Morning Briefing: Pampa Metals to Acquire Rugby Resources
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.
It's Wednesday, February 19th.
Yesterday was a rebound day for gold. After lots of selling pressure on Friday, gold returned with a vengeance yesterday and added back $50 to its price for a 1.6% gain, settling at $2,949 per ounce. We recorded an interview yesterday with Josh Phair about the transportation of physical gold out of London and into the United States, and we dove into why this is happening now. I recommend you tune into that interview as it does provide a some analysis as to the why and how the price is reflecting these events. Yesterday, silver also had a nice bounce day, up 1.5% and closing the day at $33.37 per ounce.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Vizsla Silver
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning…..
NGEx Minerals published the remaining results for three holes partially released earlier and partial result for new holes this morning. These results come from the company’s Phase 3 drill program on the Lunahuasi copper-gold-silver project in San Juan, Argentina. Results included 75.45m of 4.95% CuEq in hole 24 and 42.4m of 3.44% CuEq in hole 26. The company says holes DPDH028 (53.5m @7.79% CuEq) and DPDH029 (157m @ 2.16%CuEq) are particularly important because they are large step-outs from previously intercepted mineralization. The intercept in DPDH028 is deeper and to the west of all previous holes and is open in all directions. Six drill rigs are currently turning at Lunahuasi with seven holes completed and 12,800m drilled. Two additional rigs are scheduled to start before the end of February and the planned program has been expanded from 20,000m to 25,000m. (TSX: NGEX) (OTCQX: NGXXF) News Release
Snowline Gold announced further results from its 2024 drill campaign on the Valley deposit, Rogue Project, and from its Jupiter target on the adjacent Einarson Project, Yukon. At Valley, hole 114 returned 122m of .47 g/t Au and 115 returned 15.5m of 2.08 g/t. Both these holes were stepouts outside the existing mineral resource estimate. At Jupiter, roughly 30 km north of Valley on the adjacent Einarson Project, three of four reported holes intersected >8 g/t Au mineralization, with an interval of 20.9 g/t Au over 2.1 m (~true width) in J-24-031 confirming a secondary east-west structural control on mineralization that could assist with future targeting at Jupiter and regionally. (TSX-V:SGD) (OTCQB:SNWGF) News Release
Banyan Gold announce results from 16 diamond drillholes from the Airstrip Deposit on the company’s AurMac Project in Yukon. Results included 105.8m of .6 g/t Au, 90m of .44 g/t Au, 15.9m of 9.32 g/t and 13.8m of 3.8 g/t. Banyan continues to work towards publishing a preliminary economic assessment this year. (TSXV:BYN) (OTCQB:BYAGF) News Release
Revival Gold announced it has entered into a non-brokered private placement with Dundee Corporation through its wholly owned subsidiary, Dundee Resources Limited, for gross proceeds of CAD$3.2M. Dundee has agreed to purchase 10-million units of the company at a price of $.32 per unit. Each unit will consist of one common share of the company and one-half of one common share purchase warrant with an exercise price of $.45. In connection with the Placement, Revival Gold has granted Dundee a first right of refusal, for a term of six months, to participate in any future equity financings and maintain the firm’s pro-rata share in the Company. Additionally, Revival Gold and Dundee have agreed to undertake metallurgical studies utilizing proprietary technologies developed by Dundee’s subsidiary, Dundee Sustainable Technologies. (TSXV: RVG, OTCQX: RVLGF) News Release
Pampa Metals has executed a binding letter agreement to acquire Rugby Resources. Pampa Metals is proposing to acquire all the issued and outstanding common shares of Rugby in exchange for common shares of Pampa Metals. Upon Closing of the Transaction the Rugby Shareholders will hold approximately 38% of the outstanding shares of Pampa. On Closing, Bryce Roxburgh, the President and Chief Executive Officer of Rugby, will be appointed to the board of directors of Pampa and the current board of Rugby will resign. A new Rugby Spinco will keep a 20% joint venture interest in the Cobrasco Project, the El Zanjon and Venidero gold-silver projects in Argentina, a jv interest in the Georgetown Project and a 1.5% net smelter return royalty over the Mantau project. (CSE:PM) (OTCQB:PMMCF)(TSXV:RUG) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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