Morning Briefing: The Precious Metals look to form a Bottom
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris
Today is Tuesday, July 19th.
The precious metals showed some signs of life yesterday with gold closing at $1710 per ounce and silver closing at 18.84. Looking at both charts, it appears the monetary metals in the process of forming a bottom as both, although another quick washout below support should not be ruled out given the fickle nature of the markets lately. Both GDX and the GDXJ gold mining ETFs were up marginally yesterday but did give back most of the energy it found in early trading. Follow through in buying in both the metals and ETFs will be crucial for recovery moving forward. Fortunately, seasonality is among us as the late summer and early fall is typically a time when gold re-emerges from the ice box.
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…Integra Resources.
Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.
And here’s what you need to know this morning….
Hot Chili announced more drilling results from development study drilling across its Costa Fuego copper-gold project in Chile. Drilling returned higher grade results than expected at both the Cortadera and Productora deposits, as well as providing final inputs for metallurgical and geotechnical testwork programmes and are expected to have a positive impact on the forthcoming resource upgrade and Pre-feasibility Study. Highlights included 484m grading 0.5% copper equivalent in hole 4 at Cortadera including 56m grading 1% CuEq, and 45m grading 1.2% CuEq at Productora. Hot Chili said first drilling will commence at the Santiago Z porphyry target in August. Hot Chili trades on the ASX and TSXV under HCH and on the OTCQX under HHLKF. News release
Tudor Gold has released the second set of drill results for Phase l of the 2022 exploration program at its Treaty Creek property in the Golden Triangle of British Columbia, Canada with a highlight of 4.5m grading 20.86 g/t gold equivalent with a 500m Step-Out in hole 134 at the Goldstorm Deposit. A 25.5m interval of a newly discovered high-grade gold pulse contained 17 occurrences of visible gold. Tudor has a 60% interest in Treaty Creek which borders Seabridge Gold KSM and borders Newcrest Mining Brucejack property. Tudor Gold trades on the TSXV under TUD. News release
Northern Superior Resources said it made a new gold discovery during its winter drilling at Croteau Est in Québec, Canada. It said hole 120 intersected an interval 26.3m grading 1.06g/t Au including a higher-grade interval of 11m grading 1.928g/t. It said this expands the CBSZ gold-footprint area, which hosts a 640,000oz grading 1.7 g/t in inferred resources. Northern Superior Resources trades on the TSXV under SUP and on the OCTQB under NSUPF. News release
1911 Gold reported assay results from the maiden exploration drilling program at the Wallace target at its Rice Lake Property in Manitoba, Canada. First pass drilling intersected several mineralized structures with highlights of 4.3m grading 2.9 g/t gold at the Crown-10 target and 2.1m grading 1.8 g/t at the Hi-Grade target. Nine holes for 2,528m were completed testing five targets associated with high-grade gold showings and gold anomalies in surficial sediments. The drilling program was designed to test high-grade quartz veins within five different structures in the core of a regional scale fold. 1911 Gold trades on the TSXV under AUMB and on the OTCQX under AUMBF. News release
Collective Mining said it encountered a broad mineralized zone as well as additional high-grade gold and silver assay results from channel samples at the Olympus target at its Guayabales project in Caldas, Colombia. Continuous channel sampling outlined a broad mineralized zone which returned 182.45 metres grading 1.15 g/t gold equivalent. Drilling, underground sampling and surface mapping to date have expanded Olympus to a target area measuring more than 1,400m by 900m, with over 25 veins mapped from available exposures. A phase II underground drill program will commence in August. Collective Mining trades on the TSXV under CNL and on the OTCQX under CNLMF. News release
That concludes today’s morning briefing.
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