Morning Briefing: Vista Gold announces Mt. Todd drill results
Good morning and welcome to Mining Stock Daily. I’m Ian Wagner.
Today is Tuesday, September 24th.
Monday gold closed at another all-time high based on both the Comex close and the close of the afternoon Globex system. The yellow dog traded as high as $2660, December basis, before closing in the afternoon at $2652, up $6 from Friday. Silver had a different price journey, with a cliff-dive that started early Monday morning that took silver from $31.45 to as low as $30.70 before it bounced to close in the afternoon at $31.02, also December basis, down 46 cents from Friday. The Mining Stock commented that gold responded to the coming further easement of the Fed's monetary policy and eventual resumption of QE. The newsletter is not sure why silver sold off. The mining stocks reacted to the price-action in gold early in the afternoon with a rally then turned red later in the day. GDX was just under half-a-percent.
We’ll get to the news from the miners and explorers here in a moment, but first a quick 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….
Vista Gold announces interim results from Phase 2 of its 2024 drilling program at the Company’s flagship Mt Todd gold project located in Northern Territory, Australia. Phase 2 drilling commenced in July with near-surface drilling in the South Cross Lode zone. Highlights include:
9.4 meters @ 3.35 grams of gold per tonne (“g Au/t”) from 102.8 meters down hole
8.0 meters at @ 1.82 g Au/t from 132.0 meters down hole
22.0 meters at @ 1.74 g Au/t from 146.0 meters down hole
(NYSE American and TSX: VGZ) News Release
Li-FT Power Ltd. reports results from their metallurgical sampling program across eight deposits within the Yellowknife Lithium Project, Northwest Territories, Canada. Metallurgical test work comprised of heavy liquid separation testing, dense media separation testing, and batch flotation testing. LIFT reports laboratory metallurgical recoveries averaging 79% producing a high-quality spodumene concentrate grading 5.83% Li2O. The company notes the results come in ahead of their planned preliminary economic assessment. Lift power trades on the (TSXV: LIFT) (OTCQX: LIFFF) News Release
Uranium Energy announced that it’s acquiring Rio Tinto’s 100% of Rio Tinto's Wyoming assets, which includes the wholly-owned and fully-licensed Sweetwater Plant and a portfolio of uranium mining projects with approximately 175 million pounds of historic resources. The purchase price payable at closing is $175 million US and will be funded with UEC's available liquidity. (NYSE American: UEC) News Release
Also in the acquisition space…
Palamina Corp. has acquired 100% of the shares of Sociedad Minera Vicus Exploraciones S.A.C. from Aurania Resources Ltd. Vicus is now a wholly owned Peruvian subsidiary of Palamina Corp. Aurania received 350,000 common shares of Palamina and was granted a 1% Net Smelter Return royalty on the Pluma sediment-hosted copper silver project as full payment for the purchase of Vicus. Palamina may buy back half of the royalty for $1,000,000. The Pluma silver project covering 9,800 hectares in north eastern Peru. (TSXV: PA) (OTCQB: PLMNF) News Release
And Caprock mining announces that it has entered into a non-binding Letter of Intent setting out the terms of an option to acquire a 100% interest in the Destiny gold property located in Despinassay township about 75 km northeast of Val D'Or, Quebec from Big Ridge Gold Corp. Destiny comprises 127 mineral claims that collectively span an area of 5-thouseand hectares located less than two hours' drive from Val D'Or. The project lies along a major deformation corridor in the Abitibi greenstone belt that includes the prolific Cadillac-Larder Lake and Destor-Porcupine fault zones which host numerous producing and development-stage gold deposits that are in close proximity to Destiny One of the several gold deposits discovered on the Property is the DAC Deposit which has a NI 43-101 compliant mineral resource estimate comprising the following gold inventory:
10.8 million tonnes averaging 1.05 g/t Au and containing 364,000 ounces Au in the Indicated category; and
8.3 million tonnes averaging 0.92 g/t Au and containing 247,000 ounces Au in the Inferred category.
Palamina trades on the CSE: CAPR News Release
And Apollo Silver Corp. has entered into an exploration, earn-in and option agreement with MAG Silver Corp. and its subsidiary, Minera Pozo Seco. Apollo to acquire the Cinco de Mayo Project. Cinco de Mayo comprises 29 concessions totaling approximately 25,000 hectares and is located in the north central part of Chihuahua Stateom Mexico. Prior drill work consisted of more than 200-thousand meters and at an NSR cut-off of US$100 per tonne the historical inferred resource was estimated at 12.45 million tonnes of 132 g/t silver (Ag), 2.86% lead (Pb), and 6.47% zinc (Zn), 0.24 g/t gold (Au) (TSX.V:APGO, OTCQB:APGOF) News Release
Azimut Exploration announced the discovery of a high-grade nickel zone titled “Perseus” on the Kukamas Property in the Eeyou Istchee James Bay region of Quebec. The prospecting discovery, which includes significant copper and platinum group element grades, is still at an early stage but provides an exciting outlook for the project. The Perseus Zone is associated with an ultramafic volcanic unit and its features indicate a highly fertile system, underscoring the Property’s excellent prospectivity.
Best grades reach up to 9.35% Ni, 3.04% Cu, 3.78 g/t Pt and 8.99 g/t Pd from different sawed samples.
Additional work is ongoing to further delineate the zone, including a magnetic and electromagnetic (“EM”) ground survey. Budgeting and planning are underway to initiate a maiden drilling program. (TSXV: AZM) (OTCQX: AZMTF) News Release
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