Morning Briefing: New Exploration Results from Around the World

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


Today is Wednesday, May 4th


After getting pushed down to as low as $1849 per ounce overnight Tuesday, Gold took off like a scalded cat shortly before the a.m. London price fix, rising almost non-stop to as high as $1878, before settling at $1868. The Mining Stock Journal said that the price management squads's ability to push gold down overnight can be explained by the holiday closure of India, China and Turkey due to the May Day and Muslim Eid festival observances. This is the bulk of the world's physical gold buyers. But the big bounce in gold during the largely paper gold gold derivative trading portion of the day can not be explained with any specific news or events. This could be bullish. Silver, on the other hand, experienced extraordinary two-way volatility, trading several times between as high as $22.90 per ounce and as low as $22.45 over several iterations. This occurrence is entirely unexplainable other than by a market that has had free market price discovery completely snuffed out by official intervention. With all that said, silver closed up slightly after 10 consecutive days of losses. 

The Mining Stock Journal's editor plans to make a large bet on silver at this point. The mining stocks Tuesday bounced, though they closed well off the highs of the day. The GDX was up 1.6%. The Mining Stock Journal noted that the GDX held and bounced off of its 100 day moving average. The short term direction of the sector will be predicated on the tenor of today's FOMC policy statement plus any salient commentary from Jay Powell at the post-FOMC meeting pressor.

 

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.

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….

NGEx Minerals announced the discovery of a significant new copper-gold porphyry system at the Valle Ancho copper-gold project in Catamarca, Argentina. Drill results from the final six holes of the Company's eight hole, 3,060m program included highlights of 596.5m grading 0.50% CuEq from 4m depth in hole 3 at the La Quebrada Porphyry Target including 104m grading 0.62% CuEq. The company said the results from La Quebrada are from wide-spaced reconnaissance-style drilling and demonstrate the presence of a large copper-gold system. La Quebrada is a porphyry copper-gold system located about 15km southeast of the Nordin gold target. Mineralization extends over an area of at least  500m by 1km, extending under the cover. NGEx Minerals trades on the TSXV under NGEX. News release

Yesterday, Kenorland Minerals said it commenced drilling at the Frotet Project in Quebec, which is a JV held with Sumitomo Metal Mining. A total exploration budget of C$12.5 million has been approved by the JV for continued exploration over the next twelve months. Work will include up to 40,000m of drilling carried out over two phases, in summer and winter campaigns. The 2022 Summer drill program has commenced and will include up to 14,500m of diamond drilling, of which about 12,000m will be allocated towards the Renault discovery, and up to 2,500m will be designated for regional exploration. Kenorland Minerals trades on the TSXV under KLD and on the OTCQX under NWRCF. News Release

New Found Gold said it made two new high-grade gold near surface discoveries hosted by separate structures within ~65m of the north end of the Keats Zone at its Queensway project near Gander in Newfoundland. Drilling to test the ~700m gap between the Keats and Golden Joint zones has now discovered three new and separate structures hosting high-grade gold mineralization. Highlights today included 2.15m grading 275 grams per tonne gold in hole 538 and 6.75m grading 8.7g/t in hole 533. The company said this latter discovery is hosted by a sequence of black shales which opens a new prospective domain that is largely unexplored. New Found Gold trades on the TSXV under NFG and on the NYSE American under NFGC. News release

Troilus Gold reported additional assay results from the Southwest Zone at its Troilus Project in Quebec, Canada. The Southwest Zone was discovered and drilled in late 2019 and which it said quickly evolved into the most significant growth target on the property. Highlights included 3m grading 13.64 grams per tonne gold equivalent in hole 558. The intercepts reported today are largely located outside of the pit shell modelled in the August 2020 Preliminary Economic Assessment and are a combination of infill and exploration drill holes, which confirmed mineral continuity to the southwest, identifying a down-dip extension of mineralization to the west, 300m below PEA pit shell. These results will be included in the mineral resource update and Pre-Feasibility Study, expected in mid-2022. Troilus Gold trades on the TSX under TLG and on the OTCQX under CHXMF. News release

QC Copper and Gold announced assay results from its ongoing 60,000m drill program on its Opemiska project in Quebec with mineralized holes within and outside the conceptual pit. Highlights included 94.5m grading 0.42% copper equivalent and 192m of 0.33% copper equivalent. The company said drilling continues to improve its deposit model allowing it to become more predictive in targeting. The holes reported today were designed to convert barren rock into mineralized material, reducing waste and increasing the starter pit size. As of May 1st, some 20,000m have been drilled in 81 holes. QC Copper and Gold trades on the TSXV under QCCU and on the OTCQB under QCCUF. News release

Aurion Resources reported results for the first three holes from the winter 2022 drilling program at the Helmi Discovery on the Aurion-B2Gold joint venture in the Central Lapland greenstone Belt in Finland. Gold intercepts included 2.05 g/t gold over 77.5m and 1.42 g/t gold over 15.9m. 29 holes were drilled at Helmi and nearby targets during the program, which targeted extensions of the Helmi Discovery along strike and at depth and selected new geophysical and geochemical targets. The Helmi Discovery is located about 1.3km west of Rupert Resources' 3.95-million-ounce Ikkari Discovery. Aurion trades on the TSX V with AU and on the OTCQX with AIRRF. News Release

That concludes today’s morning briefing.

The Mining Stock Daily morning briefing is produced by Clear Creek Digital and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network. 

The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.

Trevor HallGold, Silver, GDX