Morning Briefing: Drill Results from Collective, Integra, ATEX and Patriot
Welcome to Mining Stock Daily. I’m Trevor Hall. And I’m Paul Harris.
Today is Thursday March 30th.
Gold on Wednesday pogo-sticked between $1989 and $1978 per ounce. The Mining Stock Journal said that the mis-founded market perception is that the banking crisis is contained, a sentiment of which has halted the gold's rally just below $2,000 for now. On the other hand, silver's rally continued Wednesday, as poor man's gold traded up to as high as $23.56 per ounce from an overnight low of $23.20. The Mining Stock Journal opined that, after the recent move higher in the precious metals sector, the technical momentum indicators at least for gold and the mining stocks suggest the possibility of a pullback which would set-up another big move higher.
However, silver remains highly undervalued relative to gold per the gold/silver ratio and silver's RSI and MACD momentum indicators reflect the potential for an explosive move higher. The mining stocks closed marginally lower with the GDX down 27 cents, or 0.84%. The Mining Stock Journal noted that the GDX is up nearly 20% in the last three weeks. The newsletter added that it would welcome a technical breather in the mining stocks to remove the hot money from the sector. That said, the newsletter commented that the banking system problems are far from over and the next blow-up will send the precious metals soaring.
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…Western Copper and Gold
Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.
And here’s what you need to know this morning….
Collective Mining announced assay results from an additional three drill holes from Pad 6 and 7 as part of the Phase II program at the Apollo target of its Guayabales project in Caldas, Colombia. Highlights included 276.3m @ 2.12 g/t gold, 36 g/t silver and 0.22% copper for 2.95 g/t gold equivalent from surface in hole 39 including 33m @ 4.87 g/t gold equivalent from surface in oxides. Hole 39 is the easternmost completed hole and extended the strike length of the high-grade mineralization at depth to 125m. Holes 36 and 38 are the initial drill holes completed from Pad 7 and confirm that mineralization begins directly at surface in this area of the Apollo system. Five additional holes have been completed from drill Pads 6 and 7 and all appear to have extended the area of outcropping mineralization, with assaya pending. Deep drilling recently commenced from Pad 6 with a hole designed to test for mineralization from surface down to a vertical depth of over 1,000m. Collective Mining (TSXV: CNL, OTCQX: CNLMF) news release
Integra Resources provided additional drill results form the 11,000 m stockpile drill program at its DeLamar Project in Idaho. The stockpile and backfill drill results include long intervals of gold-equivalent grades similar to, if not better than, other in-situ targets drilled at the Project. highlights included 50.3m of .57 g/t AuEq and 32m of .41 g/t AuEq, which also included a 1.5m interval of 4.23 g/t. At the Florida Moutnain stockpile and backfill, drilling returned 32m of .63 g/t AuEq and 76m of .74 g/t, which also included a 1.5m interval of 7.42 g/t AuEq. Integra has drilled 10,164 m in 262 drill holes as part of stockpile drill program. Drilling is increasing the Company’s confidence that this material, a portion of which was included as a pre-stripping cost in the Company’s 2022 PFS, has the potential to increase the heap leach mine life and further enhance the robust economics presented in the PFS. Integra trades on the TSXV with ITR and on the NYSE American with ITRG. News Release
ATEX Resources announced results for diamond drill holes 11B and 22 this morning, from its Phase III program at the Valeriano Copper-Gold Project in Chile. In fact, Hole 11B confirmed a nigh “high-grade” porphyry trend called the “Western Trend” on the Valeriano Project which expands the mineralized corridor over 300 meters to the west of the Central Trend and is open along strike for extension. That hole returned 1,342.5m of .73% CuEq starting at a depth of 848m. Hole 22 returned 970m of .51% CuEq. ATEX says the copper to gold ratio in ATXD-22 is closer to 4:1 due to a lower gold content but is accompanied by higher molybdenum enrichment possibly indicating a more distal part of the system. The company also noted that two holes, holes 23 and 24, are being drilled to the north and south of hole 11B to define and extend the mineralization along the western trend. ATEX Resources trades on the TSXV with ATX. News Release
Patriot Battery Metals announced assays for sixteen holes on the CV5 Pegmatite as part of the 2023 winter drill program at its Corvette lithium Property in the James Bay Region of Quebec. The holes targeted the eastward extension of the high-grade Nova Zone in the eastern area and is interpreted to have extended it along strike by about 400m to over 750m. Geological modelling supports a continuous spodumene mineralized zone of variable thickness, at grades of 2-5% Li2O, occurring between vertical depths of 125 to 325m. Highlights included 83.7 m at 3.13% Li2O in hole 105. Six rigs are working at CV5 and will continue until April 20th where drilling activities will be paused to accommodate the goose harvesting season. Exploration will resume in late May which will culminate in an initial mineral resource estimate in the June quarter on CV5. Patriot Battery Metals (TSX-V: PMET) (ASX: PMT) (OTCQX: PMETF) news release
Palladium One Mining has entered into a subscription agreement for more than $4M CAD with wholly owned subsidiary of Glencore. Palladium One will issue more than 28 million common shares at $.15 to Glencore, which is 50% higher than its closing price of $.10 yesterday. Glencore will own approximately 9.99% of the issued and outstanding Common Shares on a non-diluted basis. Net proceeds of the Private Placement are intended to be used for exploration and development activities at the Company's nickel projects, for future exploration and development activities, working capital and general and administrative expenses. Palladium One trades on the TSXV with PDM and on the OTCQB with NKORF. News Release
Aldebaran Resources said its largest shareholder, Route One Investment Company, together with senior management, agreed to an early exercise of 4.7M warrants @ 70c for proceeds of $3.3 MM. An additional 5.3 MM warrants will remain outstanding after this exercise. The Company has secured a fourth drill rig to expedite drilling and testing an encouraging geophysical anomaly adjacent to and underneath the resources at Altar in San Juan, Argentina. Aldebaran Resources (TSX-V: ALDE, OTCQX: ADBRF) News release
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