Morning Briefing: Patriot Battery Metals Publish Updated Resource Estimate for Shaakichiuwaanaan
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday, August 6th.
Monday was bloodbath in the stock market that only sort of spared the precious metals sector. Gold actually traded higher Sunday evening but then was given a big ride lower shortly after midnight as the Asia markets sold off hard. December gold traded down and tested $2400 before bouncing to close the afternoon session at $2449, down $20 from Friday. Silver followed the same path as gold, with September silver getting hammered hard down to as low as $26.60 before rallying to close at $27.31, down $1.08 from Friday. The mining stocks fell prey to the carnage in the stock market, with GDX down 3.13% and the Arca Gold Bugs Index of the largest producers down 3.5%. The Mining Stock Journal noted that it's unlikely there were any large sellers of physical gold and silver, implying that the sell-off was driven by the big hedge funds who are long Comex gold and silver futures. At some point the newsletter expects that the sector will benefit from a big flight to safety bid.
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….
Brixton Metals provided their results for the second drill hole at the Thorn Project in NW British Columbia. Hole 291 returned a gold dominant zone above the porphyry copper mineralization which represents a potential southwest extension of the high-sulphidation gold system of the Talisker Zone. That zone returned 61.5m of .89 g/t gold and included 4.65m of 6.15 g/t. The copper dominant system began at about 400m depth and returned 1126m of .31% CuEq and included 575m of .45% CuEq. This hole significantly extends the footprint of the mineralized porphyry at Camp Creek towards the northwest. (TSX-V: BBB, OTCQB: BBBXF) News Release
Patriot Battery Metals published their updated consolidated mineral resource estimate for the CV5 and the CV13 spodumene pegmatites at its Shaakichiuwaanaan Property, formerly known as Corvette, in Quebec. That resource now sits at 80.1 Mt at 1.44% Li2O in the Indicated category and 62.5 Mt at 1.31% Li2O Inferred. This resource reaffirms the project to the largest lithium pegmatite Mineral Resource in the Americas and the 8th largest globally. The Company remains on track to provide the market with a Preliminary Economic Assessment for the CV5 Spodumene Pegmatite by the end of the September quarter. (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) News Release
Elemental Altus Royalties highlighted an announcement by Capricorn Metals of a major expansion study at the Karlawinda Gold Project in which Elemental Altus holds an uncapped 2% net smelter return royalty. The study is looking at an expansion of between 2 and 2.5 million tonnes per annum, which would be an approximate 50% increase in throughput. The expansion study is targeted for completion by end of 2024 and Capricorn plans to move into permitting and execution as quickly as possible. (TSXV: ELE) (OTCQX: ELEMF) News Release
In Ontario, Delta Resources has acquired the Ternowesky property which further expands their land position at the Delta-1 property. The expansive property consists of 443 claim units spanning over seven (7) townships and covering over 93 square kilometres. Delta's land package now covers over 306 square-kilometres in the central portion of the Shebandowan Greenstone Belt. The property now covers a 35-kilometre strike extent of both the Shebandowan and Gold Creek deformation zones. Delta has reached an agreement with the Vendors whereby Delta will pay $150,000 and issue 1.1M shares of the Company upon TSX approval of the transaction. The Vendors will retain a 2% Net Smelter Return Royalty. (TSXV: DLTA) (OTC Pink: DTARF) News Release
Calibre Mining announced this morning that the Canadian Government has approved the addition of a third open pit for the Berry Deposit at the Valentine Gold Mine. The environmental assessment update was submitted to the Impact Assessment Agency of Canada regardin the proposed amendment and changes to the Valentine Project, which included the Berry Pit back in August 2023. (TSX: CXB; OTCQX: CXBMF) News Release
Tarachi Gold has signed a non-binding letter of intent with Prospector Portal whereby Tarachi would acquire all of the outstanding shares of Prospector in a transaction that would transform Tarachi into an artificial intelligence-focused mining services company. Prospector provides AI-based research and data analysis solutions to mining and mining-related professionals, analysts, managers, geologists, service providers, and investors. Following completion of the Transaction, Prospector CEO Emily King would replace current Tarachi CEO Cameron Tymstra and current Prospector COO Jon Godbout would join the management team as COO of New Tarachi. (CSE: TRG) (OTCQB: TRGGF) News Release
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