Morning Briefing: Talon Metals Confirm a New System of Nickel Mineralization in Minnesota
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday January 19th.
After staging a rally from $1898 to $1928 overnight, gold sold off sharply when the NYSE opened, dropping down to $1904 before settling afternoon Globex session at $1906. Silver similarly rose from $24 to as high as $24.50 through the stock market open before getting beaten down with billy-club, which smacked poor man's gold back down to $23.50, where it settled. The Mining Stock Journal said that the rally overnight likely was supported by heavy eastern hemisphere buying while the sell-off during U.S. market hours was triggered by hawkish interest rate comments by the St. Louis Fed's James Bullard, who is an FOMC voting member. The newsletter noted that Bullard is part of the Fed's quote/unquote "bad cop" contingency when it comes to monetary policy. While it's positive that gold managed to stay above $1900 for now, it appears that $24 is still an effective line in the sand with silver. The mining stocks jumped higher at the start of U.S. trading but it was all downhill from there. However, both the Amex Gold Bugs Index and GDX closed down slightly less than 1% and significantly outperformed the broad stock market indices. The Mining Stock Journal said that this may be the start of the pullback in the sector that it has been expecting but added that such pullback would be a welcome prelude to the next move higher, which could be spectacular.
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….
Talon metals says they have successfully intercepted new high-grade nickel-copper mineralization nearly 2 miles outside of the current nickel-copper resource area of the Tamarack Nickel-Copper-Cobalt Project in Minnesota. Since September 2022, Talon has completed 9 new drill holes outside of the resource area, 6 of which have already intersected nickel-copper mineralization. These intercepts occur in 2 new areas of mineralization within the larger "Raptor Zone", including the "Raptor's Crest" located approximately 1.8 miles north of the Company's nickel-copper resource area and the "Raptor's Head" located approximately 1 mile north of the Company's nickel-copper resource area. These two areas have very limited historic drilling, but assays do include high-grade nickel massive sulphide intercepts of up to 9.95% Ni1 and 9.33% Ni2 within these respective zones. Assays for these new holes remain pending, but visuals were provided in this morning’s news release. Talon trades on the TSX with TLO and on the OTC with TLOFF. News Release
Millennial Precious Metals announced positive metallurgical results from ongoing studies designed to determine the processing characteristics of the Mountain View project located in Nevada, USA. Material for the bottle roll tests was collected during the Phase 1 drill program at Mountain View, consisting of 27 holes totaling ~7,200m. Bottle roll recoveries from various crush sizes sampled returned excellent results, indicating that the material will support heap leach processing. Tests returned average gold recoveries of 89% within the oxide material with several samples turning gold recoveries of up to 95%. Recoveries do not appear to be sensitive to size fraction and/or grade. Millennial Precious Metals trade on the TSXV with MPM and on the OTCQB with MLPMF. News Release
Victoria Gold provided new assay results received to date from the 2022 Raven Distal Exploration Program at Dublin Gulch Gold Camp. Raven is one of several priority on/near-surface gold targets and was the primary focus of 2022 Dublin Gulch exploration activities. Of the 90 drillholes drilled at Raven in 2022, 30 drillholes were located within the Raven Resource footprint and 14 drillholes were collared within 100m of the Raven Resource. The Raven Distal Exploration Program consisted of 46 drillholes, the majority of which are collared greater than 100m from the Raven Resource bounds. Results reported today included multiple intervals from hole 155C, with 7.18 g/t gold over 6.9m, 3.59 g/t over 83.5m, and 20.24 g/t over 14.5m. The current Raven Resource Estimate includes 1.1 Million ounces at 1.7 g/t Au. Victoria Gold trades on the TSX with VGCX. News Release
Thesis Gold announced assay results from 11 holes drilled at the Bonanza-Ridge Zone during the 2022 field season. Highlights include 4.69 g/t gold and 15.29 g/t silver over 20.3 meters, and included a 3.3m interval of 17.08 g/t gold. The company says the higher-grade gold in this hole demonstrates excellent downdip continuity across numerous drill holes and high-grade gold in rock samples collected at surface. The positive drill results reported increase the footprint of precious metal mineralization at the Ridge Zone in all directions. It also extends the strike length of the zone to over 700m. Thesis Gold trades on the TSXV with TAU and on the OTCQX with THSGF. News Release
Elemental Altus Royalties announced the appointment of David Baker as Chief Financial Officer. David has over 12 years of industry experience and was most recently EVP Business Development at Elemental Altus, having joined the Company in April 2020. News Release
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