Morning Briefing: Citi is bullish on copper

Good morning and welcome back to the Mining Stock Daily morning briefing. I am Michael McCrae filling in for Trevor Hall.

It’s Tuesday, July 28.

Markets are mixed with S&P Futures in the green but Nasdaq in the red. 

Investors are looking ahead to earnings with Meta, Microsoft, Amazon, and Apple scheduled later in the week. 

Nasdaq is being weighed by a deep sell off in semi conductor names. 

Commodities are down. Gold futures are off 1.23% to $4,085, crude oil futures have slipped 1.22% to $86.10 and copper futures have lost 1.06% to $6.31. 

The Federal Reserve is meeting for its two-day Federal Open Market Committee (FOMC) meeting. Base case is rates stay the same, but markets see an outside chance for rate hike this week to counter inflation worries. 

Yesterday, Citi maintained its bullish copper price targets through the end of the year, citing tighter physical markets and supply pressure in China, according to a report from Reuters. The bank held its $14 500 per metric ton zero- to three-month target and its $15 000 per ton year-end target.

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

Vizsla Silver

Vizsla Silver is advancing the Panuco silver-gold project in Sinaloa, Mexico — one of the highest-grade silver development projects in the world. The project hosts the world's largest, undeveloped high-grade silver resource, and the company has been aggressively expanding its drill program to grow that resource ahead of a development decision. Learn more at vizslasilver.ca.

Here’s what you need to know today. 

Banyan Gold has intersected visible gold and high-grade mineralization in its first-ever exploration holes at the Nitra Gold Project, with hole NT-26-001 at the newly identified Roaring Fork zone returning 1.62 g/t gold over 5.0 metres, including 17.80 g/t over 0.4 metres, suggesting a new mineralized system 25 km west of the AurMac Deposit on 100%-owned, royalty-free claims. A second target 5 km north at Seattle Creek showed large extensional quartz veins with multiple visible gold occurrences and AurMac-style bismuth-sulphosalt mineralization, with these being the first two of eleven exploration targets across Banyan's 830 sq km Yukon land package (TSX-V:BYN). News Release

Intrepid Metals has launched its first-ever gold-focused exploration at the Mattie Prospect within its Corral Copper Project in Cochise County, Arizona, kicking off a roughly three-week program of about 1,170 soil samples on 50-metre spacing across a 1,900 by 1,500 metre grid to define the surface gold footprint and generate drill targets. Mattie represents a distinct third mineralization style at Corral, complementing the project's established CRD copper-gold-silver zones and emerging porphyry potential, and gives the company a new avenue to test the district's broader precious metals upside (TSXV: INTR). News Release

Westhaven Gold (TSX-V: WHN) reported a fourth batch of results from its 35,000m South Zone infill program at the Shovelnose property in southern BC, now 66% complete with four rigs. Highlights include 27.51m grading 14.47 g/t Au and 52.3 g/t Ag, 30.76m of 3.31 g/t Au, and a 0.52m interval of 200 g/t Au and 141 g/t Ag, the program's highest single assay, located at the deposit's northern edge and suggesting grades continue toward the Alpine target. A fifth drill has begun a 15,000m exploration program running through mid-December, all funded under the Dundee Corporation earn-in, whereby Dundee can acquire up to 60% of Westhaven's Spences Bridge properties through up to $85 million in staged spending, including a committed $30 million first phase covering the drilling and ongoing PFS work.  (TSX-V: WHN). News Release

Uranium Royalty Corp. has completed its plan of arrangement, pairing its uranium strategy with a cash-flowing soda ash royalty portfolio anchored by its five mines in Wyoming's Green River Basin. The deal is expected to be accretive to NAV, cash flow and EPS, and adds Orion and Ontario Teachers' as the two largest shareholders (NASDAQ: UROY). News Release

Cambria Gold Mines released results from 42 underground infill holes (3,151m) at the Prew Zone of its Premier-Northern Light deposit near Stewart, BC, headlined by 24.36 g/t Au over 6.3m (including 76.70 g/t over 1.8m) and 13.17 g/t Au over 10.6m, with drilling continuing to define wide high-grade zones and clarify post-mineral faulting ahead of further underground development planned for Q4. The company has also started infill drilling at its Big Missouri and Silver Coin deposits, where geological teams have remodelled wide gold zones tied to quartz-sulphide breccias historically mined in the 1940s and 1990s, all near Cambria's 2,500 tpd mill (TSXV: CAMB). News Release

Copper Giant Resources reported that infill hole MD-066 at its Mocoa copper-molybdenum porphyry in Putumayo, Colombia cut 584 metres of 0.73% CuEq (0.40% Cu, 0.062% Mo), including a 183-metre core of 0.94% CuEq, well above the current resource average of 0.51% CuEq and confirming the model ahead of the anticipated PEA. Meanwhile, MD-065, the first hole at the La Estrella target and from the company's third rig, returned 176 metres of 0.30% CuEq outside the current resource footprint, with grade increasing steadily downhole and ending in mineralization, open toward the higher-grade core to the northwest (TSXV: CGNT). News Release

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