Morning Briefing: Skeena Publishes Feasibility Study for Eskay Creek
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday, September 8th
After a late evening flash crash in gold that chased the gold price down from $1716 per ounce to $1704 by midnite NY time, gold embarked on a big rally up to $1730, which is where it settled for the day. The Mining Stock Journal said that a combination of physical demand from India and China as well as a renewed expectation that the Fed will soften its monetary policy stance after the September FOMC meeting were the catalysts that propelled the price higher. Silver followed the same price path as gold, though with a smaller flash crash, as poor man's gold ran from $17.75 per ounce to as high as $17.38, where it settled for the day session.
The mining stocks had a big rally yesterday in correlation with both the metals and the overall stock market. The GDX popped 3.75%, outperforming the Dow, SPX and Nasdaq by a considerable margin. Several silver mining stocks jumped in excess of 5%. Today's new issue of the Mining Stock Journal will feature a review of American Pacific Mining plus it will present a view on why the precious metals sector may be forming a tradeable bottom. You can learn more about this newsletter 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…Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning….
Newcore Gold announced the start of a 5,000 metre discovery and resource expansion drill program at the Company’s Enchi Gold Project in Ghana. Diamond drilling will focus on continuing to define the higher-grade sulphide mineralization at depth with a goal of delineating the potential for high-grade underground resources at Enchi. RC drilling will target near-surface oxide and shallow sulphide mineralization with a goal of outlining additional resource growth along strike and depth at all deposit areas. RC drilling will also be planned to follow-up on discoveries made as part of the recently completed 90,000 metre drill program. Additional exploration work is also on-going, including metallurgical testwork and trenching of high-priority surface anomalies. Newcore trades on the TSXV with NCAU and on the OTCQX with NCAUF. News Release
Skeena Resources announced a Feasibility Study for its Eskay Creek gold-silver project in the Golden Triangle of British Columbia. The development would produce 352,000 ounces a year of gold equivalent for nine years at an all in sustaining cost of US$652/oz following an initial capital investment of C$592 million, at a US$1,700/oz gold price. The project would yield an after-tax net present value of C$1.41 billion at a 5% discount rate and an after-tax internal rate of return of 50.2%, with a 1.5 year payback. Eskay Creek would have an estimated carbon intensity of 0.20 t CO2e/oz AuEq. Skeena Resources trades on the TSX and NYSE under SKE. News release
Moneta Porcupine announced a preliminary economic assessment for its Tower gold project in Ontario, unifying the Garrison and Golden Highway deposits, which previously had independent PEA’s into one study. The project would produce 193,000 ounces a year of gold for 24 years at an all in sustaining cost of US$1,073/oz following an initial capital investment of C$517 million, at a US$1,600/oz gold price. The project would yield an after-tax net present value of C$1.07 billion at a 5% discount rate and an after-tax internal rate of return of 31.7%, with a 2.2 year payback. Moneta will now work to expand the resources through drilling additional targets within the remaining 8 km of untested strike length along the Destor-Porcupine Fault Zone corridor, review the potential for larger scale bulk tonnage underground mining, infill drilling of open pits to convert waste to resources and optimise plant and overall site layouts to further reduce site operational footprint. Moneta also has a webinar today at 11am eastern time. Moneta Gold trades on the TSX under ME and on the OTCQX under MEAUF. News relesae
Mako Mining reported additional results from definition and expansion drilling at the Las Conchitas area at its San Albino-Murra gold project in Nicaragua. Highlights at Las Conchitas Central Cruz Grande included 7.2m grading 15.36 g/t Au and 16.0 g/t Ag. The company said the Central Cruz Grande area is shaping up to be yet another high grade and open-pittable target, while additional results at Las Conchitas are showing continuity along strike and down dip. Mako aims to update its resource in early 2023. Mako Mining trades on the TSXV under MKO and on the OTCQX under MAKOF. News release
Talon Metals assays from fourteen new drill holes in the CGO West area outside the main Tamarack Nickel project resource area. Highlights 4.89m grading 5.30% Ni and 2.27% Cu or 4.6% nickel equivalent in hole 369 within 29.39m grading 2.21% NiEq. The company said the drilling keeps hitting at CGO West and the “nickel-copper mineralization just seems to keep going”. Meanwhile, work on a feasibility study continues. Talon Metals trades on the TSX under TLO and on the OTC Pink under TLOFF. News release
Denison Mines reported assays recently received from exploration drilling on the McClean Lake joint venture during this past winter. The results have significantly expanded the new unconformity hosted zone of uranium mineralization discovered in 2021 between the McClean South 8W and 8E pods. Results included 2.96% U3O8 over 15.5m, including 24.49% U3O8 over 1.5m, located about 54m to the southeast of drill hole MCS-34, which was completed in 2021 and returned a mineralized interval of 8.67% U3O8 over 13.5m. Overall, the results from 2022 have successfully expanded the footprint of the "new" mineralized zone to about 180m in strike length. Denison Mines trades on the TSX with DML and on the NYSE American with DNN. News Release
Goldshore Resources announced assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Results for eight holes, drilled to infill historic but poorly surveyed drill sections in the Main Zone, have confirmed gold mineralization within a large volume of well mineralized diorite with best intercepts of 29.05m @ 2.99 g/t Au from 478.6m and 5.85m @ 3.47 g/t Au from 110m. Goldshore trades on the TSXV with GSHR and on the OTCQB with GSHRF. News Release
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