Morning Briefing: Vizsla Silver Hits Bonanza Grades
Good morning and welcome to the Mining Stock Daily Daily Briefing.
Today is Tuesday, October 1st
Yesterday gold began a steady decline right after the Asian markets closed at 3 a.m. NY time. After bottoming at $2645 right after the NYSE closed, gold bounced a bit to settle in the afternoon at $2656, down $25 from Friday's afternoon settlement. Silver followed the same price path as gold, falling to a low of $31.16 before a late bounce took poor man's gold to $31.42 afternoon settlement, down 50 cents from Friday.
The mining stocks responded to the action with a relatively sharp sell-off. The ARCA Gold Bugs index dropped 2.1% and the GDX was down 1.3%. The Mining Stock Journal commented that the sector is due for corrective technical pullback which should set-up the next move higher.
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…
Fireweed Metals is advancing 3 different projects within the Yukon and Northwest Territories, including the flagship Macmillan Pass Project, a large zinc-lead-silver deposit and the Mactung Project, one of the largest and highest-grade tungsten deposits in the world. Fireweed plans to advance these projects through exploration, resource definition, metallurgy, engineering, economic studies and collaboration with indigenous people on the path to production. For more information please visit fireweedmetals.com.
And here’s what you need to know this morning….
QC Copper and Gold have completed a binding share purchase agrement with the principal shareholders of Cuprum. In the all-share deal, QC Copper will issue 1.1538 common shares of QC Copper for every Cuprum common share, based on QC Copper's share price of $0.13. QC Copper will issue an aggregate of 82.76 million QC Copper Shares in connection with the Acquisition, securing full ownership of Cuprum's assets, including the multi-billion-pound Thierry Copper Project. With this Acquisition, QC Copper can build out each asset in stages with key milestones and critical paths outlined. While QC Copper continues to focus on its Opemiska project to move towards a PEA, it will concurrently focus on establishing an updated mineral resource at Thierry based on meticulous data compilation and a large-scale drill program, similar to the initial resource development at Opemiska. (TSXV: QCCU) (OTCQB: QCCUF) News Release
Vizsla Silver reported results from 11 new drill holes targeting the Copala resource area at its Panuco silver-gold project in Mexico. The infill drill hole results were highlighted with 4,573 g/t silver equivalent over 5.65m, which also included a 1.48m interval of 16,666 g/t silver in hole 393. Hole 390 returned 3,368 g/t AgEq over 5.8m with a half meter interval in there returning 30,305 g/t silver. Copala remains open in all direction. The company also says the discovery of a historic mine adit at Copala combined with new 3D interpretations based on updated data highlights the potential for additional near surface resources outboard of both the current PEA mine plan and maiden resource estimate boundary. (TSX-V: VZLA) (NYSE: VZLA) News Release
Li-FT Power published its initial resource estimate for the Yellowknife Lithium project in Northwest Territories. The consolidated in-pit MRE is reported at 50.4 million tonnes (Mt) grading 1.00% Li2O for 506,000 tonnes of Li2O in the inferred category and will form the basis of a Preliminary Economic Assessment (PEA) targeted for delivery in Q2 2025. The company highlights that his resource estimate represents the 3rd largest hard-rock maiden resource estimate in Canada and the 10th largest hosted in the Western Hemisphere. 6 of the 8 spodumene dykes included in the maiden resource estimate have unconstrained mineralization. (TSXV:LIFT) (OTCQX:LIFFF) News Release
Q2 Metals reported assay results from the Spring 2024 Drill Campaign at the Cisco Lithium Property located within the greater Nemaska traditional territory of the Ee-you Istchee James Bay region of Quebec. Results included 215.6m of 1.69% Li20, 81.8m of 1.17% and 59.5m of 1.18%. The company says they are observing higher-grade as they test and track the system progressing to the south. (TSXV:QTWO) (OTCQB:QUEXF) News Release
Golden Cariboo Resources reported finalized assays from the Halo Zone Discovery results in hole 14 which was originally published in September. Finalized results reported today were 136.51m of 1.77 g/t gold, including a near surface intersection of 23.89 m at 3.32 g/t gold, which includes 5.17 m of 13.74 g/t gold. These finalized intercepts are the result of elevated gold values from selective metallic screening assays replacing the fire assay gold values. (CSE:GCC) (OTC:GCCFF) News Release
In a three-way merger, Eros Resources, MAS Gold and Rockridge Resources announced they have entered into a business combination agreement. Pursuant to the Transaction, Eros will acquire all of the issued and outstanding shares of both Rockridge and MAS Gold that it does not already own by way of two plans of arrangement. Shareholders of Rockridge will receive 0.375 common shares of Eros for each Rockridge common share held. Shareholders of MAS Gold will receive 0.25 Eros Shares for each MAS Gold common share held. Upon closing of the Transaction, existing Eros shareholders will own approximately 42.37% of the combined company, existing MAS Gold shareholders will own approximately 37.33% of the combined company, and existing Rockridge shareholders will own approximately 20.30%. (TSXV:ERC) (OTCQB:EROSF) News Release
Barrick says they and the government of Mali have agreed to find a global resolution to the existing claims and disputes between the government and Barrick’s Loulo and Gounkoto gold mining companies. Details of the agreement, based in essence on Barrick’s original proposals, will be made public once the terms of the settlement have been finalized. Barrick president and chief executive Mark Bristow said the company’s mutually beneficial relationship with Malian governments had endured for 30 years and occasional differences with successive regimes had always been amicably resolved. News Release
The Mining Stock Daily morning briefing is produced by Clear Commodity Network and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.