Morning Briefing: Vizsla Silver Publishes Updated Resource Estimate for Panuco

Welcome to Mining Stock Daily. I’m Trevor Hall. 

Today is Monday, January 8th. 

Gold and silver finished lower on the week last week, selling off in correlation with the stock market, though the move was likely more attributable to hedge fund algos selling positions in Comex paper gold and silver in response to a sharp rally in the dollar and in yields at the longer end of the Treasury curve. Certainly the sell-off was not a function of any large investors or Central Banks unloading physical gold and silver on the market. The Mining Stock Journal noted that it was looking for a pullback in the precious metals sector after a big rally since October but noted that this should set-up the next move higher. Gold sold down to and bounced off its 21 day moving average while silver plunged through all of its key moving averages but bounced off an uptrend line that has been in effect since the beginning of October. The mining stocks, as represented by GDX, traded down to the 50 day moving average on Wednesday and held that moving average through Friday. While there may be some residual weakness in the sector for a bit longer, the Mining Stock Journal is looking for resumption of the bull move later this month.

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… Victoria Gold. 

Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at ⁠vgcx.com⁠.

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

Vizsla Silver published their updated resource estimate this morning for the Panuco silver-gold project in Sinaloa, Mexico. The technical report shows significant increases in both indicated and inferred resources, including a 48.7% increase in indicated resources to 155.8 Moz AgEq and another 48.7% increase in inferred to 169.6 Moz Ag Eq. Grades also improved to 511 g/t AgEq, thats a 17% increase from the previous resource estimate. What wasn’t included in that first report, which is now in today’s numbers in the resource from La Luisa. That structure currently hosts an estimated 4 Moz AgEq indicated and 25.3 Moz inferred. The company noted that today’s resources represents less than 10% of the known vein strike of the district. (NYSE: VZLA) (TSXV: VZLA) News Release

QC Copper and Gold also published an upgraded resource estimate for their Opemiska Project in Quebec. The project now sits with a measured and indicated resource of 2.09 billion lbs of copper equivalent contained in 97.5 million tonnes. Its inferred resource stands at 157 million lbs of copper equivalent contained in 11.0 million tonnes. This report also hights a 26% increase in the Copper total grade, an 11% increase in CuEq total grade, and a 16% rise in CuEq pounds compared to the 2021 Measured and Indicated Mineral Resource Estimate. In this release, the company also mentions that ideas for the project’s starter pit could comprise of 19.1 million tonnes at 1.1% CuEq, all in the Measured and Indicated Mineral Resources categories. (TSXV: QCCU) News Release

Arras Minerals re-assayed historic diamond drill holes from the Quartzite Gorka project in northeastern Kazakhstan and provided those results this morning. Specifically, these holes were drilled at the Elemes license. They did include 127m of .66% CuEq, including 62m of 1.53%. Another core sample returned 132.6m of .8% CuEq. Once analysis of the full 2023 summer field program has been completed, the Company plans to develop an extensive exploration strategy. This strategy will encompass additional geological mapping and KGK drilling to investigate the geological features concealed beneath younger cover sequences. The Elemes licence is not included in the Teck-Arras Strategic Exploration Alliance. (TSXV: ARK) News Release

American Eagle Gold published new drill results out of the ZAK copper and gold porphyry project in British Columbia. NAK23-17 intersected 302 m of 1.09% Copper Equivalent within 606 m of 0.74% Copper Equivalent beginning at 98 m downhole.. This was a 250m stepout hole which extends mineralization westward. The company is fully funded for work this year, which they say is focused on testing and expanding the area of of mineralization in the South Zone and testing possible connections deeper in the North Zone. (TSXV: AE) (OTCQB: AMEGF) News Release

Endurance Gold their final set of assay results form the 2023 drilling at the Eagle and Crown Zones in the Reliance Gold Project . Highlights included 5.8 g/t Au over 23m in hole 76 and multiple intercepts in hole 78, including 8 g/t over 1.4m, 9.67 g/t over 1.2m and 9.46 g/t over 2m. The 2023 diamond drilling program was completed with 5,301 m in 22 drill holes. (TSXV: EDG) (OTC Pink: ENDGF) News Release

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