Morning Briefing: Snowline, Cartier and i-80 Drill Results

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Monday November 15th. 

Monday gold rose into eastern hemisphere physical market buying activity, trading as high as $1770, but was turned lower after India shut down for the day, falling to as low as $1756. Not surprisingly, it bottomed in conjunction with the London a.m. price fix. The yellow dog abruptly reversed and turned higher a couple hours before the Comex opened. It ran up to $1778 before fading a bit to settle at $1774. Silver followed a similar path as gold, moving up from $21.40 just after midnight to as high as $22.20 before pulling back a bit to settle at $22.08. The Mining Stock Journal said that volatility in the metals was tied to conflicting comments from two FOMC members as well as similar volatility in the dollar. The Mining Stock Journal said that the latest COT report showed that the hedge funds reverted back to a net long position in paper silver and covered a portion of its net short in gold but is still net short Comex gold. The banks remain net long silver but increased slightly their net short position in paper gold. On balance, the newsletter noted that the COT report is bullish net-net for the metals. The mining stocks also gyrated up and down but ended up closing down marginally on the day, with GDX down 0.64%. Both GDX and the Amex Gold Bugs Index, however, outperformed the broad stock market indices.

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….

Cartier Resources provided an update from the work at the Chimo Mine Project, including drill results from the West Nordeau deposit of the East Cadillac property. In the East Chimo Mine Sector, one of the holes intersected 9.1 g/t Au over 1.0 m included in 4.5 g/t Au over 2.5 m also included in 2.0 g/t Au over 6.0 m. These results are located on the 3 Gold Structure which has also been intersected by other drill holes of the program as well as by historical drilling , thereby defining, by their number and their geometric distribution, the 3E1 Gold Zone. The 3E1 Zone is now the fourth gold zone comprising the East Chimo Mine Sector. In the West Nordeau Deposit Sector the, 5NE1 Gold Zone returned values of 9.6 g/t Au over 1.0 m included in 3.3 g/t Au over 4.6 m were intersected in the 5NE1 Gold Zone of the West Nordeau deposit. The Chimo Mine Project now consists of 29 gold zones that are situated within 19 gold structures, drilled over a strike length of 3.7 km and locally up to a depth of 1.6 km. Cartier Resources trades on the TSXV with ECR. News Release

Adventus Mining and Salazar Resources provided additional infill drilling results from the underground portion of the El Domo deposit in Ecuador. Highlights included 5.5m of 7.58% copper equivalent, 3.79m of 9% copper equivalent and 3.12m of 6.29% copper equivalent. All results from the infill drilling program are to be used in updating the underground portion of the Mineral Resource estimate for El Domo in 2023, which will be part of a future feasibility study that will integrate the development a potential underground operation in addition to the planned open pit. Adventus trades on the TSXV with ADZN. Salazar Resources trades on the TSXV with SRL. News Release

Snowline Gold provided preliminary assay results from drilling a the Valley Zone on the Rogue Project in Yukon. The highlight was from hole 14, which intersected a broad zone of sheeted quartz vein mineralization within the Valley intrusion averaging 2.48 g/t Au over 128.2 m from bedrock surface at 2.8 m downhole within a broader zone of 1.45 g/t Au over 285.2 m. The hole was collared 160 m from the nearest previously announced hole. Full results have also been received for V-22-007, which is mineralized along its entire 410.0 m length from bedrock surface, averaging 1.89 g/t Au along the length of the hole. Assays remain pending for 24 holes drilled at Valley and Gracie during this year’s exploration season. Snowline Gold trades on the CSE with SGD and on the OTCQB with SNWGF. News Release

Pacific Empire Minerals reported assay results from 2022 diamond drilling at the Jean Marie project in British Columbia. Results reported today were 178m of .32% copper equivalent and 155m of .2% copper equivalent. The Jean Marie property is a copper-molybdenum-silver-gold porphyry prospect located 50 km south of Northwest Copper's Kwanika Copper-Gold deposit and 50 km west of Centerra Gold's Mt. Milligan Copper-Gold Mine in central BC. Pacific Empire Minerals trades on the TSXV with PEMC. News Release

I-80 Gold reported results from the first four holes drilled to follow-up  the recently discovered Hilltop Zone that have confirmed high-grade, polymetallic CRD mineralization at the Company's Ruby Hill Property in Nevada. Highlight results from recent core drilling in the "Upper Horizon" at the Hilltop target included 60.2 g/t Au, 908.7 g/t Ag, 1.1 % Zn & 15.7 % Pb over 10.0 m and 33.0 g/t Au, 3010.0 g/t Ag & 63.5 % Pb over 0.6 m. Due to this successful drilling at the Hilltop Zone, the program at Ruby Hill has again been expanded to facilitate additional step-out drilling at this target. I-80 Gold trades on the TSX with IAU and on the NYSE with IAUX. News Release

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