Morning Briefing: Barrick Reports Q1 Production Numbers

Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.

Today is Wednesday May 3rd. 

Tuesday banking system instability issues roiled the markets but acted like catnip to the precious metals sector. After range-bound trading overnight, gold shot up from $1996 to as high as $2,028 when the NYSE opened. Similarly, silver, which had been pushed down to $24.80 after Asia closed, shot up to as high as $25.75. Both metals peaked at noon NY time and traded sideways after that, with gold settling at $2025 and silver settling at $25.64. The Mining Stock Journal still sees the small risk of shallow downside vulnerability, particularly with the FOMC decision coming this afternoon and the April jobs' report printing on Friday morning. The mining stocks, despite a sharp sell-off in the general stock market, soared on Tuesday, with GDX closing up nearly 4%. Interestingly, according to the Mining Stock Journal, silver lagged gold and the silver miners lagged the gold miners, for the most part. Perhaps the silver mining sector was channeling its inner industrial metal component. But that will soon change.

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. 

ASCU is an early-stage copper developer and explorer of the Cactus Mine and its satellite project, Parks/Salyer, both situated on a 4km mine trend on private land in Arizona’s porphyry copper district. Opportunity for significant growth and scale exist along the mine trend, while future capex requirements outlined in the Cactus PEA benefit from significant onsite and nearby access to infrastructure. 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. For more information, please visit www.arizonasonoran.com.

And here’s what you need to know this morning….

Barrick reported their Q1 production numbers this morning. The company produced 952,000 oz of gold in the quarter, that is lower than the 1.1 Moz produced last quarter and also at a higher all-in sustaining cost. However, the realized gold price for this quarter was almost $170 per oz higher than the previous quarter. Barick the the completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo’s expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance, the company said today. Barrick Gold trades on the NYSE with GOLD and on the TSX with ABX. News Release

GoGold Resources announced additional drilling results from Los Ricos South, within the Eagle Deposit, including an exceptionally wide, high grade intercept from hole LRGAG-22-162. The hole intercepted 31.0m of 1,519 g/t silver equivalent ("AgEq"), within 8.1m of 5,375 g/t AgEq which also included a very high grade core of 47,119 g/t AgEq over 0.7m. This is one of the best holes drilled to date within the Los Ricos district. An updated mineral resource for Los Ricos South and a PEA is expected by the end of June. GoGold trades on the TSX with GGD and on the OTCQX with GLGDF. News Release

FPX Nickel published metallurgical testwork results which the company says confirms that the Baptiste nickel resource has been comprehensively modelled for magnetic recovery across all mine phases, thereby achieving a high degree of confidence for projected magnetic separation recoveries across the entire mine life. The testwork utilized representative samples from all production phases of the planned Baptiste Nickel Project mine plan and was conducted using the process flowsheet and design criteria from the in-progress Baptiste preliminary feasibility study. Testwork results clearly demonstrate the Davis Tube Recovery assaying procedure is an excellent proxy for magnetic nickel recovery for Baptiste material, and that the Baptiste resource is very consistent in terms of magnetic nickel recovery, therefore providing heightened confidence in the estimated metal production profile and resultant cash flow across the entire mine life. FPX Nickel trades on the TSXV with FPX and on the OTCQB with FPOCF. News Release

Goldshore also had metallurgical testwork announced this morning for its Moss Gold Project in Ontario. Test work shows significantly increased gold recoveries from a flotation-regrind-leach process averaging 93% recovery at Moss and 98% recovery at East Coldstream. The work represents an 8% and 13% increase in gold recoveries from previously conducted standard leach test work. Goldshore Resources trades on the TSXV with GSHR and on the OTCQB with GSHRF. News Release

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