Morning Briefing: Ascot Resources Commence Ore Processing at Premier Gold, NW BC
Welcome to Mining Stock Daily. I’m Kylie Williams, filling in for Trevor Hall who is in Zurich at the Gold Forum Europe this week.
Today is Monday April 8th.
The price of gold last week jumped $105, closing the week at $2345 as the yellow dog relentlessly trades higher, likely signaling bad events unfolding not yet publicly visible. Silver jumped $2.60 or 10.4%, closing the week at $27.50 as it pushes toward $30. Making the move in the metals more remarkable is the way they snapped back after an aggressive effort to push them lower on the Comex when the non-farm payroll report hit the tape. Usually gold and silver get bludgeoned on Fridays, particularly non-farm payroll report Fridays. The mining stocks generically rose 7% per GDX. But the rally is primarily confined to most profitable mid-cap and large-cap stocks. The Mining Stock Journal commented that it can't recall a time in 23 years of studying, researching and trading the precious metals sector that the prices of gold and silver have been this resilient to price control efforts after a sharp move higher that leaves gold and silver technically vulnerable to a price ambush on the Comex.
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….
Ascot Resources announced today the commencement of ore processing at the Premier Gold Project located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. Rock was introduced into the grinding circuit of the mill on March 31, 2024. As is customary for processing plant start-ups, waste rock was initially introduced into the grinding circuit in order to pad the semi-autogenous grinding or (“SAG”) and Ball mill liners with barren material. Once that commissioning step was completed, the grinding system was re-torqued and gold-bearing ore was introduced into the mill on April 5, 2024. Derek White, President and CEO, commented that, “Most project construction activities are substantially completed, and commissioning activities are ongoing throughout the processing plant with the aim of pouring first gold this month.” Ascot Resources trade (TSX: AOT; OTCQX: AOTVF) News Release
Pan American Silver released results from the ongoing infill and geotechnical drill program at its La Colorada Skarn project in Zac-a-tec-as, Mexico. Eight new drill holes totaling 8,101 metres returned additional wide intercepts from the 902 mineralized zone of the western part of the La Colorada Skarn. Drill hole U-121-22 returned the highest-grade interval to date with 22.50 metres at 1,435 g/t Ag, 31.93% Pb and 20.49% Zn. Pan American trade (NYSE: PAAS) (TSX: PAAS) News Release
Endurance Gold announced plans to mobilize crews in early May to initiate its 2024 exploration field program at the Reliance Gold Property in southern British Columbia. The road accessible 5,444 hectare Property is located 4 kilometres east of the village of Gold Bridge, and 10 km north of the historic Bralorne-Pioneer Gold Mining Camp which has produced over 4 million ounces of gold. The proposed 2024 program - comprising up to 10,000 metres of diamond drilling on the fully-permitted Royal Shear trend - is designed to expand the gold zones discovered within that structure at depth and along strike. Endurance Gold trade (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) News Release
There may be some additional news out companies operating in southern BC this week as the KEG conference and trade show hosted by the Kamloops Exploration Group kicks off tomorrow in Kamloops. Visit keg.bc.ca for more information.
Patriot Battery Metals announced the remaining core assay results for drill holes completed in September to November 2023 at the CV13 and CV9 spodumene pegmatites. The Corvette Property, wholly owned by the Company, is located in the Ee-you Ist-chee James Bay region of Quebec. The remaining 20 drill holes completed in 2023 at the CV13 Spodumene Pegmatite are reported today. These holes primarily target the near-surface and downdip extension of the principal pegmatite body along its western and eastern limbs. Results are highlighted by drill hole CV23-311 which returned 28.7 m at 1.49% Li2O (lithium oxide), including 20.4 m at 2.03% Li2O, and represents a newly discovered zone at shallow depth (~135 m vertical depth from surface). This is the widest mineralized drill intercept reported to date from CV13. Patriot trade (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) News Release
Inflection Resources provided results of the various geophysical surveys completed on the Duck Creek project in New South Wales, Australia. All surveys were conducted as part of a multi-year Exploration Agreement with AngloGold Ashanti announced on June 14, 2023. The next phase of Duck Creek drill holes have been defined by combining data from the ANT, magnetic and gravity surveys with drill hole sample geochemistry and alteration identified in Inflection drill core. Inflection trade (CSE: AUCU / OTCQB: AUCUF / FSE: 5VJ) News Release
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