Morning Briefing: Ridgeline Begins Drilling at Selena

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Wednesday, May 11th

The precious metals sector continued to trend lower with the market Tuesday, though once again the entire price decline in gold and silver began when the NYSE opened at 9:30. Gold was hammered down to as low at $1831 per ounce from $1862 while silver was ripped lower from $22 per ounce to as low at $21.17. Both metals bounced a bit to settle off the lows of the day and were trading marginally higher Tuesday evening. Technically, gold tested its 200 day moving average and managed to close above it, at least for now. The silver chart, on the other hand, looks like it's digging to find the center of the earth, closing at a 52-week low. Silver is the most oversold technically since the March virus crisis lows. 

The mining stocks opened nicely green but then faded when the rest of the stock market reversed lower. The Amex Gold Bugs index closed down 1.2% while the GDX closed down 1.68%. The Mining Stock Journal said that the action across all of the markets - stocks, bonds and commodities - reminds it of the summer of 2008. The good news is that in late October that year the precious metals sector bottomed and ripped higher while the stock market continued to sell-off for another five months.

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…Integra Resources.

Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.

And here’s what you need to know this morning….

Ridgeline Minerals announced that it has begun the Phase five drill program at its Selena silver-gold-lead-zinc carbonate replacement style discovery located in Nevada. The program will feature up to 8 drill holes for 5,500m to test the conceptual CRD and Skarn targets located down-dip and to the west of its original shallow-oxide discovery. The company said it has spent almost a year putting together the porphyry zonation model at Selena and is excited to finally be testing the conceptual CRD and Skarn targets. Ridgeline Minerals trades on the TSXV under RDG and on the OTCQB under RDGMF. News release

Meridian Mining says it intersected the strongest zone of layered gold mineralization with hole 128 returning multiple visible gold occurrences between 70.2 to 73.3m, within the Southern Copper Zone hosted by a broad package of copper-gold VMS mineralization. The Cabaçal Mine's historical data indicates, that some of the copper-gold VMS layers included garnet-rich bands hosting visible gold which reported some of the highest gold grades. Meridian is also reporting further results from the Cabaçal Northwest Extension. Hole 110's gold only layer has assayed 31.3 m @ 1.0g/t Au, 0.1% Cu from 20.2m with a high-grade zone of 10.4m @ 2.3g/t Au from 32.5m. The CNWE's drilling continues along and across strike, where further visible gold has been intersected by CD-127; assays are pending. These results show good continuity of the western extensions to the CNWE's newly defined gold trend. Drilling is ongoing with further results pending. Meridian Mining trades on the TSX with MNO and on the OTCQB with MRRDF. News Release

Rupert Resources reported more drilling results from its Ikkari and Heinä South discoveries at its Rupert Lapland Project in Finland. It said new drilling at Ikkari extends to the west a previously identified zone of mineralisation at depth, with a highlight of 30m grading 2.8 grams per tonne gold in hole 31. While at central Ikkari, mineralisation was intersected at depth beyond the limits of previous drilling with a highlight of 33m grading 6.5g/t in hole 71. The company said drilling continues to expand the mineralised envelope while infill drilling is improving resource confidence and maintaining the permitting timeline for the project. Ikkari hosts an inferred resource of 3.95 million ounces. Since this was completed more than 44,000m has now been drilled. Rupert Resources trades on the TSXV under RUP and on the OTCQX under RUPRF. News release

Nevada King Gold announced results from three holes drilled at its Atlanta Gold Mine in the Battle Mountain Trend in Nevada. Highlights included 21m grading 3.28 grams per tonne gold in hole 68C at the southwestern corner of the historical Atlanta pit, which included a sub interval of 5.7m grading 7.62g/t. This hole was drilled within an area of low historical drill density and therefore expands upon the known zone of high-grade gold mineralization found at the bottom of the Atlanta Pit in 2021. Preparations are being made for drill pads and road access to initiate the 2022 drill program by June. Nevada King Gold trades on the TSXV under NKG and on the OTCQX under NKGFF. News release

Golden Shield Resources announced drill results from the initial hole of a 13-hole, 3,000m program at Mazoa Hill, the most advanced prospect at its Marudi Mountain gold project in Guyana. Hole 16 returned numerous high-grade intercepts with a highlight of 33m grading 3.45 grams per tonne. Results for eight other holes are pending. Golden Shield interprets gold mineralization to occur in a series of en-echelon high grade shoots defined by intense silicification within a broader silicified zone. Golden Shield Resources trades on the CSE under GSRI. News release

Maritime Resources reported a mineral resources estimate on its Lac Pelletier Gold Project in the Abitibi district near Rouyn Noranda in Quebec, which it acquired last year from Rambler Metals and Mining. The deposit hosts a measured and indicated resource of 681,200 tonnes grading 4.08 grams per tonne gold for 89,400 ounces and an inferred resource of 1.1Mt tonnes grading 3.89g/t for 137,600 ounces. Maritime said the project has a valid authorization for 1,000 tonnes per day production, over 85,000m of drilling, 2,500m of ramp access and underground development plus three completed bulk sampling programs demonstrating 96% gold recovery at a nearby mill. The current deposit has been defined to 250m below surface with potential for expansion along strike and at depth. Maritime Resources trades on the TSXV under MAE. News release

That concludes today’s morning briefing.

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