Morning Briefing: Torex upgrading EPO
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday March 23rd.
Interestingly, gold started rising slowly after Asian markets closed yesterday. The rate of the price rise increased shortly after the Comex opened. And the yellow metal shot up as much as $30 per ounce after the FOMC announced a 25 basis point hike in the Fed funds rate. Over the entire day gold rose from $1937 to as high as $1982 before settling at $1973. Silver followed the same price pattern as gold only it rose considerably more on a percentage basis, running from $22.44 per ounce after the close of Asian markets to as high as $23.21 after the Fed announcement before settling at $23.11. The Mining Stock Journal commented that it is somewhat unique to see gold and silver go in the opposite direction as the general stock market in reference to the steep sell-off in stocks after the FOMC policy announcement. It noted that the gold/silver ratio has dropped from 92 earlier this month to 85.56 on Wednesday, which could be a signal of a continuation of the current rally in gold and silver prices.
The mining stocks had a good day considering the selling pressure in stocks across the board. The Amex Gold Bugs Index rose 1.6% while the GDX jumped 1.87%. Several silver producing stocks were up at least 4% and First Majestic rebounded 8.3% after yesterday's bloodbath in the stock. On another note, the next issue of the Mining Stock Journal will be released this afternoon. Included in the issue is an opinion on First Majestic and an in-depth update on Fortuna Silver and Heliostar Metals along with updates on several of the newsletter's portfolio companies. 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….
Torex Gold Resources reported results from the 2022 drilling program at EPO, a deposit to the north of the Media Luna deposit in close proximity to the Guajes Tunnel, in Guerrrero, Mexico. The program was focused on upgrading Inferred Resources to the Indicated category and expanding Inferred Resources through step-out drilling. Infill drilling at EPO returned intersections with similar thickness and better grades than previous drilling with a highlight of 32.9m grading 18.9g/t gold equivalent. “Step-out drilling at EPO also extended the mineralized footprint of the deposit about 200 m to the west and 250 m to the south. Torex Gold Resources (TSX: TXG) news release
Thesis Gold announced further assays from the 2022 summer drill program at its Ranch Gold Project in British Columbia. The results push the boundaries of the Bingo, Thesis III, and Thesis II zones, demonstrating gold mineralization along the >1.5 km Structural Corridor. Highlights included 8.79m grading 11.97 (g/t) gold (Au) in hole 12 at Thesis II. Mineral domain modelling implies continuity along a 1.5 km trend that stretches from surface to over 400 m downdip in the Thesis III zone, and over 270 m in the Bingo and Thesis II zones. The Company will continue to test the Thesis Structural Corridor with both infill and expansion drilling. Thesis Gold (TSXV: TAU) (OTCQX: THSGF) news release
MineHub Technologies was selected by Chile’s state copper company Codelco to use its Waybridge Platform as Codelco's Global Commercial Platform. Codelco will use Waybridge to digitize its global refined copper business and lead the industry towards more efficient, reliable, and sustainable trading. The Waybridge platform provides seamless order processing, real-time shipment tracking, inventory management and reporting for the commodities ecosystem by automating data connections between customers and their entire supply chains. Waybridge has over 90 companies interacting digitally on its platform, including leading global manufacturers, as well as major miners, warehouses, and shipping companies. In 2022, Waybridge customers managed more than $7 billion of raw materials via the platform. MineHub Technologies (TSXV: MHUB) (OTCQB: MHUBF) news release
NextSource Materials began commissioning of its Molo Graphite Mine in Madagascar and the installation of the solar and battery facility for the hybrid power plant is in progress. A 2019 updated feasibility study outlined phase 1 producing 17,000 tonnes per annum over the first two years of production and phase 2 producing a total of 45,000tpa by year 3. NextSource Materials (TSX:NEXT) (OTCQB:NSRCF) news release
HighGold Mining intends to raise up to C$7 million in a non-brokered private placement financing of 10.6 million shares at 66c. The proceeds are to be used for exploration and development of the Johnson Tract Gold-Zinc-Copper Project located in Southcentral Alaska. HighGold is progressing with a proposed spin-out of its Ontario and Yukon exploration properties into Onyx Gold with a meeting of HighGold's shareholders to approve the plan of arrangement scheduled for the end of May. HighGold Mining (TSXV: HIGH) (OTCQX: HGGOF) news release
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