreasing processing costs, and reducing tailings volumes whilst preserving the value in the abundant high-grade zones at Boundary. The test work is preliminary in nature, and further testing is required to more accurately predict the behaviour of Boundary Zone material during processing. However, the results suggest metallurgical performance for zinc could be excellent and should not be an impediment in demonstrating reasonable prospects for eventual economic extraction. Fireweed Zinc trades on the TSXV with FWZ and on the OTCQB with FWEDF. News Release
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