Morning Briefing: ATEX Resources Publish Updated MRE for Valeriano
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Tuesday September 23rd.
Another Day, another breakout in precious metals. Yesterday, gold added another 1.8% on its front month contract to close the day at $3,775 an ounce. Silver gained almost 3% on the day to close at $44.21 an ounce on its front month contract. The move is seen as preparation for even more rate cuts throughout this year and into 2026. The Wall Street Journal says futures for the precious metals haven’t surged so much in a year since 1979, when the US was reeling with the global energy crisis and its inflationary shock. The momentum is gold is continuing this morning, with the December contract now above $3,800 an ounce at time of reporting.
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…..
ATEX Resources has published results for the updated mineral resource estimate for the Valeriano project in the Atacama Region of Chile. The estimate now includes the B2B Zone, which the company believes demonstrates potential for a smaller starter underground mine accessible from the valley floor at an elevation of 3,800m. The resource now sits at 6.1 billion pounds ("Blbs") of copper classified as Indicated and 16.7 Blbs Inferred, 3.8 million ounces ("Moz") of gold classified as Indicated and 9.9 Moz as Inferred, 21.2 Moz of silver classified as Indicated and 56.1 Moz as Inferred, and 33 thousand tonnes ("kt") of molybdenum classified as Indicated and 107 kt as Inferred. Phase VI drilling is expected to commence this month with six rigs operational and is planned to further define and expand the existing Mineral Resource domains as well as target new areas for discovery. (TSXV: ATX) (OTCQB: ATXRF) News Release
Kingfisher Metals says they have identified a new porphyry copper system below the Hank epithermal gold-silver system at the HWY-37 project. The redrill of the Lower Hank Porphyry target (HW-25-011) intercepted a new porphyry copper system over 429 meters (m). This intercept is significant as it demonstrates the potential for a large porphyry copper-gold system nested below the broad Hank epithermal gold-silver system. The planned depth of HW-25-011 was 650 m, however, it was extended to a final depth of 959 m based on observations of the drill core and to collect targeting data for follow-up drilling in 2026. Porphyry style alteration and mineralization was first observed at 530 m downhole depth and continued over 429 m with the end of hole (959 m) bottoming in copper mineralization. As they await assays, crews from site have been demobilized and drilling was completed earlier this month. (TSXV:KFR)(OTCQB:KGFMF) News Release
NexMetals Mining published assay results from two additional holes from the 12 hole metallurgical drilling program completed at the past-producing Copper, Nickel, Cobalt and Platinum Group Elements Selkirk Mine in Botswana. Hole 4 returned a wide interval of mineralization with 210m of 1.06% CuEq. The mineralization is outside the resource estimate and within the current conceptual pit shell, which shows potential for expansion of the deposit toward the surface. Hole 1 started at 13m from surface and returned 45m of .69% CuEq. (TSXV: NEXM) (NASDAQ: NEXM) News Release
United States Antimony Corporation, which operates North America's only two antimony smelters that have been processing antimony for decades, today announced that it has been awarded an Indefinite Delivery Indefinite Quantity (IDIQ) sole-source contract by the U.S. Defense Logistics Agency (DLA) Strategic Materials (the program manager for the National Defense Stockpile [NDS]) for up to $245 Million. The new contract is for the purchase of antimony metal ingots to aid in the replenishment of the NDS. After a lengthy period of contract negotiations this year, the final contract has been executed and officially awarded to USAC. (NYSE American:UAMY)(NYSE Texas:UAMY) News Release
Aura Minerals announced commercial production has been achieved at its Borborema gold mine. The Borborema mill is operating above 80% of the design capacity processing 4,500 tonnes per day, with recoveries consistently above 90% and ranging up to 92%. Until now Borborema has already sold more than 10,000 ounces of Gold. The mine is located in the municipality of Currais Novos, Rio Grande do Norte state, in the northeast of Brazil. Aura completed a Feasibility Study in August 2023 for this project, which indicated anticipated production of 748,000 ounces of gold over an 11.3-year mine life, with possibilities for even greater output. (Nasdaq: AUGO) News Release
Newmont says it has poured first gold at its Ahafo North Project in Ghana. Ahafo North is expected to deliver between 275,000 and 325,000 ounces of gold annually over a 13-year mine life. An official commercial production announcement is expected in the fourth quarter of this year.
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That’s it for today everyone. Have a great day. Stay safe.
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