Morning Briefing: Fortuna Mining Invests in Awalé Resources
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Thursday, May 29th.
Gold was mostly flat on the day yesterday, down about $5 to $3,294/oz on the front month contract. But last night the US Court of International Trade rules that President Trump’s tariffs were unlawful. An appeal is likely from the White House and the continued and heightened uncertainty in trade policy is moving gold higher this morning, currently up $37 at time of recording. Silver is currently trading at the top of its tight trading range once again, at $33.57/oz. A meaningful move over $34 would be a sign of positive momentum for the metal.
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…Calibre Mining
Calibre is a Canadian-listed, Americas focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and in Nicaragua. The company recently announced a deal to merge with Equinox Gold. The transaction will create an Americas-focused diversified gold producer with a portfolio of operating mines in five countries anchored by two high-quality, long-life, low-cost Canadian gold mines, Greenstone and Valentine. You can learn more at https://www.calibremining.com/
And here’s what you need to know this morning…..
Awalé Resources announced a C$8.26M strategic investment into the company by Fortuna Mining. The investment comes as a non-brokered private placement and will be used to advance exploration on the Odienné Project in Côte d'Ivoire. Under the terms of the Offering, Awalé will issue 15,037,593 common shares in the capital of the Company at $.55 CAD per share. It represents a 19% premium on the 10-day volume weighted average. The Shares will represent a total position of approximately 15% of the issued and outstanding common shares of the Company upon completion. A joint technical advisory committee will be formed between Fortuna and Awalé. (TSXV: ARIC) News Release
Omai Gold Mines shared additional assay results from its ongoing 2025 drill program, focused on expanding the large Wenot deposit at the Company's 100%-owned Omai Gold Project in Guyana. The results include a newly discovered gold zone of 2.63 g/t Au over 27.5m (including 4.68 g/t Au over 9.5m) on the north side of the West Wenot area. This zone is almost 100m north of any significant West Wenot gold zone and starts at a vertical depth of 315m, lying outside of the 2024 Mineral Resource Estimate. Other results reported today were 2.64 g/t Au over 21m and 4.87 g/t Au over 9.5m. Results are pending for an additional 12 holes. (TSXV: OMG) (OTCQB: OMGGF) News Release
Metals Creek Resources announced initial results from the recently completed diamond drilling program at the Tillex Copper Project located in Currie Township, 65 km east of Timmins, Ontario and approximately 45 km from the Kidd Creek Met site. Hole 31 returned 46.4m of 1.66% Cu and 3.67 g/t Ag, which also included a 19.2m interval of 3.4% Cu and 5.6 g/t Ag. Assays are still outstanding for both lead and zinc and will be released once over limits are received and compiled. Pyrite mineralization appears to be increasing to the north as does the presence of galena and sphalerite. (TSXV: MEK) News Release
Amarc Resources says it is planning its new drill program at the Joy District with its partner, Freeport-McMoRan. Drilling is planned to be focused at the Company's new, high grade, gold-rich porphyry copper-gold-silver AuRORA Deposit, the PINE Deposit and the Twins and Canyon Discoveries as well as several high potential and drill-ready Cu-Au Deposit Targets across the JOY District in north-central British Columbia. Freeport is fully funding work programs at JOY, and has provided notice under the Mineral Property Earn-In Agreement that it has invested CAD $35 million, under an accelerated time frame, and earned an initial 60% interest in the JOY District. The 2025 program of CAD $10 million is subject to Freeport electing to proceed to fund an additional CAD $75 million in exploration and development programs under Stage 2 of the Agreement, which election is anticipated by Amarc to be made during the third quarter of 2025. At Freeport's request, Amarc has agreed to continue managing all aspects of the exploration work programs. (TSXV:AHR) (OTCQB:AXREF) News Release
Ridgeline Minerals has entered into an exploration agreement with EMX Royalty for the Trench oxide gold project southwest of the town of Carlin in Nevada. The area was previously explored in the 1990's by several groups with surface trenching and limited drilling. Anomalous, widespread gold mineralization and structurally controlled higher-grade gold grading up to 5.6 grams per tonne ("g/t") gold ("Au") is hosted within a sequence of prospective Ordovician to Pennsylvanian-Permian age rocks cut by a series of Tertiary dikes. These Tertiary dikes may represent a potential source to the Carlin-Type gold system and are a likely mineralizing control to the higher-grade rock chips taken to-date. (TSXV: RDG) (OTCQB: RDGMF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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