Morning Briefing: Newcore Gold Intersects Highest grade Interval to Date at the Enchi Project
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Ian Wagner.
It’s Wednesday, November 13th.
Gold traded lower again on Tuesday, dipping below the 2600 level briefly before settling higher. December gold touched 2595 before rushing back above 2600 to settle at 2606, down $11.4 from Monday’s close. The last time gold closed below 2600 was in September. The US dollar again rose, putting pressure on commodities across the board. Silver bucked the trend however and gained ground, albeit a small gain. December silver settled at 30.75, up 14 cents from Monday. The GDX was down 6/10ths of a point to close at 36.11, off over 1.5%. S-I-L, the solver miners ETF, curiously was also down over 1% to close at 35.56, despite Silver’s Tuesday gains. In early morning trading today, silver has climbed back above 31 and gold is up about 10-dollars.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
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And Here’s what you need to know this morning…..
Newcore Gold intersects its highest grade interval to date at its Enchi project. The company announced new drill results from its 10,000-metre drill program at the Enchi Gold Project in Ghana. The Boin Gold Deposit has intersected the highest-grade gold interval encountered to date at Enchi, with hole 301 intersecting 204 grams per tonne gold over 1.0 metre from 59 m, with a contiguous zone of 1.46 g/t Au over 2.0 m from 60 m. The company noted further higher-grade mineralization with Hole 307A intersecting 3.36 g/t Au over 28.0 m from 120 m, including a high-grade intercept of 37g/t Au over 2.0 m within a broader zone of 7.76 g/t Au over 11.0 m. Drilling is underway at Enchi as part of the resource growth and infill program designed to convert Inferred Resources to Indicated. The company notes that all drill holes intersected gold mineralization at Boin. Newcore gold trades on the (TSX-V: NCAU, OTCQX: NCAUF) - News Release
Kenorland Minerals Announces Follow-Up Drill Program and Commencement of Phase 2 Earn-In by Newmont Corporation at the Chebistuan Project. The company is planning of a winter 2025 drill program at the Deux Orignaux prospect, and also reports that Newmont has provided Notice to enter Phase 2 of the earn-in agreement to potentially earn an additional 29% participating interest in the Chebistuan project located in Quebec. The Deux Orignaux target area is a grassroots prospect under an earn-in agreement with Newmont.The current winter 2025 drill program will include up to 3,500m of drilling is a follow-up to the initial program completed in early 2023, and will test lateral and down-dip extents of the mineralised syenite intersected in drill hole 005, which returned 157m at 0.41 g/t Au. The program will also test additional targets. The drill program is currently expected to commence in Q1 2025, and Kenorland remains operator of the Project. The Details of the Phase 2 Earn-In, Newmont has to:
Pay Kenorland a one-time cash payment in the amount of C$200,000 within 30 days of the Phase 2 Election Notice (the "Notice"),
incur additional qualifying expenditures on the Project by defining a 1,500,000 gold ounces resource through a pre-feasibility stage study inline with Canadian 43-101 Standards within 6 years of the effective date of the Venture Agreement.
Upon completion of the Phase 2 Earn-In, Newmont's participating interest will increase from 51% to 80%, and Kenorland's corresponding participating interest will decrease from 49% to 20%. Kenorland (TSXV: KLD) (OTCQX: KLDCF) News Release
AbraSilver returns High-Grade Drill Results from Diablillos Including 62 Metres at 175 g/t Silver. The company announced assay results from the ongoing 20,000 meter Phase IV drill program, on its Diablillos project in Argentina. Key highlights from the latest drill assay results include:
Hole 038 intersected a broad zone of high-grade silver mineralization, with 62.0 m at 175 g/t Ag, starting at a downhole depth of 85 m.
Hole 039 intersected 52.0 m at 42 g/t Ag
In Oculto Northeast:
Hole 034 encountered near-surface gold mineralization with 18.0 m grading 17 g/t silver and 1.34 g/t Au, starting at a downhole depth of 81 m.
Hole 037 intersected numerous gold and silver zones, including 20.0 m at 21 g/t Ag and 1.30 g/t Au from 148 m down-hole, followed by an interval of 23.0 m at 25 g/t Ag and 1.21 g/t Au.
The Company continues to have three drill rigs operating, and to date has completed approximately 13,800 metres of drilling in 67 holes. Several assay results are awaited and will be released on an ongoing basis AbraSilver trades on the (TSX.V: ABRA; OTCQX: ABBRF) - News Release
And Brixton Metals announced a non-brokered private placement offering of up to 66.6m flow-through units of the Company at a price of $0.09 US per FT Unit for gross proceeds of up to $6,000,000 US. Each FT Unit will consist of one common share of the Companyand one half of one warrant. Each whole Warrant will entitle the holder to purchase one common share of the Company at a per share price of $0.12 until the second anniversary of the closing date of the Offering. The securities issued will be subject to a hold period of four months and one day. 50% of the proceeds are proposed to be used to incur “flow through mining expenditures”, and the other 50% of the proceeds are proposed to be used to incur “flow-through critical mineral mining expenditures”. Brixton Metals trades on the (TSX-V: BBB, OTCQB: BBBXF) - News Release
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That’s it for today everyone. Have a great day. Stay safe.
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