Morning Briefing: Paramount Gold Nevada Says State of Oregon to Commence Writing Draft Permits for Grassy Mountain
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, August 27th.
Yesterday gold shot up 45 minutes before China closed trading the day, running from $2545 to $2562, December contract basis. Shortly after the Comex opened, the price was given a $16 dollar shove off the cliff before it bounced to settle in the afternoon at $2553, up just under $9 from Friday. Silver gapped higher Sunday evening when the Globex system opened for trading, running from $29.86 to as high as $30.67, December contract basis. Silver faded 30 cents to close at $30.37, up 51 cents from Friday. The Mining Stock Journal noted that silver looks potentially explosive. The mining stocks oscillated all day yesterday between green and red, but ended the day down marginally, with GDX down 0.28%.
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… Arizona Sonoran Copper.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Calibre announced additional, near surface, resource expansion drill results from its exploration programs at the Pan Heap Leach Gold Mine in Nevada. Highlights reported included 0.45 g/t Au over 117.4 metres ETW, .56 g/t Au over 59.4m and .46 g/t over 71.6m. The company says today’s drill results across the Pan mine property demonstrate the potential to increase resources, grade, mine life and confidence around the Pan mine. (TSX: CXB; OTCQX: CXBMF) News Release
Silver Tiger Metals reported the last remaining geotechnical holes of the company’s pre-feasibility study drilling program on the El Tigre Project in Sonora, Mexico. Results included 126.6m of .77 g/t AuEq, which included 19.6m of 1.68 g/t AuEq. This hole expands the Footwall Zone by 50m to the east over the 2023 resource estimate. Other holes returned 23.4m of 1.3 g/t AuEq and 69.1m of .73 g/t AuEq. The project PFS is on schedule to be delivered before year end. (TSXV:SLVR) (OTCQX:SLVTF) News Release
Cartier Resources shared new results from the ongoing drill program at the Chimo Mine Project, specifically the East Cadillac properties. A new time of gold mineralization was drilling int he VG10 Zone and returned 142.2 g/t Au over .5m, 137.4 g/t Au over .5m and 24.1 g/tAu over .5m. The VG10 Zone, which starts at surface, is situated 280 m from the VG9 Target along the New VG Structure. The ongoing Program is exploring, with 164 drill holes, 54 targets over 10 of the 20 km strike length of the Larder Lake - Cadillac Fault Zone that has been identified for the Project. (TSXV: ECR) News Release
West Red Lake Gold Mines reported new drill results from the Madsen Mine in Ontario. Today’s results focused on the Austin and McVeigh Zones for building inventory of high-confidence to support the restart of the mine, which is expected to commence in the second half of next year. From McVeigh, drilling reported today included 5.5m of 17.77 g/t Au, which included 2.2m of 38.56 g/t. Form the Austin Zone, drilling returned 12.12m of 7.35 g/t Au and 7m of 11.06 g/t. In drill core, or at underground face exposures, gold-bearing zones at the Madsen Mine are best identified visually by fine (sub-millimetre) grains of free gold within strong alteration and veining. (TSXV: WRLG) (OTCQB: WRLGF) News Release
Bonterra Resources announced the start of diamond drilling at its Desmaraisville South Project. The company plans to drill 4,000 to 6,000m before the end of the year. Several prospective drill targets have been priorities following last summer’s field work. The company’s is looking to discovery new mineralized lenses within 15km of the Bachelor Mill Complex. (TSXV: BTR) (OTCQX: BONXF) News Release
And for your reading and due diligence pleasures, Arizona Sonoran has filed its updated Preliminary Economic Assessment to SEDAR which highlights a Post-tax NPV of just over $2B and an IRR of 24%.
Paramount Gold Nevada says the State of Oregon is set to commence writing draft permits for the Grassy mountain Gold Mine. Following a Project Coordinating Committee meeting scheduled for September, final approval of the Evaluation and Socioeconomic Analysis is expected at a state Technical Review Team meeting in October. Paramount expects to receive both Federal and State permits in late 2025 which will allow construction to commence shortly thereafter. (NYSE American: PZG) News Release
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