Morning Briefing: Western Alaska Discovers Gold at Warm Springs, Snowline Shares First Drill Assays from Jupiter
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, August 29th.
Wednesday gold was pushed down from $2564 to as low as $2527 just before the Comex open. Once trading in the unregulated derivatives Comex venue, the price bounced and settled at $2540 in the afternoon, December contract basis, down $20 from Tuesday. The Mining Stock Journal commented that an overnight rally in the dollar may have been responsible for the sell-off in paper gold. Silver was also pushed lower overnight, hitting a low of $29.50 about an hour before the Comex closed. Poor man's gold closed the afternoon session at $29.55, down nearly a dollar from Tuesday. The mining stocks got hammered along with both the metals and the stock market in general. GDX was hit for 2.2%. The next few days likely will be extraordinarily low trading volume and high volatility in the precious metals sector.
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 Copper.
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And here’s what you need to know this morning….
Western Alaska Minerals has discovered gold at the Warm Springs target at the Illinois Creek Project in Alaska. Hole 4 intercepted two gold zones which included 1.29 g/t Au over 4.68m and 2.13 g/t over 2.96m. This is a new and separate mineralized structure parallel to the Illinois Creek fault and is located 1.4 km southeast of the Illinois Creek gold-silver resource. Western Alaska Minerals has completed nine drill holes at Warm Springs. Extensive alteration and oxide mineralization along with local base-metal sulfide mineralization has been intercepted in seven of the nine drill holes. (TSXV:WAM) News Release
Snowline Gold reported additional drilling results from the Valley deposit within the Rogue Project in Yukon, , along with the first drill results from its Jupiter target on the Einarson Project. At Valley, hole 77 which lies along the northeastern boundary of the current resource estimate averaged 1.61 g/t Au over 435m, including 2.39 g/t over 150.5m. Over at Jupiter, drilling returned 6.88 g/t Au over 6.3m, and included 13.9 g/t over 2m. Drilling is ongoing while assays are pending form ore than 21,000m across 7 targets. (TSX-V:SGD) (OTCQB:SNWGF) News Release
Collective Mining has begun a maiden drill program in the southern position of the Plutus target on the Guayabales Project in Colombia. Plutus lies approximately 1,000m east of Apollo. The program will consist of a radial fan of six short drill holes focused on outlining the geometry of the early porphyry unit in Plutus South. Once assay results are received and assessed, the data will be used to vector with deeper drill holes designed to discover an economic deposit. At the Box Target drilling results have been received. Shallow drilling returned 18.55m of 1.09 g/t AuEq, 11.55m of 3.79 g/t AuEq and 33.3m of 1.52 g/t AuEq. The company says deeper drilling is warranted at the Box target based on these assays. (NYSE: CNL) (TSX: CNL) News Release
American Pacific Mining announced the completion of the drill program at the Palmer Copper-Zinc VMS project in Alaska. he 2024 drill program included a total of 6,035.9 meters in 19 drill holes. The program was expanded from an originally planned fourteen (14) drill holes based on positive visual observations and real-time modeling updates. The drill program was designed to continue expanding the known extent of the high-grade copper mineralization of the South Wall Zone 1 and Zone 2 and testing prospective alteration areas. The program also included a series of exploration drillholes to test the nearby North Wall Target. The North Wall Target represents a potential fault offset extension of the South Wall mineralization. Assays remain pending. (CSE: USGD) (OTCQX: USGDF) News Release
Jaguar Mining provided a drilling update at its Faina deposit, which is a north-western extension of the ore zones at the Turmalina mine in Brazil. Diamond drilling at the H lens returned positive results, including 8.95 g/t Au over 14.29m, 5.44 g/t Au over 18.23m and 5.17 g/t over 17.96m. Since development of Faina commenced in 2022, approximately 4,439m of primary access development from the Turmalina mine to the Faina deposit has been achieved, with approximately 1,158m of development completed since the start of 2024, including approximately 155m of secondary productive development. To date, the Company has invested approximately US$16 million in capital at Faina which has mainly been spent on infill diamond drilling, metallurgical test work, access development and studies. (TSX:JAG) (OTCQX:JAGGF) News Release
Trigon Metals publishes results from drilling on the new zone identified in the vicinity of Shaft #3 of the Kombat mine. These areas are outside the proven and probable mine reserves published in March 2024. Mineralization in these areas was initially detected in surface drilling in 2023 and some historic drill work dating back to when Goldfields operated the mine. Highlights included 3.32% Cu over 7m, 2.08% over 4m and 2.14% over 5m. (TSX-V: TM, OTCQB: PNTZF) News Release
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