Morning Briefing: Cartier Resources Publish Update PEA for Cadillac
Good morning and welcome back to the Mining Stock Daily morning briefing.
It's Thursday, September 17th.
Metals are having a strong morning on the day after the Federal Reserve raised rates by 25 basis points. Gold is up 1.41% to $4,323 an ounce. Silver is also higher, up 1.35% to $64.09. Copper is adding 1.41%, trading at $6.52. On the energy side, crude oil is lower, with Brent down 2.15% to $103.56 and WTI off 1.49% to $100.90.
That resilience in precious metals after a rate hike is notable. The market keeps telling the same story this cycle: investors are pricing in not the rate itself but what it is responding to, which is persistent inflation. As long as real rates stay negative or barely positive, gold and silver have a fundamental case, and that case does not go away simply because the Fed keeps tightening.
There is also a structural angle worth thinking about. With approximately seven trillion dollars in short-term Treasury bills outstanding and the Treasury leaning toward more short-term issuance, yesterday's 25 basis point hike translates to roughly $18 billion in additional annual financing costs for the federal government. That arithmetic compounds with every hike and remains a long-term structural support for gold.
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…Revival Gold
Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.com
Here’s what you need to know today.
Cartier Resources has released an updated preliminary economic assessment for the Cadillac Project in Quebec, outlining a 16.2-year mine averaging 100,000 ounces of gold per year with an initial capital cost of C$275.8 million, an after-tax NPV5% of C$1.0 billion and an IRR of 26.6% at a US$3,600 per ounce gold price assumption, rising to C$1.565 billion and 37.3% at the current spot price, at an all-in sustaining cost of US$2,137 per ounce. Cartier Resources trades on the TSX Venture Exchange as ECR. NEWS RELEASE
Magna Mining has expanded the R2 Footwall Zone at the Levack Mine in Sudbury, Ontario and reported initial results from the near-surface West Main Zone, where surface drilling returned 4.0% nickel, 1.7% copper and 3.5 grams per tonne combined platinum, palladium and gold at 8.3% copper equivalent over 4.6 metres and a broader zone of 2.9% copper equivalent over 32.9 metres, adding to ongoing R2 Footwall Zone results that have included individual veins grading 9.5% copper and 23.5% copper equivalent. With 597 feet of underground development completed over July and August and refurbishment of the production hoisting infrastructure continuing to advance, the company is working toward a formal mine restart decision. Magna Mining trades on the TSX as NICU. NEWS RELEASE
Newcore Gold has reported one of the widest and highest grade-thickness intercepts to date at the Boin Gold Deposit within the Enchi Gold Project in Ghana, with RC hole KBRC411 returning 2.59 grams per tonne gold over 69 metres including 6.41 grams per tonne over 24 metres, as part of an 80,000-metre drill program underway at a project where a pre-feasibility study was completed in June 2026. The results are not yet incorporated into the existing resource estimate and are expected to support future mine plan optimization. Newcore Gold trades on the TSX Venture Exchange as NCAU and on the OTCQX as NCAUF. NEWS RELEASE
Tudor Gold has reported ten new drill holes from the Perfectstorm Zone at Treaty Creek in British Columbia, expanding a copper-gold porphyry system at depth and a gold-dominant epithermal system near surface, with standout results including hole PS-26-23 returning 100 metres at 0.25% copper and then intersecting a deeper gold overprint of 101 metres at 0.98 grams per tonne including 4.5 metres at 5.15 grams per tonne, and an epithermal intercept from PS-26-20 of 81 metres at 0.82 grams per tonne from just 78 metres depth. The Perfectstorm Zone sits approximately one kilometre from the 24.9-million-ounce Goldstorm Deposit and remains open in all directions. Tudor Gold trades on the TSX Venture Exchange as TUD. NEWS RELEASE
Liberty Gold has validated gold leach recovery assumptions for its Black Pine Feasibility Study in Idaho, with Phase 6 bulk column tests on seven run-of-mine-sized ore samples averaging 72.4% gold extraction, consistent with FS models, while also demonstrating that reducing rock particle size from 10 inches to 1 inch adds less than 3% additional recovery, confirming the plan to operate without a crusher. Leach kinetics were rapid, with 90% of total extraction achieved within 36 days. The Black Pine Feasibility Study, published September 8th, outlined an after-tax NPV5% of US$2.4 billion and a 60% IRR at a US$3,250 per ounce gold price. Liberty Gold trades on the TSX as LGD and on the OTCQX as LGDTF. NEWS RELEASE
Talisker Resources has completed the final ore-sorting test program for the Bralorne Gold Project in British Columbia, with TOMRA's XRT sorting technology rejecting 57% to 67% of waste rock while upgrading gold grades by 2.0 to 2.5 times and recovering 84% to 87% of contained gold, performance strong enough that the company has elected to remove the downstream laser sorter from its plant design. The change saves approximately C$4 million in capital costs, simplifies the direct-shipping-ore operation, and lowers operating expenses, while the XRT-only flowsheet still achieves the primary goal of maximizing the grade and minimizing the tonnage of material shipped to third-party processors. Talisker Resources trades on the TSX as TSK and on the OTCQB as TSKFF. NEWS RELEASE
Scorpio Gold has announced a sonic drilling and metallurgical program to evaluate the reprocessing potential of surface facilities at the Manhattan District Project in Nevada, including an original heap leach pad, tailings storage, waste dump, and low-grade stockpile that were created during open pit operations starting in 1980 and heap leach operations that ran from 1989 to 1993. Mining consultancy SLR International will design and execute Phase 1, which calls for approximately 35 vertical sonic drill holes, with results expected to define whether a near-term reprocessing operation is economically viable. Scorpio Gold trades on the TSX Venture Exchange and on the Nasdaq both as SGLD. NEWS RELEASE
Elemental Royalty has declared its quarterly dividend of US$0.03 per common share, payable to shareholders of record as of September 30th with distribution expected around October 15th, and has again offered the option to receive the payment in Tether Gold XAUT tokens rather than cash, with election forms due by September 24th and token amounts calculated using the LBMA afternoon gold price on the last trading day before the record date. Elemental Royalty trades on the TSX as ELE. NEWS RELEASE
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That's it for today everyone. Have a great day. Stay safe.