Morning Briefing: New Resource Estimate for Cartier; Drill Results from Arizona Sonoran
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Tuesday, August 30th
Gold on Sunday evening and into early Monday morning traded lower with stock futures but started to rally going into the a.m. London price fix. It shot up in price further as the dollar started to head south quickly in the hours before the NYSE opened. After hitting a low of $1732 per ounce overnight, gold traded as high as $1758 before fading a bit and settling at $1749. The Mining Stock Journal thinks that banks or hedge funds were shorting Comex futures in correlation with the sell-off in stock futures and then scrambled to cover those short as paper gold moved higher quickly during U.S. hours.
Silver pretty much followed the same price-path as gold, trading as high as $18.68 per ounce after bottoming overnight at $18.30. The mining stocks traded into positive territory in early morning action in response to the big move higher in gold but succumbed to the weak stock market and finished the day red, with the GDX down 1.15%. It's the late summer doldrums across all of the markets.
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 Company released an additional seven holes from the Cactus East infill drilling program at its Cactus Mine Project in Arizona. The current program is drilling on 38m centres to generate measured mineral resources. The 18,000m infill drilling program at Cactus East and Cactus West is now halfway complete with 16 holes for 9,700m drilled into the core of the Cactus East orebody, with assays pending on 9 holes. Highlights included 82.4m grading 1.77% copper in hole 72 including 30.5m grading 3.45% copper. The company said the infill holes into the core of the deposit illustrate the continuity required for an underground bulk mining scenario at Cactus East that will be contemplated in the coming PFS. It also said that due to exploration success at Parks/Salyer, the two available drill rigs have been prioritized to drilling the Exploration Targets there. Drilling to complete the infill program at Cactus will resume later in the year as well as an expansionary drill program. Arizona Sonoran Copper Company trades on the TSX under ASCU and on the OTCQX under ASCUF. News release
Cartier Resources published its fourth mineral resource estimate for the Chimo Mine just east of Val-d’Or. The new resource estimate consists of 7.1 million tonnes at an average grade of 3.14 g/t Au for 720,000 ounces of gold in the Indicated category and 18.5Mt at 2.75 g/t Au for 1.6Moz in the Inferred category. The company says the recent acquisition of the West Nordeau deposit, within 450m of the resources of Chimo, makes it possible to integrate all the resources with common characteristics with a reasonable prospect of possible economic extraction. Meanwhile, drilling continues at the Chimo Mine Gold system which includes work at both West Nordeau and West Simon deposits, with a preliminary economic study also underway on the combined resources. Cartier trades on the TSXV with ECR. News Release
Osisko Mining released an updated resource estimate for its Windfall gold deposit in the Abitibi greenstone belt in Québec. The resource includes about 1.9 million metres of drilling and will form the basis of a Feasibility Study due before year end. The updated measured and indicated resource is 11.1 million tonnes grading 11.4 grams per tonne for 4.1Moz at a 3.5g/t cut off, with an inferred resource of 12.3Mt grading 8.4g/t for 3.3Moz. This represents a 26% increase to M&I ounces and 8% increase to M&I grade. The Lynx area contains 65% of the resource and some 98% of the resource is from surface to 1200m vertical depth. The exploration ramp access at Lynx is currently at 635m vertical depth. Osisko said a bulk sample from Lynx 600 is completed and soon to be processed. A preliminary economic assessment on Windfall outlined production of 300,000oz/y for the first seven years. Osisko Mining trades on the TSX under OSK. News release
Also in Quebec, Monarch Mining received more results from the 2021-2022 drilling program on its Swanson gold project near Val-d’Or. This program is the first drilling done on the property since Monarch Gold acquired it from Agnico-Eagle Mines in 2017 with highlights of 13.5m grading 18.18 g/t Au in hole 23 along a down-plunge extension of the Swanson deposit. The hole intersected three of the interpreted mineralized lenses, all beyond the current limits of the interpreted wireframes used in the 2021 mineral resource estimate. The results for 14 drill holes are pending. Monarch Mining trades on the TSX under GBAR and on the OTCQX under GBARF. News release
Liberty Gold reported drilling results from Reverse Circulation drilling in the F Zone target at its Black Pine Oxide Gold Project in Idaho. Results from 17 new holes confirm that the CD and Discovery zones, the two largest deposits in the 2021 Mineral Resource, are linked by a continuous, north-trending zone of near-surface oxide gold mineralization over a distance of approximately 750m. Oxide gold mineralization starts from surface or at shallow depth in all holes. This drilling links several resource pits and demonstrates that gold mineralization at Black Pine tends to coalesce into larger, continuous mineralized zones, potentially greater amenability to bulk mining. Highlights included 18.3m grading 0.95 grams per tonne gold in hole 657 and 38.1m grading 0.74g/t in hole 660. Drilling in the F Zone also aims to add to the endowment of near-surface, above-average grade gold mineralization that can be mined in the first 2 to 3 years of a potential mining operation. Liberty Gold trades on the TSX under LGD and on the OTCQX under LGDTF. News release
Scottie Resources reported the first three holes of its 2022 drilling program on its Blueberry Contact Zone in the Golden Triangle region of British Columbia which aims to test the strike of the zone up to 1.4km, and the depth in excess of 400m. Highlights included 12.5m grading 13.3 g/t gold which the company said reinforced the continuity of the structure following which it will take larger step outs. Scottie has drilled over 10,000m in 53 holes so far this year and has three rigs operating. Scottie Resources trades on the TSXV under SCOT and on the OTCQB under SCTSF. News release
Summa Silver says they have staked a large land package of contiguous mining claims at its Mogollon project near Silver City, New Mexico. The Mogollon Project now covers 3,886 acres, a nearly 65% expansion over the previous 2,382 acres and cover prospective extensions of several historically producing high-grade silver-gold veins, although no modern exploration work has ever been completed. With drilling at the Hughes Project, Nevada now complete for the year, the Company is preparing to resume drilling at the Mogollon Project in September. Summa Silver trades on the TSXV with SSVR and on the OTCQX with SSVRF. News Release
That concludes today’s morning briefing.
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