Morning Briefing: NGEx Minerals Makes New Discovery in Argentina

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

Today is Tuesday April 4th.

After getting pushed down Sunday night from $1986 to $1966 per ounce, shortly after midnight Monday morning the gold price took a steep escalator ride up to as high as $2008 before pulling back to close the afternoon session at $2001. Silver followed a similar price path, only its moves were exaggerated relative to moves in gold. Silver was shoved from $24.10 down to $23.72 per ounce before jumping the on escalator with gold. Silver traded as high as $24.34 before an effort was made to hammer the price back below $24. That effort failed and silver settled the afternoon session at $24.10. The Mining Stock Journal said that it looks like a steep overnight sell-off in the dollar may have herded short term trading money into gold and silver. Although it's also likely that eastern hemisphere Central Banks followed through on their heavy buying of physical metal in the first quarter with a healthy appetite for more gold to start off the second quarter. 

The mining stocks followed the rally in the metals with a rally of their own. Though they pulled back from the highs early in the trading session, the GDX ETF closed up 2.3% and Amex Gold Bugs index finished the day 1.9% higher than its Friday close. The Mining Stock Journal said that, while sentiment indicators are not signaling a top in the latest precious metals sector rally, the RSI and MACD indicators both show an extreme overbought condition in the sector. The newsletter added, though, that momentum indicators can stay overbought for long periods of time.

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….

Enduro Metals reported the remaining drill results from the 2022 drilling campaign on the Company's Newmont Lake Project in the Golden Triangle of British Columbia. The company says drilling at the Burgundy porphyry target continues to encounter consistent copper and gold mineralization from surface, with a second, high-grade mineralized zone identified at the limits of drilling. Drilling highlights here included 40.2m of .47% CuEq and 10.45m of .84% CuEq. Drilling has also significantly increased the potential scale and prospectivity of the McLymont Gold Project. First pass drilling into the geochemical anomaly at McLymont West encountered mineralized structures and enrichment in an area that has never been drilled before. Results here included 6.2m of .77 g/t Au, 1.21 g/t Ag and .02% Cu from surface. Enduro Metals trades on the TSXV with ENDR and on the OTCQB with ENDMF. News Release

NGEx Minerals reported the discovery of a significant new zone of high-grade copper, gold and silver mineralization at the Potro Cliffs project in San Juan, Argentina. Today's results are interpreted to be the first intercepts into the edges of a major new copper-gold system located midway between the Company's Los Helados Cu-Au Porphyry deposit 9km to the north and Filo Mining's Au-Cu-Ag epithermal/porphyry deposit, 7km to the south. Highlights included multiple zones of massive to semi-massive sulphide veins and breccias intersected in hole 2 including 4m at 8.44% CuEq and 60.0m at 7.52% CuEq, wich included 10m at 18.00% CuEq.As a reminder to folks, last week, Lundin Mining, part of the same Lundin Group, bought a 51% stake in the Caserones copper mine which sits at the gateway to this entire district. NGEx Minerals (TSXV: NGEX) News release

Remember Trilogy Metals ? Well, they reported their best grade-thickness intersection ever drilled at the Arctic project in Alaska of 42.8m grading 3.09% copper, 6.21% zinc, 1.46% lead, 0.84 g/t gold and 72.14 g/t silver for a copper equivalent grade of 7.04% in hole 205. This represents the highest ever grade-thickness intersection of all 237 holes drilled at the Arctic Project to date. Today’s announcement contained the final 10 holes from the 2022 field season, which included 10,738m of diamond drilling, of which 8,376m was drilled at Arctic, with the remainder on regional exploration targets in the Ambler VMS Belt and near Bornite. The 2022 Arctic infill program was designed to increase confidence from Indicated to Measured in areas of the mineral resource block model that would be mined during the first years of production. Trilogy Metals (TSX/NYSE American: TMQ) news release

American Pacific Mining says they have commenced drilling at its Gooseberry Silver Project in Nevada. The planned 15 hole, up to 3048 metre Phase II drill program will focus on testing the extension of the Gooseberry Vein as well as the Elderberry and Strawberry Zones. These are new targets generated last year. The company says that a past criticism of Gooseberry was that it was a single vein mine; however, exploration work completed in 2022 revealed there are at least three additional vein showings at Gooseberry. American Pacific Mining trades on the CSE with USGD and on the OTCQX with USGDF. News Release

Having closed a C$30M bought deal financing in February, Arizona Sonoran Copper has closed a non-brokered private placement with Rio Tinto’s Nuton exercising its Investor Rights to maintain its 7.2% ownership interest in the Company. Nuton bought 1.2M shares at C$2for proceeds to the Company of C$2.5M. Arizona Sonoran Copper (TSX:ASCU | OTCQX:ASCUF) news release

Calibre Mining shared operating results for the first quarter of 2023. The company produced a record Q1 production of gold with 65,750oz, thats a 27% increase in gold production compared to the same time frame as last year. The company says with Pavon Central ahead of schedule and Eastern Borosi on track for production in Q2 Calibre is well positioned to deliver our full year production guidance of 250,000 – 275,000 ounces. Calibre Mining trades on the TSX with CXB and on the OTCQX with CXBMF. News Release

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