Morning Briefing: Orla Drills 138.6m of 3.21 g/t Au
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Wednesday February 7th.
On Tuesday it looked like gold wanted to head lower overnight but about an hour after the a.m. London price fix gold shot up from $2038 to as high as $2055 during the Comex paper gold trading hours. Silver followed the same price path but the moves were even more exaggerated, as poor man's gold dropped from $22.54 to as low as $22.34 before launching back up to $22.55. Silver closed the afternoon Globex session at $22.51 while the yellow dog closed at $2052. The Mining Stock Journal said that the metals got a bid during U.S trading hours on renewed fears of a banking crisis plus a steady decline in the dollar index. The mining stocks responded positively to the action in the metals, with GDX up 1.32% and handily outperforming the broad stock indices.
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.
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And here’s what you need to know this morning….
Orla Mining provided an update on exploration activities at the Camino Rojo Sulphides, which included the results of the remaining unreported 14 drill holes completed as part of the 52-drill hole, 35,070-metre infill program. Those results included c, 43.0m @ 4.12 g/t Au and 53.3m @ 3.65 g/t Au. Selected drill holes also explored the area beneath the sulphide infill area, investigating mineralization beyond the current open pit mineral resource boundaries, known as the "Camino Rojo Extension". Initial drill results beneath the Caracol formation have revealed a new style of polymetallic massive sulphide replacement mineralization within limestone-rich formations. Initial results are expected to be released in the coming weeks. (TSX: OLA) (NYSE: ORLA) News Release
West Red Lake Gold reported drill results from the Madsen Mine in Ontario. This round of results was drilled from underground on the North Austin Zone, which represents a new area of high-grade mineralization extending the current Madsen resource to the northeast. This program was designed for expanding the North Austin zone to follow-up on the initial results previously announced in November. Today’s results included 3.3m of 9.15 g/t Au, 1.4m of 10.55 g/t and 2.6m of 10.66 g/t. The North Austin Zone remains open down-dip and along strike to the northeast and will continue to be a priority expansion target as underground drilling continues. (TSXV: WRLG) (OTCQB: WRLGF) News Release
Scottie Resources reported their final assays from the 2023 drill program on the Blueberry Contact Zone in British Columbia. 2023 drill campaign consisted of 20,130 m of diamond drilling, particularly focused on expansion of the Blueberry Contact Zone as drilling expanded mineralization at a depth of 525 meters. Today’s highlights included 13.9 grams per tonne (g/t) gold over 7.00 metres in hole 312 and 59.2 g/t gold over 1.25 m and 9.5 g/t gold over 1.00 m in hole 306. (TSXV: SCOT) News Release
Liberty Gold reported assay results from an additional four core holes from the 11 hole, property-wide 2023 core drill program at its Black Pine Oxide Gold Project in Idaho. The first ever core hole drilled in J Zone, LBP1010C, was planned to add metallurgical data for this area and hit a thicker intercept than expected at 0.63 grams per tonne (“g/t”) gold (“Au”) over 46.3 meters (“m”) beginning at 6.2 m depth. Initial cyanide solubility data indicate this hole is oxide with recoveries similar to other areas already tested at Black Pine. Other results inlcuded .51 g/t over 58m at Tallman and .74 g/t over 40.3m at F Zone. (TSX:LGD; OTCQX:LGDTF) News Release
Collective Mining says a second rig has been mobilized to the Trap target, which is one of a series of porphyry targets within the company’s Guayabales Project in Colombia. The company says visual oberservations of the current drill hole is showing a noticeable increase in total sulphide content and alteration in comparison to the prior holes with three overprinting styles of mineralization. The visuals are encouraging, therefore a second rig move onto Trap is warranted. (TSX: CNL) (OTCQX: CNLMF) News Release
Banyan Gold published an updated mineral resource estimate for its Aurmac Project this morning. The project now consists of 7 million ounces of gold in an inferred resource. The pit constrained MRE is contained in two near/on-surface deposits: The Airstrip and Powerline. (TSXV:BYN) (OTCQB:BYAGF) News Release
Sun Peak Metals says the company is prepared to resume exploration activities on the Shire Project in Ethiopia. Sun Peak will recommence work on three exploration licenses at the Shire Project in the first half of 2024, which will include drilling to test multiple copper-gold VMS targets developed by the Company. Further information about upcoming work programs, including a detailed summary of the drill targets, will be forthcoming. (TSXV:PEAK) (OTCQB:SUNPF) News Release
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