Morning Briefing: Gold Miners Outperform the Metal, Copper on the Move
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday, July 23rd.
Gold reached a five-week high yesterday and looks to be wanting to test all-time highs once again. A closure towards the US tariff deadline and further weakness in the dollar continue to be the culprits. Japan has come in with a new trade deal with the US, imposing a 15% tariff on Japanese autos and other Japanese goods heading to the US. The deal also included a half trillion dollar investment package in the US. So somewhat good news for Japanese auto makers. US automakers cannot say the same. General Motors took a $1B loss from its bottom line this week, seeing their net income shrink 35% in the second quarter. The company was forced to lower its profit guidance. Gold had another stellar day yesterday, up over 1% to $3,443 an ounce. The gold miners per the GDX outpaced the metal, up two and three quarters and testing those recent highs made a few weeks back. Silver seems to be making its way to $40 an ounce, currently sitting about 25 cents shy of that mark. Copper and the PGMs all continued their rally yesterday and into today. Copper, specifically, is up another 5 cents to $5.84 per pound.
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…..
American Eagle Gold published results from the first four drill holes of its 2025 exploration campaign at its 100% owned NAK copper-gold project. The results demonstrate broad, high-grade intercepts that expand the near surface South Zone both southward and westward. Drill hole NAK25-41returned 387 metres of 0.61% copper equivalent (CuEq) within a broader interval of 644 metres grading 0.50% CuEq from surface. This intercept significantly expands the known footprint of near-surface mineralization. Other results included 207m of .57% CuEq in hole 42 and 182m of .35% CuEq in hole 39. The company noted that the South Zone may be the cornerstone to build an emerging resource with. (TSXV: AE) News Release
Onyx Gold announced drilled results for 5 holes drilled at the Argus North Zone on the newly identified gold zone located on its 100% owned Munro-Croesus Project east of Timmins, Ontario. Results included 52.2m of 2.2 g/t Au, 66.8m of 1.4 g/t Au and 50.4m of 1.9 g/t. Onyx has now defined gold mineralization over 200m vertically. The Company has completed 26 drill holes (assays announced for nine holes to date), totaling approximately 9,000 m of the 10,000 m phase 1 program. The company has expanded the drill program to 25,000m. (TSXV: ONYX) (OTCQX: ONXGF) News Release
McEwen Mining announced the discovery of high-grade mineralization approximately 200 meters West of the Froome Mine, which is the current source of production at the Fox Complex. Drilling the Froome West returned 36 g/t Au over 10m and included 160 g/t over 2.2m. That same hole had another intercept of 9.3 g/t over 7.8m. Drilling has also extended mineralization further West with 11.7 g/t Au over 2.4m and 22.1 g/t over 1.8m. Mining infrastructure development on four levels is planned and already underway at Froome West, starting from the existing workings at the producing Froome Mine and extending 200 meters toward the West zones. (NYSE: MUX) (TSX: MUX) News Release
Enduro Metals says field crews have been mobilized to Newmont Lake and are actively working on Phase 1 exploration, which is focused on the Andrei porphyry copper-gold target and initial work at the newly identified Twin target, an early-stage area with limited prior data. The program is comprised of ,120 line-kilometers of airborne magnetic surveying, 20 kilometers of ground induced polarization (IP) surveying, and extensive geological mapping, and rock and soil sampling. (TSXV: ENDR) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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