Morning Briefing: Exploration Results Abound, Despite the Correction in Metals
Good morning and welcome back to the Mining Stock Daily morning briefing.
It's Wednesday, October 22nd.
Precious metals and the precious metal equities took the elevator down yesterday while gold plunged over 5% throughout the day. It was its biggest daily drop since August of 2020. The move is continuing this morning, with gold now attempting to find some support around the $4,000/oz level. The gold miners outpaced the move in gold, which is typical for the equities, with the GDX losing 9.5% on the day as it gapped lower at the open and never really found a way higher. The volatility in the sector is expected as nothing moves up higher in a straight line forever. It also is a healthy refresher for investors that gold can go from extreme overbought to neutral very very quickly.
We’ll get to the news from the miners and explorers here in a moment, but first a quick word about today’s sponsor.
This episode of Mining Stock Daily is brought to you by… Equinox Gold
Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at equinoxgold.com
And here’s what you need to know this morning…..
Onyx Gold published additional drill results from the ongoing program at the Munro-Croesus Project near Timmins, Ontario. Today’s results come from the Argus North Zone and were highlighted with 99.5m of 1.5 g/t Au and 71m of 1.3 g/t Au. The results highlight excellent predictability and continuity of a higher-grade plunge within the zone, while also confirming that mineralization continues across cross-cutting faults, supporting continuity within the zone and refining the structural model for future targeting. The Argus North Zone remains open along strike, down-dip, and down-plunge. The Company has completed 70 drill holes, representing approximately 22,000 metres (88%) of its expanded 25,000-metre drill program. Assay results have been received and reported for 32 of these holes. (TSXV: ONYX) (OTCQX: ONXGF) News Release
Hercules Metals reported new results from its drilling campaign on the company’s flagship Leviathan porphyry copper discovery on the Hercules Property in western Idaho. The company says results are now demonstrating continuity in the Hanging Wall Zone, with HER-25-05 ("25-05") returning 273 m of 0.60% Cu, 77 ppm Mo, and 1.8 g/t Ag, within a broader interval of 379 m of 0.50% Cu, 75 ppm Mo, and 1.5 g/t silver, beginning at 110 m true depth below surface. HER-25-03 ("25-03"), drilled further outward along the same fence, intersected 256 m of 0.44% Cu, 85 ppm Mo, and 0.9 g/t Ag within 452 m of 0.37% Cu, 73 ppm Mo, and 0.86 g/t Ag. (TSXV: BIG) (OTCQB: BADEF) News Release
Cabral Gold announced new drill results from the Pau de Merena target within the Cuiú Cuiú district of Brazil. Diamond drill hole DDH346 intersected 23.3m @ 4.7 g/t gold from 57m depth in hard rock below the gold-in-oxide blanket, including 1m @ 91.3 g/t gold and 1m @ 8.1 g/t gold. The mineralized zone remains open at depth and along strike. Drill results are pending on the Mutum and Machichie NE targets, and diamond drilling is currently in progress at the Machichie Main and Jerimum Cima targets. (TSXV: CBR) (OTCQB: CBGZF) News Release
McEwen Inc reported encouraging new results from its 2025 drilling program at Windfall, part of the Company’s Gold Bar Mine Complex, in the Eureka Mining District of Nevada. Results were highlighted with 2.43 g/t Au over 74.7m including 12.79 g/t over 7.6m in hole 39. Other results were 4.57 g/t Au over 12.2m and 1.7 g/t over 64m. A new deeper zone also continues to emerge with a results of 6.1 g/t Au over 6.1m. The drilling program at Windfall represents one of several initiatives currently underway by the Company to: 1) increase gold resources, 2) extend mine life and 3) lower production costs at the Gold Bar Mine. (NYSE/TSX: MUX) News Release
Scorpio Gold has commenced its Phase 2 drill program at the Manhattan District Project in Nevada. The Phase 2 drilling program is planned to achieve a minimum of 50,000 metres of drilling, through diamond core and reverse circulation drilling. Phase 2 will build upon the recently completed Phase 1 diamond drilling program, which consisted of 12 diamond drill holes totaling 4,216 m, and the recently announced maiden Mineral Resource Estimate. Three drills will enable a more aggressive pace towards completing a minimum of 50,000 metres of drilling in approximately 200 drill holes by the end of August 2026. (TSXV: SGN) (OTCQB: SRCRF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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