Morning Briefing: Newmont Closes Acquisition of Newcrest

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Monday November 6th. 

Gold closed up roughly $2 from the previous week's weekly close at $1999 per ounce after running up to as high as $2020. The price management team made sure that gold closed below $2,000, a task made easier on a Friday afternoon when markets around the entire world except North America have closed for the weekend. Silver diverged positively from gold, as it managed not only a 47 cent gain on the week but also closed above $23 at $23.27 per ounce. Note that the price basis is as of the close of the afternoon CME Globex computer system digital trading.

 The Mining Stock Journal has no explanation for the outperformance of silver over gold other than that silver is close to being historically undervalued relative to gold per the gold-silver ratio of 85. The GDX closed up 27 cents after selling off the first four days of the week followed by a 4.3% move higher on Friday. The Mining Stock Journal said that it continues to be confident that a big move higher in the precious metals sector is just around the corner.

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….

On Friday, Ascot Resources announced its third batch of assay results form this year’s drill program on the Premier Gold Project in British Columbia. Highlights included 98.84 g/t gold over 6.48m from a depth of 51.5m, and included 691.5 g/t over .9m. This is the all-time second highest-grade drill intercept at Big Missouri and is the Company’s highest-grade drill intercept property-wide since 2015. Other results included 22.3 g/t over 9.7m and 17.72 g/t over 5.65m. Drilling for the 2023 exploration season at the Big Missouri deposit was conducted from early August until this past week, during which time 72 holes were drilled from surface for a total of 6,539 metres. (TSX: AOT; OTCQX: AOTVF) News Release

Just hitting the wire, Newmont has closed its acquisition of Newcrest  mining Creating World’s Leading Gold Mining Business. Congratulations to both companies.

Marimaca Copper announced results of the Phase 6 Metallurgical testing program at its Marimaca Oxide Copper Project in northern Chile. The program was designed to evaluate leaching conditions to optimize acid consumption, recoveries and leaching efficiency to be incorporated into the ongoing Feasibility Study.  It confirmed average copper recovery of 74.9% - in-line with previous results, using recycled sea-water sourced from Marimaca’s intended water supplier, with net acid consumption of 30.6kg/t, a 25% reduction from previous metallurgical testing. Marimaca Copper (TSX: MARI) news release

Paramount Gold Nevada said the Oregon Department of Geology and Mineral Industries (DOGAMI) issued a Notice to Proceed which moves its Grassy Mountain gold project into the next phase of permitting. It is expected that DOGAMI will issue the final consolidated permit package within one year. The receipt of the Notice is a key condition precedent included in the non-binding $15 million financing term sheet signed with Sprott Resource and Streaming Royalty earlier this year. Paramount Gold Nevada (NYSE American: PZG) news release

K2 Gold announced the first assay results from its 2023 Reverse Circulation drilling program at the Wels Project, located in Yukon. Results from a proof-of-concept program consisting of six holes targeting the Saddle, Saddle North, and Saddle South Zones were reported and included 34.7 g/t Au over 1.5m, 1.6 g/t over 21.3m and 7.14 g/t over 3m. The company says the results of the first assays at the Wels have proven that the Saddle Zone hosts multiple stacked mineralized structures over a more than 400m wide corridor which remains fully open along strike to the west, east, and at depth. (TSXV: KTO) (OTCQB: KTGDF) News Release

Aston Bay Holdings reported assay results from the Storm Copper Project on Somerset Island in Nunavut, operated by American West Metals. Highlights included 24.4m @ 1.1% Cu from 48.8m, in hole 38 which has a sun interval of 6.1m @ 2.8% Cu. It said High-grade, near-surface copper has now been defined at the 4100N Zone over a strike of more than 1,300m and a width of 400m, with drilling and geophysics supporting the potential to extend mineralization at least 600m farther to the north-east. The latest assays are part of the 63 drill holes completed at Storm in 2023 that will support the maiden mineral resource estimation. Aston Bay Holdings (TSXV:BAY) (OTCQB:ATBHF) news release

Lithium Ionic reported additional results from ongoing drilling at the Bandeira lithium Project in Minas Gerais, Brazil as part of a 50,000m program focused on expanding and upgrading existing mineral resource to support a Feasibility Study. Highlights included 13.5m at 1.64% Li2O in hole 180 including 7.8m at 2.06% Li2O. The company said that multiple intercepts of significant widths above resource grade show the potential for the resources at Bandeira to keep expanding and improving. A Feasibility Study is expected to be completed in early 2024. Lithium Ionic (TSXV: LTH; OTCQX: LTHCF news release

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