Morning Briefing: Snowline Hits 2.46 g/t Au over 519.6 m

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Tuesday, December 6th

After Monday's bloodbath in gold, the yellow dog climbed back up to as high as $2060, February Comex gold basis, during eastern hemisphere trading hours. Of course, once Asia closed the western influences hammered the price back down to as low as $2028 before the regal form of money managed to bounce and settle the afternoon Globex session at $2037. Silver endured a similar fate, trading back over $25 briefly during the heart of the eastern hemisphere physical metal trading session. But shortly after the Comex opened, silver was expeditiously hammered back down to as low as $24.32 before bouncing to settle at $24.53. The Mining Stock Journal commented that, based on the repetitive trading pattern 90% of the time over a given 24 hour period, it's clear that there's an aggressive effort in the west to keep gold below $2100 and silver below the $25 area. GDX responded to the action in gold by closing 1.7% lower, though it closed impressively above its low of the day.

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… Fireweed Metals

Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.

And here’s what you need to know this morning….

Snowline Gold announced more results from exploration holes at its Rogue Project in Yukon. Hole V-23-061 returned 2.46 g/t Au over 519.6 m from surface, including 3.60 g/t Au over 265.6 m downhole, demonstrating a strong consistency of near-surface, multiple-gram-per-tonne-gold mineralization. This is the strongest gold interval the company has seen near surface in any hole to date. Holes V-23-059 and V-23-060 were drilled within the southeast extension of the system and add dimensionality and consistency to known mineralization in that direction. Assays for more than 5,475 m of diamond drilling from Snowline's 2023 exploration efforts remain pending. (TSX-V: SGD) (OTC: SNWGF) News Release

Ridgeline Minerals provides results from the remaining assays from the company’s 5 hole drill program at its Selena Project in Nevada. Hole 50 returned 24.4m of 321.9 g/t AgEq with a shorter .4m interval grading 1,299.1 g/t in the Upper Chinchilla Zone. Notably, core holes SE23-049 and SE23-050 were drilled beneath the Chinchilla zone for the first time and intersected stacked Ag-Pb-Zn-Au mineralized horizons ranging from 0.5 m to 4.0 m thickness with individual samples grading up to 63.9 g/t Ag, 0.3% Pb, 1.4% Zn and 0.6 g/t Au. These new intercepts effectively double the known vertical extent of Carbonate Replacement (“CRD”) mineralization at Chinchilla down to a depth of 690 m. (TSX-V: RDG | OTCQB: RDGMF) News Release

Northisle Copper and Gold say they have a new porphyry discovery on its North Island Project. Now known as West Goodspeed, the target is approximately 1,300m west of the Goodspeed target and 1,200m southeast of the Red Dog Deposit. Drill results for the discovery returned multiple intervals of mineralization, including 31m of .46% CuEq and 38m of .35% CuEq. Mineralization above a 0.1% cut-off accounted for more than 55% of the length of both holes drilled in this area, with the entire length of the holes bearing highly anomalous copper through end of hole. (TSX-V: NCX) News Release

Onyx Gold shared initial exploration results from its 2023 Fall drill program in the Timmins gold camp, Ontario. The first assay results have been returned for drill hole MC23-132, which tested a prospective area 350m northwest of the former Croesus Gold Mine. That hole returned 121.8 g/t Au over .9m and included .3m of 363 g/t. A total of five (5) holes totaling 872m were completed by the Company in late October/early November to follow-up north and south of drillhole MC22-92 drilled by the previous operator, HighGold Mining Inc., which intersected a narrow quartz vein that returned 14.0 g/t Au over 0.6 meters. Between 1915 and 1936, the Croesus Mine, produced 14,854 ounces of gold mined from 5,333 tons with an average grade of 95.3 g/t Au as reported by the Ontario Department of Mines in 1951. (TSXV: ONYX) (OTCQX: ONXGF) News Release

In the uranium space, EnCore Energy has entered into an agreement with Boss Energy, an Australian ISR uranium producer, in which will result in the sale of a 30% ownership interest in enCore's Alta Mesa project to Boss Energy for US$60 million, an investment of US$10 million into enCore common shares by Boss Energy, a loan of up to 200,000 pounds U3O8 for enCore's commercial use over the next year, and the formation of a strategic collaboration on the use and joint development of enCore's proprietary Prompt Fission Neutron ("PFN") technology for uranium exploration and production. The transaction, expected to be completed in February 2024, provides enCore with the financial capacity to significantly accelerate its uranium production pipeline across South Texas through the development of multiple satellite operations. (NYSE American: EU) (TSXV: EU) News Release

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