Morning Briefing: Vizsla Silver Raises $65M; Arizona Sonoran Expands Cactus Mineralization
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday, September 16th.
Last week gold jumped $85, with most of the gains occurring after the Treasury released its monthly financial statement for August showing a $381 billion spending deficit. Friday gold catapulted over $2600 for the time, December contract basis and closed the week at $2610. The Mining Stock Journal commented that the Government's deficit spending and debt issuance is taking the dollar on an existential path. Silver roared higher last week, jumping nearly $3 to close the week at $31.07, December basis. The Mining Stock Journal noted that silver's chart looks explosive. The mining stocks also soared last week, with GDX shooting up over 10% and closing above $40 for the first time since April 2022. This week the metals could be volatile ahead of the release of the FOMC policy statement Wednesday
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
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….
Arizona Sonoran Copper reported new drill assay results from its infill and step-out drilling program below the previously untested extents of primary copper mineralization around the Cactus West pit, on the Cactus Project, in Arizona. 17 drill holes were reported this morning and included 646m of .4% Cu, 643m of .31% Cu and 305m of .4% Cu. This drilling has extended the primary mineralization another 500ft below and adjacent to the Cactus West open pit that was presented in the recently issued Preliminary Economic Assessment. Phase 2 of the primary exploration drilling, which remains ongoing, is testing lateral stepouts from Cactus West PEA pit shell to the north, south, and southwest. (TSX:ASCU | OTCQX:ASCUF) News Release
Vizsla Silver has entered into an agreement with Cannaccord to pursue a $65M bought deal. The deal will consist of 25 million common shares at a price of $2.60 per share. The Company currently intends to use the net proceeds of the Offering to advance the exploration, drilling and development of the Company's Panuco Project, as well as for working capital and general corporate purposes. (TSXV: VZLA) (NYSE: VZLA) News Release
Kenorland Minerals has granted a 2% net smelter return royalty on its South Cuchi project to its own subsidiary. The grant of the South Uchi Royalty is the first step in the eventual creation of a separate division within the Company isolating its royalty interests. The Company expects this will create additional shareholder value and will allow the Company to pursue new strategic opportunities including allowing the Company to separately market its royalty assets. Kenorland currently holds a portfolio of royalty interests on projects located in North America, including a 4% net smelter return royalty on the Frotet Project, located in Quebec. News Release
Aya Gold and Silver published new drill exploration results from its program on the Boumadine in Morocco. Results included 462 g/t AgEq over 2.8m and 520 g/t AgEq over 1.2m. These results extend the Boumadine strike length to a toal of 5.4km. Other results included 1,937 g/t Ag and 1.66% Cu over 1.9m, which represents a new style of mineralization. The company also noted they have identified multiple new targets through the use of a mobile MT geophysical survey. Testing of the target will begin in the coming months. (TSX: AYA; OTCQX: AYASF) News Release
FPX Nickel continues with their optimization efforts for the Baptiste Project, announcing this morning it has commenced the development of a standalone refinery study. Considering current off-take rights that have been granted to strategic investors, the refinery will have a capacity of 32,000 tonnes per year of contained nickel in battery-grade nickel sulphate. For the purposes of this study, the refinery location will continue to consider an urban location within central British Columbia. Along with the improved business case and reduced risk profile, the standalone study will better present the strategic opportunity to meaningfully increase North America's battery material supply chain capacity without the need to construct new smelting or complex primary refining capacity. (TSXV: FPX) (OTCQB: FPOCF) News Release
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