Morning Briefing: DPM Metals Discovers New Porphyry at Chelopech
Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall.
It's Wednesday, June 3.
Gold is down six-tenths of a percent to $4,488 an ounce on the front-month contract. Silver is down 1% to $74.72. Copper is pulling back slightly from those recently achieved all-time highs, off about two-tenths to $6.60 a pound.
The backdrop for the metals retreat this morning is a 2% rise in oil prices, with crude pushing higher on a fresh stall in U.S.-Iran negotiations. Iran suspended talks in protest over Israel's expanded actions in Lebanon, which Tehran says violated the ceasefire framework. President Trump pushed back, telling reporters talks are continuing at a rapid pace — but the market is reading through that. The pattern is clear: every time the street gets optimistic about a deal, something happens to reset expectations. On the copper side, Chile reported its weakest April output in 23 years — monthly production fell 13.8% year-over-year to roughly 400,000 tonnes, pressured by a high comparison base and declining ore grades at major operations across the country. For a market already watching supply tightly, that number reinforces the structural case for copper even as the price consolidates.
We’ll get to the news from the miners and explorers in just a moment, but first a word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by…Equinox Gold
Equinox Gold is a Canadian multi-mine gold producer with operations across the Americas, including Greenstone in Ontario and Valentine in Newfoundland. The company is currently advancing a combination with Orla Mining that would create a new senior gold producer targeting over 1.1 million ounces of annual production from six North American mines — a deal expected to close in Q3 2026. Learn more at equinoxgold.com.
Here’s what you need to know today.
DPM Metals has announced a discovery of high-grade porphyry copper-gold mineralization adjacent to its Chelopech mine in Bulgaria — and the numbers are exceptional. The initial result from the new discovery zone returns 713 metres at 2.52 grams per tonne gold equivalent, comprising 1.31 grams per tonne gold and 1.16% copper. The mineralization is located adjacent to the existing Chelopech mine concession — distinct from the Wedge Zone Deep discovery reported inside the mine last year — and represents a new porphyry copper-gold system immediately on the doorstep of one of DPM's flagship producing assets. The scale and grade of this intercept puts it among the most significant new porphyry discoveries announced anywhere in the world this year (TSX: DPM). News Release
Awalé Resources has reported multiple high-grade intervals outside the current Mineral Resource Estimate at the Charger 2 target in Côte d'Ivoire, with drilling returning 18.0 grams per tonne gold over 7 metres. The result is from step-out holes at Charger 2 — separate from the resource-definition drilling at Charger 1 — and extends the high-grade gold corridor beyond the current resource footprint. Awalé is building toward an initial MRE encompassing the BBM, Charger, and Empire targets and expects to deliver that estimate in Q2 2026 (TSX-V: ARIC). News Release
Selkirk Copper has released its final Phase 1 drill program results from the Minto Copper-Gold-Silver Mine in Yukon, capping what the company describes as one of the largest drilling programs completed in the Yukon in the past decade — 52,288 metres across 175 holes, with an 87% hit rate intersecting one or more mineralized lenses of significant grade and thickness. Results included 4.1m of 10.22% CuEq in Area 118 and 3.8m of 8.99% CuEq in Minto East. Phase 2 is now underway targeting up to an additional 50,000 metres, with the expanded program covering resource delineation, infill, geotechnical, and geometallurgical drilling to support a planned feasibility study (TSX-V: SCMI). News Release
Canterra Minerals has expanded the Lundberg VMS footprint at the Buchans Project in central Newfoundland, with a hole returning 57.15 metres at 0.57% copper equivalent, and has confirmed a high-grade lens at the Two Level target returning 4.34% copper equivalent over 1.65 metres. Buchans is one of Canada's historically richest VMS districts — the former ASARCO Buchans mine was among the world's highest-grade base metal deposits — and Canterra is systematically expanding and delineating the Lundberg deposit and adjacent targets with ongoing drilling (TSX-V: CTM). News Release
Koryx Copper has provided a development update for the Haib Copper Project in southern Namibia, one of Africa's largest undeveloped copper porphyry deposits. The company now has 14 drill rigs on site, has raised over $100 million since assuming management control, and filed an updated mineral resource estimate earlier this month incorporating molybdenum and gold by-product credits that materially improve the copper equivalent grade. A Pre-Feasibility Study is targeted for completion by year-end 2026. The 2025 PEA modelled approximately 100,000 tonnes of copper production per year at a conservative copper price, with estimated initial capital of approximately $1.5 billion (TSX-V: KRY). News Release
American Pacific Mining has identified a large-scale magnetotelluric anomaly at the Madison Copper-Gold Project in Montana, with drill testing now underway. The 3D MT survey defined a deep-penetrating anomaly consistent with a large porphyry copper-gold system beneath and adjacent to the known skarn mineralization at Madison. The company's 15,000-metre drill program — combining 10,000 metres of RC drilling on shallow skarn targets and 5,000 metres of diamond core drilling on deeper porphyry targets — commenced June 1, with initial assay results expected this summer (CSE: USGD, OTC: USGDF). News Release
Apex Critical Metals has announced an expansion of its drill program at the Rift Rare Earth Project and outlined its second-half 2026 exploration plans. Following the close of a $15 million financing, the total 2026 program has been expanded to between 22,000 and 25,000 metres — up from the initial scope — with 12,000 metres completed across 18 drill holes to date. An additional 16 to 18 holes are planned, covering both step-out drilling along strike and down-dip and select infill drilling. The expanded program is designed to support an inaugural Mineral Resource Estimate targeted for the first half of 2027, with preliminary metallurgical and mineralogy work also beginning in H2 2026 (CSE: APXC). News Release
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That's it for today everyone. Have a great day. Stay safe.
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