Morning Briefing: Revival Gold Drills 20.6m at 3.93 g/t Au
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday October 31st.
After rallying Sunday night to as high as $2,017 per ounce, gold was shown the down elevator overnight to as low as $2,001 before bouncing, ironically, when the Comex opened. After trading up to $2012 mid-morning, the yellow metal slid back down to $2,005 by the afternoon settlement. Silver has been trading inversely to gold the last few days and Monday was no different. After bouncing between $23.20 and $23.30 per ounce overnight, at the Comex open silver rocketed to as high as $23.75 before selling back down to $23.30 and closing at $23.45. The Mining Stock Journal commented that it can not recall anytime in the last 22 years when gold and silver traded somewhat inversely as they are right now.
As for the gold action, there was not any news that would have triggered the sell-off. As such, the Mining Stock Journal said, given that it's FOMC meeting week, the newsletter expects a heavy dose of dose price management by the banks. Despite a sharp rally in the general stock market,the mining stocks were hit Monday, with the GDX dropping 1.5%. Some silver stocks, however, picked up on the silver price action and managed to close green.
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, a tier 1 location. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport via highway i-10, and with 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.
And here’s what you need to know this morning….
Revival Gold reported results from eight drill holes at the Beartrack-Arnett Gold Project in Idaho, from the Haidee deposit area. They all intersected above cut-off grade, near surface oxide gold mineralization outside the current reserve. Highlights included 20.6m at 3.93 g/t gold including 1.4m at 19.6 g/t and 4.3m at 9.15 g/t in hole 115D. The company said the results validate the exploration case for higher grade material and possible feeder structures at Haidee, and the potential to meaningfully expand the proposed Haidee open pit and heap leach restart plans for Beartrack-Arnett. Revival Gold (TSXV: RVG, OTCQX: RVLGF) news release
Calibre Mining announced drill results from its 2023 resource expansion program within the Libertad Mine complex in Nicaragua. High-grade gold from underground drilling, 100m below the main Jabali resource, confirms mineralization and continuity down-dip with strong potential for resource expansion. Additionally, scout level drilling across the property has identified three new target areas within 10 km of the Libertad mill. Highlights at Jabali included 14.3m grading 10.80 g/t Au including 4.5m at 26.72 g/t in Hole 538A. Highlights from our scout level drill program included 2.3m at 14.39 g/t in Hole 22. Calibre Mining (TSX: CXB; OTCQX: CXBMF) news release
Headwater Gold announced initial assay results from the ongoing 2023 Spring Peak exploration drilling program which is fully funded by Newcrest. Drilling has extended mineralization at the Disco Zone target, intercepting high-grade epithermal veins in an approximately 70 metre step-out from previous drilling. Drill hole SP23-17 intercepted 13.0 grams per tonne gold (“g/t Au”) over 1.21 metres (“m”) and 9.0 g/t Au over 3.11 m within a broader interval of 20.46 m grading 2.59 g/t Au in the Disco Zone target. That same hole intercepted 27.44 m grading 0.95 g/t Au above the Disco Zone in a newly recognized zone which may represent a parallel mineralized structure. Mineralization remains open at depth and along strike and ongoing drilling continues to intersect epithermal veins in the target zone. Assays remain pending for 18 holes. (CSE:HWG) (OTC:HWAUF) News Release
Tudor Gold published another set of drill results from exploration on the Treaty Creek property in the Golden Triangle of British Columbia. The company says it believes it has intersected an upper extremity of another porphyry system that about 2km southwest of the Goldstorm deposit. At the Southest PSZ, drilling returned 102.15m of 1.28 g/t AuEq in hole 10. Further down the same hole, it intersected 1.5m of 24.7 g/t gold. These results are the highest gold grades seen at PSZ to date and are between the Goldstorm Deposit and Seabridge Gold's Iron-Cap Deposit. At the Northeast PSZ, drilling returned 136m of .71 g/t AuEq and 122m of .71 g/t Au Eq. (TSXV: TUD) News Release
American Lithium announced an updated Resource Estimate for the Falchani Lithium deposit in Puno, Peru which will form the basis of an updated PEA during November. Falchani now hosts a Measured + Indicated resource of 447Mt @ 2,327 ppm Li containing 5.53Mt Lithium Carbonate Equivalent, an increase of 476% from the 2019 resource estimate. The cut off grade was lowered from 1000ppm Li to 600 ppm Li due to a higher lithium price assumption. The company said Falchani is now one of the largest hard rock lithium projects globally and also includes potassium, cesium and rubidium, which are now in the resource block model to include Sulfate of Potash (SOP) and Cs-Rb potential by-products into future financial modelling. American Lithium (TSX-V:LI | NASDAQ:AMLI) news release
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