Morning Briefing: Eloro Resources files MRE, F3 Uranium announces drill results
Good morning and welcome back to the Mining Stock Daily morning briefing. This is Michael McCrae filling in for Trevor Hall this week.
It’s Wednesday, April 22.
Iran says it has two ships in custody in the Strait Of Hormuz. Yesterday, President Donald Trump said he was extending the cease fire to give talks more peace talks more time. Markets are green. Gold futures are up, opening 1% higher to $4,771. Oil futures are up again, now at the $90 level. The S&P and Nasdaq futures are both up, as well, at 0.62% and 0.8% respectively.
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 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…..
Eloro Resources has released an updated Mineral Resource Estimate (MRE) for its Iska Iska silver-tin polymetallic project in Bolivia, establishing an initial Indicated resource of 85.17 million tonnes grading 40 g/t silver (109.53 million ounces) alongside a substantial Inferred resource of 945.43 million tonnes containing 248.60 million ounces of silver and significant zinc, lead, tin, and gold. Silver grades rose 65% compared to the 2023 initial MRE, driven by a 27-hole, 14,085-metre definition drilling program that converted previously inferred material to the higher-confidence Indicated category. The deposit, constrained within an optimized open pit roughly 1.4 km in diameter and 750 m deep with a favorable 1:1 strip ratio, also saw tin recovery improve from 50.7% to 58.9% through additional metallurgical testing. Eloro plans to begin a 40,000-metre 2026 drilling program and advance the project toward a maiden Preliminary Economic Assessment (PEA), with management highlighting continued growth potential along strike, across strike, and at depth (TSX: ELO). News Release
F3 Uranium Corp announced results from its winter 2026 drilling program at the Tetra Zone on its Patterson Lake North Project in Saskatchewan's Athabasca Basin, where uranium mineralization was found in three of six step-out holes. The most notable result came from hole PLN26-226, which returned elevated radioactivity 275 metres along strike from a previously high-grade intersection, confirming the zone remains open in multiple directions. A new geological study integrating structural analysis and uranium age-dating reveals the Tetra Zone shares the same multi-phase hydrothermal system as the high-grade JR Zone 13 km to the north, strengthening the district-scale discovery potential. Funded for the year, F3 plans to apply this refined model across broader targets on the property, advance geophysical surveys, and continue drilling toward potentially high-grade uranium pods (TSXV: FUU). News Release
New Found Gold announced final results from 2025 drilling at its Dropkick Zone on the Queensway Gold Project in Newfoundland, with standout intersections including 24.8 g/t Au over 14.0 m and 13.4 g/t Au over 8.1 m in the high-grade domain west of the Appleton Fault Zone. Drilling has now expanded the zone to over 1.4 kilometres of strike extent and to a vertical depth of 300 metres, with the zone remaining open in both directions. Notably, drilling east of the fault returned 6.75 g/t Au over 18.35 m, highlighting the strength of the mineralizing system in a structural domain that also hosts the high-grade Keats and Iceberg zones to the south. Drilling is set to resume at Dropkick in late Q2 2026, with an updated mineral resource estimate incorporating all Dropkick results planned for the second half of 2026 (TSXV: NFG). News Release
Revival Gold announced a C$30 million "best efforts" private placement of up to 35,295,000 common shares at C$0.85 per share, with Paradigm Capital acting as lead agent, scheduled to close May 6, 2026. Agents also hold an option to sell an additional 3,530,000 shares, which could bring total gross proceeds to approximately C$33 million, and will receive a 6% cash commission on proceeds. Net proceeds will fund ongoing exploration and development at the company's Mercur Gold Project in Utah and Beartrack-Arnett Gold Project in Idaho, with the offering open to Canadian investors (excluding Quebec) as well as select international jurisdictions (TSXV:RVG). News Release
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That's it for today everyone. Have a great day. Stay safe.
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