Morning Briefing: Western Copper and Gold Launch a New Drilling Campaign
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday August 23rd.
Tuesday the trading pattern of gold and silver held true to form, as gold rallied overnight to as high as $1933 per ounce and silver ran up to $23.51 per ounce. But as soon as the Comex opened the apple cart tipped over, taking gold down to $1918, which was below the Monday afternoon settlement, and silver down to $23.25, also below the Monday afternoon price settlement. However both metals shot higher just as suddenly as they dropped. Gold rallied to settle at $1926, up $3 from Monday and silver bounced to settle at $23.47, up 11 cents from Monday. The Mining Stock Journal noted that the both metals from a trading standpoint are exhibiting the signs of an eventual big move higher.
It added that, for certain, the fundamentals support a massively higher revaluation. The mining stocks opened lower to start trading but staged a small rally in response to the bounce in gold and silver. The GDX closed almost 1% higher. The Mining Stock Journal added that the silver producer stocks look particularly undervalued currently. The newsletter will be discussing this in its next issue to be released Thursday afternoon. Learn more about the newsletter at InvestmentResearchDynamics.com
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….
Western Copper and Gold announced its 2023 drilling program at its Casino Copper-Gold Project in Yukon, developed by its Technical and Sustainability Committee, comprised of members from Western, Rio Tinto and Mitsubishi Materials. This includes 2,200m of diamond drilling in seven drill holes inside the current pit boundaries to upgrade some Indicated Resource to Measured Resource. Core from this drilling will be used for a metallurgical program to develop a more detailed geometallurgical model of the deposit, with a focus on an updated recovery and concentrate model. 800m of geotechnical and hydrogeological drilling will target the ground conditions of the proposed open pit, stockpiles, tailings management facility, heap leaching facility, new airstrip, and the proposed Ranney well site. Western also said that Yukon Premier Pillai and the Federal Minister of Innovation, Science and Industry Francois-Philippe Champagne toured Casino earlier this month while discussing infrastructure development to support Yukon’s economic growth. Western Copper and Gold (TSX: WRN; NYSE American: WRN) News release
GoGold Resources announced additional drilling results from Main Area at Los Ricos South in Jalisco, Mexico, including a high-grade intercept from hole 316 of 27.3m of 491 g/t silver equivalent, including 7.6m of 1,670 g/t AgEq which included 90cm at 8,115 g/t AgEq. The company said it believes todays results will be quite impactful on its upcoming resource and PEA update expected within the next few weeks. The Main area drilling was to better define the very high-grade portions of the deposit that may be amenable to bulk underground mining. GoGold Resources (TSX: GGD) (OTCQX: GLGDF) news release
SPC Nickel announced assay results at the West Graham Project, located in the Nickel-Copper mining district of Sudbury, Ontario. SPC Nickel reported the first 13 holes of 30 from the ongoing Phase 2 drill program this morning. The highlight intercept was from Hole WG-23-047 which intersected a section of 1.27% Ni, 0.47% Cu over 18.00 metres from 245.00 to 263.00 metres depth within a wider zone of nickel and copper mineralization grading 0.70% Ni, 0.32% Cu over 50.00 metres. A total of 12,086 metres in 57 holes have so far been completed on the West Graham Project since drilling commenced in early March. (TSXV: SPC) News Release
Aurion Resources signed an option agreement with Kinross Gold granting Kinross the right to earn up to a 70% interest in the 42.74 km2, Launi East Property adjacent to Aurion’s Risti Property by incurring a minimum of USD$10M in exploration expenditures in seven years. Kinross has agreed to incur a minimum of USD$2M in exploration expenditures within the first two years. Should Aurion's interest be diluted down to 10% or less, it will be converted to a 2% NSR. Kinross may purchase one-half of this to reduce the NSR to 1% for USD$2M. Kinross also terminated the Silaskaira option agreement. Aurion Resources (TSXV: AU) (OTCQX: AIRRF) Kinross Gold (TSX: K, NYSE: KGC); news release
Pan Global Resources reported assay results for 15 drill holes at the La Romana discovery at its Escacena Project in the Iberian Pyrite Belt in southern Spain. La Romana represents a coherent zone of moderately northward-dipping copper-tin-silver mineralization, currently delineated over 1.2km along strike and from surface to 400m down-dip. Drilling confirmed continuity of the higher-grade tin mineralization in the west and added high grade copper in the northeast. Highlights included 5.6m at 1.2% Cu, 3.3g/t Ag in hole 158, 23m at 0.4% Cu, 0.12% Sn, 2g/t Ag in hole 154. A planned 25-hole drill program aims to expand and test the western extensions to the near-surface mineralization at the Romana West target. Pan Global Resources (TSXV: PGZ) (OTCQX: PGZFF) news release
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