Morning Briefing: AngloGold Ashanti Continues to Consolidate the Beatty District in Nevada
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday, July 16th
Gold started yesterday higher but closed lower following consumer inflation data. Despite concern that tariffs would potentially show a hotter CPI print, it wasn’t necessarily the case this month. But it sure wasn’t good enough to give the FOMC more confidence in a rate cut. Gold is moving a bit higher today, up about $9 at time of recording. Silver backed off again yesterday but is up marginally this morning to $38.24/oz. Copper continues to consolidate at $5.50/oz with the US seeing record inflows of the metals to front-load supply before the August 1st tariff deadline.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Integra Resources
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
And here’s what you need to know this morning…..
AngloGold Ashanti entered into a definitive agreement to acquire all issued and outstanding shares of Augusta Gold at a price of C$1.70 per share in cash. The Price implies a fully-diluted equity value for Augusta Gold of approximately C$152 million and a 28% premium to its closing price yesterday. The Transaction allows AngloGold Ashanti to further consolidate its footprint in the Beatty District by acquiring Reward, a permitted, feasibility stage project, the Bullfrog deposit, and all tenements surrounding each of these properties. The acquired properties are adjacent to AngloGold Ashanti’s claims in the Beatty District and will provide additional Mineral Resources to AngloGold Ashanti’s inventory. (TSX: G) (OTCQB: AUGG) News Release
Newcore Gold announced additional drill results from the 35,000-metre drill program underway at the Company’s 100% owned Enchi Gold Project in Ghana. RC drilling at the Sewum deposit intersected multiple zones of near-surface gold mineralization, including 33m of .89 g/t Au in hole 258, .51 g/t over 40m in hole 259 and .51 g/t over 41m in hole 260. Sewum is the largest of the five deposits which comprise the Mineral Resource Estimate at Enchi, remaining open along strike and to depth with the average vertical depth of all holes drilled to date at Sewum only down to 75 metres. (TSX-V: NCAU, OTCQX: NCAUF) News Release
Radisson Mining shared assay results from new drill holes at the O’Brien Gold Project in the Abitibi region of Québec. Four of the drill holes reported today are wedges completed from the previously reported pilot hole OB-24-337, the deepest hole ever drilled at the Project and the first drilled directly below the historic O'Brien Mine workings. Those wedged holes returned 89.36 g/t Au over 3.7m, 47.7 g/t Au over 1m, and 6.45 g/t Au over 3.5m. Shallower holes drilled adjacent to the historic mine workings returned 4.32 g/t Au over 6.5m and 7 g/t over 2.5m. (TSXV: RDS) (OTCQB: RMRDF) News Release
Magna Mining reported production and cost guidance for the second half of the year. The company expects quarterly ore sales form the 700 Copper Zone of the McCreedy West Mine to be between 80,000 and 92,000 tones with contained copper equivalent grades expected to be between 2.9% and 3.4% in Q3 and 3.8% and 4.4% in Q4. All-in sustaining costs are expected to decrease quarter over quarter from a high of $5.49 in Q3 to a high of $4.47 in Q4. The Company plans to make important investments at the McCreedy West Mine during the second half of 2025, including upgrading the mobile equipment fleet and increasing the amount of capital and operating mine development. In June, a contract mining company was mobilized to site to increase the amount of capital development at McCreedy West for the reminder of the year. Forecasted daily development rates are expected to increase to 28 ft/day in the second half of 2025. (TSXV: NICU) (OTCQX: MGMNF) News Release
Denison Mining announced the discovery of additional high-grade mineralization approximately 40 metres outside of the previously estimated mineralized domain associated with the D1 lens of the Gryphon uranium deposit. Drill hole WR-837AD2 intersected 2.3 metres at 1.69% eU3O8 including 0.5 metres at 5.48% eU3O8 in the down plunge direction from the previously defined D1 lens. This area remains open down-plunge and along strike to the northeast for further expansion. Gryphon is situated approximately 3 km northwest of the Company's flagship Phoenix In-Situ Recovery uranium mine development project, on Denison's 95%-owned Wheeler River property in northern Saskatchewan. (TSX: DML) (NYSE American: DNN) News Release
And following yesterday’s big news that Apple has agreed to commit $500 million for MP Materials, other rare earth companies saw big gains on the back of MP’s 20% move higher. In pre-market trading today, MP is up another 3.6%, Ramaco Resources is up 5.3% and USA Rare Earth is up 7.1%. Reuters is reporting that the US Department of Defense plans to continue investing in critical mineral projects.
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That’s it for today everyone. Have a great day. Stay safe.
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