Morning Briefing: Wesdome Drill Results from Eagle River

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

Today is Wednesday, July 3rd. 

After a volatile trading day which saw the gold price shoot up to $2346 when the Comex pit opened only to be slammed back down to 2329 a little over an hour later, the price settled in the afternoon at $2338, down $3 from Monday. Silver similarly shot up at the Comex open back over $30 to $30.12 and was head-punched back down $29.60 and settled at $29.81, up 7 cents from Monday's afternoon settlement. It's pretty obvious that, for now, there's an official line in the sand drawn at $30, which the Mining Stock Journal believes will be decimated when the precious metals sector picks up steam later this summer. The mining stocks were red for the most of the day but managed to rally late in the day, as the Arca Gold Bugs Index closed up a little over 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… Arizona Sonoran.

Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport. Grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠www.arizonasonoran.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

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

Wesdome Gold Mines provided new assay results from underground exploration work at the Eagle River Mine. At the 6 Central Zone, drilling returned 71.7 g/t Au over 3.3m and 93.7 g/t over 3m, extending the high grade zone 150m to the east. At the Falcon 311 Zone, drilling returned 33 g/t over 5m  while the 300 zone returned 39.7 g/t Au over 8.7m. The company says their objective int he coming months is to integrate results form this drill program with recently initiated asset optimization studies to potentially extend mine life and increase utilization of the mine’s 1,200 tonne per day mill. (TSX:WDO, OTCQX:WDOFF) News Release

Ascot Resources announced second quarter production results and provided a commissioning update on the company’s Premier Gold Mine in the Golden Triangle of BC. The company did announced first gold pour back in April. Since then, the Company continued commissioning the mill, water treatment plant, and established the secondary underground egress at the Big Missouri deposit to commence production in its planned stoping areas. Many of the commissioning challenges encountered in the mill have been addressed, which is starting to demonstrate an increasing frequency and quantity of gold pours. During the quarter, Ascot processed 85,436 dry tonnes of mostly development ore in the commissioning of the mill, containing an estimated total of 5,713 ounces of gold. The company did say management is  evaluating the potential requirement for additional capital, including an inventory prepay facility and/or a modest equity financing in order to maintain a sufficient cash balance through the commissioning process and meet the Company’s debt covenants. (TSX: AOT; OTCQX: AOTVF) News Release

Newcore Gold says it has received total proceeds of approximately $3.3 million from the exercise of 16,666,666 common share purchase warrants of the Company ("Warrants") which expired on June 28, 2024. The Warrants had an exercise price of $0.20 and were originally issued on June 28, 2023 following the completion of a non-brokered private placement financing. The Company is now funded for a 10,000-metre drill program which was announced late last month. The company has approximately $4.7M of cash in the bank. (TSX-V: NCAU, OTCQX: NCAUF) News Release

Royal Road Minerals says that its 50% owned Saudi Arabian joint-venture company Royal Road Arabia, has been selected as the winning bidder, as part of a competitive Licensing Round, for the Al-Miyah copper and gold tender area. This tender area consists of three contiguous Exploration Licenses, located in the Asir Province of the Kingdom of Saudi Arabia, 150 kilometers northwest of the Company's Jabal Sahabiyah Exploration Licenses. It covers approximately 234 km2 of historic known copper and gold occurrences, hosted in upper Proterozoic age meta-volcanic and intrusive rocks within the prospective Nabitah-Tathlith belt. (TSXV: RYR) News Release

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