Western Copper & Gold Begins Drilling at Casino; Lahontan Returns 226m of 1.22 g/t Au
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday, June 6th.
Gold and silver ended last week with the customary non-farm payroll Friday price ambush that took gold back down to $1850 and silver back under $22 to $21.90. The Mining Stock Journal said that, despite this, gold remains in a bullish uptrend that began in October 2021. For now, $1850 looks to be the new level of support. Silver meanwhile continues to struggle at the $22 price level. The Mining Stock Journal said, however, that per the latest Commitment of Traders report through last Tuesday, the big banks increased their rare net long position in paper silver while the hedge funds further reduced their net long position. The newsletter added that historically it has proved to be quite bullish when the banks go long Comex silver contracts, though not necessarily an indicator of when the next move higher will commence. GDX was walloped for 2.37% on Friday, though this was tied as much to the sharp sell-off in the overall stock market as much as it was to the sell-off in gold and silver. GDX has been banging its head on the 200 dma, which was $32.94 as of Friday. GDX closed just below this key moving average after popping above it on Thursday. The Mining Stock Stock Journal said it is still confident that a big move in the precious metals sector is percolating. There could be upside fireworks when silver finally punches through and holds $22 and GDX gets back over its 200 dma.
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
Arizona Sonoran Copper Company is a lower-risk copper developer with a significant exploration potential on private land just south of Phoenix, in an infrastructure rich area of Arizona. The Cactus Project PEA illustrates an 18 year mine life, generating US$1 Billion post-tax free cash flow. It is a scalable, low capital intensity project with strong leverage to the copper price. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise. Read more about the company at arizonasonoran.com.
And here’s what you need to know this morning….
Western Copper and Gold says their 2022 exploration and drilling program has begun on the Casino copper-gold project in Yukon. The Program was developed in collaboration with Rio Tinto. The key exploration target for the Program will be a deep magnetotelluric ("MT") low-resistivity anomaly initially identified in 2009 by a Titan IP-MT survey, and better defined by data reprocessing in 2018. The anomaly trends NE-SW, is approximately 1,300 m long and 500 m wide, and is expected to be encountered at approximately 800 m depth. The Program will also include roughly 1,500 m of geotechnical and hydrological drilling designed by Knight-Piesold Consulting. This will target the ground conditions of the proposed tailings management facility, proposed heap leaching and milling facilities and the new airstrip. In addition, several test pits are planned for the proposed heap-leach area. Western Copper and Gold trades on the TSX and the NYSE American with WRN. News Release
HighGold reported more assay results from its winter drill program at the Numro-Croesus project in the Timmins gold camp in Ontario. The Company completed an additional five drill holes on the new Argus Zone on the western side of the Project, 3 kilometers from the historic Croesus Mine, and continued to successfully intersect wide intervals of gold mineralization. Results included 52.3 meters at 0.48 g/t Au, 68.0 meters at 0.40 g/t, and 48.6 meters at 0.62 g/t. Assay results have now been reported for 14 drill holes with results for 19 drill holes currently pending. HighGold trades on the TSX V with HIGH and on the OTCQX with NGGOF. News Release
Mantaro Precious Metals says the Peruvian Ministry of Energy and Mines has approved the environmental application for the exploration of the Santas Gloria Silver Property. The FTA is one of the final steps before receiving a permit to drill Santas Gloria. Mantaro can now apply for final permits for drilling activities. There are over 12 strike km of untested veins at Santas Gloria. Channel sampling of sulphide material in historical adits returned robust assays of up to >10,000 g/t Ag, 56.3 g/t Au, 10.3 % Pb and 9.07 % Zn. Mantaro trades on the TSX Venture with MNTR and on the OTCQB with MSLVF. News Release
Lahontan Gold released drill results from four additional core drill holes exploring the Santa Fe pit area of the Company's 19 km2 Santa Fe Project in Nevada's Walker Lane. These drill holes targeted down-dip step outs from known gold and silver mineralization along the Santa Fe fault, extensions of oxide and transition mineralization southeast of the Santa Fe pit, and an easterly trending structure that may tie Slab pit mineralization to the Santa Fe pit area. Results included 226 meters of continuous gold and silver mineralization at 1.22 g/t gold and the hole bottomed in mineralized rock. Within this intercept, Lahontan has discovered a new high-grade zone of 27 g/t gold equivalent at 245 meters depth. This zone is separate from the BH Zone and suggests that multiple high-grade feeder zones are present at the Santa Fe Project. Lahontan Gold trades on the TSX V with LG. News Release
Vox Royalty has executed a binding royalty sale and purchase agreement dated June 3, 2022 with an individual prospector residing in Canada to acquire rights to three Canadian gold royalties for total consideration of up to C$1,800,000. The royalties include a 1.0% Net Smelter Returns royalty over part of the Goldlund Project in Ontario operated by Treasury Metals, an effective 0.6% NSR royalty over the Beschefer Project in Quebec operated by Goldseek Resources under option from Wallbridge Mining Company Limited, and all personal rights held to a 1.5% NSR royalty over the Gold River deposit in Ontario, which is a satellite deposit to the Timmins West mine operated by Pan American Silver Corp. Vox Royalty trades on the TSX Ventue with VOX and on the OTCQX with VOXCF. News Release
That concludes today’s morning briefing.
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