Morning Briefing: Solaris Terminates Minority Equity Investment

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

Today is Monday, May 21st. 

Monday gold and silver continued their torrid move higher, with June gold trading as high as $2456 before fading to close the afternoon session at $2430, $11 higher than Friday's close and another all-time high close for the yellow dog. Silver at one point yesterday was up over $1 from Friday, trading as high as $32.75 late Sunday evening, July contract basis. Shortly after the London a.m. price fix, silver was pushed off a cliff that took it down to $31.20. But the price the boomeranged back up to as high as $32.50 before settling at $32.06. As this commentary is being written Monday evening, silver has popped back up to $32.50. The mining stocks rose but not as much as one would have expected given the price-action in the metals. GDX rose 1%, though some individual stocks were up quite a bit more percentage-wise. The Mining Stock Journal commented that, while it would be good if the market consolidates the recent massive move higher to technically set-up the next rally, if the current bull cycle is anything like the 2008 - 20011 move, the current move is just starting.

We’ll get to the news out of the miners and explorers in just a quick moment, but first a word about today’s sponsor. 

This episode of Mining Stock Daily is brought to you by… Victoria Gold

Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at ⁠vgcx.com⁠.

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

Arizona Sonoran Copper reported their first 16 drill holes from the infill drilling program at MainSprings, which lies within the Cactus Project. Results reported this morning included 252m of .3% Cu, 117m of .39% Cu. Drilling is infilling the shallow mineralization to the southern end of the area, in support of a potential open pit design which is being evaluated for inclusion within the pending Preliminary Economic Assessment expected in Q3. The purpose is to demonstrate the economic potential of MainSpring, and a first look at the potential economic uplift from Nuton Technologies. (TSX:ASCU | OTCQX:ASCUF) News Release

Elemental Altus Royalties  its operating and financial results for the first quarter. Royalty revenue hit US$3.3 million and adjusted revenue came in at US$4.7 million, up 24% on Q1 2023. Attributable Gold Equivalent Ounces were 2,283 ounces, which was up 13% from the same quarter last year. The company did pay down $5M of debt in the quarter, leaving US$25 million undrawn on the credit facility and with approximately US$9 million cash. Elemental Altus is on course to meet guidance of 10,000 to 11,700 GEOs as production increases over the year. This guidance represents at its midpoint a 19% increase on 2023 and provides top-line exposure to gold and copper prices. (TSXV: ELE) (OTCQX: ELEMF) News Release

West Red Lake Gold reported new drill results from the Madsen Mine in Ontario. These drill holes were all drilled from underground on the North Austin Zone, which represents a new area of mineralization extending the current Madsen resource to the northeast. This program was designed to expand the North Austin zone down-plunge to the northeast. Results included 2.79m of 37.33 g/t Au, 9m of 5.26 g/t and 1.57m of 25.12 g/t Au. (TSXV: WRLG) (OTCQB: WRLGF) News Release

District Metals, through its subsidiary Bergslagen Metals, has received approval to explore the Viken deposit for vanadium, nickel, molybdenum, zinc, rare earths and other elements in two counties. The approval comes from the Mining Inspectorate. These eight new mineral licenses cover a total area of 91,470 hectares and are in good standing for a three-year term. work on these new mineral licenses will include prospecting, mapping, and geochemical sampling for the remainder of 2024. Viken also holds one of the largest deposits in total historic ineral resources or uranium and vanadium in the world. The Swedish Government initiated an inquiry into abolishing the ban on uranium mining and exploration, last week.  (TSX-V: DMX) (OTCQB: DMXCF) News Release

Brixton Metals has commenced its drilling operations at the Thorn Project in the Golden Triangle of British Columbia. Brixton is fully funded for the 2024 exploration program with plans to drill test several new copper porphyry targets, including the Trifecta, Cirque, and North Copper Targets, in addition to further drilling at the Camp Creek Porphyry Target. The 2024 exploration plan consists of 12,000-17,000 meters of drilling, beginning at Camp Creek. (TSX-V: BBB, OTCQB: BBBXF) News Release

Power Nickel shared new drill results from the silver zone of the Main Nisk Deposit. Hole 55 returned 15.40 m of 0.44 g/t Au, 22.04 g/t Ag, 5.06% Cu, 13.12 g/t Pd, 3.35 g/t Pt and .015% Ni, which included a 3.3m subinterval of 0.70 g/t Au, 60.36 g/t Ag, 17.26% Cu, 25.02 g/t Pd, 3.61 g/t Pt and 0.37% Ni. The Company's winter 2024 drill program ended with 15 successful holes at the Lion Discovery. The company plans to drill more there this summer. (TSXV: PNPN) News Release

Solaris Resources announced the voluntary termination of the minority equity investment from Zijin. After four months of Canadian regulatory review in an evolving environment, approval has not been obtained and the transaction no longer adequately reflects market value. The Company remains funded for its 2024 and 2025 Warintza baseline programs and key deliverables with an additional US$40 million available through the offtake financing package announced in December and will pursue a focused strategy that maximizes long-term shareholder value with enhanced strategic flexibility. (TSX: SLS; NYSE: SLSR) News Release

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