Morning Briefing: Patriot Battery Metals PEA; Ridgeline Partners with South32 on Selena
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, August 22nd.
Yesterday, after trading lower starting just before midnight Tuesday, gold bottomed at $2532 and launched after the minutes from the last FOMC meeting showed that the majority of the committee were on board with cutting rates at the September meeting. Gold traded back up to $2557 before it faded a bit to close at $2550, down slightly from Tuesday. Silver actually drifted higher overnight but then was subjected to a routine price attack when the Comex opened. silver bottomed with gold at $29.25, traded back up to $29.75 before settling in the afternoon at $290.63, 11 cents higher than Tuesday. The mining stocks swung from negative territory in the morning to close higher for the day, with GDX up 0.68%.
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… Fireweed Metals.
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
Patriot Battery Metals provided the results of its preliminary economic assessment for the Shaakichiuwaanaan Project in Quebec. The PEA outlines a scenario for the staged development of the cornerstone CV5 Spodumene Pegmatite via both open pit and underground mining methods, thereby maximizing earlier access to the high-grade Nova Zone. The study shows a potential pre0tax net present value of $4.7 billion and an IRR of 38%. The PEA uses a long-term weighted average spodumene price assumption of US$1,375 per tonne. This is about twice as much of today’s current spot price. Capex for the combined 2 stages highlighted in the PEA come in just under $1.4Billion. It is estimate to generate approximately $8.3B in project cash flow over the life of mine. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) News Release
Ridgeline Minerals has entered into an earn-in agreement with South32 for an 80% interest in its Selena carbonate replacement deposit in Nevada. In order to earn an initial 60% ownership interest in the Project, South32 must pay Ridgeline a US$100,000 execution payment and fund a minimum of US$10.0 million (of which US$2.0 million is guaranteed) in qualifying exploration expenditures on the Project over an initial five-year term, following which South32 will have a further option to increase its ownership interest in the Project to a total of 80% by incurring an additional US$10.0 million in expenditures for an aggregate spend of US$20.0 million. Ridgeline will remain operator of the Project during the Initial Phase 1 Earn-in Option period. (TSXV: RDG) (OTCQB: RDGMF) News Release
Vista Gold announced results from its Phase 1 drilling program this year at Mt Todd in Australia. The company says results from Phase 1 have confirmed the extension of the core zone and the mineralized boundaries in the northern section of the Batman deposit. Results included 1.17 g/t Au over 58m and 16.1m of 1 g/t Au. Phase 2 of the drilling program commenced in July 2024 with near-surface drilling in the Southern Cross Lode zone, a known mineralized structure that intersects the Batman deposit and extends up to 400 meters northeast. (NYSE American and TSX: VGZ) News Release
Dakota Gold announced exploration drilling has expanded areas of continuous Tertiary epithermal gold mineralization at the Unionville Zone. Results reported today included 2.85 g/t Au over 13.7m and 1.44 g/t over 23m, both intervals coming from hole 53. Hole 48 returned multiple sections of gold mineralization as well, including 7m of 4.34 g/t Au. Hole 47 was the northern most drill hole completed to date and returned 4.73 g/t Au over 3.6m of deeper tertiary epithermal mineralization more than 2 km north of the main Unionville Zone discovery. It extends the mineralization approximately 200 meters past the previously announced step-out drill hole. (NYSE American: DC) News Release
NexGold provided an update on field work at the Goliath Gold Complex in Ontario. Some channel sample highlights noted this morning included 7.13 g/t Au over 2.00 metres including 15.70 g/t Au over 0.75 metres and 3.18 g/t Au over 2.68 metres including 7.53 g/t Au over 0.78 metres. The company has also commenced an expanded exploration program, which includes soil geochemistry, prospecting and mapping program across the complex. The team has focused on several key areas including the Fold Nose, South Syncline, and Far East targets on the Goliath claim block, and Interlakes, Wild Cats, Goldlund South, and Cabin Bay targets on the Goldlund claim block. (TSXV: NEXG) (OTCQX: NXGCF) News Release
The Mining Stock Daily morning briefing is produced by Clear Commodity Network and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.