Morning Briefing: Scorpio Gold's New Drill Results Show Open-Pit Potential at Goldwedge
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall
Its Wednesday, December 11th.
Gold continued its run higher yesterday with the front month futures contract connecting with recent resistance at 2,722 / ounce and settling at $2,718 to end the day. It was a lift of more than $32, up 1.2% and outperforming the stock market while the major indices were in the red. Gold has continued the move higher in early morning trading today, previously touching $2,740. Silver is digesting its big move from Monday. Yesterday it was up 4/10ths of a percent and closing at 32.74 per ounce. Market participants are watching price action this morning following CPI data, which arrived in line with estimates. No surprises with the headline number of 2.7% year over year in CPI and 3.3% in core CPI.
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.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. 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…..
Scorpio Gold announced new results from its 2024 drill campaign at the Manhattan District Project in Nevada. Today’s results included hole 9 which returned 1.69 g/t Au over 55.7m. This hole targeted the Goldwedge Trend beneath the underground workings and confirms mineralization 115 m below surface that is open at depth, along strike, and to the east. The company says this results demonstrates open-pit potential of the Goldwedge Underground, further confirming larger open-pit potential for Manhattan District. (TSXV: SGN) (OTCQB: SRCRF) News Release
Bonterra Resources announced additional assay results from its Moss target, which was drilled by then JV Partners Osisko Mining. Those results returned 6.23 g/t Au over 2.8m and 12.3 g/t Au over .5m. Now, with that JV being turned over to the hands of Gold Fields, Bonterra is in the draft planning stage of a potential 20,000m drill program with their new partners. Gold Fields plans to mobilize utilizing three to four drill rigs during the latest drilling campaign, primarily along the Barry Shear Zone where the Gladiator SW and NE/Titan targets are located. Those targets are next to the Gladiator deposit, which contains 0.4 million ounces of Measured and Indicated Mineral resources and 1.0 million ounces of Inferred Mineral resources, as stated in the 2021 mineral resource estimate. (TSXV: BTR) (OTCQX: BONXF) News Release
Founders Metals announced new assay results from the newly discovered Da Vinci prospect at the Antino gold Project in Suriname. Drilling confirmed from surface gold mineralization in two parallel shears over 100m of strike and 180m of vertical depth. Results included 28.5 m of 1.30 g/t Au, 67.0 m of 1.26 g/t Au and 36.0 m of 2.21 g/t Au. There is also visual confirmation in additional drill holes pending assays with similar quartz and sulphide-rich zones that extend the strike to over 250m and 200 m depth. Additional results from Da Vinci are expected in Q1. (TSXV: FDR) (OTCQX: FDMIF) News Release
Dakota Gold announced results of twenty-four drill holes from the infill and step-out drill program designed to expand the maiden resource at the Richmond Hill Gold Project. This included 38.2m of 1 g/t Au and 50m of 2.22 g/t Au. Results reported today come from the northeast area of the Richmond Hill resource area known as Chism Gulch, where there has been limited drill testing by the Company. These are the final assays from the drill program which began in November 2023, and they, along with the previously released results from the drill program, will be incorporated into an updated resource estimate. Drilling to date indicates that the entire Richmond Hill resource shell remains open in all directions. (NYSE American: DC) News Release
Fuerte Metals reported results from the most recent five holes of its program on the Cristina project in Chihuahua State of Mexico. Those results included 7.5 g/t AuEq over 2.8m, 8.1 g/t AuEq over .8m and 14.3 g/t AuEq over 3m. Fuerte has now reported thirty holes totalling 7,936.5 metres of drilling as part of a 40-50 hole, 21,000 metre drill program. The thirty holes completed to date in 2024 have successfully defined a series of continuous higher-grade zones extending over several hundred vertical metres within the main Guadalupe vein, and now within the Los Ingleses and Mexico Libre vein systems. (TSXV: FMT) (OTCQB: FUEMF) News Release
ATEX Resources shred results of its second metallurgical program completed at the Valeriano Project. Copper and gold recoveries returned positive results with 92% to 95% and 90% to 97% respectively, in line with the first metallurgical program testwork results. The company says separation of copper and molybdenum could produce a saleable molybdenum concentrate, and there is significant molybdenum upside for the epithermal zone that warrants further investigation. (TSXV: ATX) News Release
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