Morning Briefing: NGEx Confirms Two Distinct Styles of Porphyry-Related Mineralization at Lunahuasi
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, April 30th.
Yesterday the price of gold largely was range-bound, trading as low as $2332 late Sunday evening and as high as $2358 midday Monday. However, as often happens, the price suffered a modest hit going into the Comex close and settled in the afternoon slightly below Friday's close. Silver traded in a similar pattern, trading as high as $27.73 and as low as 27.29. Poor man's gold settled the afternoon session at $27.38, up 15 cents from Friday. For point of note, the front month Comex silver contract has shifted from May to July. The mining stocks rose modestly, with GDX up 0.55% and the Arca Gold Bug index up 0.68%, reflecting continued investor interest in the largest cap producing stocks relative to the rest of the sector. The Mining Stock Journal commented that the precious metals sector likely will experience high volatility the rest of this week with the FOMC meeting over the next two days and the March jobs report Friday.
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.
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….
NGEx Minerals reported drill results from holes 12,13,15 and 16 this morning from the Lunahuasi Project located in the Vicuña District in San Juan Province, Argentina. These latest results confirm that Lunahuasi is a significant discovery that hosts two distinct styles of porphyry-related mineralization, high-grade copper, gold, and silver veins and stockwork mineralization. Both styles of mineralization are interpreted to be part of a major porphyry copper-gold system at Lunahuasi. Todays results included 12m of 3.23% CuEq, in hole 12, 509.4m of 1.33% CuEq in hole 13, 328m of 1.1% CuEq in hole 15 and 179m of 1.24% in hole 16. Drilling is now complete for this season, and the company is currently demobilizing from the field and focused on processing the remaining core, completing our geological interpretation, and beginning to plan for the next field and drill program to begin in or around early Q4. (TSX: NGEX) (OTCQX: NGXXF) News Release
Dakota Gold released its maiden resource on the Richmond Hill Gold Project in South Dakota this morning. The maiden resource in the Report was derived from a historical database containing 69,401 gold assays from more than 900 drill holes, including 57 drill holes from Dakota Gold's current drill program. The project now hosts an Indicated Resource of 51.83 million tonnes (Mt) at 0.80 grams per tonne gold (g/t Au) for 1.33 million ounces and Inferred Resource of 58.06 million tonnes (Mt) at 0.61 grams per tonne gold (g/t Au) for 1.13 million ounces. The company says the resource is open in all directions and has potential for improvement with additional drilling, metallurgical work to improve recoveries, and incorporation of silver in the resource. (NYSE American: DC) News Release
Li-FT Power reported assays from 16 drill holes completed at the BIG East, Echo, Fi Main, & BIG North pegmatites within the Yellowknife Lithium Project. Drilling returned 35m of 1.34% Li2O and 28m of 1.06% at Big East. At Echo, assays returned 14m of 1.02% and 9m of 1.04%. LIFT has reported results from 245 diamond drill holes (42,434 m). The Company concluded its winter drill program at the Yellowknife Lithium Project with a combined total of 286 diamond drill holes (49,548 m) completed between the summer and winter programs. (TSXV: LIFT) (OTCQX: LIFFF) News Release
FPX Nickel says they have successfully completed a large-scale mineral processing pilot testin campaign for the Baptiste project. This is the first significant component of the feasibility study metallurgical testwork. Results from this testwork confirm the 2023 preliminary feasibility study basis, thereby validating FPX's processing strategy, flowsheet, and key metallurgical criteria, including estimated recoveries. The pilot testing campaign was funded in part by a $725,000 grant from Natural Resources Canada under the Government of Canada's Critical Minerals Research, Development and Demonstration program, which is advancing the commercial readiness of processing technologies that will support the development Canada's EV battery material supply chain. (TSXV: FPX) (OTCQB: FPOCF) News Release
ATEX Resources announced complete assays results for hole 25, which is the fourth hole from its Phase IV drill campaign at the Valeriano Copper-Gold Project in Chile. From a depth of 1.3km depth, the hole intersected 862.2m of .62% CuEq. At around 2km downhole, assays returned 114m of .88% CuEq. Due to the early onset of seasonal storms in the region, the Phase IV program has been concluded totalling approximately 12,000m of diamond drilling. Through utilizing directional drilling allowing for the completion of daughter holes out of existing parent holes drilled from surface, ATEX has been able to realize an effective total of 20,100m drilled in the event all holes had been drilled from surface. (TSXV: ATX) News Release
Solaris Resources says the Ecuadorian state-owned mining company, Empresa Nacional Minera, has awarded the Company an option to acquire up to a 100% interest in 10 new explorations concessions. These concessions comprise a land package of ~40,000 hectares adjacent to the Warintza Project and San Carlos-Panantza porphyry copper-molybdenum deposits within the prolific Zamora belt that hosts Ecuador’s largest copper and gold mines to the south. A number of porphyry copper targets are represented by open-ended annular magnetic highs enclosing magnetic lows and erosional depressions, consistent with outcropping deposits within the Warintza porphyry cluster. Fieldwork is set to begin with two field crews on the ground in May. (TSX: SLS; NYSE: SLSR) News Release
Minera Alamos reported it financial and operational highlights for 2023. Operationally, revenues (not factoring deferred revenue) totalled $13,419,899 with cost of goods sold and depletion amounting to $12,930,025 for gross mine profit of $489,874. Unit costs for the year ended significantly higher than previous periods due to the fixed costs of operations being spread over fewer ounces but remained modestly positive. Working capital as of December 31st, 2023 stood at $19,968,100. (TSXV: MAI) News Release
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