Morning Briefing: Rio2 Receives Final Permits for its Fenix Gold Project
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Ian Wagner. Trevor Hall is traveling back from LME week in London today so I am holding down the fort here at MSD.
Today is Wednesday, October 2nd…
And yet, another day and another new all-time high-close for gold, as the price went wheels-up just before midnight late Monday and went vertical right before the stock market opened. The price traded as high as $2692 and settled in the afternoon at $2684, up $24 from Monday. Silver followed the same trade pattern, hitting $32.15 mid-morning and pulling back to close at $31.67, up 21 cents from Monday. The Mining Stock Journal said that the apparent start of a war between Iran and Israel played a prominent role in pushing the metals higher. But also there's indications that the banking system in the U.S. is increasingly unstable. The mining stocks jumped higher despite a big sell-off in the stock market, with GDX up 1.6%.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Arizona Sonoran Copper Company
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And Here’s what you need to know this morning…..
Rio2 announced today it has received the principal and final Sectorial Permits it requires to begin construction at its Fenix Gold Project located in the Maricunga Gold Belt of the Atacama Region, Chile. These Sectorial Permits are: 1) Mining Methods; 2) Process Plant; 3) Waste Dumps & Stockpiles; and 4) Closure Plan. In the news, Rio2 also provided a brief update on financing options, saying they have received several financing proposals from interested counterparties, which are being considered by management and the Company’s Board. Due diligence is progressing with certain of these financing sources and further updates will be provided in due course. (TSXV: RIO; OTCQX: RIOFF) News Release
IsoEnergy announced they have entered into a definitive agreement to acquire all of the issued and outstanding shares of Anfield. Anfield owns 100% of the Shootaring Canyon Mill located in southeastern Utah, United States, one of only three licensed, permitted, and constructed conventional uranium mills in the United States, as well as a portfolio of conventional uranium and vanadium projects in Utah, Colorado, New Mexico, and Arizona. Under the terms of the Transaction, Anfield shareholders will receive 0.031 of a common share of IsoEnergy for each Anfield Share held. The Exchange Ratio implies a premium of 32.1% to the Anfield Share price. The implied fully-diluted in the-money equity value of the Transaction is equal to approximately $126.8 million. (TSX: ISO) (OTCQX: ISENF) News Release
West Red Lake Gold Mines were out with new drill results this morning. Today results come from the Upper 8 Target of the Madsen Property in Ontario. The Upper 8 target is hosted within the same lithologic unit approximately 750m up-plunge from the main 8-Zone deposit, which currently contains an Indicated mineral resource of 87,700 ounces with an additional Inferred resource of 18,200 oz. Drilling on the Upper 8 target is designed to test the projected, near-surface extension of the mineralized shear corridor that hosts the highly prospective 8-Zone. Results reported this morning included 4.1m of 14.2 g/t Au and 1.85m of 6.33 g/t Au. (TSXV: WRLG) (OTCQB: WRLGF) News Release
Mawson Finland announced new drill results from 10 drillholes at the Raja and Joki zones of mineralization which were drilled as part of the Company's 38-hole 2024 winter drilling campaign on the Rajapalot gold-cobalt project. Results included 5.8m of 2.17 g/t Au and 3.6m of 1.74 g/t, both in south-westward step-outs to the Raja gold-cobalt mineral system. North-eastern stepouts returned 2m of 2.85 g/t and 5.95m of 1.52 g/t Au. (TSXV:MFL) News Release
And just one last note for those interested in the Mexican miners. Mexico’s first female president Claudia Sheinbaum was inaugurated in Mexico yesterday. Her incoming administration has pledged to not grant any new open-pit mining concessions during her administration, according to her “100 Steps for Transformation” Plan. The Plan also states that existing concessions will be evaluated and may continue, provided that they have the public’s approval and do not impact the environment. Investors in the natural resources space will no doubt be keeping a close eye on her policies as the new administration gets underway. And that’s it for today.
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