Morning Briefing: Sama Resources New PEA, ATEX Resources Extend EP
Welcome to Mining Stock Daily. I’m Kylie Williams, filling in for Trevor Hall this week.
Today is Thursday March 21.
As with all of the markets, gold and silver marked time overnight ahead of the release of the Federal Open Market Committee policy statement. The policy was interpreted by the markets as dovish, triggered record highs in Dow and the S&P 500, as well as straight up moves in gold and silver.
Gold ran from $2160 to as high as $2,192 before settling at $2,189. When the Globex trading system reopened at 6 pm last night, gold shot up to as high as $2,225 and is trading just below $2200 as of last night.
Silver similarly spiked up from $25.05 to as high as $25.93 after the FOMC announcement. The Mining Stock Journal noted that silver looks particularly explosive. The mining stocks outperformed everything after the FOMC circus. The Arca gold bugs index rose 3.8% and GDX popped 4.1%.
Speaking of mining stocks, the Mining Stock Journal will release its next issue this afternoon. It will be profiling a highly profitable silver miner with huge upside leverage to the silver price. You can learn more at InvestmentResearchDynamics.com
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 Company.
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. For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Sama Resources announced the results of a new Preliminary Economic Assessment for the Sa-ma-pleu-Grata Nickel-Copper project located in Côte d’I-voire, West Africa. The PEA is a preliminary technical study that examines the potential for a conventional open-pit mining operation producing both a conventional copper and nickel concentrate, together with cobalt, platinum, palladium and gold as by-products. As well the Sipilou Sud laterite deposit would produce direct shipping material. The New PEA Demonstrates the Potential for a 16-Year Mine Producing Both a Conventional 26% Copper Concentrate and a 13% Nickel Concentrate, with Associated Platinum and Palladium By-Products. The Project Presents a Pre-tax NPV of US$463M and Post-tax NPV of US$257M with a Post-tax IRR of 22.3% Together with an Initial Capital Cost of US$338M. Sama Resources trade as (TSX-V: SME, OTC: SAMMF) News Release
ATEX Resources announced the completion of ATXD25, the fourth hole from its Phase 4 drill campaign at the Valeriano Copper-Gold Project in Atacama Region, Chile. Highlights include hole ATXD25 intersected the mineralized Early Porphyry (or "EP") from 1,550 metres downhole and remained in mineralized EP until the hole was terminated at 2,208.2 metres. ATXD25 confirmed the presence of EP 200 metres west of the EP intersected in a previous hole and confirmed continuity of mineralized EP in the gap between the Western and Central Trend. ATEX Resources trade as (TSXV: ATX). News Release
Great Pacific Gold announced high-grade gold assays from its initial follow up diamond drill hole of the Comet gold discovery at the Lauriston Gold Project in Victoria, Australia. Diamond drill hole CDH01A intersected 4m at 25.1 g/t Gold from 99.5m including 0.4m at 72.5 g/t Gold from 99.5m and 1m at 55 g/t Gold from 102.5m, within a broader interval assaying 9m at 11.6 g/t Au from 97m. The high-grade intercept occurs within the core of the Comet Anticline at the fold axis, where the Comet Fault zone junctions with this fold. This high-grade gold mineralization is associated with strong quartz veining with large crystals of arsenopyrite and sulphidic stylolites within the quartz veins. Visible gold is occasionally present within the arsenopyrite crystals. Great Pacific Gold trade as (TSXV: GPAC) (OTCQX: FSXLF) (Germany: 4TU) News Release
Benton Resources announced that it has successfully completed its Phase 2 drill program, encompassing 15 holes for a total of 3,260 m, at its Great Burnt Project in Newfoundland. Results for the initial drill holes are expected shortly and will be released once received and compiled. Highlights from Phase 2 to date include: Successfully expanding the Great Burnt deposit 50 m down plunge and along strike to the south. Successfully demonstrating that the deposit is wide open for expansion, and defined partial up dip and down dip limits of the main zone. The majority of drill holes intersected stringer, semi-massive and/or massive sulphide from 0.5 m to 17.75 m. Benton Resources trade as (TSXV: BEX) News Release
And finally… some uranium news…
Purepoint Uranium Group initiated an airborne Mobile Magnetotellurics ("MobileMT") survey, including total field magnetic and VLF, at their Russell South Uranium Project on the south-eastern edge of the Athabasca Basin, Saskatchewan Canada. Scott Frostad, VP Exploration at Purepoint, said: "Our previous airborne gravity survey results outlined four high-value target regions on the project and the planned MobileMT resistivity results will allow us to further develop those drill targets." Endquote. The MobileMT survey detects resistivity contrasts of geology structures and boundaries and will cover approximately 1,064 kilometres of flight at 150 metre spacings. The results of the airborne survey, carried out by Expert Geophysics of Aurora Ontario Canada, are expected for release in May 2024. Purepoint Uranium Group trade as (TSXV: PTU) (OTCQB: PTUUF) News Release
And that’s your news for Thursday March 21.
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