New Assay Results from Clean Air Metals

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

Today is Wednesday, January 5th. 

After the Monday price ambush, gold bounced off its 200 dma just below US$1,800 per ounce and shot nearly straight up to $1,818 before settling at $1,814, up $14 from Monday. The Mining Stock Journal said it was an impressive move given that the overnight data from India showed that the Indians were not big buyers on Tuesday. It added that it was hard-pressed to find any news or event catalysts that might have triggered the move other than a bit of weakness in the dollar.

Silver followed gold higher, running from as low as $22.65 per ounce up to $23.15 and settling back at $23.08. For now the 50 day moving average seems to be a point of resistance for silver. The newsletter said that if silver can climb back over the 50 dma and hold, it would likely trigger a quick move up and over the 200 dma at $24.80. 

The mining stocks are still responding lethargically to big moves higher in the metals. While the Amex Gold Bugs Index was up over 1.5% at one point Tuesday, it closed trading up just half a percent. That said, the Mining Stock Journal is growing more confident that the precious metals sector is coiling for big a move soon.

This episode of Mining Stock Daily is brought to you by… Integra Resources. 

Integra Resources is advancing the past-producing DeLamar Project in southwestern Idaho. The Company has continued to demonstrate resource growth and conversion through greenfield and brownfield exploration and plans on delivering a pre-feasibility study in Q4 2021 to further de-risk and advance the project towards permitting. Integra Resources trades on the TSX-V under ITR and the NYSE American under ITRG.

And here’s what you need to know this morning….

Clean Air Metals announced new assay results from the 2021 drill campaign from the Escape and Current polymetallic PGM-Cu-Ni deposits at its Thunder Bay North project near Thunder Bay in Ontario, Canada. Highlights from the Escape South high-grade zone included 46m grading 3.03 grams per tonne platinum, 3.94g/t palladium, 1.33% copper and 0.51% nickel for 19.6g/t platinum equivalent. The Escape deposit received 37,000m of expansion drilling in 2021, which is expected to add to the January 2021 indicated resource of 849,481 ounces platinum equivalent. The Current deposit 2.5km to the east has an indicated resource of 2.2Moz platinum equivalent. Drilling is set to resume on January 6 with up to 16,000m planned to follow up on geophysical anomalies. Clean Air reported a preliminary economic assessment at the end of 2021 which outlined a 10-year mine life based to produce 2.9Moz of platinum equivalent. Clean Air Metals trades on the TSXV under AIR and on the OTCQB under CLRMF. News release

Arizona Sonoran Copper Company completed the rezoning of a 2,159-acre parcel of land newly for manufacturing/industrial use including the Lky, Arcus and Merrill properties in Arizona, USA. With the new amendment, its entire 4,698-acre private land package is fully-zoned for industrial purposes which is sufficient to accommodate the infrastructure envisioned within its 18-year life of mine operating plan for its Cactus Mine. The company is exploring a 4km porphyry copper mine trend. Arizona Sonoran Copper Company trades on the TSX under ASCU. News release

Sun Summit Minerals has reported initial drill results from the fall 2021 exploration programme on its Buck property in central British Columbia, Canada with eight of 32 completed holes reported. The company said multiple intervals of high-grade, vein-hosted gold mineralisation were intersected in numerous holes with highlights of 3m grading 11.65 grams per tonne gold equivalent including 1m grading 31.79g/t. The high-grade intervals were within broader zones of near-surface disseminated mineralisation. The company said the results “provide significant encouragement to support an aggressive 2022 drilling campaign.” Sun Summit Minerals trades on the TSXV under SMN and on the OTCQB under SMREF. News release

RTG Mining said that Secretary Roy Cimatu of the Department of Environment and Natural Resources of the Philippines signed administrative order 2021-40 on 23 December to lift a four-year ban on open-pit of mining for copper, gold, silver, and complex ores in the country to revitalize the mining industry and usher in significant economic benefits to the country by providing raw materials for the construction and development of other industries and by increasing employment opportunities in rural areas. The order sets strict conditions and requirements for companies looking to use the open-pit method to ensure mining is undertaken to world's best practices. This will benefit RTG’s Mabilo gold/copper magnetite skarn deposit. RTG Mining trades on the TSX and ASX under RTG. News release

Baroyeca Gold & Silver announced further assay results from phase one drilling at its Atocha silver project in Tolima, Colombia with a highlight of 40cm grading of 772.45 grams per tonne silver equivalent. Drilling cut the lower downdip projection of the San Antonio vein and a shallow parallel vein. The company said drilling has confirmed the presence of multiple parallel vein sets and it is progressing to establish the geometry of the shear corridor which hosts the veins. Drilling is systematically moving along the vein area toward the southwest where the vein splays into a wider zone. Baroyeca Gold & Silver trades on the TSXV under BGS. News release

Meridian Mining says it received notification that it placed the winning bids on three Cabaçal exploration licences via the land release auction process of the National Mining Agency in Brazil. This secures a strategic extension to the company's landbank, covering both historical BP targets, and newly defined anomalies from a satellite alteration mapping exercise commissioned by the company. Subject to final approval and authorization by the ANM, the licences will be integrated into Meridian’s regional exploration program. The immediate near-term drilling focus will continue to be in the near-mine areas hosting the Cabaçal and Santa Helena deposits. Meridian Mining trades on the TSX Venture with MNO and on the OTCQB with MRRDF. News Release

That concludes today’s morning briefing.

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