Morning Briefing: Hercules Metals Drills 81m of 1.5% Cu at Leviathan
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday September 17th.
The Federal Reserve is expected to begin lowering borrowing costs again today, which would be the first since December, due to worries over the worsening labour market. A 25 basis point cut is highly anticipated, but the comments following the rate decision by Jerome Powell will be what most traders and investors will be studying. Any dovish notes from Powell on follow through and the pace of more cuts in the future could cause risk assets to respond favorably. Any cautious and hawkish tones could have the opposite effect. Gold made another new all-time high yesterday, but was pushed lower throughout the day. It managed to put in a slight gain and close at $3,688 an ounce on the spot price. Mining equities throughout the ladder saw profit taking ahead of the important rate decision today.
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…Equinox Gold.
Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at equinoxgold.com
And here’s what you need to know this morning…..
Hercules Metals announced results from its first completed drill hole from its 2025 drilling season at the Leviathan porphyry copper discovery on the Hercules Property in Idaho. A 220 m step-out hole, HER-25-02, intersected high-grade mineralization consisting of 81 m grading 1.5% Cu and 8.9 g/t Ag, within a larger interval of 127 m grading 1.1% Cu and 7 g/t Ag, which sits within a broad zone of 346 m grading 0.66% Cu, 3.2 g/t Ag and 78 ppm Mo. The company says the drill results provide evidence that the secondary hypogene enrichment thickens at the centre of the system. 2025 drilling is progressing efficiently, with over 11,000 m drilled in thirteen (13) completed holes, five (5) in-progress holes, three (3) RC pre-collar holes, and only one (1) short, abandoned hole. (TSXV: BIG) (OTCQB: BADEF) News Release
New Break Resources shared assay results from its maiden diamond drilling program on the Moray gold project near Timmins, Ontario. Hole 5 returned 4.11 g/t Au over 31.3m beginning at 83m depth. Hole 4 returned 3.35 g/tAu over 14.8m beginning at 100m depth. The results from drillholes four and five represent the discovery of a new gold system and the best gold intersections ever returned at the Moray gold project. While historical drilling indicates that gold mineralization within the Fiset syenite intrusion at Moray may share similar characteristics to the syenite hosted Young-Davidson gold deposit, New Break now believes that sulfide mineralization within the Zavitz zone and below Trench 12, appears to have been remobilized and partitioned into the hematized mafic volcanics bounding the west flank of the Fiset intrusion. (CSE: NBRK) News Release
Lithium Ionic announced results from the updated Feasibility Study for its Bandeira Lithium Project in Brazil. The original study was published in 2024. Today’s technical report shows stronger economics with a Post-tax NPV8% improved to US$1.45 billion, compared to US$1.31 billion in the prior study despite applying more conservative commodity price assumptions based on Fastmarkets’ long-term forecast. The post-tax IRR increased to 61% up from 40%. Initial CAPEX was reduced by ~28% to US$191 million. The improvements to the economics are in large part due to the involvement of RTEK. This updated FS incorporates a larger mineral resource and reserve and optimized mine and plant design. The processing plant and surface facilities were streamlined using industry-standard equipment and proven prefabricated modular process plant segments, reducing fabrication and installation costs. (TSXV: LTH; OTCQB: LTHCF) News Release
Eduardo Luna has been named Lead Director of the Board for Vizsla Silver. Mr. Luna, former director of Wheaton Precious Metals, joined Vizsla Silver's Board in November 2023. His wealth of knowledge and experience developing and operating the world-class San Dimas Mine in Durango Mexico, a direct analogue to the Panuco Project in terms of host geology and style of mineralization, has provided valuable perspective to the Vizsla Board. In addition to his role at Vizsla Silver, Mr. Luna is on the Board of Directors at Coeur Mining and serves as the Chairman of the Board of Directors at Rochester Resources. (TSX: VZLA) (NYSE: VZLA) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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