Morning Briefing: Western Alaska Minerals Defines New Targets; Gold79 Drills 85.3m of 6.23 g/t Au

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Tuesday February 28th.

Monday the gold price rose steadily starting at midnight NY time, rising from $1814 per ounce to as high at $1827 before pulling back to settle at $1824. The Mining Stock Journal said that stock market exuberance as well as a material drop in the dollar were the catalysts that pushed gold higher. Oddly, silver bounced around overnight between $20.70 and $20.90 per ounce before getting slammed lower right after the London p.m. price fix. Poor man's gold settled at $20.74. The Mining Stock Journal conjectures, based on the amount of silver contracts still outstanding going into the day before first notice date for March silver, that the downward pressure exerted on silver in the paper derivatives markets was intended to encourage March longs to sell or roll into May before delivery notices begin to be issued Monday evening. If just 2,000 March silver contracts stand for delivery, it will remove nearly 33% of the registered silver in Comex vaults.

 The mining stocks ignored the silver price-action and followed gold and the general stock market higher. The GDX rose nearly 0.8% Monday while many individual mining stocks were up 1-2%. The Mining Stock Journal noted that, per the Hulbert Gold Newsletter Sentiment index, the odds of a big rally in the sector is fairly high.

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…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….

Bravo Mining received and published assay results from 17 diamond drill holes from the Central Sector at its Luanga palladium-platinum-rhodium-gold and nickel project in the state of Para in Brazil. The company says drilling continues to show increasing mineralized grades and thicknesses at depth, while also showing increasing magmatic nickel (± copper) sulphide content, both at depth and/or near the basal ultramafic rocks. Twin hole DDH22LU043, returned nine consecutive rhodium samples grading >1.0g/t Rh, which, according to the company, compares well with historic results, intercepting the highest grade mineralized interval known to exist at Luanga and including an exceptional rhodium intercept of 8.5m at 6.48g/t Rh. Twin hole DDH22LU083 repeated what it is likely the thickest high-grade mineralized intersection encountered to date at Luanga, with 93.0m at 3.17g/t PGM+Au. Bravo Mining trades on the TSXV with BRVO and on the OTCQX with BRVMF. News Release

Minto Metals reported its progress from its 2022 exploration drilling program at the Minto Mine in Yukon, including a few results. The company says Drill hole 22-SDME-007 cut 5.53% Copper ("Cu"), 1.85 grams per tonne ("g/t") Gold ("Au"), 20.37 g/t Silver ("Ag") over 8.66 metres ("m") in exploration drilling to depth below the current Minto East orebodies. This result and additional drill  results represent a new mineralized lens below the Minto East orebodies. Other results included 2.28% Cu, 1.22 g/t Au, 10.89 g/t Ag over 8.41 m. At December 31, 2022 Minto had completed 53 holes for 28,438 metres. Minto Metals trades on the TSXV with MNTO. News Release

EV Nickel announced a maiden mineral resource estimate for the A Zone, which is part of its Shaw Dome Project. The zone hosts a resource totally 1B tonnes averaging .24% Ni and .0107 ppm Cobalt. The company noted that the A Zon represents just 20% of the full 10 km-long Area trend. EV Nickel trades on the TSXV with EVNI. News Release

Gold79 Mines says they have discovered a new high-grade gold zone at the Tyro target, which is part of the Gold Chain project in Mojave County, Arizona. Hole 28 returned 85.3m of 6.23 g/t Au and included a new zone of of 9.1m at 51.09 g/t Au. The drill program consisted of 12 reverse circulation (RC) drill holes totaling 956 metres (m) testing the Tyro, Sheep Trail and Boulevard mine targets with about 50 percent of the drilling focused on the Tyro vein system. Gold79 trades on the TSXV with AUU and on the OTCQB with AUSVF. News Release

Thesis Gold announced assay results from the Bonanza-Ridge Zone at the Ranch Gold Project in British Columbia's Toodoggone mining district. Highlights included 7m grading 11.69g/t gold and 5.32g/t silver for a 11.76g/t AuEq in hole 46. The company said this is the most southerly hole drilled at the Ridge zone and deepest on that section, demonstrating downdip continuity across numerous drill holes. It said the persistently favorable outcomes demonstrate the immense potential for the resource and highlight the significance of this rapidly expanding area, which will remain a principal area of focus for our upcoming 2023 drill program. Thesis Gold (TSXV: TAU) (OTCQX: THSGF) news release

Western Alaska Minerals shared their updated interpretations of geological, geochemical, and geophysical surveys, which combined, indicate multiple high-potential carbonate replacement deposit (“CRD”) and porphyry copper-gold drill targets on the Illinois Creek property in Alaska. At the East Block the company says geophysics and soil geochemistry reveal several robust overlapping anomalies that coincide closely with the high-grade silver-lead-zinc CRD mineralization discovered in 2022. In the West Block, several new targets have been developed, including an approximately 4 x 2km target dubbed the “Warm Springs” CRD target. The Company is having additional drilling rigs built for fast-track testing of the numerous targets emerging from the updated exploration model. Western Alaska Minerals trades on the TSXV with WAM. News Release

The Mining Stock Daily morning briefing is produced by Clear Commodity Network and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network. 

The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.