Morning Briefing: West Red Lake Pours Gold at Madsen
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, June 13th.
After trading sideways overnight, the price of gold shot up as much as $30 after the CPI report was much more tame than expected. After hitting $2360, the price faded, ralied, then predictably was taken lower during the FOMC festivities. Once those ended, gold bounced a bit and closed up $12 from Tuesday. Silver followed gold's path and managed to shoot up over $30 briefly before the price management team managed to price back below $30 during the Powell presser. But silver managed to close in the afternoon at $29.75, up 51 cents from Tuesday. The Mining Stock Journal noted that gold is now technically oversold per the MACD indicator but silver is still susceptible to technical selling plus it seems there's parties interested in trying to keep silver below $30 for now. The Mining Stock Journal explains in today's new issue why those parties will fail in their effort to cap silver at $30. The mining stocks responded positively to the move higher in the metals with both GDX and the Arca Gold Bugs index rising just under 1%.
This episode of Mining Stock Daily is brought to you by… Arizona Sonoran Copper.
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….
Kingfisher Metals has initiated phase 1 exploration for the 2024 field season at the HWY 37, LGM, and Thibert projects in British Columbia. The company will complete a 1158 line-km ZTEM airborne geophysical survey this month. The company will also utilize VRIFY’s AI machine learning across the projects to analyze and identify potential mineral targets. Mapping and IP surveys will be conducted over priority targets as well. (TSX-V:KFR) (FSE:970) (OTCQB:KGFMF) News Release
Revival Gold provided details on planned exploration and development activities on the Company’s gold development projects. The company is moving ahead with the preparation of a PEA for the company’s newly acquired Mercur Gold Project in Utah, which will included metallurgical test work and a review of the project’s historic data. At the Beartrack-Arnett project in Idah, a forty-line-km IP survey and a magnetic survey are scheduled for specific target areas. Revival Gold plans to initiate work next quarter on a draft Plan of Operations for Beartrack-Arnett. Meanwhile, work continues to re-evaluate the potential heap leach restart mine permitting schedule and baseline data collection steps for the project. (TSXV: RVG, OTCQX: RVLGF) News Release
enCore Energy announced the successful startup of production at the Alta Mesa Uranium Central Processing Plant and Wellfield. With the restart of the previously producing Alta Mesa Project, enCore Energy is now the only uranium producer in the United States with multiple production facilities in operation. The initial ramp up will be a progressive process to advance and continually increase uranium production via direct feed to the CPP. enCore is anticipating its first shipment of yellowcake (uranium) from the Alta Mesa Project to occur in approximately 60 to 90 days. (NASDAQ: EU) (TSXV: EU) News Release
West Red Lake Gold says a gold bar was poured using the refinery in the Madsen mill. A preliminary mill cleanup in late 2023 recovered 415 troy ounces of gold with proceeds of approximately US$750,000 from material trapped in the mill’s circuits. This prompted a second phase focused on the ball mills and SAG mills. Gold was found physically trapped in ill-fitting liners in the ball mill, in the SAG mills, and in uncleaned filters. West Red Lake Gold used the gold refinery at the Madsen mill to pour the recovered coarse gold into a gold bar on site. The Company was pleased to see the refinery operating smoothly after 18 months of inactivity. (TSXV: WRLG) (OTCQB: WRLGF) News Release
Trigon Metals published highlights for its underground production at the Kombat Mine in Namibia. May 2024 was marked by several record-breaking underground mining days, leading to a production average of 12.1 tonnes of copper per day. Underground ore mined for the month totalled 19,664 tonnes at an average grade of 2.16%, leading to the production of 386 tonnes of copper. The Company’s focus for FY2025 remains on underground production from the Asis West underground complex. Underground production is expected to amount to between 250,000 and 280,000 ore tonnes mined for the year, at an average grade between 1.95% and 2.3% copper. (TSX-V: TM, OTCQB: PNZTF) News Release
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