Morning Briefing: Goldshore Updates Mineral Resource Estimate at Moss
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Tuesday February 6th.
Monday gold continued lower, with the sell-off starting out of the gate Sunday evening. Gold fell steadily from $2058 to as low as $2031 by shortly after the Comex opened. The Mining Stock Journal did note that the gold price rallied, ironically, going into the London a.m. fix, which suggests that the bullion banks used the price decline to cover short-sell commitments on the LBMA. Silver followed along the same price-path as gold, dropping from $22.80 Sunday evening to as low as $22.32 before bouncing to close the afternoon session Monday at $22.41. The newsletter believes that hawkish comments on interest rate policy by Jay Powell on 60 Minutes, which triggered a big rally in the dollar, may have led to aggressive algorithmic selling of paper gold by hedge funds and CTAs. The mining stocks were hammered pretty hard in response to the movement in gold and silver, with GDX getting a 2.4% valuation haircut. The Mining Stock Journal is still confident that a rally in the precious metals sector is just around the corner.
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….
Lavras Gold released results from nine new drill holes testing the Butiá Gold Deposit, located at the western edge of the LDS project in southern Brazil. Gold mineralization was intersected in all nine holes and included 154m of 1.1 g/t from surface, 110m of .7 g/t from a depth of 136m, and 35m of 1.2 g/t from a depth of 136m. Lavras Gold’s short-term corporate objective is to define an economic gold resource on the LDS Project with a focus on the Butiá gold deposit and adjacent Fazenda do Posto gold target. The current drilling program consists of two diamond drill rigs that are now on site and designed to test exploration targets continuously from now until the first half of 2025. (TSX-V:LGC, OTCQX:LGCFF) News Release
Aldebaran Resources reported results from the first four drill holes of the 2023/2024 field campaign at the Altar copper-gold project in San Juan, Argentina. Due to snow constraints at the time of commencing the current field season, three of the holes were significant step-outs to test for the southern extension of mineralization within the large, conductive geophysical anomaly at Altar. These holes did not intersect the porphyry intrusive rocks typically associated with the higher-grade mineralization at Altar United, however, they did intersect low- to moderate-grade mineralization in wall rocks. Results include 878.80 m of 0.32% CuEq and 923.10 m of 0.26% CuEq. (TSXV:ALDE) (OTCQX:ADBRF) News Release
Calibre Mining also published new drill results this morning from the Frank Zone, which is a gold target one kilometer southwest of the mineral resources on the Valentine Gold Mine property recently acquired from Marathon Gold in Newfoundland and Labrador. Highlights include 3.14 g/t Au over 14.8 metres, 3.10 g/t Au over 7.3 metres and 39.90 g/t Au over 1.8 metres. Frank hosts the same geological characteristics as the nearby Leprechaun, Berry and Marathon deposits which currently total 3.96 Moz Measured and Indicated Mineral Resource and an Inferred Mineral Resource of 1.10 Moz. (TSX: CXB; OTCQX: CXBMF) News Release
Li-FT Power reported from 10 drill holes completed at the BIG West, Nite & Ki pegmatites within the Yellowknife Lithium Project in Northwest Territories. Highlights from today’s release include 13m of 1.11% Li2O and is located 500 m to the northwest of any drilling completed to date. This hole confirms that spodumene mineralization is present in drilling over 900 m of strike length at Ki. Also at Ki, the company drilled 12m of 1.21%. At Nite, drilling returned 5m of 1.24%. (TSXV: LIFT) (OTCQX: LIFFF) News Release
Goldshore Resources announced results of an updated mineral resource estimate for the Moss deposit a the East Coldstream deposit at the Moss Gold Project in Ontario. This reported shows an indicated resource of 1 and a half million ounces grading 1.23 g/t Au within 39 million tonnes while the inferred resource sits at 5.1 million ounces grading 1.11 g/t within 146 million tonnes. The total resource tonnage increase is just under 1% overall over the 2023 MRE, however the overall grade increase versus the 2023 MRE is approximately 11%. (TSXV: GSHR) (OTCQB: GSHRF) News Release
Banyan Gold reported results from its Phase 1 metallurgical test program for the AurMac project in Yukon. Three gold recovery process flow sheets have been identified through the Phase 1 test program. Gold recoveries averaged 91% from 75 micron bottle roll cyanidation tests and another 91% from Carbon in Leach/Carbon in Pulp process. Gold recoveries for the combined gravity and flotation process are estimated at 84%. Heap leach gold recovery is estimated to range from 64-72% based on coarse size (9.5 mm) bottle roll testing. Flotation recovery into a rougher concentrate recovered on average 89% of the gold. (TSXV:BYN)(OTCQB:BYAGF) News Release
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