Summa Silver Drill Results from Mogollon
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday, March 3rd.
After gold ran up to US$1,952 per ounce and silver shot up to $25.52 per ounce overnight, the metals were subjected to the standard price management beat down ahead of and during Fed Chair Jay Powell's testimony before Congress on the Fed's monetary policy. But the metals staged a rally starting about three hours into Powell's testimony during the Q&A session when it became clear that the Fed intends to pull the reins in on any aggressiveness in hiking rates and cleaning up its balance sheet.
Gold closed down $16 from yesterday's afternoon Globex settlement price but that was more than $10 off its low of the day. Silver ended up settling just 7 cents lower than Tuesday's afternoon close.
The mining stocks also recovered from a morning sell-off and closed nearly flat from the day before. Some of the silver stocks felt particularly bouncy after getting hit hard early. The Mining Stock Journal said that, for the time being, the trading in the precious metals sector will be dictated by Ukraine and Fed policy news flow. For traders this means buying pullbacks and selling rallies. Speaking of pullbacks, today's new issue of the Mining Stock Journal will offer an opinion on the 13% drop in Vizsla Silver on Wednesday after it restated its resource estimate. You can learn more about this newsletter at InvestmentResearcyDynamics.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… Western Copper and Gold.
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
Summa Silver reported drill results form the Mogollon property in New Mexico this morning. Assays from All Holes Drilled to Date Reveal Multiple High-Grade Silver and Gold Zones with Two Holes Pending and 34 Km of Strike Potential Identified. Results reported today included 11.6 m at 450 g/t silver equivalent including 0.9 m at 1,940 g/t silver equivalent in hole MOG22-04 and 13.6 m at 220 g/t silver equivalent and 4.2 m at 326 g/t silver equivalent plus additional zones in hole MOG21-01. Assay results from holes MOG22-05 and MOG22-06 remain pending. Both holes intersected significant zones of quartz-carbonate veins, stockworks, and breccias commonly featuring visible silver sulfide minerals. This is a strong indication that the core is mineralized. The newly drilled mineralized zone remains open to expansion in all directions. The Company anticipates that a minimum of 25,000 m of drilling at Consolidated in 50 holes is necessary for a spacing of approximately 50 m between holes covering an area of approximately 500 x 300 m in order to publish its first resource estimate. Summa Silver trades on the TSX V with SSVR and on the OTCQB wit SSVRF. News Release
London-based private equity firm Appian Capital Advisory is seeking US$1.2 billion from South Africa’s Sibanye-Stillwater following the latter’s termination of the acquisition of nickel and copper mines in Brazil. Sibanye had agreed to buy the Santa Rita nickel and Serrote copper mines in Brazil but terminated the transaction in late January after Appian informed it of a geotechnical event at Santa Rita. Sibanye had agreed to pay $1 billion in cash and $218 million via a royalty. Appian claims Sibanye’s failure to close on it “unlawful”. Sibanye rejected the compensation claim and said Appian’s claims are superficial and intended to taint the company’s its image ahead of the 2021 annual results announcement. Appian called this rebuttal false, damaging and defamatory.
Sayona Mining said it doubled the resource for the North American Lithium and Authier projects in Quebec, Canada as it released a resource update totaling 119.1 million metric tonnes grading 1.05% Li2O. The estimate includes a measured and indicated resource of 73.7Mt grading 1.05% Li2O. This makes it the largest spodumene resource in Canada. Piedmont Lithium owns a 25% interest in the projects via an equity stake in subsidiary Sayona Quebec as well as a 17% equity interest in Sayona Mining. Sayona Mining trades on the ASX under SYA. Piedmont Lithium trades on the ASX and NASDAQ under PLL. News release
Golden Minerals reported results from the final seven holes of a 21-hole drill program for 3,949m at the Yoquivo gold-silver project in Chihuahua, Mexico with highlights including 2.6m grading 7.14 grams per tonne gold and 2,058g/t silver. Drilling explored the Pertenencia, Esperanza and Dolar vein systems and followed-up on the high-grade zones intersected by the 2020 drill program. The company said drilling has extended the Pertenencia vein system by about 700m to the north and more than 100m to the south, and discovered a new mineralized structure called the Huga vein. The company has recently submitted an application for a 50-hole, 10,000m drill program to continue to drill Yoquivo, with the aim of fully exploring the four major vein systems on the property. It also recovered drill core from a 2007 program completed by West Timmins Mining in which 2,471m in eight holes were drilled. Golden Minerals’ geologists are currently relogging and resampling the drill core. Golden Minerals trades on the TSX and NYSE American under AUMN. News release
Brixton Metals announced it has received the second payment in the amount of USD$500,000 for the Hog Heaven Project which is currently being operated under a definitive earn-in JV Agreement with Ivanhoe Electric. Ivanhoe Electric holds the option to acquire up to 75% interest through a USD$44.5 million spend. Hog Heaven is an advanced stage high sulphidation epithermal copper-silver-gold project with porphyry potential and historical production located in the state of Montana, USA. Brixton trades on the TSX Venture with BBB.
That concludes today’s morning briefing.
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