Zijin Increases Stake in Serbia's Timok

Zijin makes another big move in the Timok Magmatic Complex in Serbia. News hit the wire last night. We’ll discuss this deal and more this morning. You are tuned into Mining Stock Daily. 

Welcome to Mining Stock Daily. 

Today is Monday, November 4th. 

This is Trevor Hall and I welcome you to today’s briefing. 

The price of gold, which was volatile on Friday in trading connected to the release of the non-farm payroll for October, mysteriously shot up $6 in the last hour of stock market activity. The Mining Stock Journal could not find any specific news or events that might have caused the move. The move boosted December Comex gold back above its 50 day moving average. Silver shot up in price along with gold. The Mining Stock Journal said that Comex gold futures open interest bloated up to 681 thousand contracts, by far the largest open interest in history and an eye-wateringly 8.1 times larger than the underlying physical gold reportedly sitting in Comex vaults. The mining stock newsletter noted that the open interest on the Comex reflects a legendary effort by the banking cartel to keep a lid on the price of gold. 

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Here’s what you need to know today out of the junior resource sector. 

Last night it was announced that China’s Zijin Mining will buy FreePort McMoran’s copper-gold assets in the Timok Complex in Serbia for up to $390 million. Under the deal, Zijin will pay Freeport an initial $240 million for its stake in the lower zone of the Timok copper-gold mine, plus 0.4% of the net sales proceeds once production begins, up to an aggregate maximum amount of $150 million. Earlier this year, Zijin completed the acquisition of Nevsun Resources and its assets in the region. After completion of this new deal, Zijin will own 100% interests in both the upper zone and the lower zone. The deal is expected to close no later than the end of February. 

McEwen Mining reported drill results this morning from Grey Fox, which is part of the Black Fox Comlex located in the Timmins gold district of Canada. According to the company, today’s drill results confirm the continuity of the main gold mineralization shoot at one of the four deposits which make up Grey Fox. Results included 10.9 g/t gold over 18.8 meters and 14.1 g/t gold over 8.4 meters. McEwen also updated shareholders on cost estimates for Black Fox and Gold Bar. McEwen says all-in sustaining cash costs at Black Fox are expected to be higher than their original guidance, now setting it at $1,326 per gold equivalent ounce for Q3. The company originally set the AISC at $1080 for the full year. Gold Bar AISC for Q3 will also rise up to $1,200 per ounce, up for the originally estimated $975 per ounce. McEwen Mining trades on the NYSE and the TSX with the symbol MUX. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/951-tsx/mux/69174-mcewen-mining-grey-fox-drilling-hits-10-9-g-t-au-over-18-8-m-and-14-1-g-t-au-over-8-4-m.html

Luminex Resource shared drilling results from the Camp Zone and on the Condor Project in southeast Ecuador. The company says it has drilled about 7,600 meters to date in 18 holes and is continuing step-out drilling on mineralized intercepts. Today’s results included 6.1 g/t gold and 36.3 g/t silver over 19.3 meters. These results took place 300 meters below previous drilling and indicates that mineralization continues to these depths. Luminex trades on the TSX Venture with the symbol LR and on the OTC markets in the US with LUMIF. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2638-tsx-venture/lr/69181-luminex-drilling-substantially-extends-depth-of-the-camp-zone-19-3-metres-of-6-1-g-t-gold-and-36-3-g-t-silver.html

Excelsior Mining entered into a $15 million credit facility with Nebari Natural Resources Credit Fund. The credit facility will function as back-up working capital if needed as Excelsior transitions into copper production at its Gunnison in-situ copper extraction mine in Arizona. The Company announded Friday that it will begin production as soon as it receives regulatory approval, which it expects in the next few weeks. The Company's shares trade under EXMGF in the U.S. and MIN on the TSX. https://www.juniorminingnetwork.com/junior-miner-news/press-releases/560-tsx/min/69143-excelsior-mining-secures-credit-facility.html

And that’s it for today on Mining Stock Daily. Please be sure to take a quick moment to subscribe to this podcast if you have not already. And while doing so, feel free to leave a review. I greatly appreciate your feedback. As we approach the end of the  year, I’ll be focusing on new ways to improve the show. So your feedback if very important to us. 

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