Morning Briefing: Sierra Madre Gold & Silver Declare Industrial Production at La Guitarra

Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall

Its Tuesday, December 10th.  

The metals began the week yesterday outperforming the major stock market indices due to increased buying out of China and perhaps some expectations of more rate cuts by the US Federal Reserve. Gold it a two-week high yesterday, up about 1% on the day, and yet off of its highs of the day. The front month contract closed the day at $2,685 per ounce. This morning, at time of recording, gold is continuing its move and now hovering around the $2700 mark. Silver saw the move from gold and moved even higher on a percentage basis, up 3 and a quarter percent on the day and closing at $32.61 per ounce, busting through and closing above its 50 day moving average. Copper’s uptrend continues, closing the day yesterday at $4.27 per pound, that was up 1.8%. 

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…Minera Alamos

Minera Alamos is a gold developer and producer with its first low capex mine, Santana, continuing to work through start-up development. The company is also advancing the Cerro de Oro project through the permitting process. Recently, Minera announced the proposed acquisition of Sabre Gold Mines which owns the planned 40,000 oz/y Copperstone gold mine in Arizona. Minera is built around its operating team which brought 4 mines into production in Mexico over the last 13 years. Learn more at mineraalamos.com.

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

Collective Mining has discovered a new silver zone in the northern section of the Apollo system within the Guayabales Project in Caldas, Colombia. Three diamond drill holes directed in a southerly pattern hit silver rich sheeted veinlets at shallow depth in an area located 250 metres to the north of the main Apollo system. Those holes returned 75.45m of 80 g/t silver equivalent, 53.55m of 59 g/t AgEq and 24.1m of 50 g/t AgEq. After exiting the near surface silver zone, all three drill holes intercepted high-grade discreet gold veins at deeper intervals with returns of 1.2m of 7.63 g/t AuEq, .9m of 21.25 g/t AuEq and .9m of 16.24 g/t AuEq. Followup drilling along strike and below the oxidized silver zone is planned for the first half of next year. (NYSE: CNL) (TSX: CNL) News Release

Newcore Gold published results  from seven additional column tests completed as part of the metallurgical testwork program underway at the Company’s Enchi Gold Project.  An average gold recovery of 93.0% was achieved from column testwork completed on five composite samples from the Sewum Gold Deposit and two composite samples from the Boin Gold Deposit. Samples had an overall average assayed grade of 0.56 grams per tonne gold ("g/t Au"), with a range of 0.32 g/t Au to 0.84 g/t Au. Optimization work is planned on both oxide and transition mineralization from the Sewum, Boin, and Nyam gold deposits consisting of further tests on gold recoveries, percolation rates, and reagent consumptions. Additional testing of sulphide mineralization is also in progress. (TSX-V: NCAU, OTCQX: NCAUF) News Release

Arizona Sonoran Copper also published metallurgical test results this morning. 12 leach leach columns completed from its column leach metallurgical testing program at the Cactus Project returned an average soluble copper extraction rate of 87% over 180 days of leaching was achieved from 6 oxide and enriched composite columns from the Parks/Salyer deposit, inclusive of MainSpring. The other 6 columns represent the final Stockpile columns with an average soluble copper extraction rate of 86% over 100 days. These updated Parks/Salyer extraction results compare well to the soluble copper rates of 92% oxide and 85% enriched, in support of the single pad leach plan as outlined in the 2024 Preliminary Economic Assessment. (TSX:ASCU | OTCQX:ASCUF) News Release

Defiance Silver published their mineral resource estimate for the Tepal gold-copper project in south-western Mexico. The project now hosts over 111 million tonnes of measured and indicated resources averaging .26 g/t Au, .19% copper and 1.55 g/t silver for a total of 926,000 ounces of gold, 473.86 million pounds of copper and 5.58 million ounces of silver. Its INferred mineral resource currently sits at 124.36 Mt of .25 g/t Au, .16% Cu and 1.46 g/t Ag for a total of 985,000 oz of gold, 451 million pounds of copper and 5.83 Moz of silver. (TSXV: DEF) News Release

Fortuna Mining has updated its Mineral Reserves and Resources at the Séguéla Mine. Proven and Probable Mineral Reserves are reported containing 1.0 Moz Au. Measured and Indicated Resources exclusive of Mineral Reserves are reported containing 396,000 oz Au. Inferred Mineral Resources are reported containing 677,000 oz Au which includes maiden Inferred Resources containing 294,000 oz for Kingfisher and 61,000 oz for Badior, as well as an additional 141,000 oz Au of underground Inferred Resource at the Sunbird deposit. (NYSE: FSM | TSX: FVI) News Release

Sierra Madre Gold and Silver announced industrial production has begun at the Guitarra mine processing plant in Estado de Mexico, Mexico. The plant has been operating at 86% of the milling circuit nameplate capacity, or 516 wet metric tonnes per day, for the last two (2) months, exceeding the engineering standard of 80% for 30 days necessary to declare industrial commercial production. In November, over 13,000 wet tonnes were processed, producing 317.7 dry tonnes of concentrate, containing just under 23,000 ounces of silver and over 363 ounces of gold. (TSXV: SM) (OTCQX: SMDRF) News Release

Kingfisher Metals announced a non-brokered private placement at a price of .16.5 per unit for aggregate gross proceeds of up to $1.25M. Each Unit will consist of one common share and one-half of one transferable common share purchase warrant. Each whole warrant will be exercisable to acquire one additional common share of the Company for 24 months from the closing date of the Offering at an exercise price of $0.30. The net proceeds from the Offering will be used for, but are not limited to, continuing to expand Kingfisher's business, including the acquisition of the Ball Creek West project from P2 Gold Inc., and general working capital purposes. (TSXV:KFR) (OTCQB:KGFMF) News Release

The Mining Stock Daily morning briefing is produced by Clear Commodity Network. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network. 

The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.