Morning Briefing: Copper Giant Publishes Updated Mineral Resource for Mocoa

Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall. 

It's Wednesday, October 14th.

Gold is under some pressure this morning, trading at $4,139 an ounce, down just over half a percent. Silver is pulling back more sharply at $58.48 an ounce, off more than a percent. Copper is bucking the trend, edging up to $6.70 a pound on supply concerns.

London-based asset manager Redwheel has published an open letter to the board of Gold Fields, urging the South African gold major not to pursue its proposed acquisition of Australian producer Northern Star Resources. Redwheel's Emerging and Frontier Markets team, a long-term Gold Fields shareholder, argues that the deal would require existing shareholders to give up a material share of the company's future upside before the current portfolio has been properly re-rated. Their core concern is that Gold Fields is trading at a discount tied to its Ghana operations and uncertainty around permitting at the Windfall project in Quebec, which means it is effectively using undervalued equity to acquire a higher-rated company. Redwheel recommends the board walk away for now and revisit the idea after Ghana and Windfall are resolved, when Gold Fields would be in a position of strength with a more appropriately valued currency.

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…Equinox Gold.

Equinox Gold is a Canadian gold producer with nine operating mines across North and South America. Third-quarter production of 237,019 ounces keeps the company on track for full-year guidance of 870,000 to 920,000 ounces, and Equinox ended the quarter with $527 million in cash after repaying approximately $1.2 billion in debt year to date. Equinox Gold trades on the Toronto Stock Exchange and on the NYSE American, both under the symbol EQX.

Here's what you need to know today.

Copper Giant Resources has reported a major resource expansion at the Mocoa copper-molybdenum-gold porphyry deposit in Putumayo, Colombia, with the total Inferred resource now standing at 1.6 billion tonnes for 9.36 Blbs of copper and 290 million tonnes upgraded to the Indicated category for 2.13 Blbs of copper. A PEA for Mocoa is planned, using these numbers, for Q4 of this year. Copper Giant Resources trades on the TSX Venture Exchange as CGNT. NEWS RELEASE

Scorpio Gold has reported a drill intercept of 2.94 grams per tonne gold over 36.42 metres from 169.62 metres depth at the Goldwedge target within its Manhattan Gold Project in Nevada's historic Manhattan mining district. The result extends the known mineralization at depth and adds to the body of evidence at a project with well-established production history in the district. Scorpio Gold trades on the TSX Venture Exchange as SGLD. NEWS RELEASE

Gold X2 Mining has reported infill drill results with a combined intersection of 172.0 metres averaging 0.96 grams per tonne gold, demonstrating broad continuity of gold mineralization within the current drill program. Infill drilling is aimed at tightening hole spacing to convert Inferred material to higher-confidence Indicated or Measured categories ahead of resource updates. Gold X2 Mining trades on the TSX Venture Exchange as AUXX. NEWS RELEASE

FireFox Gold has confirmed lateral continuity at the newly discovered Lammas Zone of the Mustajärvi Gold Project in Lapland, Finland, with two additional step-out holes now defining approximately 260 metres of strike. The headline result is hole 26MJ035, which returned 16.6 metres at 5.83 grams per tonne gold from 72.45 metres depth, including 1.05 metres at 51.5 grams per tonne, drilled 200 metres northeast of the original Lammas discovery. The Lammas Zone sits on a parallel structural corridor roughly a kilometre east of the main Mustajärvi Shear Zone, effectively opening a second prospective trend on the project. FireFox Gold trades on the TSX Venture Exchange as FFOX and on the OTCQB as FFOXF. NEWS RELEASE

Tudor Gold has reported continued expansion of the Perfectstorm copper-gold porphyry zone at its Treaty Creek project in British Columbia. The current drill program is further defining the higher-grade epithermal overprint that sits atop the porphyry system and adds to the overall grade profile of the deposit. Drill results reported today included 96.3m of .85 g/t gold and 2.94 g/t silver. Tudor Gold trades on the TSX Venture Exchange as TUD. NEWS RELEASE

Yukon Metals has confirmed a new copper-gold-molybdenum porphyry-style system at the Viper Prospect within its AZ Project, adding a newly defined porphyry target to the company's exploration portfolio. The co-occurrence of copper, gold, and molybdenum is a classic signature of large porphyry systems, which are responsible for the majority of global copper production, and the confirmation of porphyry-style indicators at Viper opens the prospect to systematic follow-up. Yukon Metals trades on the Canadian Securities Exchange as YMC. NEWS RELEASE

Brixton Metals has reported rock sampling results from a newly identified vein at its Thorn Project in northwestern British Columbia, with samples grading up to 195 grams per tonne gold, 4.11% copper, and 147 grams per tonne silver. This three-metal signature of high-grade gold, copper, and silver is consistent with the intrusion-related polymetallic mineralization style that characterizes much of the Golden Triangle, and the discovery of a new vein adds another structural target to a project already hosting multiple mineralized zones. Brixton Metals trades on the TSX Venture Exchange as BBB and on the OTCQX as BBBXF. NEWS RELEASE

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