Morning Briefing: Osisko Metals Update Copper Mountain MRE, Leadership Change at Fireweed Metals

Welcome to Mining Stock Daily. I’m Kylie Williams

Today is Monday, May 6th. 

Last week gold was pushed down roughly $33 dollars on the week as it was FOMC meeting week and typically gold is hit during Comex paper trading hours when the Fed is setting monetary policy, particularly when its dovish as announced Wednesday.  Last week did not vary from that pattern as gold was punched down as much as $50 dollars during phony gold Comex trading hours. Silver similarly was pushed lower during Comex trading hours though not as much as one would have expected. The low-tick, which occurred of course during Comex hours was $26.25, down from $27.10 the previous Friday. The Mining Stock journal noted that both gold and silver were remarkably resilient during a period of time when there ordinarily be extreme official downward pressure on the prices of both precious metals. The mining stocks were also lower on the week last week, with GDX down 2.5% for the week.

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… Victoria Gold.

Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at ⁠vgcx.com⁠.

And here’s what you need to know this morning…. 

Osisko Metals announced an updated Mineral Resource Estimate at Copper Mountain as part of the Gaspé Copper Project, located near Murdochville in the Gaspé Peninsula of Quebec. The updated MRE comprises an open-pit Indicated Resource of 495 million tonnes grading 0.37% CuEq, representing a 30% increase in copper-equivalent metal content over the previously reported copper-only Inferred Resource, as well as greater than 99% conversion rate from Inferred to Indicated category. At 3.25 billion pounds (1.47 million tonnes) of contained copper, not including significant molybdenum (180 million pounds) and silver (28 million ounces) resources, the Copper Mountain in-pit Indicated Resource hosts the largest undeveloped copper asset in Eastern North America. Other improvements in the updated MRE include a 38% reduction of the strip ratio (now estimated at 1.23) from the estimate in the previously reported Inferred Resource, based on the mineralization geometry that surrounds the former open pit mine. Osisko Metals trade (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: 0B51) News Release

Grid Metals announced an updated Mineral Resource Estimate for its MM copper/nickel Project in southeastern Manitoba. The resource estimate contains two separate deposits located 35 km apart and approximately 145 kilometres from Winnipeg the capital of Manitoba. Grid has consolidated the majority of the prospective copper-nickel mineral tenure of the highly prospective Bird River Greenstone Belt including several other deposits near the Makwa and Mayville resources. Concurrently with the new resource estimate the Company has completed a Project wide geophysical review which has identified a number of new high potential targets for drilling. An initial drill program is in planning and expected to commence later in 2024. The Company is seeking financing and/or strategic partnerships to actively develop the Project. Grid Metals trade (TSXV:GRDM) (OTCQB:MSMGF) News Release

And, catching up on lots of news from last Friday, 

Vizsla Silver provided an update on its acquisition of a large claim package along a highly prospective structural trend south of the company’s Panuco project. Vizsla Silver has now issued 448,137 common shares for the previously announced asset purchase agreement dated March 5, 2024, entered into with Inca Azteca Gold and Vizsla’s wholly owned subsidiary, Minera Canam, to acquire two large claims comprising 10,667.0 Ha and named the San Enrique prospect located south and partially adjacent to Panuco.  The San Enrique prospect is situated along the highly prospective Panuco – San Dimas corridor and is covered 100% with LiDAR and partially covered with high-resolution aero-magnetic and radiometric surveys. Vizsla trade (TSXV: VZLA) (NYSE: VZLA) (Frankfurt: 0G3) News Release

Western Alaska Minerals announced that, further to its news releases earlier in April and due to significant demand, the Company has increased the size of its previously announced non-brokered private placement from up to C$1.5 million to up to C$2.5 million. Under the upsized Offering, the Company will issue up to 3,846,154 units of the Company at a price of $0.65 per Unit, for aggregate gross proceeds of up to C$2.5 million. Western Alaska Minerals trade (TSXV:WAM) News Release

Fireweed Metals also announced last Friday the appointment of Peter Hemstead, Director of Fireweed, as Interim President and Chief Executive Officer, replacing Brandon Macdonald, effective immediately. The Company also announces the appointment of Adam Lundin as Strategic Advisor, the appointment of Paul Harbidge as independent Director, and the intention to nominate Jamie Beck for election to the Board at the Company’s upcoming annual general meeting of shareholders. Fireweed trade (TSXV: FWZ; OTCQX: FWEDF; FSE: M0G) News Release

Minera Alamos provided an update last Friday on its Cobre 4H Mexican subsidiary. In light of the limited information contained in recent Minera filings regarding its existing copper assets, the Company believes it is useful to provide some additional information on the Los Verdes and Potreritos projects which were owned by Virgin Metals prior to the company being restructured as Minera Alamos. These projects remain key components of the Company's plan to develop an independent copper entity in due course. Minera trade (TSXV: MAI) News Release

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