Morning Briefing: Updated MRE for Thesis Gold, Imagine Lithium Expands Casino Royale
Welcome to Mining Stock Daily. I’m Kylie Williams
Today is Wednesday, May 1st.
Gold and silver were obliterated yesterday, with gold down nearly $60 from Monday and silver down $1.05. Gold briefly traded below $2300 but is trading at $2302 as this is being written. Silver knifed decisively through $27 to settle in the p.m. session at $26.60. The Mining Stock Journal commented that, while it seems odd, if not completely obtuse, that the inflation-hedging precious metals are slammed when a bad inflation report is released, apparently the entities that trade Comex paper gold and silver had an allergic reaction to the biggest quarter over quarter jump in wages in a year per the Employment Cost Index released yesterday morning. The mining stocks were taken out back and shot, with GDX down 4.72%. The Mining Stock Journal reminds listeners that it has been suggesting that a big pullback will occur but that it will set-up the next move higher.
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….
Thesis Gold reports an updated Mineral Resource Estimate at the Company's newly combined 100% owned Lawyers-Ranch Project in the prolific Toodoggone Mining District in northern British Columbia. The Project now boasts a combined Measured & Indicated Mineral Resource of 4.0 Moz and an Inferred Mineral Resource of 727 koz, at respective grades of 1.51 and 1.82 g/t AuEq*, hitting an important milestone for project scale. Ranch has >20 drill ready targets for potential new discoveries and multiple additional gold-silver mineralization targets generated for follow-up. Thesis Gold trade (TSXV: TAU) (FSE: A3EP87) (OTCQX: THSGF) News Release
Onyx Gold announced additional gold results for the next 14 drill holes from its ongoing, fully funded 3,000-meter Spring Drill Program at its Munro-Croesus Project in the Timmins gold camp, Ontario. The 14 drill holes reported today were completed at the new GM Vein, located 350 meters from the past-producing Croesus Gold Mine, which yielded some of Ontario's highest-grade gold ever mined. Significant assay intersections include follow-up hole MC24-154, which returned 52.06 g/t Au over 0.5 m within a broader zone of 26.52 g/t Au over 1.0 m. Onyx trade (TSXV: ONYX) News Release
Onto lithium news,
Patriot Battery Metals announced core assay results for drill holes completed in 2024 at the CV5 Spodumene Pegmatite. The Corvette Property, wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec. The CV5 Spodumene Pegmatite, with a maiden mineral resource estimate ("MRE") of 109.2 Mt at 1.42% Li2O inferred1, is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure. Highlights show Strong lithium mineralization over wide intervals from infill drilling at CV5, including 126.3 m at 1.66% Li2O, including 54.9 m at 2.50% Li2O (CV24-374) and 100.8 m at 1.97% Li2O, including 69.8 m at 2.52% Li2O (CV24-392). Patriot Batery Metals trade (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) News Release
Imagine Lithium continues to expand on the newly discovered Casino Royale zone, approximately 500m north of the Jackpot Main zone. The Jackpot lithium project is located in the Georgia Lake Pegmatite Field, approximately 140km northeast of Thunder Bay, Ontario. The Jackpot property is characterized by swarms of mineralized lithium-bearing granitic pegmatite dikes distributed over at least five zones on an 18,800ha land package (Figure 2). The Casino Royale zone is an east-west trending, spodumene bearing pegmatite dike, which has been successfully intersected in 8 of 9 drillholes from the 2024 campaign. Casino Royale highlights reported today include: 1.02% Li2O over 18.90m from 159.30m in hole JP-24-26, 0.96% Li2O over 13.25m from 154.20m in hole JP-24-28, Including 1.42% Li2O over 9.10m from 155.25m. Imagine Lithium trade (TSXV: ILI) (OTCQB: ARXRF) News Release
Finally, in copper news:
Intrepid Metals announce results from the first 12 diamond drill holes from its initial drill program on the Company's Corral Copper Property in Cochise County, Arizona. The favourable results from the first 12 holes confirm the 3-kilometer-long trend of near surface carbonate replacement ("CRD") and related supergene enrichment oxide copper-gold-silver-zinc mineralization in the Holliday, Earp and Ringo zones, which falls within Intrepid's private property consisting of patented mining claims and additional surface rights. The planned 5,000m diamond drill program is ongoing within the three main mineralized zones on the Property. Highlights 193.15 meters ("m") of 0.68% Copper ("Cu") and 0.33 grams per ton ("gpt") Gold ("Au") (0.83% Copper Equivalent ("CuEq")1) from 27.00 to 220.15m in Hole CC24_011 including, 105.20m of 1.17% Cu and 0.55 gpt Au (1.42% CuEq1). Intrepid Metals trade (TSXV: INTR) (OTCQB: IMTCF) News Release
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