Morning Briefing: Solaris Leaves Canada, Meridian Drills Best Intercept to Date
Good morning and welcome to the Mining Stock Daily Morning Briefing. I’m Trevor Hall.
Its Wednesday, November 20th.
Gold continued its rally yesterday, opening at $2616 and running to a high of $2643 before settling down at $2631 at the close. All in all, it was a raise of $16 by the time trading concluded. Silver opened up at 31.24/oz and ran up to a high of 31.62 before getting pounded back down. It closed 31.26, with only a 4 cent gain on the day. Gold traders battle with teetering expectations of another fed rate cut next month and a new nuclear doctrine out of Russia following events in the Ukraine War.
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
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And Here’s what you need to know this morning…..
Meridian Mining provided results of what the company calls the most significant high-grade gold-rich VMS drill intersection to date at the Santa Helena deposit. HOle 605 returned a lateral extension of 75.6m of 4.6 g/t AuEq from a depth of 32.4m. This intercept comes from the west side of the deposit where there was sparse historical drilling. Options to extend the footprint of Santa Helena's drilling are under evaluation. The western most lines of historical drilling records have limited sampling or no sampling. Other drill results reported today included 13.1m of 6.6 g/t AuEq and 9.7m of 3.2 g/t AuEq. ( TSX:MNO )(OTCQX: MRRDF ) News Release
Minera Alamos announced it has entered into an agreement for an C$8.5M bought deal private placement. The deal consists of over 28 million common shares at a price of $.30 per share. The Company intends to use the net proceeds of the Offering to fund the expansion and development of its Santana open-pit, heap-leach mine in Sonora, to fund the exploration and development activities at its Cerro de Oro Project in northern Zacatecas and for working capital and general corporate purposes. (TSXV: MAI; OTCQX: MAIFF) News Release
Cartier Resources reported results in the Portal sector of its Cadillac property 45 km east of the Val-d’Or mining camp. Today’s results returned 241.0 g/t Au over 0.6 m included within 35.3 g/t Au over 4.4 m, 250 m north of the Portal Gold Zone. The company notes that the two drills completing this year’s program have discovered to date 5 new high-grade gold zones on the East Cadillac property and exploration continues. (TSXV: ECR) News Release
1911 Gold reported their updated underground mineral resource estimate fo the True North Gold Project in Manitoba. The resource now sits with an Indicated Mineral Resource of 3,516,000 t @ 4.41 g/t Au containing 499,000 ounces and an Inferred Mineral Resource of 5,490,000 t @ 3.65 g/t Au containing 644,000 oz Au. The company has begun surface drilling with target areas which include testing historical drill holes with gold mineralization along strike from the resource and within 400m of surface. The company will also test new targets identified during the vein modelling that are proximal to Au-bearing shear zones within favourable host rocks. (TSXV: AUMB) (OTC: AUMBF) News Release
Solaris Resources announced their final steps to complete its emigration out of Canada. This morning, the company announced the appointment of Matthew Rowlinson as President and Chief Executive Officer of the Company, effective January 1, 2025, to be based in a new office in Zug, Switzerland, with further appointments in this office to follow. Mr. Rowlinson most recently served as the Head of Copper Business Development for Glencore, one of the world’s largest copper miners. The Company’s directors in Canada, Mr. Daniel Earle, Ms. Poonam Puri, Mr. Kevin Thomson and Mr. Ron Walsh will resign from their roles on the board effective January 1, 2025. The Company anticipates completing a spin-out transaction to capitalize on its non-core assets, including La Verde, Capricho, and Paco Orco, which will form the foundation of a new growth-oriented copper company. Solaris offices in Canada will be closed at the beginning of the year and it will have no individuals in Canada who are employed or self-employed in connection with the Company’s or its subsidiaries’ operations, the Company and its subsidiaries will have no assets in Canada used in carrying on the Company’s or its subsidiaries’ operations, and the Company and its subsidiaries will otherwise not carry on any part of their operations in Canada. (TSX: SLS; NYSE: SLSR) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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