MSD Morning Briefing, October 26, 2023

Welcome to Mining Stock Daily. Standing in for Trevor Hall, I’m Paul Harris. 


Today is Thursday October 26th. 


Wednesday the price of gold took a tumble right before the Asian physical markets closed for the evening, bounced, then underwent the traditional London a.m. fix price take-down. But the gold price took off higher starting about 2 hours before the Comex opened, running from $1980 per ounce  to as high as $1998 before succumbing to the sell pressure across all U.S. market sectors. The gold price settled in the afternoon session at $1991, $9 higher than Tuesday. Silver sort of followed the price pattern as gold, trading up to as high as $23.17 per ounce during the prime eastern hemisphere market hours before getting hammered down to as low as $22.86 before moving higher along with gold in pre-Comex early morning hours. Silver managed to close right at $23, down about 5 cents from Tuesday. 

The Mining Stock Journal noted that the silver price as set in the derivatives market likely was influenced by the sharp sell-off in the stock market. The mining stocks, though spending part of Wednesday green, succumbed to the stock market sell-off, which accelerated in the afternoon. The GDX was down 1.64%. The Mining Stock Journal commented that it is on stock market crash alert, which could adversely affect the mining stocks albeit temporarily. In a market crash scenario, the newsletter believes that there will be a flood of flight-to-safety capital that flows first into gold and silver and then into the mining stocks.


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… Western Copper and Gold

Western Copper and Gold is focused on developing the world-class Casino project in Canada's Yukon Territory. The Casino project consists of an impressive 11 billion pounds of copper and 21 million ounces of gold in an overall resource. Western Copper and Gold trades on the TSX and the NYSE American with WRN. Be sure to follow the company via their website, www.westerncopperandgold.com.


And here’s what you need to know this morning….


A big gold results morning with Newmont, Agnico Eagle Mines and Alamos Gold all reporting higher net income than the same quarter of 2022.


Filo announced assay results from holes 88, 90 and 91 from the Filo del Sol copper Project in San Juan, Argentina including the discovery of a New High-Grade Zone at Bonita, with a highlight of 212m at 1.15% CuEq Within 1,368m at 0.56% CuEq in hole 91 which continues to confirm continuity of mineralization between Aurora and Bonita. The company said that at over 1km to the north of the Aurora Zone, this opens up an entirely new area to explore for high-grade. Drilling continues with nine rigs active. With the weather moderating as spring arrives in the Andes, exploration will focus on areas adjacent to Aurora: drilling below Tamberias, drilling to the east and west of the Aurora-Bonita link, along with testing a new eastern trend identified by geophysics and hole 85. Filo (TSX: FIL) (OTCQX: FLMMF) news release


Azure Minerals entered into a binding agreement to be bought by lithium major SQM for A$3.52 per Share, which implies a fully-diluted equity value of~A$1.63B, a 44.3% premium to the last closing price of A$2.44 per share last Friday. Azure's main asset is the Andover lithium project in West Pilbara in Western Australia, which hosts hundreds of outcropping spodument bearing pegmatites. Azure has an exploration target for 100-240Mt graind 1-1.5% LiO2, or 2.5-8.9Mt of lithium carbonate equivalanet. Azure Minerals (ASX: AZS) news release news release


Founders Metals announced drill assay results from its maiden drill program at the Antino Gold Project in Suriname. It continues to intercept high-grade gold at the Froyo Zone including a highlight of 26m of 6.35 grams per tonne Gold (Au) and 10.5m of 8.91 g/t Au near surface. Founders Metals (TSXV: FDR) news release


Discovery Silver announced results from its Feasibility Study metallurgical test program for its Cordero silver project in Chihuahua, Mexico. Results included a 7% increase to recoveries to the precious metals concentrate where higher payabilities are received, a reduction in reagent consumption while achieving improved metallurgical performance than shown in the PFS, metallurgical performance for oxide-sulphide blending of up to 15% oxides versus 10% in the PFS, confirmation of a coarse grind size of 200 micron passing p80 as the optimal grind size, a blasting study showed run-of-mine material is smaller than previously estimated allowing for a smaller primary crusher. Discovery Silver (TSX: DSV, OTCQX: DSVSF) 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.

Trevor HallLondon, Comex, Gold, Silver, GDX