Morning Briefing: Gold breaks through $5,000 an ounce
Good morning and welcome back to the Mining Stock Daily morning briefing. I am not Trevor Hall. I am Michael McCrae, hosting for Trevor who is at the Vancouver Resource Investment Conference.
It's Monday, January 28.
Happy gold $5,000. Gold futures definitively broke through the barrier on the weekend open, reaching a high $5,107 before settling back. Silver futures reached a high of $110. Copper futures got as high as $5.99. The U.S. Dollar Index fell to 97.
Rick Rieder from BlackRock has emerged as the surprise frontrunner for the Chairmanship of the Federal Reserve, overtaking Kevin Warsh in prediction markets. Rieder is viewed by the market as accommodative. In interviews, Rieder has put an emphasis on labor data to guide interest rate policy. Jerome Powell’s term is set to expire in May 2026.
There were more bullish signs for the metals and miners. It was the start of the conference season for the miners with the Vancouver Resource Investment Conference kicking off in Vancouver. Attendance was heavy with long lines to attend the show.
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…..
A big M&A deal was announced today. Allied Gold is being acquired by Zijin Mining for C$5.5 billion. Allied was put together by Peter Marrone after his Yamana Gold was acquired by Pan American and Agnico Eagle in 2023. The Allied deal tops Yamana’s $4.8 billion acquisition. Allied was a diversified gold miner with operations in Mali, Côte d’Ivoire and Ethiopia. The company had sustainable production of 375-400 koz/yr gold per year. (TSX: AAUC, NYSE: AAUC) News release
Heliostar Metals has filed a Prefeasibility Study Technical Report for its Cerro del Gallo Project located in Guanajuato, Mexico. Heliostar announced the PFS for the project in December showing a base case US$424M post tax NPV5, 33.1% IRR, with a 2.3 year payback at a US$2,300/oz gold price. In December, CEO Charles Funk said that Cerro del Gallo was an important development project in the Heliostar portfolio, and the Company plans to continue technical work, permitting and community engagement to advance the project to a feasibility level. (TSX-V: HSTR) News Release
On Friday Scorpio Gold announced that it drilled 25.02 metres grading 0.76 g/t Gold, from 138.35 Metres Along the Reliance Trend at the Manhattan District, Nevada. 12 unreported holes, totalling 3,322 m, have been completed and are pending assays. Manhattan, located in the Walker Lane Trend of Nevada, USA, is road accessible and lies approximately 20 kilometers south of the operating Round Mountain Gold Mine, which has produced more than 15 million ounces of gold. (TSX-V: SGN) News release
Koryx Copper closed C$5 Million for a total financing of C$51 Million. Koryx Copper is a Canadian copper advancing its 100% owned Haib Copper Project, a large, advanced (PEA-stage) copper/molybdenum porphyry deposit in southern Namibia. (TSX-V: KRY) News release
Great Pacific Gold announced drill results from its Wild Dog Project located in Papua New Guinea. Key Highlights were WDG-15. a Sinivit Northern Sulphide Shoot, intercepting 13.48 m @ 8.08 g/t AuEq from 210.22 m (7.41 g/t Au, 0.31% Cu, 16.37 g/t Ag). Wild Dog is the company's flagship project, which consists of a large-scale epithermal target. The Wild Dog structural corridor, stretches 15 km in strike length and potentially over 1,000 metres deep based on a recent MobileMT geophysics survey.(TSXV: GPAC | OTCQX: GPGCF | Germany: V3H) News release
Apex Minerals announced that the first drill rig has arrived at site for the company's inaugural drill program at its 100%-controlled Rift Rare Earth Project, located within the Elk Creek Carbonatite Complex in southeastern Nebraska, U.S.A. Historical drilling across the complex has reported broad intervals of high-grade REE mineralization, including intercepts such as 155.5 m of 2.70% rare earth oxides and 68.2 m of 3.32% rare earth oxides. (TSX-V: APX) News release
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That’s it for today everyone. Have a great day. Stay safe.
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