Morning Briefing: Victoria Gold Announce Q1 Production Results
Welcome to Mining Stock Daily. I’m Kylie Williams, filling in for Trevor Hall.
Today is Wednesday April 10th.
Gold continued to bewilder all but the hardiest of precious metals investors, as June gold rose $14 Tuesday to $2372 ahead of the CPI report today. The Mining Stock Journal itself is bewildered by the mainstream media's bewilderment at the latest rally in gold and silver. The newsletter points specifically to a vacuous report from Bloomberg News in which the reporter cited a lack of obvious triggers pushing the gold price higher. To that the newsletter responds that there's multiple catalysts behind the bull move, not the least of which is the enormous physical demand from the east. Further to that point, Wells Fargo, based on Costco's online data, estimates that Costco is selling $200 million worth of gold bars monthly to its members. Silver also continued its rally Tuesday, gaining 30 cents as May silver settled in the afternoon at $28.75. The mining stocks showed more signs of life Tuesday, with the Arca Gold Bugs index gaining nearly 2% and GDX up 1.73%.
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…. Starting with gold.
Victoria Gold produced 29,580 ounces of gold during the first quarter of 2024. Tonnes of ore mined and stacked on the heap leach pad in Q1 2024 is in line with ore mined and stacked in Q1 2023. Gold production in Q1 2024 was lower year-over-year due to lower grades related to mine sequencing of the Eagle orebody, the timing of placing stacked tonnes under leach, and lower than planned stacking rates in Q4 2023. Both gold grade and metallurgical recovery continue to reconcile well against the Eagle reserve model. Victoria Gold trade TSX-VGCX. News Release
New Found Gold announced the results from 51 diamond drill holes that were completed as part of a drill program designed to expand and further define domains of high-grade gold mineralization at the K2 Zone located 725m north of Lotto and 2.2km north of Keats West on the west side of the highly prospective Appleton Fault Zone . New Found’s 100%-owned Queensway project comprises a 1,665 km2 area, accessible via the Trans-Canada Highway, 15km west of Gander, Newfoundland and Labrador. Highlights from today’s release include: 17.8 g/t Au over 13.45m in hole NFGC-23-1986, and 12.7 g/t Au over 4.60m and 1.23 g/t Au over 47.20m in NFGC-23-1997. New Found Gold trade (TSX-V: NFG, NYSE-A: NFGC) News Release
Prime Mining reported expansion drilling results from the Company’s Los Reyes Project in Sinaloa State, Mexico. These results are from 2024 drilling at the Z-T Area and are not included in the Company’s May 2, 2023 Mineral Resource Estimate (“MRE”). The Company is reporting 15 core holes at Tahonitas with highlights including: 7.68 grams per tonne gold-equivalent over 7.7 metres estimated true width in hole 24TA-116 Corp. Prime trad (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: 04V3) News Release
Aztec Minerals provided an update on the gold-silver exploration program at Tombstone Project ("Tombstone"), in southeastern Arizona. The Company has reviewed the previous drilling and surface exploration results, and now is developing, with multi-disciplinary methods and studies, the definitions for new drilling targets to continue the expansion of the project's gold-silver oxide mineralization footprint near to the historic Contention Pit. From that, the goal of the 2024 exploration program is to continue with drilling to expand the large, shallow, gold silver oxide mineralized system and make it amenable for future resource delineation. Aztec trade (TSXV:AZT) (OTCQB:AZZTF) News Release
On to copper news…
Faraday Copper announced the results of four drill holes from its Phase III program at the Copper Creek Project, loated in Arizona. One hole was drilled at Old Reliable to test resource expansion potential. Three holes were drilled at Area 51 as a follow-up to the recent Starship and Eclipse breccia discoveries, announced earlier in the year. At Old Reliable, Faraday drilling intersected 23.37 metres at 0.60% copper, 0.0242% molybdenum and 2.92 grams per tonne silver from 276.81 m in drill hole FCD-24-052. This intercept is within a longer intercept of 117.00 m at 0.40 % copper, 0.0285% molybdenum and 1.72 g/t silver from 222.46 m. This intercept at Old Reliable is outside the open pit Mineral Resource Estimate and confirms that the breccia-hosted mineralization is open at depth. Faradaytrade (TSX:FDY) (OTCQX:CPPKF) News Release
Koryx Copper announced the fourth assay results from its current drilling program at its Haib Copper project in southern Namibia. The Company’s latest four drill holes continue to confirm that the deposit can deliver high grades over substantial widths within the known historical resource. Significant copper and molybdenum intersections include: HM17: 0.93% CuEq over 12 meters from near surface including 4 m @ 1.52% CuEq. HM32: 0.43% CuEq over 98.00 m including 4 m @ 1.12% CuEq, 2.00 m @ 1.47%. HM33: 0.37% CuEq over 34 m including 8 m at 0.49% CuEq. Koryx trade (TSX-V: KRY) News Release
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