Morning Briefing: Zijin Invests $130M into Solaris
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, January 11th.
Wednesday gold spiked up in the last hour of Asian physical market trading from $2029 to as high as $2046, with that high-tick price interestingly occurring at the start of the London a.m. fix. But once the fix was over, gold sold down steadily, bottoming at $2022 before rallying a bit to close the afternoon Globex session at $2029. Silver started its early morning Asian market rally an hour earlier than gold, after testing the $23 level. It spiked up to $23.29 at the a.m. London price fix and sold down to just below $23 before rallying to settle in the afternoon at $23.08. The Mining Stock Journal noted that, for now, gold and silver are holding $2000 and $23 respectively, which is positive. In addition, both gold and silver continue to become more technically oversold while sentiment is in the gutter. The mining stocks were slammed early in the NYSE trading session but managed to rally enough to close only marginally down on the day. Speaking of mining stocks, a new issue of the Mining Stock Journal will be released this afternoon and will feature brief reviews of AbraSilver, Dolly Varden and West Red Lake Gold as well as updates on some of the newsletter's portfolio stocks.
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….
Solaris Resources has entered into a subscription agreement for a $130 million private placement of common shares by an affiliate of Zijin Mining. The Company will issue to an affiliate of Zijin an aggregate of 28,481,289 Common Shares at a subscription price of $4.55 per Common Share, representing a 14% premium to yesterday’s closing price of the Common Shares on the Toronto Stock Exchange. Zijin will own about 15% of the company after this deal is done. (TSX: SLS; OTCQB: SLSSF) News Release
American Pacific Mining published their third and final batch of assay results from last year’s resource definition and geotechnical drill programs at the Palmer Project. These included four of the most significant copper drill intersections reported to-date at the project. Results included 43.8m of 8.22% CuEq, 37.1m of 8.4% CuEq33.2m of 8.95% CuEq and 23.9m of 11.15% CuEq. The drilling has extended the minerliazed envelop beyond the current resource while interpretations of the data have highlighted several priority targets to follow up on this year. (CSE: USGD / OTCQX: USGDF) News Release
Thesis Gold reported the remaining assay results from its 2023 drill campaign of the Lawyers Project. Results today included 6m of 9.16 g/t AuEq, 7.22 m of 8.09 g/t AuEq and 128m of 2.49 g/t AuEq. These results will be included in an updated mineral resource estimate planned for Q2 of this year along with a preliminary economic assessment of the project in Q3. (TSXV: TAU) (OTCQX: THSGF) News Release
Cabral Gold announced drill results from eight RC holes this morning from the CEntral gold deposit located within the Cuiú Cuiú gold district in northern Brazil. Results included 10m @ 10.5 g/t gold and 23m @ 0.9 g/t gold. Drill results are pending on 13 RC holes from the Central deposit, and nine shallow power-auger holes testing the MG deposit and 21 RC holes from the Machichie target. (TSXV: CBR) (OTC Pink: CBGZF) News Release
Red Pine Exploration reported new assay results from its ongoing exploration program. These recent results demonstrate the potential for gold in in both the hanging wall of the Surluga Resource and within existing “gaps” of no drilling in the 2019 resource. The company drilled 7.85 g/t gold over 13.44m, and included a 2m interval of 13.29 g/t in hole 470, in the Minto B Shear. This represents the best drill intersection so far in the Minto B Shear. Drilling in the resource gaps returned 3.35 g/t over 7m while confirmation of historical drilling returned 6.63 g/t over 11.6m. The company says the discovery of new zones of mineralization and extensional vein networks suggests that a revision of the resource estimates are warranted. (TSXV: RPX, OTCQB: RDEXF) News Release
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