Morning Briefing: Seabridge Updates Resource at Iron Cap and Kerr

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Wednesday, Monday February 5th.

Last week gold traded up to as high as $2,083 on Thursday before it was pile-driven lower on Friday, with the entire $30 dollar beating occurring in the paper gold Comex market after the January employment report was released. Similarly silver traded as high as $23.63 before it was brutally shoved off the price cliff Friday as the Comex silver pit was opening in concert with the release of the January jobs report. Silver was battered back below $23 to as low as $22.50 before it bounced to close out the week at $22.80. The Mining Stock Journal said that what was incredible about the beating delivered to gold and silver is that the same event news that triggered a rip-roaring rally in the stock market should have also propelled gold higher. But, alas, it was Friday and that's the traditional day of the week to beat the metals like step-children after the rest of the world has closed their markets for the weeknd. In response to the beat-down on the metals, the mining stocks were massacred Friday, with GDX down 3.5%. Despite the overt price management effort Friday, the charts for gold, silver and the mining stocks still look exuberantly bullish.

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… Vizsla Silver.

Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource, which will grow with a resource update in early 2024. Learn more at ⁠https://vizslasilvercorp.com/⁠

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

Seabridge Gold published their updated Mineral Resource Estimates for the Iron Cap and Kerr deposits at its KSM project in British Columbia. The inferred Mineral Resources increase by 5.9 Million Ounces of Gold, 3.3 Billion Pounds of Copper, 55.4 Million ounces of Silver and 51 million pounds of molybdenum. Indicated Mineral Resources increase by 0.3 Million Ounces of Gold, 0.2 Billion Pounds of Copper, 3.5 Million ounces of Silver and 2 million pounds of molybdenum. The underground block cave constraining shapes for Kerr and Iron Cap have been updated using the same metal prices used in the 2022 Mitchell and East Mitchell open pit constraining shapes (US$1,820/oz Au, US$4.20/lb Cu, US$28/oz Ag, and US$ 13.5/lb Mo. (TSX: SEA) (NYSE: SA) News Release

Ivanhoe Electric reported drill results from the Hog Heaven Project in Montana. Exploration Drill Hole HHD-007 Intersects 348 Meters Containing 0.43 g/t Gold, 40.48 g/t Silver, 0.22% Lead, and 0.12% Zinc, from 141 to 489 Meters, and included 1m interval of 2,180 g/t Silver, 5.16 g/t Gold, 6.00% Lead, 6.14% Zinc and 0.63% Copper from 147.8. Hog Heaven Drill Program has Completed 10,905 Meters in 12 Drill Holes Since June 2023. Hog Heaven is under earn-in agreement from Brixton Metals. (NYSE American:IE)(TSX:IE) News Release

Conrish Metals reported results from six drill holes from the 9,000m Carn Brea drill program. All six drillholes intersected the Wide Formation lode structure, which is characterised by strong tourmaline alteration and variable tin mineralisation, similar to all historically mined tin-bearing structures in the South Crofty area.  Results included 1.21m of .87% Sn, 3.38m of 1.01% Sn and .3m of 7.48% Sn. The company says these results demonstrate the exploration upside of the area which has potential to add to their current mineral resource base at South Croft. (AIM/TSX-V: CUSN) News Release

Avino Silver & Gold published its preliminary feasibility study for the Oxide Tailings Project at the company’s operations near Durango, Mexico. Pre-tax NPV currently sits at $98m with an IRR of 35%. Initial capital costs are just under $50M while life of mine all-in sustaining costs are $10.23 per ounce of silver. The Project is located within the existing Avino Mine operations. Site infrastructure such as power, water, and road network are well established. The Project would generate US$52.4 million in tax contributions to the local economy and government, according to this study. (TSX:ASM) (NYSE American:ASM) News Release

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