Morning Briefing: Aurion Resources Reports a New Greenfield Discovery within the JV Area
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday March 19th.
Monday gold started rising shortly after midnight New York time, running from $2,150 to as high as $2,167. This tells us that demand for physical bars in the eastern hemisphere, particularly Asia, is running strong. Of course, once the Comex opened an effort was made to push the price lower. This attempt failed and gold settled the afternoon Globex session at $2,164, up $5 from Friday. Silver followed a similar though more volatile price path. It rose from $25.13 to $25.53 before the price management team on the Comex knocked it back down to $25.19 and it settled at $25.24, down 16 cents from Friday.
The Mining Stock Journal noted that silver deliveries on the Comex have been running at record levels over the past 20 days. The newsletter said that it is of interest but only if that silver is removed from the Comex vault system. That said, there has been a relatively high amount leaving the Comex over the past few days. The mining stocks were red yesterday, with GDX down 0.5% and the Arca Gold Bugs index down nearly 1%.
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… Victoria Gold.
Victoria Gold operates the Eagle Gold Mine within the Dublin Gulch Property. Eagle is the largest gold mine in Yukon's long history of gold production. In addition to the long-life Eagle Gold Mine, the Dublin Gulch property has upsized exploration potential including priority targets Raven and Lynx among others. Follow all the gold production and exploration news at vgcx.com.
And here’s what you need to know this morning….
Arizona Sonoran Copper says drilling at MainSprings at its Cactus Project confirmed near surface mineralization up-dip form Parks/Salyer. The lower grade and near surface MainSpring mineralization is currently being drill tested as a potential starter open pit within a pending Preliminary Economic Assessment ("PEA”), which will be inclusive of a maiden MainSpring inferred resource and the application of the Nuton technologies to the primary sulphides using the same PFS assumptions. Drill results reported today included 269m of .44% Cu, 78m of .51% Cu and 112m of .31% Cu. A total of 5,380 m of drilling or 16 holes are reported, with 10 holes pending. (TSX:ASCU | OTCQX:ASCUF) News Release
Meridian Mining reported results from new metallurgical trials using a more selective reagent for copper sulphides. Preliminary results using Solvent 3418A achieved higher recoveries of copper than the ~92.4% achieved by the reagent PAX used in the 2023 PEA. Solvent 3418A is a common Cu reagent, engineered to also be an efficient collector of gold and silver, which may lead to possible increases in their recoveries. Work is ongoing to verify the promising initial copper recoveries observed for future economic studies. The company also reported new drill results as part of its pre-feasibility study and resource conversion drilling program at Cabaçal. Those results today included 16.8m @ 1.2g/t AuEq and 10.0m @ 1.1g/t AuEq. (TSX:MNO) (OTCQX:MRRDF) News Release
Li-FT Power reported new assay results from the Echo, Fi Main, Fi Southwest & Nite pegmatites within the Yellowknife Lithium Project. Todays results included 14m of 1.55% Li2O and 13m of 1.45% at Echo and 9m of .97% at Fi Main. Geological mapping at this portion of the Echo pegmatite system in 2023 reveals that there is still an additional 500 m of strike-length of spodumene-bearing pegmatite that remains untested for follow-up drilling. (TSXV: LIFT) (OTCQX: LIFFF) News Release
Defense Metals announced the appointment of finance advisors, HCF International Advisers Limited, to conduct a strategic funding review for the Company's wholly-owned Wicheeda Rare Earth Element (REE) Project located in BC. The review will, among other things, assist Defense Metals in thoroughly analyzing potential funding options and strategic partnerships for the development and advancement of the Project beyond the completion of its Preliminary Feasibility Study (PFS) expected in Q2 2024. Defense Metals (TSXV: DEFN) (OTCQB: DFMTF) News Release
Aurion Resources report a new greenfield discovery on a blind target in the NW part of the Aurion-B2Gold JV area in the Central Lapland Greenstone Belt in northern Finland. Aurion's CEO Matti Talikka said in the release that the near surface mineralization was encountered in pitting and successfully followed by scout drill holes that returned intercepts including 26.45 g/t Au over 2.45 m, 1.05 g/t Au over 40.70 m and 1.33 g/t Au over 17.90 m. Aurion Resources (TSXV: AU) (OTCQX: AIRRF) News Release
Metals Acquisition provided an exploration update for its CSA Copper Mine in New South Wales, Australia. New drilling from QTS North included 14m of 7.9% Cu and 16m of 10.4%. At QTS Central, returned 11.5m of 11.8% Cu while drilling at QTS South Supper A returned 1.7m of 21.3% Cu. MAC has continued drilling since acquiring the CSA Copper Mine in June 2023 with a view to expand its high quality resource base to underpin a new reserve estimate and mine plan. (NYSE: MTAL) News Release
Paramount Gold announced that the Bureau of Land Management has filed the Notice of Intent initiating the preparation of an Environmental Impact Statement in compliance with the National Environmental Policy Act process for the proposed Grassy Mountain mine in Oregon. The draft EIS is expected to be available for public review in February 2025, and following the NEPA process, would include a 45-day public comment period. The final EIS is anticipated to be released in August 2025, followed by the Record of Decision in November 2025 marking the conclusion of the NEPA process. (NYSE American: PZG) News Release
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