Morning Briefing: News from Moneta Gold, Scottie Resources and Lavras Gold

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

Today is Thursday November 3rd. 

The action in gold and silver on Wednesday demonstrates the power of the paper Comex market to push around the price. After fading from $1660 per ounce to as low as $1648 ahead of the FOMC policy statement release, paper gold shot up along with the stock market to as high as $1673 on the FOMC headline reports. But as soon as the Jay Powell presser was underway, paper gold plunged $35 to $1635 while the stock market was hammered, as Powell tossed a bucket of cold water on Fed pivot dreams. Silver spiked up to as high as $20.10 per ounce before it was given push off the cliff to as low as $19.10 after the FOMC Jay Powell circus. The Mining Stock Journal emphatically notes that the big swings in paper gold and silver occurred while the rest of the world was either at dinner or at sleep for the balance of the day. The point being that the action in gold and silver was controlled by Comex paper. 

The mining stocks were destroyed along with the rest of the stock market, with the GDX down nearly 6%. The Mining Stock Journal believes that growing tightness in the physical gold and silver markets will soon force credible price discovery in the prices of gold and silver. In addition, the newsletter reviews the big investment in Brixton Metals by BHP announced yesterday and offers an opinion in today's new issue. You can get more information at investementresearchdynamics.com

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. 

ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. 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. For more information, please visit www.arizonasonoran.com.

And here’s what you need to know this morning….

Moneta Gold shared assay results form 14 drill holes from resource infill and step-out drilling on the Westaway and South West gold deposits at the Tower Gold project near Timmings, Ontario. At Westaway, drilling intersected 70m of 1.82 g/t gold, 29m of 3.34 g/t gold and 6m of 7.47 g/t. At South West, drilling returned 56.5m of 1.1 g/t 20.5m of 1.61 g/t and 3.7m of 3.34 g/t. The drilling was conducted as part of the current 70,000 metres ("m") infill and resource upgrade drill program on the recently announced mineral resource estimate of 4.5 million ounces indicated gold and 8.3 Moz inferred Au at the Tower Gold project. Moneta Gold trades on the TSX with ME and on the OTCQX with MEAUF. News Release

Lavras Gold announced a new discovery at the Matilde target at its LDS project in southern Brazil. The company said long continuous zones of gold mineralization both laterally and to a vertical depth of more than 480m, indicate a very strong and large gold system at Matilde. It now plans to test for extensions to gold mineralization along strike and on better defining the nature of the structures that host the gold, alteration styles associated with mineralization, and their relationship to the large 3km-long gold in soil anomaly centered on the Matilde target. Lavras has 1Moz of resources at LDS. Lavras Gold trades on the TSXV under LGC. News release

Tembo Gold announced the first results of the 2022 diamond drilling campaign on its Tembo Project in Tanzania. Structural interpretation of the results is providing an improved understanding of the controls in mineralization at the three targets, Ngula 1, Nyakagwe Village and Nyakagwe East. With 3,353m of a 7,000m program completed highlights included 5.54m grading 12.96g/t Au at Nyakagwe Village where 667m of drilling in four drill holes has been completed. Tembo Gold trades on the TSXV under TEM. News release

AbraSilver Resource announced an updated, conceptual open pit constrained Resource estimate for the Oculto deposit on its Diablillos property in Salta, Argentina.  The Resource is based on 104,888 metres of drilling in 457 holes and features Measured and Indicated Resources of 51.3Mt grading 66g/t Ag and 0.79g/t Au for contained 109Moz silver and 1.3Moz gold, a 22% increase in contained silver and a 29% increase in contained gold from the September 2021 estimate. AbraSilver said it demonstrates a large, near-surface, potentially open pittable Resource base at Diablillos. It said its US$5.1M Phase II drill program added 43Moz AgEq at a cost of 12c per ounce. Ongoing drilling aims to expand the recent discovery in the Southwest zone, for which a maiden Resource is expected next year. AbraSilver Resource trades on the TSXV under ABRA and on the OTC under ABBRF. News release

Bunker Hill Mining provided an update on restart activities from the mine site in Idaho. Demolition activities at the Pend Oreille site safely concluded on Oct 28, 2022, ahead of planned completion in November and marking the completion of the project which began in May 2022 with the dismantling and removal of critical equipment. The former crusher and mill buildings have been reduced to their foundations, the conveyor that fed fine ore from the surface crushers to the concrete silos has been removed, and all material that has not yet been transported off site has been segregated into stockpiles of metal, concrete and debris. This milestone ensures that the Bunker Hill site is furnished with fit-for-purpose crushing, grinding, flotation and thickening equipment and instrumentation, representing the vast majority of equipment needs for the mine restart. Project activities are now exclusively focused on site preparation and construction. Bunker Hill Mining trades on the CSE with BNKR and on the OTCQB with BHLL. News Release

Scottie Resources entered into an agreement to acquire all outstanding royalties on its Scottie Gold Mine Project, which includes the Blueberry Zone and the past-producing Scottie Gold Mine in British Columbia. The company said challenging market conditions allowed it to negotiate with the existing royalty holders to buy back royalties at attractive valuations. Scottie will purchase a 1.8% gross smelter return royalty on the Summit Lake property, for 2.5 million shares at a deemed price of 19c. The Summit Lake property hosts the Domino Zone, ~2 km from the Scottie Gold Mine. Scottie also entered into a royalty purchase agreement pursuant to acquire the 3% NSR on the Scottie Gold Mine for C$1.6 million. Scottie Resources trades on the TSXV under SCOT and on the OTCQB under SCTSF. News release

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.