Morning Briefing: Taseko's Gibraltar Mine on Care & Maintenance Due to Strike Action
Welcome to Mining Stock Daily. I’m Kylie Williams.
Today is Monday, June 3rd.
Last week gold dropped $55, likely with help from the Comex bullion banks. But the sell-off also served the purpose of pushing the technical indicators to an oversold reading. In addition, all five days last week the price was supported by the upward-sloping 50 day moving average and closed Friday at $2345. The silver price actually rose the first three days of last week but then was bombed for over $2 on Thursday and Friday, closing out the week at $30.44 which is actually about where it closed the previous week. The Mining Stock Journal noted that the RSI for silver is back at neutral reading but that it remains technically quite overbought per the MACD. If gold resumes its bull move the technical condition of silver may be irrelevant, particularly since there's a substantial supply/demand deficit this year per the Silver Institute. GDX surprisingly was flat last last week and for now is oscillating along its upward sloping 21 day moving average. The Mining Stock Journal noted that physical demand remains quite strong in the eastern hemisphere, which should thwart any official efforts in the west to push the precious metals sector materially lower this summer.
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… Vizsla Silver.
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 325,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning….
Over the weekend, Taseko Mines announced that operations at the Company's Gibraltar Mine have been suspended. Collective bargaining with Gibraltar's union representatives has been ongoing in recent weeks, and ended late Friday without an agreement being reached. Gibraltar's unionized workforce informed the Company that they intended to take strike action as of midnight, May 31, 2024. The Company elected to systematically shut down mining and milling operations prior to the midnight deadline, and the mine is now on care and maintenance with only essential staff operating and maintaining critical systems. The Company remains committed to the bargaining process and reaching a fair and equitable agreement. Taseko trade (TSX: TKO) (NYSE MKT: TGB) (LSE: TKO) News Release
Lots of exploration programs kicking off, particularly in northern Canada.
In Nunavut, ATHA Energy announced that the Company has commenced Phase I of its 2024 Angilak Exploration Program at its 100%-owned Angilak Project. Phase I is comprised of ~10,000 m of diamond drilling targeting the expansion of high-grade uranium mineralization at the Lac 50 Deposit and adjacent mineralized zones. The Angilak Project is in the Angikuni Basin, approximately 225 km southwest of Baker Lake in the Kivalliq Region of Nunavut (Figure 1) and is host to the Lac 50 Uranium Deposit, which has a historical mineral resource estimate of 43.3M lbs at an average grade of 0.69% U3O8. ATHA trade (TSX.V: SASK) (FRA: X5U) (OTCQB: SASKF) News Release
In Canada’s Yukon, Banyan Gold announced the commencement of the 2024 exploration program at it's AurMac Project ("AurMac"), located in the Mayo Mining District, and the addition of Henry Marsden as a Technical Advisor. Drilling at AurMac has commenced with immediate targets on the Powerline Deposit, as part of the currently planned 5,000 metre ("m") drill program, which will guide potential additional drilling this year. Banyan trade (TSXV:BYN) (OTCQB:BYAGF) News Release
And in Quebec, Consolidated Lithium Metals announce that the Phase I 2024 drilling program has commenced on the Company’s East Vallée Lithium Project, in the Abitibi Greenstone Belt 30 km northwest of Val-d’Or. The Phase I program will consist of 12 drill holes totaling approximately 2,400 m and will test the Core Pegmatite and flanking pegmatites along drill fences spaced 400 metres apart starting at the western property boundary. CLM trade (TSXV: CLM | OTCQB: JORFF | FRA: Z36) News Release
In Mexico, Silver Storm Mining announce that the company has added a second drill rig at the 100% owned La Parrilla Silver Mine Complex (“La Parrilla”), located in Durango, and has commenced Phase 2 of the diamond drill program. The Phase 2 diamond drill program will be completed over the next three months following up on the initial holes drilled with the aim of converting inferred mineralization to indicated. The company has 7,500 metres (“m”) of drilling planned. Silver Storm trade (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR) News Release
Some results coming in, too. G2 Goldfields provides an update on the Company’s new discovery at NW OKO, part of the 27,719-acre OKO-AREMU gold project in Guyana. G2 recently announced an updated Mineral Resource Estimate (“MRE”) for the project comprised of 922,000 ounces of gold (“Indicated”) and 1,099,000 ounces of gold (“Inferred”). Highlights of todays news include46.5 m @ 1.1 g/t Au. G2 trade (TSX: GTWO; OTCQX: GUYGF) News Release
Abcourt Mines announce results from the underground diamond drilling campaign at the Sleeping Giant mine in Quebec. From December 2023 until April 30, 2024, Abcourt drilled 17 holes totaling 2,005 meters from levels 235 and 295 in the DAC 5 area. The first diamond drill holes realized are used to optimize the mining plan of the DAC 5 sector accessible in 2024 for the extraction start. In todays news, Abcourt presents the results of 5 drill holes totaling 493m drilled underground from level 295. Highlights include 91.8 g/t Au over 0.5 meter in hole 29-269 and 30.8 g/t Au over 0.5 meter in hole 29-273. Abcourt trade (TSX Venture: ABI) (OTCQB: ABMBF) News Release
On Friday, Defense Metals announced the appointment of Suzanne Rich Folsom to the Board of Directors of the Company. Ms Folsom is an experienced independent director, C-Suite executive, and influential business leader. Most recently she served as Senior Vice President and General Counsel, at Philip Morris International where she was a key leader in the company's transformation. Defense Metalstrade (TSXV: DEFN) (OTCQB: DFMTF) (FSE:35D) News Release
Also on Friday, Minera Alamos provided selected financial highlights from its 2024 Q1 Financial Statements and MD&A as well as an operations update for the first five months of the year. These can be found on SEDAR+ dated May 30th, 2024. Minera Alamos trade (TSXV: MAI) News Release
The Mining Stock Daily morning briefing is produced by Clear Commodity Network and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.