Morning Briefing: Thesis Gold Drills 20m of 11.55 g/t AuEq
Welcome to Mining Stock Daily. I’m Trevor Hall.
Today is Monday March 12th.
On Monday gold traded in a sideways trading channel that looked like the heartbeat monitor of a healthy heart. After climbing as high as $2195, April contract basis, the yellow dog bounced in a lateral moving dog kennel between $2190 and $2184, settling in the afternoon Globex session at $2189. Silver, on the other hand, traded steadily higher, running from $24.45 late Sunday evening to as high as $24.73 by the close of Comex trading Monday and settling the afternoon Globex session at $24.66, up 16 cents from Friday. The mining stocks may be starting to respond positively to the recent upward thrust in gold and silver, as the largest cap miners per the Arca Gold Bugs index jumped 2.5% Monday. The smaller cap stocks are still lagging as GDX rose 1.65% and many junior micro-cap stocks were flat or down. The Mining Stock Journal, while cautious short term because it believes the sharp move higher in the sector could use a dose of pullback or consolidation, believes that the lack of interest in the riskiest mining stocks is an indicator that much bigger moves higher in the entire sector will occur this year.
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.
Arizona Sonoran Copper Company (ASCU:TSX) is focused on developing its brownfield copper project on private land in Arizona, a tier 1 location. The Cactus Mine Project is located less than an hour's drive from the Phoenix International airport via highway i-10, and with grid power and the Union Pacific Rail line situated at the base of the Cactus Project main road. With permitted water access, a streamlined permitting framework and infrastructure already in place, ASCU's Cactus Mine Project is a lower risk copper development project in the infrastructure-rich heartland of Arizona.For more information, please visit www.arizonasonoran.com.
And here’s what you need to know this morning….
Thesis Gold reported the remaining results from last year’s drill program at the Bingo zone on the Ranch Project in the Toodoggone Mining District of British Columbia. Results included 20.00 m* of 8.46 grams per tonne (g/t) gold (Au), 36.96 g/t silver (Ag), and 1.72% copper (Cu), or 11.55 g/t gold equivalent in hole 24. Hole 29 returned 38.9m of 3.73 g/t AuEq while hole 35 returned 29.2m of 4.36 g/t AuEq. The company also noted the project’s copper potential saying the the copper value may also indicated proximity to a potential porphyry system. Copper mineralization will become a key focus for advancing their understanding of the mineralizing system, and optimizing targeted exploration at Ranch. (TSXV: TAU) (OTCQX: THSGF) News Release
Galiano Gold also published 2023 drill results from Abore following completion of an infill program at the Asanko Gold Mine in Ghana. Drilling discovered a new high grade zone in the southern portion of the deposit and better tan expected results over the entire 1,600 metre strike length of Abore. Results included 45m of 12.4 g/t Au, 37m of 10.6 g/t Au and 54m of 3.3 g/t. A follow-up drill program is currently udneway to test the extent of this new zone. Abore is located directly on the haul road approximately 13 kilometres north of the AGM's processing plant and has current Measured and Indicated Resources of 477,000 ounces @1.16 g/t gold and Inferred Resources of 131,000 ounces @1.14 g/t gold. (TSX: GAU) (NYSE American: GAU) News Release
Cartier Resources announced drill results from the Chimo Mine Project this morning. Today’s results come from the VG Zone and close to surface. Results reported today included 13.2 g/t Au over 2.3m, including 46.1 g/t over a half meter. There was also 7.5 g/t over 2m and included a .5m interval of 20.6 g/t. Cartier says these results are looking to start a new drilling program on the VG Zone to increase its size and search for other new gold zones along the project’s 15 km strike. (TSXV: ECR) News Release
Talisker Resources has signed a definitive Ore Purchase Agreement with New Gold. New Gold will purchase up to 350,000 tonnes of material mined at Bralorne and process it at their new Afton mine and mill. (TSX: TSK, OTCQX: TSKFF) News Release
Fireweed Metals is getting its US listing upgraded from the OTCQB® Venture Market to the OTCQX® Best Market. As of today, Fireweed's common shares are actively trading on OTCQX under the trading symbol "FWEDF." The Canadian listing remains on the TSX Venture with FWZ. News Release
The Mining Stock Daily morning briefing is produced by Clear Commodity Network and Investment Research Dynamic’s Mining Stock Journal. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.