Morning Briefing: New Found Gold Expands Exploration Campaign
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Thursday, January 4th.
After a brief rally during eastern hemisphere physical gold trading hours, price-setting transitioned to the paper derivatives markets in London and New York and, of course, the price was put on the down elevator and the price containment team cut the elevator cable. Gold was taken down from $2072 to as low as $2038 before bouncing to settle the afternoon trading session at $2042. Silver, on the other hand, started selling off when Globex trading opened at 5:45 pm NY Time Tuesday. The silver price plunged from $23.88 to as low as $23.05 before a slight bounce took it back to $23.22 by the close of the afternoon Globex digital trading session. The Mining Stock Journal noted that, in all likelihood, a material amount of the selling in Comex futures was in correlation with the selloff in the stock market, as hedge funds likely were selling some of everything in their portfolios Wednesday. The mining stocks were hammered along with the rest of the stock market, with GDX down 2.6% from Tuesday's close.
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….
DLP Resources shared the complete drill results from drillhole 13 on the Aurora porphyry copper-molybdenum project in peru. The hole returned a total of 773.2m of .82% CuEq. This hole was drilled on a 515m step-out from hole 12 to infill the area between the NW and the SE side of the project. (TSXV: DLP) (OTCQB: DLPRF) News Release
Carolina Rush Corporation announced results from the first two drill holes of its ongoing 2,000-meter drill program at the Brewer Gold and Copper Project in South Carolina. Hole 18 intersected 74.5m of 1.1 g/t Au and .12% Cu from a depth of 166.5m. Hole 19 returned 43.32m of .4 g/t Au from a depth of 336.18m. The first three holes of Carolina Rush's 2023-2024 drill program were designed to test the western, down-dip extension of the breccia-hosted gold-copper mineralization that was historically mined from surface to a maximum depth of 65 meters. Results from Holes 18 and 19 continue to demonstrate that a broad zone of gold+/-copper mineralization exists beneath the former pit. (TSXV: RUSH) (OTCQB: PUCCF) News Release
New Found Gold has expanded its exploration program for the Queensway Project in Newfoundland. To date the Company has completed 516,263m of drilling at Queensway and will add another 150,000m to bring that total to 650,000. The company says the 2024 program will be designed to target prospective areas both peripheral to and beneath the current mineralized zones defined to date by New Found along the Appleton North Corridor. Drilling will also occur along the parallel JBP Fault Zone, located 5km to the east, as well as at Queensway South. (TSX-V: NFG, NYSE-A: NFGC) News Release
Giyani Metals has received the Environmental Authorization for the K.Hill battery-grade manganese project in Botswana. This enabled the Company to finalise the Mining Licence application for the Project, which was submitted to the Department of Mines before 2023 year-end. The proposed Mining Licence area is sufficient to accommodate K. Hill’s requirements over the extended 57-year life of operations as defined in the Preliminary Economic Assessment prepared in July 2023. (TSXV:EMM) News Release
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