Morning Briefing: Rupert Resources Publishes PFS for Ikkari, Highlights Lowest Quartile ASIC
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.
It's Tuesday, February 18th.
After retesting the recently achieved new all-time highs on Friday, gold retreated and ended the week with a down day, closing right at $2,900/oz on the April contract. That was down one and a half percent on the day. The metal is still technically in overbought territory so the ideal move from here would be consolidation. Profit margins continue to be extraordinary for the producers here despite productions costs continue to creep up, as noted in recently published financial reports from the majors. Silver attempted to bust above resistance on Friday, but was unsuccessful. After climbing above $34/oz on Friday, it also followed gold and retreated, closing the day and the week at $32.85.
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…Calibre Mining
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities Calibre will unlock significant value. https://www.calibremining.com/
And here’s what you need to know this morning…..
Rupert Resources has completed its preliminary feasibility study for the Ikkari Project in northern Finland. With its maiden mineral reserve sitting at 52Mt at 2.1 g/t Au for 3.5Moz, the project’s economics are currently estimated to have an after-tax NPV of $1.7Billion with an IRR of 38% using a $2,150 per ounce of gold. The company expects to have one of the lowest quartile all-in sustaining cost of $918 per ounce over the life of mine and $717/ oz during the first ten years of operation. The initial capex for Ikkari is estimated at $575 million with a payback period of just over 2 years. The Ikkari PFS envisages a staged mine design to minimize waste stripping and enable early production from high grade areas in the open pit. The open pit will produce ore for 10 years before transitioning to a long hole open stope underground mine from year 10 for the remainder of the 20-year LOM. (TSX: RUP) News Release
Bravo Mining published an updated mineral resource estimate for its Luanga palladium, platinum, rhodium, gold and nickel deposit in Brazil. The measured and indicated resource now totals 158 Mt of 2.04 g/t PdEq for a total of 10.4 Moz PdEq. That's a 154% increase from its 2023 resource estimate. The inferred resource now contains 78 Mt of 2.01 g/t PdEq for 5Moz. The percentages of each metal in the PdEq factor are estimated to be 47% Pd, 25% Pt, 13% Rh, 13% sulphide Ni, and 2% Au. The MRE remains open at depth along the 8.1km strike of the deposit, with many of the areas below current drilling depths are considered within potential open pit extraction depths. (TSXV: BRVO) (OTCQX: BRVMF) News Release
Awalé Resources published new drill results from the BBM zone at the Odienné Project in Côte d'Ivoire. Results reported this morning included 29m of 2.2 g/tAuEq in hole 105 and 28m of 1.3 g/t AuEq in hole 108. These holes were drilled within the previously reported central mineralized zone, where the Company is tightening drill spacing to a 100m grid. The drill program at the BBM target was extended after step-out holes from the core zone encountered sulfide mineralization and alteration, giving the Company reason to believe that further drilling could unlock substantial growth potential along strike to the southeast and northwest. The drill program, which began in November 2024, is now complete with 6,379.9m drilled, with assays from 18 holes yet to be released. (TSXV: ARIC) News Release
Southern Cross Gold announced new results form drill a drill hole at the Rising Sun and Golden Dyke prospects at its Sunday Creek project. The headline included 7.5m of 36.2 g/t Au within a broader 347m intersection within the mineralized host. The hole intersected six high-grade vein sets, including two previously unknown, with zones including 1.0 m @ 262.1 g/t AuEq and 0.3 m @ 122.1 g/t AuEq. Notably, the drilling successfully extended known mineralization up to 88 m down-dip on key structures. (TSXV:SXGC)(OTC PINK:MWSNF)(ASX:SX2) News Release
Kenorland Minerals announced the commencement of the winter 2025 drilling program at the Chebistuan Project in the northern Abitibi greenstone belt of Quebec and held under an exploration agreement with Newmont. The program will include up to 3,500m of drilling across 9 drill holes at the Deux Orignaux target area. This second phase of drilling, follow-up to the initial program completed in early 2023, will test lateral and down-dip extents of the mineralised syenite intersected in drill hole 23DODD005, which returned 157.20m at 0.41 g/t Au including 20.61m at 0.97 g/t Au. The program will also test additional targets, identified as potential syenite plugs based on geophysical characteristics. Kenorland remains operator of the Project, and drilling activities are expected to conclude early March. (TSXV: KLD) (OTCQX: KLDCF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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