Morning Briefing: Altius Minerals Makes Acquisition Bid for TNR
Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall.
It's Wednesday, October 7th.
Gold and silver are both softer this morning, with gold off about one percent at $4,119 an ounce and silver down just under two percent at $60.18. Copper is holding firm at $6.60 a pound, up about a tenth of a percent.
The big story in the copper market this morning is coming out of Chile, where Codelco says it is investigating new evidence that its copper production was over-reported in both 2024 and 2025. The apparent cause is that the same material was recorded as production by more than one division, specifically the Ministro Hales and Salvador mines. This is the second such scandal at Codelco this year: the company previously fired an executive following an audit that found materials still requiring further processing were being reported as finished copper at the Chuquicamata and Ministro Hales operations. The company's new chairman ordered the production audit, EY has been engaged for an external review, and the matter has been submitted to Chile's public prosecutor. For a copper market that has relied on Codelco's reported output to model global supply, this is a serious credibility event.
We will get to the news from the miners and explorers in a moment, but first a mention of today's sponsor:
Today's episode of Mining Stock Daily is brought to you by…Equinox Gold.
Equinox Gold is a Canadian gold producer operating across seven mines in North and South America The company is targeting nearly 2 million ounces of annual gold production within 3-5 years through disciplined development of its growth pipeline. Equinox Gold trades on the Toronto Stock Exchange and on the NYSE American both under the symbol EQX.
Here's what you need to know today.
Altius Minerals has made an unsolicited non-binding acquisition proposal to buy all of the common shares of TNR Gold that it does not already own. Altius currently holds approximately 12.7% of TNR following a $4.2 million strategic investment in April, and TNR's special committee of independent directors has entered into an exclusivity arrangement with Altius to evaluate the proposal. TNR Gold trades on the TSX Venture Exchange as TNR. NEWS RELEASE
Founders Metals has hit 54.0 metres at 8.45 grams per tonne gold at the Froyo Zone of the Antino Gold Project in Suriname, with hole FR256 intersecting a second high-grade structure running parallel to the August discovery, located 100 metres across strike to the east, with the best sub-interval grading 24.0 metres at 17.42 grams per tonne gold. The same hole also extended the August discovery 75 metres down-dip with 11.0 metres at 3.59 grams per tonne, and a separate shallow hole returned 16.5 metres at 4.21 grams per tonne gold from just 30.6 metres depth, within the oxide profile. Both structures remain open and step-out drilling is continuing through year-end. Founders Metals trades on the TSX Venture Exchange as FDR and on the OTCQX as FDMIF. NEWS RELEASE
Osisko Metals has released 38 mineralized intercepts from 12 drill holes at the Gaspé Copper Project on Quebec's Gaspé Peninsula, led by hole 30-1251 returning 94.4 metres at 1.47% copper, including 5.3 metres at 8.31% copper and 51.0 grams per tonne silver, plus a shallower continuous interval of 185.5 metres at 0.41% copper in the same hole. The potentially more significant result is hole 30-1258, which intersected 121.0 metres at 0.71% copper, including 9.5 metres at 4.97% copper and 56.3 grams per tonne silver, hosted in a previously unknown porphyry intrusion south of Copper Mountain that may represent a third distinct porphyry centre in the Gaspé system, a project that already hosts the largest undeveloped copper resource in eastern North America. Osisko Metals trades on the Toronto Stock Exchange as OM and on the OTCQX as OMZNF. NEWS RELEASE
Revival Gold has released results from the Joss Target at the Beartrack-Arnett Gold Project in Lemhi County, Idaho, with drill holes returning 8.4 grams per tonne gold over 6.2 metres and 8.5 grams per tonne gold over 3.4 metres, which the company says supports the overall continuity of mineralization across the target area. Beartrack-Arnett is a past-producing Idaho heap leach gold project that Revival is advancing alongside the Mercur project in Utah. Revival Gold trades on the TSX Venture Exchange as RVG and on the OTCQX as RVLGF. NEWS RELEASE
Awalé Resources has extended the BBM deposit along strike and at depth at its West African project, with new drill results returning 47 metres at 2.2 grams per tonne gold-equivalent outside the current resource boundary and 44 metres at 3.1 grams per tonne gold-equivalent near surface. The near-surface result in particular has potential to support open-pit starter scenarios as the company advances toward a resource update. Awalé Resources trades on the TSX Venture Exchange as ARIC. NEWS RELEASE
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That's it for today everyone. Have a great day. Stay safe.