Morning Briefing: Slew of New Drill Results
Good morning and welcome to Mining Stock Daily. I’m Ian Wagner.
Today is Monday, September 19th.
Last week the price of gold closed at another all-time high based on the Comex closing price of $2647 based on the December gold contract. As a matter of fact, the gold price closed at all-time highs nearly every day last week. This reflects not the expectation of more rate cuts by the Fed but the likelihood that the Fed will resume a large-scale money-printing operation sometime in the not too distant future. Silver was higher on the week, closing at $31.49 December basis, but was likely muted by the perception of a weakening economy. At some point silver will catch up to the performance of gold because, first and foremost, silver is a monetary metal. The mining stocks are still lagging gold and silver but the Mining Stock Journal said there's an imminent upward explosion in the miners. Some of the junior micro-cap stocks were up double-digits percentage-wise. The bottom line is that the sector is in a powerful up-cycle.
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….
Kootenay Silver reports results from an additional five drill holes at the Columba High Grade Silver Project. The batch reported herein comprises two step-out holes and three "infill" holes designed to test a large gap in drilling on the D-Vein. Drilling continues to hit high grades of silver and has now expanded the D-Vein strike length to 1,275 meters from 450 meters at the beginning of the program. Highlights include:
33.8 meters downhole length (estimate meters e.t.w.)
28.6 meters downhole length (estimated true width 21.85 meters) averaging 176 gpt silver, 0.1% lead and 0.4% zinc downhole includes:
9.0 meters of 303 gpt silver, 0.2% lead and 0.7% zinc (6.87 meters e.t.w.)
2.5 meters of 593 gpt silver, 0.3% lead and 1.8% zinc (1.91 meters e.t.w.)
1.0 meters of 1,020 gpt silver, 1.0% lead and 2.5% zinc (0.76 meters e.t.w.)
The 2024 program continues with two diamond drills with nearly 9,000 meters and 27 holes completed to date. The 2024 exploration work has almost tripled the known strike length of D-Vein which is mineralized for approximately 1,275 meters. D-Vein is just one of several high priority targets at Columba and boasts some of the most striking results on the project to date. The current program is part of a fully funded follow up program of 20,000 meters, aimed to culminate in a maiden resource. (TSXV: KTN) News Release
American Pacific Mining Corp reports drill results from the 2024 Phase 1 infill and extension drill program at its Madison Copper-Gold Project in Montana. Highlighted results for the final four drill holes from the Phase I program include:
12.34 m of 10.36 g/t Au and 0.88% Cu, including 30.96 g/t Au over 3.66 m
22.40 m of 0.63 g/t Au, including 3.05 m of 1.76 g/t Au
3.66% Cu over 8.14 m, 29.72 m of 2.09% Cu and 9.75 m of 1.56% Cu, and 0.40 g/t Au within a broader zone of 0.98% Cu over 75.13 m
The results from Phase I drilling show the open-ended nature of the mineralization to the west, to the south, and at depth. The Phase II program will further test this interpretation and expand the high-grade copper and gold to the west and east. Additional drilling will be planned to extend the historically mined orebody below 130 m. (CSE: USGD) (OTCQX: USGDF) News Release
Meridian Mining reports High-Grade Assay Results & New Geophysical Targets at its Au-Cu-Ag & Zn Santa Helena deposit in Mato Grosso, Brazil. High-grade highlights include 15.9m @ 3.9g/t AuEq / 2.6% CuEq from 58.2mas well as 22.4m @ 3.2g/t AuEq / 2.2% CuEq from 9.2m, amongst other near-surface intersections. These results both extend and infill Santa Helena's high-grade continuous mineralization and will be included in the pending resource estimate in Q4 2024. Meridian is also reporting that the results of multiple geophysical programs have been combined to map Santa Helena's massive sulfides and to identify potential targets for blind extensions to its main mineralized trend. Further assays are pending. (TSX:MNO) (OTCQX:MRRDF) News Release
Starcore Mines International Announces Increase in Mineral Reserves and Mineral Resources for its San Martin Mine, located in Queretaro State, Mexico. Proven and Probable mineral reserves are estimated to contain approximately 96,298 ounces of gold and 710,435 ounces of silver for a total of 104,962 ounces of Au equivalent. Measured and indicated mineral resources are estimated to total approximately 97,396 ounces of gold and 720,623 ounces of silver for a total of 106,185 ounces of gold equivalent. Inferred mineral resources are estimated to total approximately 47,972 ounces of gold and 355,856 ounces of silver giving a total of 52,312 ounces of gold equivalent. (TSX: SAM) News Release
Goldshore Resources reports assay results from the 2024 field programs at its Moss Gold Project in Ontario, Canada. Efforts focused on extending mineralization along the Moss trend and evaluating the exploration potential along the Kawa trend through rock chip and channel sampling and through assaying un-sampled historical drill core. The company notes that sampling has focused on largely undercover areas and includes the
Discovery of additional high grade mineralized areas north of the Moss Deposit at the Superion and West Span prospects including grab assays of 15.4 g/t Au and 10.5 g/t Au.
Discovery of a new mineralized shear outside of the drilling envelope close to the Southwest Zone of the Moss Deposit returning a surface assay of 12.3 g/t Au.
Identified mineralization at surface over 4.5km along the Kawa trend with channel samples at the Deaty prospect returning 0.92 g/t over 2.85m.
The Company plans to conduct systematic top of bedrock sampling and ground based induced polarization geophysical surveys over these prospective shear zones in the future to develop robust drill targets. (TSXV: GSHR) (OTCQB: GSHRF) News Release
And just last week Natural Resources Canada ("NRCan") announced conditional approval of 40-million-dollars CAD in federal funding to undertake pre-feasibility activities to advance a high-voltage transmission line network connecting the Yukon electrical grid to the North American grid in British Columbia. This funding would be provided through the Critical Minerals Infrastructure Fund. The government announcement stresses the importance of investments in critical minerals infrastructure to enable Canada to seize the generational opportunity to transition to a low-carbon economy and capitalize on the country's rich mineral resources.
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