Morning Briefing: Production Numbers at Kamoa-Kakula Continue to Improve

Welcome to Mining Stock Daily. I’m Trevor Hall.

Today is Wednesday October 5. 

On Tuesday the precious metals sector was off the races again, with gold shooting up as much as $33 to $1739 before settling at $1735 and silver soaring from a low of $20.76 to as high as $21.31 before settling at $21.11. The Mining Stock Journal said that, without question, a portion of Tuesday's rally was in correlation with the general stock market, which went seemingly parabolic for the second day in a row. But there's also a flight to safety component involved and when the stock market rips in reverse to head lower again, the mining stock newsletter believes that the precious metals sector will outperform the broad stock market. The mining stocks also had another big move higher though, unlike Monday, underperformed the major stock indices. GDX rose 2.8%, which lagged the Dow, S&P 500 and Nasdaq. But that's not a negative given the big move on Monday in the sector. The newsletter also noted that there's been a dramatic drop in the open interest for Comex silver contracts. This is a result primarily of the Comex banks pulling in their horns on their silver contract gross short position and could be a significant bull signal for the sector.

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….

Ivanhoe Mines production numbers at Kamoa-Kakula Mining Complex continue to improve. This morning the company announced they set a new quarterly record with 97,820 tonnes of copper in concentrate produced. Kamoa-Kakula's Phase 1 and 2 concentrator plants set a monthly production record in September 2022 of 33,484 tonnes of copper in concentrate, and continue to regularly surpass the combined throughput design capacity of 7.6 million tonnes per annum, following the early commissioning of Phase 2 in April 2022. Kamoa-Kakula's Phase 1 and 2 concentrator plants milled approximately 2.1 million tonnes of ore during the third quarter at an average feed grade of 5.6% copper. This included high-grade, run-of-mine ore from the Kakula Mine, supplemented with ore from the surface stockpiles to meet the throughput in excess of design capacity. In line with design parameters, copper recoveries averaged approximately 86% during the quarter. Ivanhoe Mines trades on the TSX with IVN and on the OTCQX with IVPAF. News Release

Eloro Resources announced assay results from two diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia. One drill hole, DSB-31, tested the potential south-southeastern extension of the high-grade feeder zone at Santa Barbara and returned multiple mineralized silver equivalent intervals, but overall was 988m in length with a collective average of 139.44 g/t silver equivalent.  The second hole, DSB-33, tested the southwest limit of the zone in the vicinity of the Central Breccia. About 26% of its 825m length contained reportable intersections which collectively averaged 123.39 g/t silver equivalent. Eloro Resources trade on the TSXV with ELO and on the OTCQX with ELRRF. News Release 

Wesdome Gold Mines provided results from recent surface exploration at the Company’s wholly-owned Eagle River Mine near Wawa, Ontario. Most recently, surface and underground drilling, from the 355 m-level exploration drift, has defined the up-plunge extent of the Falcon 7 zone and has now extended the mineralization to surface with the recent drilling within 50 m from surface. Results included 11.1 g/t gold over 3m, 26.5 g/t gold over 2m and 20.3 g/t gold over 1.7m. In addition, a number of drill holes have intersected mineralization in the hanging wall of the Falcon 7 zone, including a recent hole that returned 40.3 g/t Au over 1.5 m, thus indicating the potential for parallel or folded limbs of the Falcon 7 zone. Surface and underground drilling of this area continue to be priority targets to delineate parallel structures along the Mine 5 and 300 zones extensions. Wesdome trades on the TSX with WDO. News Release

Electra Battery Materials confirmed today the existence of a new cobalt zone in the Idaho Cobalt Belt, following the receipt of assay results from drilling at its Ruby prospect. The new drill intercepts are located in close proximity to the Company's flagship Iron Creek cobalt-copper deposit. Results included 6.4m of .21% cobalt and .64m of .87% cobalt. The drillholes are Electra's first in the Ruby target, testing the eastern portion of a geophysics anomaly that appears to thicken to the west as it approaches a fault system. Electra Battery Materials trade on the TSXV with ELBM and on the OTCQX with ELBMF. News Release

Mundoro Capital announced the commencement of a drill program at the Mundoro-Vale optioned projects located in the south central Timok Magmatic Complex in Serbia. The drill program is planned for 4,000 meters to test 3 target areas with 5 drill holes. The porphyry copper-molybdenum-gold targets selected for drill testing are located in the southern portion of Timok and south-west of the Bor mining complex. The targets are within zoned hydrothermal alteration which can be traced at surface for 10 km along strike and contains gold epithermal and copper-gold porphyry style mineralization. Mundoro Capital trades on the TSXV with MUN and on the OTCQB with MUNMF. News Release

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