Morning Briefing: Revival Gold PFS; Drill Results from Meridian, Torex, and Dundee

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

Today is Tuesday July 11th. 

Gold ended the day yesterday down marginally from the week prior, but what was most notable was the way buyers came in throughout the day to alleviate some of the pain attempted to be inflicted by sellers. It was a fifteen dollar swing from the lows of the day to its highs. Gold ended the day at $1931 per ounce futures basis. This morning as we are recording, buyers remain in force, pushing the price of gold even higher above that 1940 resistance level. Silver saw similar price action yesterday and buyers came in with support after the metal was smacked down. Silver ended the day up about 5 cents from Friday’s close of 23.35 per ounce. The gold miners were up 2% per the GDX yesterday. Its only one day, but a generally healthy sign when the miners are outperforming the metal. Again, we patiently await the CPI news tomorrow.

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 released a prefeasibility study for an open pit heap leach restart of the Beartrack-Arnett gold project in Idaho. The PFS details average gold production of 65,300ozpa over an eight-year mine life at an all-in sustaining cost of $1235/oz. The project would yield an after-tax net present value of US$105 million at a 5% discount rate, with a 24.3% internal rate of return and 3.4-year payback at an $1800/oz gold price, following $109 million in capex. The economics improve to $138 million and 29.5% at $1,900/oz gold. The PFS includes the company’s maiden proven and probable open pit heap leach reserve of 36.2Mt grading 0.74gpt containing 859,000oz, and an updated measured and indicated resource of 86.2Mt grading 0.87gpt gold containing 2.42Moz, a 14% increase over the 2022 resource. Revival now aims to progress environmental and permitting preparations, fine tune engineering and design plans, while exploration drilling is underway on high-grade open pit oxide opportunities at Roman’s Trench and Haidee, which could potentially extend the open pit heap leach mine life. Revival Gold (TSXV: RVG, OTCQX: RVLGF) News Release

Meridian Mining provided results from more drilling at the Cabaçal VMS project in Brazil. Hole 264 at the Northwest Extension intersected 12.6m of 15.5 g/t AuEq from a depth of 43.3m and is representative of similar high-grade results previously reported. The company says these additional results in the mine area show the potential to better define the projection of higher grade trends across the deposit. In parallel with the resource development program, the Company is advancing with exploration of near-mine extensions, with a copper gossan identified at surface, located 350m southeast of CD-240's copper feeder zone. Drilling has also confirmed the mineralized position of the VMS horizon in a 1km step-out to the southeast of the Cabaçal mine. (TSX:MNO) (OTCQX:MRRDF) News Release

Calibre Mining reported record quarterly gold production of 68,776oz for the June quarter, a 15% increase over the 2022 period, with 58,392oz from Nicaragua and 10,384oz from Nevada. Year to date, the company has produced 134,526oz, up 20% on last year, and is on track to meet its 2023 guidance of 250,000 – 275,000oz. Its cash position increased 32% in the quarter to US$77 million. Calibre Mining (TSX: CXB; OTCQX: CXBMF) news release

Torex Gold Resources announced assay results from ongoing drilling at the El Limón Guajes underground mine in Guererro, Mexico where infill and step-out drilling at El Limón Sur Deep extended higher-grade mineralization outside of the current resource block model, with highlights including 14.5m grading 88.92g/t gold equivalent in hole 220. The company said the drill results validate the high-grade potential associated with the area that runs from El Limón Sur Deep to the La Flaca fault, known as the El Limón Sur Trend. Drilling at El Limón Sur Deep also encountered areas of economic copper mineralization which Torex expects to mine after the Media Luna flotation circuit is commissioned in late-2024. Torex Gold Resources (TSX: TXG) news release

Dundee Precious Metals reported assays from ongoing drilling at the Čoka Rakita prospect in Serbia. Highlights included 7m at 16.56 g/t Au and 0.16% Cu and 42m at 6.51 g/t Au and 0.13% Cu in hole 11A. Drilling extended the limits of high-grade mineralization by about 60m to the west and to the south, and confirmed the overall target thickness of over 100m within the core of the system. Scout drilling outlined further extension potential about 600m to the north-east of the current deposit limit, and 500m south of the main Čoka Rakita target. Dundee continues with a 40,000m infill and extensional drill program to support a maiden resource estimate by year-end. Infill drilling on 60m centres is largely complete, and infill drilling on 30m centres has commenced. Dundee is also undertaking geotechnical drilling, metallurgical testwork and evaluation of potential portal locations for an exploration decline. Dundee Precious Metals (TSX: DPM) 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.