Morning Briefing: Vizsla Silver Intersects 2,142 g/t AgEq Over 7.81 Meters

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

Today is Thursday, March 10th. 

Gold and silver were hammered on Wednesday, with gold down US$55 per ounce - or 2.7% - while silver was down a little over a dollar, or 4%. The catalyst was the hint that negotiations might be starting to end the military conflict in Ukraine. Gold was pounded back below $2,000 and settled just under $1,996. Silver endured a paper silver market beating that took it from as high as $27.40 early Wednesday morning down to the $26.04 close. 

The mining stocks were hit, but not as much as one might have expected given the price bashing inflicted on the metals. The Amex Gold Bugs Index was down as much as 5.7% early in the trading session but rallied to close down 1.5%. The Mining Stock Journal has suggested that the relative strength of the mining stocks versus the metals reflects both the expectation that the precious metals sector will ultimately move higher after the Ukraine noise is cleansed from the market plus the fact that the mining stocks are absurdly cheap relative to both the prices of gold and silver and to the general stock market.

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… Rio2. 

Rio2 is advancing the Fenix Gold Project in Chile, the largest undeveloped gold heap leach project in the Americas. Fenix consists of 5 million ounces in the measured and indicated resource category and 1.4 million ounces in the inferred resource category. With a robust PFS in place, Fenix is set up for fast-tracked construction and production. You can find a list of project and company information on their website, rio2.com.

And here’s what you need to know this morning….

Vizsla Silver reported assay results from seven new drill holes targeting the Copala and Christiano veins, located east of the Tajitos resource area, at its Panuco silver-gold project in Sonora, Mexico. Highlights included 7.81m grading 1,559 grams per tonne silver and 7.29g/t gold for 2,142g/t silver equivalent in hole 116 including a sub-interval of 2.6m grading grading 2,728g/t silver and 13.1g/t gold for 3,775g/t silver equivalent. The company said the Copala vein has now been tested with seventeen holes and traced over 650m in length and 350m downdip. It contributed about 6.4Moz of indicated and 18.6Moz of inferred silver equivalent ounces to the recently released maiden resource estimate. Vizsla Silver trades on the TSXV and NYSE under VZLA. News release

Moneta Gold announced the final assay results from ten drill holes at the 55 Zone within the Golden Highway area of its Tower Gold project near Timmins in Ontario, Canada. The drilling was part of a 72,500m program to test extensions of the current resource which includes 4 million ounces indicated and 4.4Moz inferred. Drilling extended the 55 Zone mineralisation to a strike length which is now 800m and a width of 250m. Highlights included 37m grading 1.04 grams per tonne in hole 200 including 4m grading 5.31g/t. The company said these results have the potential to expand the resource and fundamentally increase the economics of the open pit , especially since the 55 Zone is the highest-grade open pit deposit at Tower Gold. Moneta plans to update the Tower Gold preliminary economic assessment in the first half of 2022. Moneta Gold trades on the TSX under ME and on the OTCQX under MEAUF. News release

Goldshore Resources announced it has received VTEM survey results for hte Moss Lake Gold Project in Ontario. The data shows eleven new chargeabiity target with a Moss Lake gold deposit signature. According to the company, this increases the potential combined strike length of gold targets from the current 2.5km to a total of 11km. There are several smaller targets of similar character that will also be evaluated. Twelve magnetic conductors also suggest additional copper prospects. The VTEM Survey shows conductors with an elevated magnetic signature similar to the anomaly defining the historic North Coldstream copper-gold mine. Goldshore notes the preponderance of graphitic strata that is generating several planar anomalies and may be contributing to these potential copper targets. Goldshore will continue the process of data scraping historic assessment reports to extract soil geochemical data and geological mapping information. This will help prioritise the target inventory and focus scout drilling. Goldshore Resources trades on the TSX V and the OTCQB with GSHR. News Release

Sticking with copper, NorthWest Copper said that drilling at its Kwanika deposit in British Columbia, Canada encountered strong copper-gold grades in holes designed to expand the footprint at the Kwanika Central and Kwanika South Zones. Highlights included 137m grading 0.52% copper equivalent in hole 223 including 34m grading 1.30% copper equivalent. The 2021 Kwanika drilling program was focussed on enhancing high-grade copper-gold mineralization within the known resource footprint of the Kwanika Central Zone. The company said the drilling provided additional targets and expansion potential at Kwanika including at the Kwanika South Zone and to the north of the Central zone. NorthWest Copper trades on the TSXV under NWST and on the OTCQX under NWCCF. News release

Barksdale Resources reported additional assay results from its phase one, 5,000m drilling program at the Cerro Verde zone on its San Javier project in Sonora, Mexico which expanded the footprint of the Cerro Verde copper zone to the south and west. Highlights included 48m grading of 0.54% copper in hole 31 and 15m grading 0.35% copper in hole 35. Additionally, it said hole 31 intercepted a thick interval of oxide gold mineralization 36m grading 1.11 grams per tonne which extended the gold bearing portion at Cerro Verde by about 70m to the south. Barksdale Resources trades on the TSXV under BRO and on the OTCQX under BRKCF. News release

Marathon Gold reported more drill assay results from the Valentine Gold project in central Newfoundland. These results represent 2021 drilling at the Victory and Sprite Deposits, and in the area of the proposed Marathon waste rock facility. Highlights included 4 g/t gold over 11m at Victory and 3 g/t over 19m including 43.5g/t over 1m at the waste rock facility. The Victory and Sprite drilling was completed as part of the 2021 exploration program at the Project, while the MWRF drilling was completed as part of the 2021 condemnation program. Taken together, these new data indicate the wide prevalence of gold mineralization at the Project outside of the confines of the mineral resources currently estimated at the Marathon, Leprechaun and Berry Deposits. Marathon Gold trades on the TSX with MOZ. News Release

That concludes today’s morning briefing.

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