Morning Briefing: Today's Exploration News
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday June 29th
The gold price endured another what has become repetitive beats overnight Wednesday. This time downward pressure was exerted as the London gold market was opening, taking the gold price from $1926 to as low as $1911 before it rebounded to as high as $1922 and settled at $1917, down $6 from Tuesday. Silver followed the same price-path as gold, dropping like a rock at the London open from $23 to as low as $22.60 before rebouncing to settle at $22.74, down 16 cents from Tuesday. The Mining Stock Journal commented that the sentiment toward the sector is digging for China. Moreover, mainstream financial media hit-pieces on gold are starting to come out of the woodwork, the latest one being commentary from a Bloomberg writer who published an article with several assertions that were outright false. The newsletter added that poor sentiment and media gold-bashing are typically indicators that the end to a downtrend is near. The mining stocks followed gold and silver lower, with GDX down 1.45%. Speaking of mining stocks, the Mining Stocks Journal will be profiling a large gold producer with a fat dividend in today's new issue that it believes is significantly undervalued relative to the company's profitability and upside growth potential via its recent acquisitions and strategic investments. You can learn more about this newsletter at investmentresearchdynamics.com
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…Arizona Sonoran Copper.
ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America. For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Nova Royalty announced it has entered into an agreement with an arm’s length private party to acquire an existing .25% net smelter return royalty on the Tatogga Property which contains the Saddle North copper-gold-silver deposit in British Columbia. The property is owned by Newmont. Nova says the potential merger between Newmont and Newcrest Mines Limited, which owns 70% of the nearby Red Chris copper-gold mine, has the potential to unlock synergies for the development of Saddle North and the larger Tatogga property. The Royalty covers nearly 37,000 hectares in British Columbia's Golden Triangle and comes with an aggregate price tag of $3.75M between cash and shares. (TSXV: NOVR) (OTCQB: NOVRF) News Release
Aya Gold and Silver have acquired the Tirzzit Project in Morocco. Tirzzit is a collection of seven permits located 25 kilometers from the Zgounder Silver Mine. Aya is paying a total consideration of approximately US$4.9 million1 including US$800,000 in cash as well as 622,728 Aya shares. The property consists of 67.7 sq km and included historical data including drill results and geophysics. (TSX: AYA) (OTCQX: AYASF) News Release
Prospector Metals announced results of prospecting at the Devon Project in Northwestern Ontario. A total of 93 grab samples were collected from outcrop and angular boulders ranging from below detection up to 1.125 % Cu, 0.53 % Ni, and 3.54 g/t Pd+Pt, and 0.123 % Co. Notable samples came from Copper Hill and Pigeon River. The company says these results warrant a regional helicopter borne VTEM survey that will help to isolate the sulphidic dykes at or near surface and those obscured under cover. (TSXV: PPP) (OTCQB: PMCOF) News Release
FireFox Gold reported results from its second reconnaissance diamond drilling campaign at its Sarvi Gold Project in Lapland, Finland. This drilling campaign included four drill holes, totalling 611 metres. These holes were designed to test a combination of geochemical anomalies and structural/geological targets. The company says these drill results were similar to the first phase of drilling in 2022. The company drilled weakly anomalous gold in two of the four holes, with no values above .1 g/t. The most important finding from this phase of drilling is that the mudstones and black shales at Sarvi are likely the best hosts for gold, silver, and base metal mineralization. This is consistent with previous drilling on the property completed by the Geological Survey of Finland (GTK) in 2009. (TSXV:FFOX) (OTCQB:FFOXF) News Release
And yesterday we heard from Headwater Gold. Today the announced the commencement of an up to 2,000 metre (“m”) drill program at the Mahogany project in Oregon and Idaho, to be wholly funded by Newcrest Mining pursuant to the option and earn-in agreement announced on August 16, 2022. The program is designed to follow-up on Headwater’s 2021 drill results which intercepted 1.47 grams per tonne gold (“g/t Au”) over 12.25 m including 9.37 g/t Au over 0.73 m. Approximately 2,000 m of drilling is currently planned, utilizing two rigs and a combination of reverse circulation and core drilling. News Release
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