Morning Briefing: NGEx Announces Large Drill Program at Lunahuasi
Good morning and welcome to Mining Stock Daily. I’m your host, Ian Wagner.
Today is Thursday, September 26th.
Another day, another new all-time high Comex closing price for gold yesterday. December gold traded as high as $2695 late Tuesday evening before pulling back to close the Comex session at $2686 $10 from Tuesday. It settled in the afternoon at the Globex close at $2681 down $3 from yesterday's Globex settlement price. Silver started trading lower overnight and closed in the afternoon yesterday at $32.12, down 30 cents from the previous day. The Mining Stock Journal commented that the US dollar index briefly tested 100, a key technical index level, before shooting higher in what may have been official Fed intervention. The mining stocks were down marginally, with GDX losing 0.24%. The Mining Stock Journal said that several junior microcap mining stocks continue to attract heavy volume.
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 Company
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Fireweed Metals reports the early results of the 2024 drill campaign at the Macpass Project in Eastern Yukon. Fireweed successfully intersected stratiform and massive sulphides in multiple drill holes with the following highlights:
Hole 001 intersected 92.15 m of laminated and massive sulphides grading 8.61% zinc, 2.60% lead, and 42.7 g/t silver with an estimated true width of 37 meters
Hole 008 intersected 3.05 m of stratiform to semi-massive sulphide grading 2.23% zinc, 6.16% lead, and 80.3 g/t silver
Drill holes in this release are located on the western side of Boundary Zone with a focus on extending mineralized domains to the west and down dip of the recently published Mineral Resource Estimate. The company notes that this wide intersection of massive sulphides in hole 001, expands the known mineralization to the west and represents the broadest high-grade intercept of mineralization seen to date in Boundary Zone Upper Zone, and the high silver and lead grades are indicative of feeder style mineralization seen in the thickest and highest-grade portions of the Prime Zone. Fireweed Metals trades on the (TSXV: FWZ; OTCQX: FWEDF) News Release
Standard Uranium announced that it has signed a property acquisition agreement with Mustang Energy Corp on the Brown Lake Project in the eastern Athabasca Basin region of northern Saskatchewan. Standard Uranium will transfer ownership of a 90% interest in the Brown Lake Project to Mustang in consideration for 60,000 common shares of Mustang. Following the transfer, Mustang will be responsible for all expenses associated with maintaining and developing the Project, with Standard retaining a 10% carried interest. The Brown Lake Project consists of one mineral claim totalling 312 hectares, situated near the southeastern margin of the Athabasca Basin, The property hosts 2.4 km of an untested magnetic low/fault trend that is 4 km southwest along strike of the Shift Lake Uranium Zone. Standard Uranium trades on (TSXV: STND) (OTCQB: STTDF) and Mustang Energy (CSE: MEC). News Release
Also in Uranium, CanAlaska Uranium Intersects Ultra High-Grade Unconformity Uranium Mineralization at Pike Zone on the West McArthur Joint Venture project in the eastern Athabasca Basin. The diamond drill program has confirmed multiple drill-holes with high-grade mineralization, highlighted by hole 094-2 which intersected 3.88% eU3O8 over 13.2 meters, including 23.22% eU3O8 over 2.0 meters and hole 094-1 which intersected 3.41% eU3O8 over 9.9 meters. These new drill-holes expand the high-grade footprint at Pike Zone over 100 meters and the company notes that the trend remains open along strike. The West McArthur project is a Joint Venture with Cameco Corporation, and is operated by CanAlaska which currently holds an 83.35% ownership in the Project. CanAlaska trades on the (TSXV: CVV) (OTCQX: CVVUF) News Release
And lastly, Premium Nickel Resources announced high-grade assay results for a an additional four holes at its past-producing nickel-copper-cobalt sulphide Selebi North underground mine in Botswana. Highlights include hole 121 of the South Limb 8.30 metres of 6.07% CuEq or 2.94% NiEq - that is infill drilling targeting re-classification of Inferred to Indicated Resources.
Hole 126 also in the South Limb, 12.15 metres of 3.97% CuEq or 1.92% NiEq - again infill drilling targeting re-classification of Inferred to Indicated Resources.
As of September 24, 2024, a total of 55,125 metres in one hundred and thirty-eight drill holes have been drilled from eight underground drill bays with three of those drill holes currently in-progress.
This new drilling is a combination of infill and exploration drilling to follow the extension of the mineralization down dip and down plunge.
The company notes that the underground drilling program continues to be an efficient process for both converting the mineral-reserve-estimate Inferred resources to Indicated resources, while also increasing the size of the deposit. New assay results not captured in the MRE will be published as they are received and verified by the Company. Premium Nickel trades on the (TSXV: PNRL) News Release
NGEx Minerals announced it expects to start its largest drill program to date at the Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. The field team is on site preparing for mobilization of drill rigs with drilling expected to start in early October. The Company's goal is to grow Lunahuasi into a large high-grade copper and gold deposit. The planned program will use 6 drill rigs and is expected to total up to 20,000 meters which will more than double the meters drilled to date. The main objective for the program is to grow the deposit through step-out drilling and to provide enough closer spaced data to develop an initial Exploration Target as a step toward an eventual resource estimate. The Phase 2 drill program at Lunahuasi completed in the first half of 2024 delivered some of the highest-grade copper, gold, and silver intercepts drilled anywhere in the world and confirmed that Lunahuasi has both unusually high grades and large size potential. The volume drill tested to date measures 400 meters by 900 meters by 960 meters and is open in all directions. NGEx trades on the TSX: NGEX) (OTCQX: NGXXF) News Release
American Pacific Mining reported some intriguing new samples from its Madison Copper-Gold Project in Montana. The Company accessed the upper levels of the Madison Mine and collected four (4) samples from the ribs of the old mine workings where visible copper oxidation and copper sulfide mineralization remains in the exposed back and ribs. Highlights include:
45.50% Cu and 2.17 g/t Au
31.00% Cu and 8.40 g/t Au
23.30% Cu and 1.90 g/t Au
3.19% Cu and 0.14 g/t Au
A comprehensive geological exploration program has now commenced at Madison, aimed at identifying new mineralized zones and expanding known areas of interest. Efforts at Madison by previous owners, including Coronado, was on the high-grade copper sulfide material with no real consideration for the gold or native copper mineralization. Conversely, the Broadway Mine, active from 1900 to 1950, focused exclusively on oxidized gold mineralization with no consideration of copper mineralization or gold in sulfides. American Pacific Mining trades on the (CSE: USGD) (OTCQX: USGDF) News Release
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