Morning Briefing: Outcrop Issues Resource Estimate for Santa Ana

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

Today is Wednesday April 26th.

Tuesday was an interesting day in precious metals trading. The gold price was escorted back below $2000 per ounce slowly after Asia closed and then suddenly right after the London a.m. price. But the price bottomed out at $1985 about 20 mins before the Comex paper gold session opened and shot up back over $2,000 shortly after the Comex opened. The Mining Stock Journal commented that it looked like there was competition among the bullion bank shorts to start covering their positions, with the prisoner's dilemma party starting ahead of the Comex open. The gold price climbed all the way up to $2014 before pulling back to settle the afternoon session at $2007. Silver was even more interesting. With huge financial incentive to make sure May silver closed below $25 ensuring that the huge open interest in calls at the $25 strike expired worthless, reaping large profits for the Comex market makers, the silver price experienced a waterfall decline right after the morning London price fix from $25.33 per ounce to as low as 24.75 before spring-boarding back over $25.

The Mining Stock Journal commented that it has rarely observed a higher degree of blatant price manipulation activity that subsequently was rebutted with a snap-back rally. After another attempt to push silver back below $25 during Comex hours which briefly took silver back below $25, the metal caught a bid into the Comex close and settled at $25.05. It's unclear how many options holders will stand for delivery of the underlying contracts. But the Mining Stock Journal noted that the fact that the banks couldn't keep silver below $25 through futures options expiry is very bullish. The mining stocks once again diverged positively from the sell-off in the general stock market. The GDX closed marginally green while the rest of the stock market was hammered

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

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….

Outcrop Silver & Gold has issued a resource estimate for its Santa Ana silver project in Tolima, Colombia featuring an indicated resource of 1.2Mt grading 614g/t AgEq, containing 24.1Moz, and an inferred resource of 966kt tonnes grading 435g/t, containing 13.5Moz, at a 158g/t cut-off grade and minimum vein width of 1m. The resource equates to 628oz discovered per drilled meter and represents one of the highest grade silver deposits amongst its Amercias peer group. Only 17% of mapped veins have been drilled to date, and each of the veins drilled is open at depth and along strike. Metallurgical testwork has shown that commercial flotation concentrate grades of 12,133g/t silver and 172g/t gold with recoveries of 93.4% and 96.7% respectively can be achieved. Outcrop Silver & Gold (TSXV: OCG) (OTCQX: OCGSF) News release

Northern Dynasty Minerals said the U.S. Army Corps of Engineers Pacific Ocean Division has accepted the Pebble Partnership's position that the process for the final Record of Decision for the Pebble Project was not properly followed. The Pacific Ocean Division did not sustain the permit denial decision on the Pebble Project that was originally made by the USACE Alaska District and remanded the matter back to that office to re-evaluate specific issues. The company said it is “encouraged that some in the federal government recognize the importance of following a fair and established process for reviewing resource projects in Alaska.” The partnerships’ technical and permitting team will is working out its next steps regarding the US Environmental Protection Agency’s preemptive veto of the project. Northern Dynasty Minerals (TSX:NDM) (NYSE American: NAK) news release

Aton Resources reported the final assay results from the diamond drilling at Hamamaat its Abu Marawat Concession in the Eastern Desert of Egypt. 545.8m were drilled from 15 shallow holes at Crocs Nose Zone at Hamama West to test for potential near-surface oxide gold-silver mineralisation previously intersected by drilling. Highlights included 20.78m grading 1.57 g/t Au and 231g/t Ag, for a 4.28 g/t Au equivalent in hole 54. Preparations are underway for an RC drilling programme to commence in May at West Garida. Aton Resources (TSXV:AAN) news release

Brixton Metals announced its 2023 exploration plan for its Thorn project in the Golden Triangle of British Columbia. The company is looking to drill up to 20,000m this year with a primary focus on Camp Creek and the Trapper targets with new copper and gold discoveries forefront of the goal. The goal is to start with two drills early to mid-May in order to complete as many deep holes into the Camp Creek porphyry as possible. The company will also look to generate new targets through soil and rock sampling throughout the property while also conducting more geophysical surveys on select target areas. Brixton Metals trades on the TSXV with BBB and on the OTCQB with BBBXF. News Release

Santacruz Silver Mining produced 5.6Moz of silver equivalent from its Bolivar, Porco, and Caballo Blanco Group of Mines and the San Lucas Ore Sourcing and Trading company in Bolivia, and the Zimapan Mine in Mexico in quarter to March 31st. The breakdown was 1.8Moz of silver, 22,463 tonnes of zinc, 3,044 tonnes of lead and 415 tonnes of copper.  Production results from Bolivar and Porco are reported at a 100%, while the Company has a 45% net profit interest in them. The Caballo Blanco Group of Mines consists of the Tres Amigos, Reserva and Colquechaquita mines. The company is working to produce Resource and Reserve Estimates for its producing mines in Mexico and Bolivia, to provide additional life of mine planning information. These reports are expected during the September quarter. Santacruz Silver Mining (TSXV: SCZ) news release

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