Morning Briefing: Snowline Gold Publish New Drill Results from Valley
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday October 5th.
It may sound like a broken record, but once again gold rallied overnight, running from $1832 per ounce to as high as $1846, before getting slammed hard back down to $1832 right after the Comex paper gold market opened. It may be merely a moral victory at this point, but throughout the Comex trading session yesterday there were several attempts to pound the paper gold price below $1830 - but the yellow metal resisted. Gold settled the afternoon session at $1836. Silver interestingly rose overnight even through the London a.m. fix to as high as $21.56 per ounce when the Comex began trading. However, 30 mins after the silver pit opened, it was smashed in cliff-dive fashion to as low as $20.85 before bouncing to settle at $21.20. The Mining Stock Journal noted that both metals for now seem to be resilient to further downside pressure.
Maybe the bottom is in, maybe it's not. But the sell-offs in the prices of gold and silver are limited to the LMBA and Comex trading hours. The mining stocks responded negatively to the downward price action in the metals during Comex hours, with the GDX closing down 0.61%. That said, some of the riskiest small-cap junior stocks were marginally higher on the day. Possibly another good sign for the sector. Speaking of the mining stocks, the Mining Stock Journal noted that the equities are historically cheap relative to the price of gold. In today's issue of the Mining Stock Journal, the editor will highlight some of the absurdly undervalued junior mining stocks on his shopping list, some which he's already started to buy.
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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
SNOWLINE GOLD announced additional results from its ongoing drill program at the Valley target on its Rogue Project in Canada's Yukon Territory. All four holes, drilled into various parts of the Valley system, returned continuously mineralized intervals ranging from 82.5m to 539.4m in downhole length. Initial drill results from various other targets and projects encountered anomalous gold mineralization. Results for an additional 19 holes for 7,862m at Valley and 12 holes for 4,397m on other targets are pending, with drilling ongoing. Highlights included 539.4m grading 1.20 g/t Au from surface in hole 49 including 151.5m grading 2.41g/t Au. SNOWLINE GOLD (TSXV:SGD) (OTCQB:SNWGF) news release
Foran Mining reported additional assay results from ongoing drilling at the McIlvenna Bay Complex in Saskatchewan. Drilling has confirmed multiple, wide zones of mineralization at Tesla and demonstrated continuity between Tesla and McIlvenna Bay in the newly discovered Bridge Zone. Highlights included 44m grading 1.08% Cu, 5.09% Zn, 32.3 g/t Ag and 0.39 g/t Au for a 2.88% CuEq; including 21.1m grading 4.03% CuEq in hole 12. Tesla mineralization has been defined along 750m strike and remains open in all directions. The 2023 regional exploration program is now underway, including helicopter-supported drilling of geophysical and geological targets in close proximity to the McIlvenna Bay Complex. Foran Mining (TSX: FOM) (OTCQX: FMCXF) news release
Faraday Copper announced the results of gold assays from the Childs Aldwinkle breccia at the Copper Creek project in Arizona. The Company analyzed archived material, which was not previously assayed for gold. The results support the Company's belief that there is payable gold at the project, with near surface gold mineralization in the resource pit shell with potential to be a gold by-product. The study returned 743 new gold assay results in addition to 120 historical gold results, with highlights of 219.46m at 3.29% copper and 0.31 g/t gold in hole 5R. A weighted average of 0.16 g/t gold and 1.52% copper is calculated for mineralized intercepts for which gold analytical data is available. Historical metallurgical test work suggests high gold recoveries in the copper concentrate. The Company has initiated a metallurgical program to confirm gold recoveries. Phase III drill program is expected to commence in October 2023 to expand the resource estimate. Faraday Copper (TSX:FDY) (OTCQX:CPPKF) news release
Paramount Gold Nevada’s Grassy Mountain gold project reached a key milestone. The company announced that the the State of Oregon’s Technical Review Team (“TRT”), which is comprised of the agencies involved in the Chemical Process Mining program has determined that Paramount’s Consolidated Permit Application (“CPA”) for its Grassy Mountain Project is complete. State agencies are now expected to start permit writing for the high-grade Grassy Mountain gold and silver mine. The decision was unanimously approved by the TRT at a public meeting. The company noted that this is the first mining project in Oregon to receive key approval. (NYSE American: PZG) News Release
And we’ve started seeing production numbers trickle in this week. Today, Orezone reported Gold production of 30,726oz for Q3, thats about 5,000 oz less than Q2, but the company says they remain on track to reach their guidance by end of the year. Fortuna Silver produced 94,821 ounces of gold and 1.7 million ounces of silver this past quarter. Gold production was mainly driven by Séguéla contributing 31,498 ounces during its first full quarter of production. And New Gold says they are on track to meet their annual production guidance after producing 111,204 gold equivalent ounces.
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