Morning Briefing: Faraday Copper Makes a New Blind Discovery
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Tuesday, May 6th.
Gold saw a big bounce rebound yesterday. Investors and traders rode the golden wave up another $80 or 2.4% on the front month contract to close Monday at $3,322 per oz. Silver also saw a bit of a bounce, although closing well off its highs on the day. Silver closed at 32.47/oz. That was yesterday and then overnight, when China reopened from its holiday, traders and investors returned to the precious metals market and continue to move precious metals higher this morning in early western hours. Copper continues its attempt to claw its way back. Copper’s rally over the past few days is on the back of a weaker US dollar and increasing indications of a supply shortage outside of the United States.
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…Integra Resources.
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
And here’s what you need to know this morning…..
Faraday Copper says they have made a new blind discovery of the Winchester Breccia during their Phase III drill program at the Copper Creek Project in Arizona. The drill hole was intended to test a gap in drilling between known breccias. It intersected 154.29 metres ("m") at 0.26% copper and 1.07 grams per tonne ("g/t") silver from 302.54 m, including 22.23 m at 0.42% copper and 1.82 g/t silver from 333.20 m in drill hole. Other results reported today included 57.87 m at 0.37% copper and 0.94 g/t silver at Jailhouse and 40.70 m at 0.34% copper and 0.96 g/t silver at Courthouse. With this campaign complete, the company looks ahead to publishing a technical study and mineral resource estimate near the end of the third quarter. (TSX:FDY) (OTCQX:CPPKF) News Release
Outcrop Silver and Gold provided assay results from the Los Mangos Vein which is part of the Santa Ana silver project in Colombia. Follow-up drilling has delivered the widest and highest-grade intercept to date from the Los Mangos target, located more than 8 kilometres south of the current resource area. That hole returned 18.3m of 992 g/t AgEq 193m down hole below the historic mine. The Los Mangos vein system, located in the central corridor of the Santa Ana Project, has now been confirmed over a strike length exceeding 350 metres and to vertical depths greater than 200 metres. (TSXV: OCG) (OTCQX: OCGSF) News Release
Soma Gold provided an update on the ongoing exploration program at the Psyche 2 target area, including the Colossa Mine, on the Machuca Project in Antioquia, Colombia. Psyche 2 is a target area that was identified through high-grade stream sediment samples and the presence of informal, small-scale mines. Channel samples at Orion returned 1m of 36.2 g/t Au, while samples from Colossa returned 2m of 61.4 g/t Au. Continued prospecting has extended the previously identified strike length of the northeast-trending structural zone from 1.8 km to ~2.4 km. (TSXV: SOMA) (OTC: SMAGF) News Release
Kenorland Minerals and Auranova Resources have completed its 2025 winter drill program at the South Uchi Project in Ontario. The maiden drill program consisted of 27 diamond drill holes totaling 14,363 metres, testing the Papaonga target over an 8km by 3km area, within the large gold-in-till and heavy mineral concentrate gold grain anomalies, underlain by bedrock mineralisation consisting of quartz-sulphide veins and disseminated sulphide. Widely spaced drill fences, roughly 500 metres to greater than 1 kilometre apart were designed to test interpreted structural corridors concealed by deep overburden and Papaonga Lake. Complete assay results are expected to be reported in late Q2 or early Q3 2025. (TSXV: KLD) (OTCQX: KLDCF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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