Morning Briefing: Snowline Gold Drill Result of 2.55 g/t Au over 318.8m
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday October 12.
On Tuesday gold bounced sideways overnight but shot higher starting at 6 a.m. NY time. The gold price ran from $1668 to as high as $1691. But then comments from the Fed's Loretta Mester, who is the Cleveland Fed President and FOMC voting member, about the need to keep hiking interest rates for the foreseeable future threw ice water on the stock market and the paper precious metals markets. The Bank of England also held English Pension Funds to account saying Friday would be the last day of the bank's emergency gilt buying. Gold retraced lower into the afternoon Globex price settlement down to $1673. Silver ran up to $19.63 from $1925 and was hammered down to $19.15 by settlement. The mining stocks followed the paper gold and silver prices, as GDX was up 1.7% at one point but ended the day down 0.87%. The Mining Stock Journal commented that, underneath the volatility in the precious metals sector is a bull market in process.
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…Arizona Sonoran Copper.
ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Snowline Gold announced additional assay results from its 2022 drilling program at the Valley Zone, Rogue Project, Yukon. Hole V-22-010 intersected a broad zone of sheeted quartz vein mineralization within the Valley intrusion averaging 2.55 g/t Au over 318.8 m from bedrock surface at 3.0 m downhole, and included 108m of 4.14 g/t gold. The hole was collared more than 165 m from any previously announced hole, and it expands to the southeast the known width of the zone of high vein densities within the Valley intrusion. In recognition of the potential significance of its drill discovery at Valley, the Company has initiated environmental baseline monitoring in the vicinity of the project. The Company has also engaged a metallurgical consultant for an initial evaluation of mineralization at Rogue through gravity, leaching and communition tests. Early identification of potential gold recovery processes will help to de-risk the project while guiding further drilling and future economic studies to optimize exploration and potential development at Valley and other targets on the property. Snowline Gold trades on the CSE with SGD and on the OTCQB with SNWGF. News Release
Banyan Gold also had new assay result out from the Powerline deposit on the company’s AurMac Property. Highlights included 177.9m of .47 g/t gold, 114.1m of .52 g/t gold, 40.5m of .86 g/t gold and 31.8m of 1.8 gt gold. The company says these assay results continue to systematically increase the mineralized footprint with consistent intersections of on/near-surface gold mineralization in and around the Powerline Deposit on the AurMac Property. With four drills currently operating, Banyan remains well positioned to provide a resource update in 2023. Banyan Gold trades on the TSXV with BYN and on the OTCQB with BYAGF. News Release
Newcore Gold announced results from three additional column tests completed as part of the ongoing metallurgical program at the Company’s Enchi Gold Project in Ghana. An average gold recovery of 92.4% was achieved from column testwork completed on two composite samples from the Sewum Gold Deposit and one composite sample from the Boin Gold Deposit. These samples are representative of the oxide and transitional material from the two largest deposits, Sewum and Boin, which together currently comprise approximately 87% of the Enchi Inferred Mineral Resource Estimate. Of note these samples were much coarser than material used for previous testwork and were more in line with the parameters of the Preliminary Economic Assessment completed in 2021. The coarser material resulted in a series of positive benefits including continued excellent recoveries, lower required reagent levels for lime and cement and lower cyanide consumption and slumping. Newcore Gold trades on the TSXV with NCAU and on the OTCQX with NCAUF. News Release
NorthWest Copper announced results from hole 242 which was drilled in the middle of the Kwanike Central Zone. It returned 304.20 metres of 0.79% CuEq from 339.30 to 643.50 metres including 154.70 meters of 1.16% CuEq, 36.70 metres of 2.07% CuEq, and 22.80 metres of 1.42% CuEq. This is the 16th drill hole released from the 2022 program at Kwanika, which comprises 30 holes. The 2022 drilling program at Kwanika combines holes to expand the mineralized footprint as well as to identify and further delineate zones within the deposit. NorthWest Copper trades on the TSXV with NWST and on the OTCQX with NWCCF. News Release
Patriot Battery Metals provided new drill results this morning. The company continue to see wide and significant drill intercepts returned from the CV5 Pegmatite over a significant lateral distance between holes. Today’s results included 0.97% Li2O over 104.5 m, 1.42% Li2O over 61.9 m and 1.42% Li2O over 47.4 m. Recent drilling has extended the strike length of the principal lithium pegmatite body (CV5) to at least 2,200 m, spanning laterally from drill hole CV22-074 through CV22-090/093, and remains open at both ends and to depth. Patriot Battery Metals trades on the TSXV with PMET and on the OTCQB with PMETF. News Release
Cameco and Brookfield Renewable Partners are teaming up to acquire nuclear power plant equipment maker Westinghouse Electric for US$4.5 billion plus assumed debt. Under the deal, Brookfield Renewable, with its institutional partners, will own a 51 per cent interest in Westinghouse and Cameco will own 49 per cent. The companies say Westinghouse services about half the nuclear power generation sector and is the original equipment manufacturer to more than half the global nuclear reactor fleet.
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