Morning Briefing: Solaris Publishes Warintza Resource Estimate
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday, July 22nd.
Last week gold ran up to an all-time high of $2468 on Tuesday, August gold basis, and then was hammered hard the rest of the week in a beating that was punctuated with a $57 slam on Friday. August gold closed just above $2400 after dipping below that benchmark level intra-day Friday. Silver was pounded for $1.90 last week with the big price-hits on Wednesday and Friday which took poor man's gold down to its $29.30 weekly close using the September front-month contract basis. The mining stocks followed the metals lower last week, with GDX down 2.6%. The Mining Stock Journal noted that GDX closed well off its lows Friday and outperformed the metals. The newsletter added that with the stock market potentially heading south there is risk of more downside in the precious metals sector if the hedge funds start unloading everything.
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.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Meridian Mining released more drill results this morning from the Cabaçal Cu-Au-Ag project in Brazil. Today’s results included 35.4m of 2.2 g/tAuEq from a depth of 51.8m, with a shorter interval of 13.4m of 4.6 g/t AuEq. That was hole 492. Hole 493 returned 6.9m of 2 g/t AuEq while hole 498 returned 8.2m of 1.7 g/t. The company says the progress of Cabaçal’s PFS is going well with the geotechnical and hydrological programs across the intended mine site now largely completed. The company is also beginning to test new targets within the mine corridor within the 50 km belt. One rig is being allocated between near-mine extensions and scout drilling of VMS satellite targets in the third and fourth quarter and into 2025. (TSX:MNO))(OTCQX:MRRDF) News Release
Aldebaran Resources reported results for the final holes from this past field campaign at the Altar copper-gold project in San Juan, Argentina. Those results included 1,229.5m of .55% CuEq, 735m of .5% CuEq and 1,043m of .37% CuEq. The company will use this data and include it in the upcoming mineral resource estimate scheduled before year end. (TSXV:ALDE) (OTCQX:ADBRF) News Release
Solaris Resources reported an in-pit mineral resources estimate for the Warintza Project in Ecuador this morning. That resource now sits at 232 million tonnes at .64% CuEq in the measured category and 677 Mt of .49% CuEq in the indicated category. Inferred resources sit at almost 1 and a half billion tonnes of .37% CuEq. This is using a .25% CuEq cut-off grade. Resource drilling will continue throughout the year with metallurgical, geotechnical and hydrogeological drilling also ongoing to support a PFS for the second half of next year. Complementary district exploration efforts are also underway with fieldwork targeting epithermal-style gold-silver mineralization south of Caya-Mateo, in an area where recent sampling has returned values between 4 and 12 g/t Au, and field crews are also focused on mapping and sampling combined geophysical and geochemical porphyry copper targets. (TSX: SLS; NYSE: SLSR) News Release
Founders Metals shared new core assay results from the Antino Gold project in Suriname with today’s results expanding the Froyo gold zone by 150m. Drill results reported this morning were 46m of 5.31 g/t Au, including 4m of 29.36 g/t. Another hole returned 28m of 3.35 g/t Au and 7m of 13.52 g/t Au. The Company plans to continue exploration on these parallel zones over the coming weeks to further define the strike and depth extent. (TSXV: FDR) (OTCQX: FDMIF) News Release
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