Morning Briefing: New Snowline Gold Drill Results; Management Changes at Adriatic
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday, August 7th.
After trading up to $2457 Monday evening, gold once again was pushed lower Tuesday starting just before midnight. The biggest chunk of the decline occurred after the Comex opened, which the Mining Stock Journal attributes to further disgorgement of long positions by hedge funds and CTAs. Gold ended up trading as low at $2422 before bouncing a bit to close in the afternoon at $2432, down $20 from Monday. Silver traded in tandem with gold, getting clobbered to as low as $26.65 early Tuesday morning. Poor man's gold managed a healthy bounce after the obligatory price hit when the Comex opened and closed the afternoon at $27.09, down 27 cents from Monday. The mining stocks traded higher yesterday, with the large producers outperforming their mid-cap peers. GDX rose 0.82% while the Arca Gold Bugs index jumped 1.54%, outperforming the broad stock market indices.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper.
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And here’s what you need to know this morning….
Snowline Gold reported results from early-season drill holes this year from the VAlley deposit on the Rogue Project. Hole 75 was drill at 180 degrees to recent highlight hole 72, returned 471.6 m averaging 2.38 g/t Au, including 302.1 m of 3.20 g/t Au from surface, surpassing initial Valley deposit MRE block model grade predictions by +9%. Hole V-24-073 returned 325.0 m averaging 2.57 /t Au, including 136.0 m averaging 4.84 g/t Au from surface, slightly outperforming the model near surface. The company is also working on exploration drilling at the Aurelius Target. /they say a 3-hole, 1,184 Phase I drilling program has recently been completed at the Aurelius target, representing the first-ever drill testing of the recently delineated target. Widespread clay and silica alteration and zones of brecciation cemented by pyrite and minor chalcopyrite are present in drill holes at Aurelius, along with strong, pervasive oxidation to roughly 70 m vertical depth. Assays there remain pending. (TSX-V:SGD) (OTCQB:SNWGF) News Release
Silver Elephant Mining provided diamond drill results from the Paca deposit on its Pulacayo-Paca silver project in Potosi department of Bolivia. Notable results include PC24-11 which intercepted 41.06 meters of 237 g/t silver from surface, and PC24-01 which intercepted 38.15 meters of 83 g/t silver from surface. This drill program was paid for by Andean Precious Metals. Pursuant to the sales and purchase agreement ("SPA") and master services agreement detailed in the Company's news release dated September 12, 2023, Silver Elephant plans to sell and deliver up to 800,000 tonnes of Paca oxide materials to Andean. At the current silver price and production run rate, the Company expects to receive US$2.5 million before January 31, 2025. Andean has also agreed to reimburse Silver Elephant for operating expenses under the sales and purchase agreement. (TSX: ELEF) (OTCQB: SILEF) News Release
Waraba Gold provided initial results from the company’s Phase 1 reverse circulation drill program at the Fokolore Gold Project in western Mali. Results are in for the first 7 holes. A total of 13 were drilled. Today’s results included hole58 which returned 7m of 2.8 g/tAu and 4m of 3.19 g/t. Other results included 3m of 3.73 g/t Au and 4m of 1.37 g/t. The Phase 1 RC drilling program is focused on the Mamoudouya Target (Figure 1)and aimed to intersect historic high-grade gold mineralization intercepted in previous drill holes. (CSE: WBGD) (OTC Pink: WARAF) News Release
Seabridge Gold says this year's core drilling program is expanding known mineralized zones in the Central Core Area (CCA) and identifying new target opportunities. A second helicopter-portable reverse circulation drill has begun evaluating historical prospects on the 357 km2 3 Aces property outside the CCA that show similar characteristics to the CCA. Regionally, surface mapping and sampling are finding evidence of F2 folds in unexplored areas of the property. Initial work on several regional targets has pinpointed arsenopyrite-bearing quartz veins and breccias along fold limbs that mimic the gold zones in the CCA. Exploration continues at these regional targets to better evaluate conformity to the model and drilling is now underway. (TSX: SEA) (NYSE: SA) News Release
And in some surprising news, Adriatic Metals CEO and Managing Director, Paul Cronin has resigned and will step down on August 9th. Paul noted a relocation to Australia for family reasons as the reasoning for his departure. Laura Tyler will become Interim Chief Executive Officer of the Company, and Sanela Karic will become Executive Director for Corporate Affairs. Eric Rasmussen, Non-Executive Director, will chair the Sustainability Committee.
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