Morning Briefing: NexGen's Rook I Receives Ministerial Approval

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

Today is Thursday November 9th. 

Wednesday gold reverted back to its traditional 24-hour trading pattern, where it rallies or goes sideways during eastern hemisphere physical trading, gets banged lower into the London a.m. price fix and pushed off a cliff once the Comex opens. Note that the three stages transition from physical trading to hybrid physical and derivatives trading to pure paper derivatives trading. The price declined from $1974 per ounce at the closure of Asian markets down to $1,956 by the afternoon Globex settlement. In addition to taking advantage of gold's overbought technical condition to help manage the price by inducing hedge fund selling, The Mining Stock Journal is certain that the the price management team is trying to push gold lower to prevent the yellow metal from barking loudly and drawing closer attention to the FOMC's dovish policy pivot last week. 

Silver took a bit of a different trading path yesterday, as it traded lower overnight but then inexplicably took off higher shortly after the London a.m. price fix. The price ran from an overnight low of $22.39 per ounce to as high as $22.95 before the Comex banks got control of the price and managed to take it down 32 cents from the high to settle at $22.63. The mining stocks were demolished again, with the Amex Gold Bugs index down 2.8% and the GDX down 3.1%. The Mining Stock Journal, while irritated by the long, drawn out underperformance of the mining stocks relative to gold and silver, believes that the mining stocks are near-historically undervalued and are setting up for a monster move higher.

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….

SNOWLINE GOLD announced additional drilling results from its Rogue Project in Canada's Yukon Territory. Holes drilled within the Valley intrusion show consistent gold mineralization across broad intervals from surface. Highlights included 372.9m averaging 1.45 g/t Au in hole 056, including 212.4m grading 2.07 g/t from surface, and 359.4m grading 1.34 g/t in hole 55 from surface, extending near-surface >1 g/t Au mineralization by over 100m towards the open northeast edge of the mineralized system at Valley. Results are pending for 21 holes for 8,300m across 4 targets. "Intervals of hundreds of metres averaging >1 g/t Au or even multiple grams per tonne gold have not only become the norm at Valley but are without exception among 32 holes drilled to date within a core area spanning up to 600 m by up to 400 m in the western part of the intrusion, said CEO Scott Berdahl. SNOWLINE GOLD (TSX-V:SGD) (OTCQB:SNWGF) news release

NexGen Energy has received Ministerial approval under The Environmental Assessment Act of Saskatchewan to proceed with the development of its Rook I Project, making it the first company in more than 20 years to receive full Provincial Environmental Assessment approval for a uranium project in the province. With the Provincial EA approval now in place, NexGen has submitted all responses to the Federal technical review of the Rook I Project Environmental Impact Statement as well as the initial applications for approvals of site earthworks, shaft sinking infrastructure, site water and mine waste management facilities, and associated ancillary infrastructure and services. Rook 1 will produce 28.8Mlb of U3O8 per year during the first five years of a 10-yer initial mine life. NexGen Energy (TSX: NXE) (NYSE: NXE) (ASX: NXG) news release

Alamos Gold reported new results from near mine and regional exploration drilling program at Island Gold in Ontario where underground exploration drilling continues to extend high-grade gold mineralization across the Island Gold Deposit within the main E1E and C-Zones. Highlights of intercepts that extend high-grade mineralization outside of the mineral Reserves and Resources in the E1E and C-Zones included 3m at 95.41 g/t Au at E1E-Zone and 2m at 40.12 g/t Au in the C-Zone. The company said the transition from surface directional drilling to underground drilling this year has been a success and it is extending high-grade mineralization across the lateral extent of the main Island Gold deposit while also defining and growing an increasing number of new zones within the hanging wall and footwall. A total of $14 million is budgeted for exploration at Island Gold in 2023. Alamos Gold (TSX:AGI; NYSE:AGI) news release

American Eagle Gold has exercised its option to repurchase a 20% interest in its NAK copper-gold porphyry project from Orecap Invest Corp. In December 2022, the Company financed $1 million of its initial drill campaign at NAK by selling Orecap an option to acquire a 20% interest in NAK. The value of the option repurchase is valued at $1.5M and will be repaid by issuing just under 7 million shares of the company to OreCap. American Eagle now owns 100% of the project. (TSXV: AE) (OTCQB: AMEGF) News Release

Revival Gold announced a non-brokered private placement of up to 11M units of the company at a price of $.35 for total proceeds of just under C$4M. Each unit consists of one common share and one half of one common share purchase warrant at an exercise price of $.45. (TSXV: RVG, OTCQX: RVLGF) News Release

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