Morning Briefing: NGEx Drills Bonanza Grades at Lunahuasi with 102m of 4.5% CuEq
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday February 21st.
Tuesday gold rallied overnight and, in fact, steam-rolled higher through the traditional time slots when it gets hit in the paper gold market, like the London a.m. fix and Comex open. The yellow dog ran from the $2029 close last Friday to as high as $2042 before pulling back to $2035 and settling the afternoon session at $2036. The Mining Stock Journal suggested that the pullback was likely correlated with the beating administered to the stock market which likely had hedge funds dumping long positions in everything. Silver's journey was slightly different. Poor man's gold drifted lower until just before the close of Asian markets, when it shot up from $22.96 to as high as $23.23, March basis, and then round-tripped lower to settle in the afternoon at $23.04. The Mining Stock Journal noted that the close over $23 is bullish. The mining stocks drifted up and down with the stock market, though both GDX and the Arca Gold Bugs index managed to close up nearly 0.5%. The Mining Stock Journal noted that sentiment toward the sector, particularly the miners, is quite negative and likely a sign that the sector is bottoming.
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….
NGEx Minerals reported the remaining drill results from hole DPDH010 and full results for holes DPDH011 and DPDH014 from the Lunahuasi Project located in the Vicuña District in San Juan Province, Argentina. Lunahuasi drilling continues to intersect long, bonanza-grade mineralized intervals in a zone which remains open in all directions. Todays results included 102m of 4.56% CuEq and 460.9m of 1.09% CuEq. Both intervals came from hole 10 and included sub intervals of 4.2m of 19.7% CuEq and 4.5m of 25.95%. Drilling is continuing with four rigs currently active. A total of 15,000m is planned for the current program with 8,614m drilled to date. (TSXV: NGEX) News Release
Faraday Copper announced results from four drill holes from its Phase III program at the Copper Creek Project, located in Arizona. Two of the holes targeted the American Eagle underground zone, one hole tested near-surface mineralization potential at the Bald area and one hole was drilled between the Copper Prince - Copper Giant breccia complex and Mammoth. Results included 380.6m of .62% copper and 1.02 g/t silver, and included a 163m interval of .85% copper. Another hole intersected 424.71m of .4% copper and included 36.3m of .83%. (TSX:FDY) (OTCQX:CPPKF) News Release
Meridian Mining published new drill results as part of its Pre-Feasibility study drill program at its Cabaçal Au-Cu-Ag deposit. Highlights included 25.8m @ 1.4 g/t AuEq including 9.5m @ 2.9 g/t AuEq and 25.8m @ 1.4 g/t AuEq from 48.0m; including 9.5m @ 2.9 g/t AuEq. The ongoing PFS drill program continues with the aim to convert in-pit resources to higher classifications and increase confidence in the flagship Cabaçal project. (TSX:MNO) (OTCQB:MRRDF) News Release
K92 Mining announced results of the first two drill holes completed from its maiden drill program at Arakompa at the Kainantu Gold Mine in Papua New Guinea. Arakompa is near infrastructure, located approximately 4.5 km south-east of the Kainantu Gold Mine’s processing plant. hole KARDD0002 is the longest hole drilled in the history of the project, intersecting significant mineralization including 4 lodes recording 7.20 m at 24.76 g/t AuEq, 5.70 m at 9.94 g/t AuEq, 5.30 m at 6.06 g/t AuEq and 3.60 m at 3.37 g/t AuEq. Between the high grade lodes, the tonalite to dioritic host rock is overprinted with porphyry style mineralization increasing the potential for bulk mining. Arakompa is sparsely drilled, open along strike, at depth and along its width. (TSX: KNT; OTCQX: KNTNF) News Release
Ridgeline Minerals has entered into an agreement with Scout Discoveries for its Robber Gulch oxide gold project in Idaho. Scout will acquire Robber Gulch for a mix of cash and securities valued at $150,000, made up of $50,000 in cash and 200,000 common shares of Scout valued at $.50 per share. (TSXV: RDG)(OTCQB: RDGMF) News Release
American Pacific Mining updated the market on its exploration plans on its Madison Copper-Gold project in Montana this year. The 2024 exploration program will include a near-mine, 1,350 metre ("m"), five-hole Phase I diamond drilling program, a planned Phase II regional drill program, detailed scientific groundwork, incorporation of the newly acquired data and year-end mineral inventory modeling. The Company's Phase I program has been designed to include drillholes within the skarn that will aim to confirm and extend mineralization encountered in historical drilling, which included 14.69 m of 12.10 g/t Au and further downhole 61.63 m of 6.97% Cu. (CSE: USGD) (OTCQX: USGDF) News Release
Vizsla Silver announced it has entered into an agreement with PI Financial as sole bookrunner and lead underwriter for a $30M bought deal financing. Terms of the deal included 20-million common shares at a price of $1.50. The net proceeds from the Offering will be used to advance the exploration, drilling and development of the Company’s Panuco Project, as well as for working capital and general corporate purposes. (TSX-V: VZLA) (NYSE: VZLA) News Release
Revival Gold has expanded its land position around the Beartrack-Arnett project in Idaho. Fifty-seven lode claims encompassing 476 hectares have been staked to increase Revival Gold’s land position on prospective exploration ground at the south end of Beartrack-Arnett. The Panther Creek-Coiner Fault System extends approximately five kilometers south of the Joss Zone at Beartrack-Arnett and is now thought to be an anastomosing (or braided) fault system that is typical of the structures that host many orogenic gold deposits. (TSXV: RVG, OTCQX: RVLGF) News Release
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