Morning Briefing: Gold Makes New Highs on European Debt Concerns
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday September 3rd.
Yesterday welcomed gold’s official break-out trading day as the yellow metal added $56 dollars onto its spot price to close the day above $3,500/oz at $3,532. That was a gain of 1.6% on the day. The front month December contract added over 2% on the day and closed above $3,600 an ounce. Spot silver climbed its way higher, but not the pace of gold. It closed the day up 4/10ths at $40.88 an ounce. There has been a lot of news out of the US regarding Federal Reserve autonomy and executive branch oversight of US institutions, but the real move in precious metals can also be attributed to debt concerns out of Europe. Long-term government bond yields are causing headaches for financial markets, including sell-off in French and UK bonds. The US 30-year also moved back up following a court decision declaring trade tariffs illegal.
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…..
Koryx Copper announced assay results from drill hole HM90 received as part of the Phase 3 drill program for its 2025 exploration on the wholly-owned Haib Copper Project in Namibia. Drill hole HM90 was drilled to target the east-west structures related to breccias and shear zones in the Volstruis river area of Target 2 and intersected 0.70% Cu from surface to a depth of over 110m including 36m at 1.42% Cu. The company says this is very significant in proving the ability of the Haib deposit to produce such high grades, but also to demonstrate the continuity of these structures along strike and their much higher grade. Mineralisation is almost entirely chalcopyrite, and this intercept represents the widest continuous high-grade zone (>1% Cu) encountered to date at Haib. (TSX-V: KRY) News Release
Onyx Gold shared additional drill results from the Company's ongoing 25,000 metre drill program at its 100% owned Munro-Croesus Project near Timmins, Ontario. Results are reported today for eight (8) step-out holes drilled on a cross-section located 50 metres west of the Argus North discovery section. Highlights included 91m of 1.1 g/t Au and a second intersection of 103.4m of 1.1 g/t Au from hole 177, for a total cumulative width of 194.4m of 1.1 g/t. Other results included 139.1m of .8 g/t Au and 9.8m of 2.9 g/t Au. The Argus North Zone is open along strike, down-dip and down-plunge. Ongoing plans include step-out drilling along strike on 50-m to 100-m spaced cross-sections designed to extend the limits of the known gold mineralization. The Company has completed 48 drill holes (assays announced for 15 holes to date). (TSXV: ONYX) (OTCQX: ONXGF) News Release
Collective Mining announced assay results from eleven diamond drill holes which include a new greenfield silver-rich discovery at the X target. Two maiden holes drilled to the north and northwest respectively at the X target cut multiple zones of silver dominant veins over a broad area measuring approximately 500 metres by 500 metres resulting in a new silver-rich discovery. Results included 12.85 metres @ 503 g/t silver equivalent and 18.65 metres @ 122 g/t silver equivalent, both coming from the first hole. Assay results from eight infill drill holes at Apollo have also been received and have intersected combined high-grade gold, silver and copper mineralization. These results have confirmed the grades from the Company's internal block model with highlight results including 138.95 metres @ 2.42 g/t gold equivalent and 150.10 metres @ 2.23 g/t gold equivalent. (NYSE: CNL) (TSX: CNL) News Release
Talisker Resources announced preliminary results from the second stage of laser-based ore-sorting of material from the Company’s Bralorne Gold Project located in British Columbia. The first phase of ore sorting at Bralorne resulted in an increase of the average feed grade from 14.4 grams per tonne gold to a final sorted product grade of 27.8 grams per tonne gold. The preliminary results also rejected between 35% and 55% of total rock mass as waste and achieved gold recoveries of between 95% and 99% indicating that Bralorne vein material is particularly well suited to laser-based ore-sorting. The second stage of testing was a run of mine test-work program using full-scale equipment to allow for a direct comparison to full-scale production projections. The company is awaiting corresponding assay results from each fraction, but will be fast-tracking the design, permitting and construction phases of the technology. (TSX: TSK, OTCQX: TSKFF) News Release
Kenorland Minerals has acquired, through map staking, more than 114K hectares of mineral claims approximately 25km north of Borden Lake in Ontario. The KSZ Project encompasses a prospective region within the Abitibi-Wawa Sub-province of the Archean Superior Province. Despite the project's favourable geological setting, very little historical exploration has been conducted. This vast underexplored area has the potential to host significant orogenic gold mineralisation in a world-class terrane, exemplified by Discovery Silver's Borden Lake gold deposit. (TSXV: KLD) (OTCQX: KLDCF) News Release
District Metals says its UAV radiometric and magnetic survey at the Sågtjärn Property has successfully confirmed known uranium-molybdenum-rare earth elements (REEs) polymetallic occurrences whilst also identifying new target areas. The data has let to the company adding to its land package at the property. The radiometric data has pinpointed uranium-enriched zones warranting follow-up ground-based exploration, including prospecting, geological mapping, and sampling. The property hosts uranium polymetallic mineralization within bedrock that correlates with moderate to high magnetic responses. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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