Morning Briefing: Standard Lithium Publish PFS for Southwest Arkansas Project
Welcome to Mining Stock Daily. I’m Trevor Hall and I’m Paul Harris.
Today is Tuesday August 8th.
Last week after getting pushed back below $2,000 per ounce to as low as $1,960, starting midday Monday through early Friday morning, gold shot up to as high as $1,982 after a much weaker than expected employment report. Gold settled the week at $1,978. Silver followed a similar path as gold getting rammed down primarily during paper market trading hours to as low $23.35 per ounce before shooting up to $23.90 on the jobs report and settling the week at $23.72. The Mining Stock Journal commented that for now the price containment team represented by the LBMA and Comex bullion banks seems interested in trying to keep gold below $2,000 and silver below $24. Yesterday with Canada closed, the price suppression in the metals continued with gold down $6 and silver down another 48 cents.
The newsletter noted that, at this point, the price interference effort is little more than a managed retreat of sorts, as it is likely that a conglomeration of seasonal factors, financial and economic risk factors and rising geopolitical tension will accelerate the 1H of 2023 record level of gold demand from eastern hemisphere Central Banks.
The mining stocks have been trading lower since mid-July. The GDX dropped below its 200 dma on Wednesday last week and closed further below it yesterday. The newsletter said that the uptrend since the end of September 2022 is still intact and that it expects the mining stocks to begin another move higher soon.
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….
Collective Mining announced assay results and field observations from recent reconnaissance exploration work in the northern corridor of the Plutus porphyry target at its Guayabales project in Caldas, Colombia. The Plutus porphyry target measures 1,000 metres by 720 metres and is 500 metres and 1,500 metres east of the Apollo porphyry system and 1,500 metres north of the Marmato mine. Channel sampling returned 10.25 metres @ 2.81 g/t gold,13 g/t silver and 186 ppm copper. The Plutus northern corridor measures 600 metres along strike by 250 metres wide and hosts mineralized porphyry outcrops which include breccia and quartz vein stockwork. The initial drill pad at the Plutus northern corridor is complete and drilling is expected to commence in the coming days. Four rigs are now operating at the Guayabales project with eleven holes completed at the Apollo porphyry system which are currently in the lab for analysis. Collective Mining (TSXV: CNL, OTCQX: CNLMF) news release
Standard Lithium announced a Preliminary Feasibility Study for its South West Arkansas lithium brine Project in Arkansas with base case production of 30,000 tonnes per annum of battery-quality lithium hydroxide monohydrate and a 20-year plus operating life from a resource averaging 437 mg/L. The base case after-tax NPV is $3.1 billion and IRR of 32.8% at an 8% discount rate and a long-term price of $30,000/t following CAPEX of $1.3 billion. The company has been operating a Demonstration Plant at the Lanxess South Facility, processing approximately 14 million gallons of Smackover brine and successfully extracting lithium via direct lithium extraction. A Feasibility Study is due shortly. Standard Lithium (TSXV:SLI) (NYSE American:SLI) news release
Meridian Mining says with the help of a 4th rig on site at the Cabaçal VMS belt, the company has commenced drilling at Santa Helena. A vertical drill program is in place to confirm historical results and VMS host geology there at Santa Helena while an angled drill program will test the gold over-print. Meridian has also received an environmental license to enable additional exploration of multiple high-priority hydrothermal centres across the Cabaçal VMS belt, including an initial 2km of Alamo, in addition to the Chiquito and Cigarra targets. (TSX:MNO) (OTCQX:MRRDF) News Release
American Pacific Mining provided an update on its Palmer Project in Alaska. The company provided some visuals in this morning’s release and says the drill program is ahead of schedule and they observed semi-massive and massive sulphide mineralization over drilled thicknesses of about 40 meters within the upper and lower vms lenses of the Southwall Zone. Two diamond drill rigs on the infill program have collared 14 holes, with 46% of the program complete. The third diamond drill rig, focused on hydro-geotechnical drilling , has collared five holes. (CSE: USGD / OTCQX: USGDF) News Release
Northern Superior Resources announced a Resource Estimate for the Philibert gold property near Chibougamau, Québec, with an indicated resource of 7.88 million tonnes averaging 1.10 grams of gold per tonne for 278,921oz and an inferred resource 48.46 million tonnes averaging 1.10 grams of gold per tonne for 1.7Moz at a cut-off grade of 0.35 g/t gold. This resource does not include any of the underground potential at the project which will be further explored, evaluated and potentially included in a subsequent mineral resource estimate. Philibert is located 9 kilometres from the Nelligan Project owned by IAMGOLD and Vanstar Mining Resources, which hosts 1.99 million ounces at 0.84 g/t in the indicated category and 3.6Moz in inferred. Northern Superior Resources (TSXV: SUP) (OTCQX: NSUPF) news release
Fortuna Silver Mines reported drilling results from exploration at the Séguéla Mine in Côte d’Ivoire, including 1.8m at 90.9 g/t Au in hole 1647 in the Barana and Badior prospects where 30 holes for 3,907m were drilled to test the strike extent and continuity of mineralization identified in the scout drilling last year. At the Sunbird Deposit, drilling to upgrade geologic confidence has concluded, with the next phase of estimation and optimization having commenced as part of reserve development and expected life-of-mine extension for the Séguéla Mine. Highlights at Sunbird included 18.9m grading 12.7gpt in hole 1586 as part of 47 holes for 11,075m of an expanded 15,126m program. Fortuna Silver Mines (NYSE: FSM) (TSX: FVI) news release
Enduro Metals says it has entered into a non-binding indicative term sheet with a leading international mining company for a 9.9% investment into the company at a price of CAD$0.14. The proceeds are expected to be used to fund the balance of the Company's 2023 drill program on its Newmont Lake property as well as for general corporate purposes. Should the Private Placement be completed as currently contemplated, the Company will not proceed with the private placement it previously announced on June 22nd, 2023. (TSXV: ENDR) (OTCQB: ENDMF) News Release
Revival Gold has appointed Larry Radford to the company’s Board. Most recently, Radford served as President & CEO of Argonaut Gold, where he led the 200,000 ounce per year gold producer. He brings 35 years of leadership and operations experience in the industry to Revival’s board. news release
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