Morning Briefing: Bonterra Resources Update Mineral Resource at Bachelor and Moroy

Good morning and welcome back to the Mining Stock Daily morning briefing. This is Trevor Hall.

It's Wednesday, April 1.

Metals are on the move this morning. Gold futures are up sharply, trading near $4,749 an ounce — a significant jump from where we were just two days ago. Silver is pushing higher as well, trading around $75.87 an ounce. Brent crude has pulled back further to around $103 a barrel as the geopolitical risk premium on oil continues to ease. Pre-market equities are broadly positive.

The backdrop driving these moves continues to be the evolving Iran situation. Reports confirmed earlier this week that President Trump told aides he's willing to end the war without requiring a full reopening of the Strait of Hormuz, and that diplomatic shift has taken meaningful pressure off energy markets while allowing capital to rotate back into safe-haven and risk assets alike. Gold in particular continues to benefit from a combination of geopolitical uncertainty and dollar weakness — and the market is watching closely to see whether the $4,800 level becomes the next test.

We’ll get to the news out of the miners and explorers here in just a moment, but first a mention of today’s sponsor.

This episode of Mining Stock Daily is brought to you by…Equinox Gold.

Equinox Gold is a growth-focused gold producer operating mines across the Americas. With cornerstone assets like the Greenstone Mine in Ontario and the Valentine Gold Project in Newfoundland & Labrador, Equinox is advancing a new generation of large-scale, long-life gold operations. Learn more about their portfolio and development pipeline at equinoxgold.com.

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

Scorpio Gold has reported another strong step-out result at the Black Mammoth target within its Manhattan District project in Nevada's Walker Lane, drilling 40.23 metres grading 1.02 grams per tonne gold from 195.68 metres — marking the second successful 250-metre step-out from the Goldwedge deposit. The result is significant because it continues to demonstrate that the mineralized system at Manhattan extends well beyond the known resource footprint, adding strike and depth potential to what is already a multi-target district. Scorpio is running an active 50,000-metre Phase Two drill program with 19 identified targets across the property. (TSX-V: SGN). News Release

Bonterra Resources has released updated mineral resource estimates for its 100%-owned Bachelor and Moroy gold deposits in Quebec, showing a combined 228,000 measured and indicated ounces at 3.98 grams per tonne gold within 1.78 million tonnes, and 133,000 inferred ounces at 4.23 g/t gold within 0.978 million tonnes. That represents a 42% increase in measured and indicated contained gold and a 28% increase in inferred relative to the 2021 estimates — meaningful growth across two deposits that are entirely controlled by the company. The update reinforces Bonterra's position as a multi-deposit developer in Quebec's Urban-Barry camp, complementing the Phoenix JV with Gold Fields where Barry and Gladiator host a further 1.4 million measured and indicated ounces (TSX-V: BTR). News Release

TDG Gold has released additional drill results from the 4300 Zone below the former Hidden Creek Mine at its 100%-owned Anyox Project in British Columbia, with hole ANY-25-003 returning 2.0% copper equivalent over 25.7 metres — including 1.1% copper, 0.4% zinc, 0.37 g/t gold, 13.2 g/t silver, and 124 parts per million cobalt. That result is an 80-metre step-out to the south from the discovery hole, which itself returned 2.1% CuEq over 25.1 metres, and the two together now define a drill-confirmed strike of approximately 130 metres at 900 metres vertical depth. The zone remains open in all directions, and TDG is remobilizing to site in mid-April to begin a new phase of drilling targeting geophysical anomalies identified through downhole electromagnetic surveys (TSX-V: TDG). News Release

Tocvan Ventures has made a new gold-silver discovery at the South Block of its Gran Pilar project in Sonora, Mexico, with drilling intersecting mineralization 1,600 metres from the Main Zone in the first-ever aggressive step-out to the northeast. Hole JES-26-135 returned 22.9 metres of 0.6 grams per tonne gold from surface, including 6.1 metres of 1.6 g/t gold and 13 g/t silver, with a secondary interval of 10.69 metres at 0.4 g/t gold at depth. The discovery sits within the northern portion of a 1,200-metre-long magnetic anomaly surrounded by strongly elevated gold-in-soil values, and drilling is currently active 300 metres east of the new hit as part of a fully funded 20,000-metre program (CSE: TOC). News Release

Kenorland Minerals and Auranova Resources have kicked off Phase 3 drilling at the South Uchi Project in Ontario's Red Lake District, with up to 3,000 metres planned across six holes at the Papaonga target — stepping out east and west to test extensions of the gold-bearing structural corridor defined last fall. Kenorland holds a carried royalty interest while Auranova advances toward a 70% earn-in. (TSX-V: KLD). News Release

Capitan Silver has reported high-grade drill results from the Cruz de Plata silver-gold project in Durango, Mexico, intersecting 1,450.5 grams per tonne silver equivalent over 1.5 metres within a broader zone grading 211.0 g/t AgEq over 41.1 metres. The results come from the Jesus Maria Silver Trend, where a new high-grade silver zone is developing at depth approximately 240 metres west of the Peñoles Fault. With only an average depth of 188 metres drilled along 2.5 kilometres of a 3.7-kilometre strike, the project has substantial room to grow both at depth and along strike. Three of four drill rigs are now on site with the fourth expected imminently. (TSX-V: CAPT). News Release

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That's it for today everyone. Have a great day. Stay safe.

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