Morning briefing: Gold Jumps, Copper Dips as K92 and Endeavour Hit Major Milestones
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m not Trevor Hall. My name is Michael McCrae and I will be covering for Trevor this week.
It's Thursday, October 16th.
Gold futures rose 1.4% today. The metal is now trading at $4,261. Copper futures are down about 1% now trading at $4.95. Copper maintained prices above $5 for most of October. The broader markets are mostly in the green. The NASDAQ and S&P are all higher after TSMC, the leading chip maker, increased its revenue outlook for a second time this year. Market drags are the U.S.-China trade spat that doesn’t look resolvable anytime soon.
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…Revival Gold.
Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.com
And here’s what you need to know this morning…..
K92 Mining announced yesterday that it has achieved a major operational milestone with first production and the official inauguration of its Stage 3 Expansion Process Plant at the Kainantu Gold Mine in Papua New Guinea. The expansion will double throughput capacity from 500,000 tonnes per year to one million tonnes. (TSX: KNT) News Release
Li-FT Power reported yesterday the results of its 2024 exploration program at the Cali Lithium Project in the Northwest Territories. Fieldwork identified new spodumene-bearing pegmatites and confirmed the presence of a 1.5-kilometre-long lithium trend, reinforcing the project's potential. The company said these findings will help prioritize drill targets for future exploration campaigns. (TSX-V: LIFT) News Release
District Metals announced yesterday the results of UAV radiometric and magnetic surveys at its property in Sweden, highlighting strong exploration potential. The surveys outlined several magnetic and radiometric anomalies consistent with mineralized trends seen at nearby deposits. District said the results will guide upcoming ground-based exploration and drilling programs. TSX-V: DMX News Release
Endeavour Silver announced today that commercial production has been achieved at its Terronera Mine in Jalisco, Mexico. The company said the milestone marks the transition from construction to full operations, with production now ramping up toward nameplate capacity. Endeavour expects Terronera to become its flagship asset, significantly increasing silver and gold output in 2025.(TSX: EDR) (News Release
Tudor Gold reported yesterday new drill results from the Goldstorm Deposit at the Treaty Creek Project in British Columbia’s Golden Triangle. The latest hole returned 1.70 g/t gold over 46.00 metres, including higher-grade sections that continue to confirm the strength of the mineralized system. The company said the results further support resource expansion potential at depth and along strike. (TSX-V: TUD) News Release
Legacy Gold announced yesterday early drill results from the Baner Property in Idaho that intersected a broad zone of gold mineralization. The hole returned 0.86 g/t gold over 115 metres, including several higher-grade intervals. The company said these initial findings confirm the system’s scale and justify continued drilling across the property. (TSX-V: LEGY) News Release
Guanajuato Silver reported yesterday new drill results from the El Cubo Mine Complex in Guanajuato, Mexico. Highlights include 2.53 g/t gold and 237 g/t silver over 4.3 metres, confirming strong vein continuity in key production areas. The company said the results will help optimize mine planning and expand high-grade zones. (TSX-V: GSVR) (source)
Prismo Metals announced yesterday that drilling at its Ripsey Mine Property in Arizona returned high-grade gold along with significant silver, copper, and zinc mineralization. Results included 19.35 g/t gold, 69 g/t silver, 0.83% copper, and 5.91% zinc over 1.22 metres. Prismo said the results highlight the polymetallic potential of the project and warrant further exploration.(CSE: PRIZ) News Release
There were some significant financings. NexGen Energy closed a $675 million equity offering. Banyan Gold closed a $31.4 million private placement and Mako Mining announced a $24 million bought deal private placement.
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That’s it for today everyone. Have a great day. Stay safe.
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