Morning Briefing: Western Alaska Minerals Increase Offering to $7M, Filo Corp Assay Results
Welcome to Mining Stock Daily. I’m Kylie Williams.
Today is Tuesday April 23nd.
Starting Sunday evening, the gold price was pushed lower with very few relief bounces in what looked to be a systematic, robotic fashion. The price gapped down when the Globex system trading resumed Sunday evening. From start to finish from then until the afternoon Globex pause, gold shed $65, settling at $2343 in the afternoon. Silver followed in gold's footsteps, only the sell-off was more severe on a percentage basis. From the Sunday start to the Monday afternoon finish, silver was hammered for $1.52, May contract basis. The Mining Stock Journal commented that, while the unenlightened mainstream media commentators attributed the sell-off to a perceived reduction of hostilities in the Middle East, the real reason for the price smash is a technically overbought condition in the precious metals sector along with momentum-based funds robotically selling their positions back to the banks who shorted the contracts into these funds. The newsletter added that this could be a sharp, nasty pullback that sets up the next move higher. The mining stocks were pummeled in response to the price-action in the metals. GDX had 4.5% removed from its market value
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… Arizona Sonoran Copper Company.
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And here’s what you need to know this morning….
Western Alaska Minerals announced they have increased the size of the Company's previously announced brokered offering from up to $5 million to up to $7 million. Citing significant demand, the Company makes the announcement with Roth Canada, as co-lead agent and sole bookrunner, Canaccord Genuity Corp., as co-lead agent with Roth, and Agentis Capital Markets Limited Partnership, as agent, on their own behalf and on behalf of a syndicate of agents. Under the upsized offering, the Agents have agreed to sell, on a commercially reasonable efforts basis, just over 10 million units of the Company at a price of $0.65 per Unit, for aggregate gross proceeds of up to $7 million. Western Alaska trade on the (TSXV:WAM) News Release
Filo Corp. announced assay results yesterday from eight holes from the Filo del Sol Project. Commenting on the release, Filo President, and CEO Jamie Beck, stated that quote these initial results from our widely-spaced summer exploration holes we continue to see Filo grow as we search for the limits of the deposit. The holes in this release span a continuously mineralized distance of 4.8km from hole 102 in the southern Tamberias Zone through to hole 108 which remarkably has extended the Bonita Zone another 400m to the north end quote. Highlights include drillhole FSDH103 which intersected 1,260.0m at 0.86% CuEq from 296.0m in the Aurora Zone, including: 34.0m at 5.19% CuEq from 302.0m and 514.0m at 1.04% CuEq from 534.0m. Drillhole FSDH108 intersected 955.2m at 0.50% CuEq from 216.8m, including: 624.0m at 0.63% CuEq from 382.0m. Filo trade (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) News Release
Probe Gold announced the final set of results from the 2023 Monique drill program on its 100%-owned Novador property near Val-d’Or, Quebec. The results from twenty-eight (28) drill holes, totaling 10,239 metres, revealed significant high-grade mineralized intersections under and inside the modeled Monique gold zones from surface to a depth of 450 metres. The new results show impressive gold grades and thicknesses, continuing to demonstrate strong continuity and growth of gold mineralization at the Monique deposit. Probe Gold trade (TSX: PRB) (OTCQB: PROBF) News Release
Summa Silver provides assay results from its final two drill holes completed during the winter drill program at the high-grade silver-gold Mogollon Project, in New Mexico. Key Highlights include Strong mineralization intersected 200 m below the Eberle Mine, including 1,133 g/t silver equivalent* (693 g/t Ag, 8.8 g/t Au) over 1.65 m from 482.5 m down hole (170 m vertical depth) in hole MOG23-21.This intersection is from a previously undrilled splay of the Queen Vein and opens new exploration potential into areas east of the main strand of vein. Summa Silver trade (TSXV: SSVR) (OTCQX: SSVRF) (FSE: 48X) News Release
And finally,
Freegold Ventures announced the commencement of drilling at Golden Summit with two diamond drill rigs focused on identifying zones of higher grade gold mineralization. Mineralization identified in the 2020 - 2023 drill programs demonstrates that the higher-grade mineralization dips moderately south towards the Dolphin intrusive and is bounded toward the north by significant faulting. Mineralization is deeper toward the south. Freegold trade (TSX: FVL) (OCTQX: FGOVF) News Release
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