Morning Briefing: Orezone Releases 2023 Guidance

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

Today is Wednesday January 18th. 

Yesterday, gold attempted another rise but was pushed down once it reached $1932. The yellow metal closed down for the day at $1909. The healthy pullback in gold is to be expected, but the longevity of it is yet to be determined. Silver seems to be finding a consolidation range over the past couple weeks. It has been trading this $1 range from 23.50 to 24.50, give or take. Yesterday it was down marginally, but continued to be range bound. 

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 Company.

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….

Banyan Gold says the have confirmed a district scale mineralization trend of over 5 km of mineralization on the AurMac Property in Yukon. Hole AX-22-365 intersected a broad zone of gold mineralization from surface in a two (2) km step-out east of the Aurex Hill deposit with the hole averaging 0.48 g/t Au over 45.0 metres ("m") from surface. This latest result fits with the current interpretation of the mineralization controls on the Property and this interpretation is supported by known geology and geophysical interpretations. Banyan started its 2022 exploration program on January 26th and shut down its camp in early December, with a total of two-hundred-eleven (211) drill holes culminating in over 50,000 m of drilling designed to expand the mineralization around the Powerline and Aurex Hill Deposits. Banyan trades on the TSXV with BYN and on the OTCQB with BYAGF. News Release

Snowline Gold announced additional assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon, and the commencement of metallurgical testing. Hole 26 returned 189.2m of 1.25 g/t gold within a broader interval of 289.7m of .9 g/t. The hole extends the known strike length of broad, near-surface, gram to multiple gram per tonne gold mineralization at Valley to >550 m from mineralization encountered in 2021 drilling. This zone of mineralization remains open in multiple directions. Hole 27 tested the central corridor between holes 14 and 26 and encountered broad mineralization of grades greater than .1 g/t, with an average of .69 g/t over 481.5m. This is the longest continuously mineralized intersection at the Valley deposit to date. The company also noted that initial met testing of drill core from Valley is set to begin with samples shipped to a third-party lab. Snowline Gold trades on the CSE with SGD and on the OTCQB with SNWGF. News Release

FireFox Gold reported results from the first three drill holes of the fall 2022 core drilling campaign at the Company's 100%-held Mustajärvi Gold Project in Lapland, Finland. These three holes were part of a six-hole program that tested a new near-surface high-grade gold zone at the East Target. Drillholes 22MJ021 and 22MJ022 both encountered significant high-grade gold at depths of less than 20 metres below surface. The best intercept in this round of results was 15.5m of 13.09 g/t gold in 22MJ021, which began just below the covering glacial sediments at 11m downhole depth. Hole 22 returned 7.2m of 16.43 g/t while hole 23 returned 1m of 26.4 g/t. The company says these holes encountered replacement style mineralization over greater widths than previously seen on the project. FireFox Gold trades on the TSXV with FFOX and on the OTCQB with FFOXF. News Release

New Found Gold provided results of 51 diamond drill holes which were completed of an ongoing systematic and targeted drill program exploring the highly prospective segment of the Appleton Fault Zone from the south end of the Keats Main Zone to the Knob Zone. At the southern extension of the Keats Main Zone (Keats Main South) the Company continues to intersect high-grade gold mineralization with intercepts of 25.31 g/t gold over 2.45m and 72.7 g/t over 2.2m. At Knob, a new vein called “Rocket” has been discovered 100m to the east, with a highlight interval of 12.63 g/t Au over 4.45m. The company noted the corridor of gold along the AFZ has now been tracked over 4.1km from Lotto North/Zone 36 down to Knob, with most of the area remaining underexplored. New Found Gold trades on the TSXV with NFG and on the NYSE American with NFGC. News Release

Orezone Gold provided  2023 production and costs guidance for its Bomboré Gold Mine in Burkina Faso. The Company forecasts gold production in the range of 140,000 to 155,000 ounces at an all-in sustaining costs1 (“AISC”) of $975 to $1,075 per ounce sold. Capital expenditures are expected to total between $43 to $49 million as the Company invests in growth projects to improve the future cost structure and mine life of the Bomboré operation. Gold production is expected to be more weighted towards H1-2023 from better in-pit ore grades due to mine sequencing and from the reclaim of higher-grade stockpiles as supplemental mill feed. Plant throughput is forecasted to range between 5.6 to 5.8 million tonnes as milling performance continues to exceed design since commercial production. Plant recoveries are predicted to remain consistent with Q4-2022 recoveries of 91.9%. Orezone trades on the TSX with ORE and on the OTCQX with ORZCF. News Release

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