Morning Briefing: Two New Deals in Saudi Arabia; Filo Publishes Results of Two Holes

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Wednesday January 11th. 

On  Tuesday gold ended up by $5 per ounce by the afternoon Globex settlement price despite a material move higher in the US dollar index. The yellow metal ran up to as high as $1885 before settling at $1881. Silver, curiously, ended the day down 7 cents per ounce after a high degree

of volatility, as the poor man's gold traded as low as $23.54 and as high as $23.90, March contract basis, before settling at $23.72. The Mining Stock Journal reiterated that, with the Comex registered physical silver falling again, there might be an aggressive effort to tamp down investor interest in silver by attempting to hold the line in the sand at $24. The newsletter added that it's confident that silver will push through $24 and continue higher sometime in the next couple of months. 

The mining stocks outperformed the general stock market by a considerable amount. The GDX jumped 1.86% vs a 0.70% rise for the S&P 500. The Amex Gold Bugs Index was up nearly 2%.  Speaking of mining stocks, the Mining Stock Journal will be updating one of its core recommendations in Thursday's new issue for a company that is trading at a ridiculously unreasonable fraction of its potential value based on the Company's Prefeasibility Study valuation and the size and grade of its gold and silver deposit.  For more information visit 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….

Filo Mining reported assays from two more holes from the Filo del Sol Project in San Juan, Argentina from the Aurora Zone, with highlights of 1,056.5m grading 0.86% CuEq in hole 70A and 1,028.0m grading 1.16% CuEq in hole 71. Both holes ended in mineralization at a depth of more than 1,300m due to rig capacity. The company has eight holes currently underway, including 68A, the deepest ever, which is still progressing at over 1,750m. Filo Mining (TSX: FIL) (OTCQX: FLMMF)

Ivanhoe Electric executed a binding Heads of Terms with Saudi Arabian Mining Company Ma’aden. Ma'aden explores for, and mines gold, silver, copper, zinc, phosphate and other industrial minerals in Saudi Arabia and has a market capitalization of about US$48 billion. The Agreement sets out the framework for a strategic investment of US$126.4 million by Ma'aden into Ivanhoe Electric and the establishment of a 50/50 exploration joint venture. Ma'aden will make available about 48,500 km2 of land within Saudi Arabia for exploration by the JV. Ivanhoe Electric will contribute about US$66 million to the JV, of which up to US$13 million will be used to fund the purchase of three new generation Typhoon machines which will be owned by the JV. Typhoon is Ivanhoe Electric's proprietary electrical geophysical surveying transmitter. Ivanhoe Electric trades on the NYSE American and the TSX with IE. News Release

Barrick Gold also signed joint venture agreements with Ma’aden for two prospective exploration projects comprising the Jabal Sayid South and Umm Ad Damar license areas. These significantly expand Barrick’s exploration footprint in Saudi Arabia, grow the Ma’aden Barrick partnership and open up potential synergies with the neighboring Jabal Sayid mine, an already successful 50/50 joint venture between Barrick and Ma’aden. From 2018 to 2021 production at Jabal Sayid increased from 110 million pounds to 152 million pounds per year as a result of improved mining performance and process plant optimization. Barrick Gold (NYSE:GOLD) (TSX:ABX) News release

Collective Mining announced assays from two step-out holes and a shallow hole drilled into the Main Breccia discovery at the Apollo target of its Guayabales project in Caldas, Colombia. Highlights included 426m grading 1.51 g/t Gold Equivalent in Step-Out hole 22 which also included a near surface interval of 47.25m grading 5.45g/t. Drilling expanded the copper-silver-gold footprint of Main Breccia more than 100m to the north. Assay are pending for holes 25 through 30 at Main Breccia. The Company’s 2023 drill program will begin in the coming days and will target high-grade subzones within the Main Breccia system while also expanding its potential size. Collective Mining (TSXV: CNL, OTCQX: CNLMF) News releasse

Northern Superior Resources reported the remaining assays from 2022 drilling at the Arctic Fox Zone at its Philibert gold property near Chibougamau in Québec, which it said continue to show high grade gold over considerable widths along strike and down dip. Highlights included 10m grading 5.96 g/t Au in hole 360 and 14m grading 2.94 g/t in hole 339. 23 Holes Remain Pending. The company also has 19,000m of drilling to report from recently completed campaigns at Lac Surprise and Croteau Est. It plans to update a resource estimate on Philibert in the next few months. Northern Superior Resources (TSXV:SUP)(OTCQX:NSUPF) News release

Prime Mining announced assay results from its recently completed Phase 2 drill program at its Los Reyes high-grade gold-silver deposit in Sinaloa, Mexico. These results are from 48 drill holes in the Z-T area where Prime continues to delineate and expand the deposit. Stepout intercepts included 10 g/t gold and 131 g/t silver over 3.1m. Infill drilling returned 6.9 g/t gold and 33 g/t silver over 15m. The Z-T structure is currently defined over more than 400m of elevation. Phase 2 drilling was completed on October 31, 2022. In total, 74,216m were drilled in 259 holes with zero lost-time injuries or material safety incidents. Combined with Phase 1 and on-going drilling, Prime has now drilled over 100,000m in over 400 holes. Phase 3 drilling began in November. Prime Mining trades on the TSXV with PRYM and on the OTCQB with PRMNF. News Release

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