Morning Briefing: Results from Meridian Mining's Cabaçal Project & Li-FT Power's Cali Lithium Project
Welcome to Mining Stock Daily. I’m Kylie Williams
Today is Tuesday, May 7th.
Yesterday gold jumped $23, or 1%, from Friday's close settling at $2,331 and, for now, resoundingly rejected the effort to push it below $2,300. Silver soared 92 cents, or 3.5% from Friday, to settle at $27.62, as it bounced off support at $26.50. The Mining Stock Journal suggests that, given the 1% jump in the S&P 500, it's possible that the markets sniffed out a back-door liquidity injection by the Fed via an off-balance-sheet maneuver that wouldn't show up on the Fed's balance. It added that, from a technical standpoint, the metals have worked off the overbought condition per the RSI and MACD and - at least from a chart perspective - look ready to rumble. The mining stocks followed suit, with GDX jumping 2.3%, which was more than twice the gain of the S&P 500 on a percentage basis. It looks like the next leg higher in the current precious metals bull cycle may be starting.
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.
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 arizonasonoran.com.
And here’s what you need to know this morning….
Meridian Mining provides an update on drilling and exploration activities at its advanced Cabaçal copper-gold-silver VMS project in Mato Grosso, Brazil. Drill hole CD-470 has returned a zone of high-grade mineralization grading 16.0m @ 12.5g/t AuEq (12.1g/t Au, 0.3% Cu & 0.6g/t Ag) including a high-grade zone hosting visible gold grading 6.4m @ 30.6g/t AuEq (29.9g/t Au, 0.5% Cu & 1.0g/t Ag) from 53.3m, within the Cabaçal Mine's Southern Copper Zone. CD-470 is part of an ongoing program aimed at testing visible gold-rich areas within historical drilling records but with incomplete assay data, which were not incorporated into the Cabaçal Mineral Resource Estimate. Importantly, CD-470 is located below a mining void, confirming that zones of significant mineralization remain. Meridian trade (TSX:MNO), (Frankfurt/Tradegate:2MM) (OTCQX:MRRDF) News Release
Li-FT Power provide an update on surface work completed during the summer of 2023 at the Cali Lithium Project, Northwest Territories. During the summer surface program in 2023, LIFT completed a soil geochemistry survey covering the Cali Property, as well as a mapping and prospecting campaign. Rock sampling and mapping indicate that the spodumene pegmatite dyke swarm system is larger than had been anticipated with numerous spodumene pegmatite swarms present within an area of 1.5 kilometers by 1 kilometer. Out of 163 grab samples collected, 124 returned grades at greater than 1.0% Li2O. Ltd. Lift trade (TSXV: LIFT) (OTCQX: LIFFF) (Frankfurt: WS0) News Release.
West Red Lake Gold Mines report drill results from its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada. The drill results featured in today's news are focused on the high-grade South Austin Zone. The South Austin zone currently contains an Indicated mineral resource of 474,600 ounces (“oz”) grading 8.7 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 31,800 oz grading 8.7 g/t Au. The purpose of the drilling reported today is definition within South Austin to continue building an inventory of high-confidence ounces for eventual restart of the Madsen mill. West Red Lake Gold trade (TSXV: WRLG) (OTCQB: WRLGF) News Release
Faraday Copper announced the results of the Gold Program from the Keel Zone at the Copper Creek project in Arizona, USA. The results support the potential to unlock significant value through the contribution of payable gold in concentrate in future Mineral Resource Estimates. Paul Harbidge, President and CEO, commented "The results show that the Keel Zone hosts the largest gold-bearing domain on the property to date. For context, the Keel underground zone represents approximately 60 million tonnes of the 330 million tonnes in the current underground mineral resource. This newly acquired data, together with our recent metallurgical results, supports the potential for the addition of gold in concentrate as a significant source of by-product revenue that would increase the value of Copper Creek." Faraday trade (TSX:FDY) (OTCQX:CPPKF) News Release
Angus Gold announced assay results from the remaining five (5) exploration holes that were completed on the Dorset Zone as part of its winter 2024 drill program at the Golden Sky Project in Wawa, Ontario. The new high-grade discovery, Hole GS24-136, was drilled along the most western section of the Dorset Zone that has been tested, to date, by the ongoing exploration program. The hole intersected 7.0 g/t Au over 12.4 metres, including 3.3 metres of 21.7 g/t Au and is hosted within a zone of abundant quartz veining that is not typical of the Dorset mineralization. Angus trade (TSX-V: GUS | OTC: ANGVF) News Release
And to finish, news from Japan!
Irving Resources announce that the first diamond drill hole completed at the East Yamagano epithermal gold-silver vein project, Kyushu, Japan, has encountered high-grade gold mineralization. At a down hole depth of 184.0 metres, a 5.0-metre interval grading 9.62 gpt Au including 1.0 metre grading 45.90 gpt Au was encountered in hole 23SY-001. A second interval of 1.33 metres grading 5.81 gpt Au was encountered beginning at 407.0 metres down hole depth. Both zones of mineralization are comprised of stockwork quartz-carbonate veinlets measuring a few millimetres up to a couple centimetres width. Visible gold was observed in fractures (Figures 1 and 2). This style of veining was reportedly common in the adjacent historical Yamagano Mine. True widths of the mineralized intervals in hole 23SY-001 cannot be determined at this time. Irving trade (CSE:IRV) (OTCQX:IRVRF) News Release
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