Morning Briefing: Sierra Madre Gold and Silver Publish January Production Numbers
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.
It's Monday, February 10th.
While the podcast was away last week, the gold price continued to move higher and closed the week in the green for its 6th straight week in a row. Gold futures on the April contract finished the week at $2887 per ounce and continues to rise this morning in early morning trading, already up more than 1 and a half percent while the spot price is looking to clear and hold the $2,900 mark. Silver finally moved higher last week but was met with some resistance just north of the $33 level. Silver’s front month contract is currently trading at $32.68 per ounce. Copper had a very strong week, bouncing off of 4.20/lb on monday and closing the week at $4.59/pound. It also continues to move higher this morning. We have a lot to look forward to this week in markets, including Congressional testimony from Fed Chair Powell, inflation data on Wednesday, jobless claims on Thrusday and retail sales numbers on Friday.
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…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 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning…..
Bravo Mining received their final assay results from the recent campaign at the Central Sector of the Luanga palladium - platinum - rhodium - gold and nickel deposits in Brazil. The company says the infill and extensional drilling at depth in the Central Sector continues to demonstrate improved mineralized thicknesses and grades as compared to previous shallower drilling in the same section. This morning’s results were highlighted with an interval of 39m grading 2.34 g/t PGM+Au, and 34m of 2.24 g/t PGM+Au. Further exploration on EM targets and newly identified copper and gold targets will continue this year with drilling set to commence this quarter. (TSXV: BRVO, OTCQX: BRVMF) News Release
U.S. GoldMining announced new assay results from last years confirmatory diamond core drilling program on the Whistler Gold - Copper Project in Alaska. Drilling intercepted multiple zones of gold and silver polymetallic mineralization approximately 500m south of any prior drilling at the deposit. The composite intercept of hole 05 returned 138m of .99 g/t AuEq, which included separate intervals of 26m of 1.48 g/t AuEq and 18m of 1.93 g/t AuEq. The company says this represents a relatively new style of mineralization and validates the company’s exploration strategy of maximizing the project’s resource potential. Follow-up drilling is planned for this coming summer. (NASDAQ: USGO) News Release
Sierra Madre Gold and Silver announced their production numbers for the month of January. A total of 349.48 dry metric tonnes of concentrate were shipped in January along with an additional 45.81 tonnes in inventory. Provisional weighted average silver grade of the concentrate shipments was 2,429 g/t while the gold average was 32.12 g/t. The company says the mine and processing plant continue to run a their current capacity of 500 wet metric tonnes per day. (TSXV:SM, OTCQX: SMDRF) News Release
District Metals and Boliden Minerals have approved an increased exploration budget of CAD $3M on the Tomtebo and Stollberg Property for this year. This is a 50% incease in regards to the 2024 budget and will be equally split between both companies. The program will consist of up to 2000m at Tomtebo to follow up on proprietary down-hole electromagnetic data and also test the broader Steffenburgs zone. (TSXV: DMX, OTCQB: DMXCF) News Release
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