Morning Briefing: Arizona Sonoran Copper Releases Updated Mineral Resource Estimate for Cactus
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Tuesday September 16th.
A new week and another new all-time high for gold. Yesterday, spot gold jump higher by 1% and closed the day at $3,677. There is follow-through today as it attempts to make its way to $3,700 an ounce. The metal remains in extreme overbought territory within all important timeframes, including the daily, weekly and monthly charts. Markets are pricing in near certainty of a rate cut tomorrow from the Federal Reserve, which would be their first since late last year. Silver continues to stair step higher in a very constructive chart pattern. The trend remains our friend as silver is currently trading at $42.79 an ounce this morning after putting in another 1.2% gain yesterday.
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…..
Arizona Sonoran Copper released its updated mineral resource estimate for the Cactus brownfield copper project in Arizona. The updated and expanded MRE is inclusive of a conversion drilling program that targeted the near surface material from the MainSpring property, part of the Parks/Salyer deposit, and step out and conversion drilling from the Cactus West and Cactus East deposits. The measured and Indicated resource now sits at over at 11 billion pounds of contained copper, 75% of which is leachable material. The inferred resource now sits of 1.7 billion pounds of copper. Thats a 56% decrease due to the conversion to measured and indicated. The resources were expanded to the north, southwest, and at depth to the basement through expansion and infill drilling programs. A new preliminary feasibility study is expected to follow in the 4th quarter. (TSX:ASCU | OTCQX:ASCUF) News Release
Highlander Silver reported assay results from the second series of holes designed to test the expanding Bonita vein system, which include some of the highest gold grades encountered to date. The Bonita vein system is exposed along a ridgeline approximately 10km to the south of the bonanza grade Ayelen underground deposit at the San Luis gold-silver project in Central Peru. Results today included 24.8m of 7.43 grams per tonne ("g/t") gold ("Au") and 16.45 g/t silver ("Ag") from 28.7m downhole in hole 13, 40.4m of 3.42 g/t Au and 16.93 g/t Ag from surface to the southeast in hole 10, and 19.1m of 3.50 g/t Au and 11.57 g/t Ag from 37.7m downhole in hole 14. (TSX:HSLV) News Release
Eloro Resources shared new assay results from 5 holes of its second phase definition diamond drilling program. The result expanded the footprint of a large multi-phase hydrothermal system in the potential starter pit with dimension having now increased to approximately 800m by 500m and 500m deep. Hole 87 returned 213.00m grading 0.51% Sn and 25.46 g/t Ag within a broader interval of 241.50m grading 0.47% Sn and 23.17 g/t Ag, beginning at 26.10m, including 1.18% Sn over 34.50m, beginning at 62.10m. This is the longest and highest-grade tin intersection obtained thus far in drilling at Iska Iska. The company says the Santa Barbara Zone remains open laterally and downdip, presenting significant opportunities for further infill and step-out drilling to expand and upgrade the mineral resources for the planned PEA. (TSX: ELO; OTCQX: ELRRF) News Release
Core Nickel and Arizona Copper an dGold have entered into a non-binding letter of intent for an arrangement for a reverse takeover. Core will acquire all of the issued and outstanding securities of ACG. In connection with the Transaction it is anticipated that ACG will complete an offering of subscription receipts or other securities for gross proceeds of $5,000,000. The final structure will be set out in the Definitive Agreement and will be determined with consideration for liabilities, corporate and securities law matters, relevant tax implications, and other factors of concern to either party, including the final structure of the proposed Concurrent Financing. (TSXV: CNCO) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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