Morning Briefing: Ivanhoe Updates the Mineral Resource at Western Forelands
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday, May 14th.
The gold correction took a bit of a breather yesterday as the price continues to hover around $3,200/oz support levels. The US inflation rate came in as expected and is the lowest since February of 2021. Gold ETFs saw net inflows of 115 tons in April, thats the fifth consecutive monthly increase and the largest in over three years. A majority of that move came from China, according to the World Gold Council. Silver outpaced gold yesterday as it continues to consolidate in this range and closing at the high-end of $33.10/oz. That was a gain of one and a half percent. Copper has been working in a 30-cent range for about the last two weeks. Yesterday, copper closed at $4.72/lb. Yet, oversupply concerns continue as the International Copper Study Group recently doubled its surplus forecast.
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…..
Ivanhoe Mines have shared an updated mineral resource estimate for the Makoko District in the Western Forelands Exploration Project. The project consists of a licence package covering 2,393 square kilometres adjacent to the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC) and is six-times larger than Kamoa-Kakula. The district now hosts an indicated resource of 27.7Mt grading 2.79% copper for 1.7 billion pounds and an inferred resources of 494Mt at 1.7% copper for 18.4 billion pounds. Ivanhoe says this ranks Makoko as the highest-grade and fifth largest new copper discovery of the past decade. Mineralization remains open in multiple directions. (TSX: IVN) (OTCQX: IVPAF) News Release
Harfang Exploration announced a new gold discovery in the first batch of results from the maiden 2025 winter diamond drill program on the company’s Sky Lake Project in Ontario. The headline hole was 7 g/t Au over 18m which began a 40m below surface. Additional work returned 2 g/t Au over 13.4m. Mineralized zones consist of quartz-sericite-biotite alteration envelops with pyrite, pyrrhotite and arsenopyrite finely disseminated and in stringers, accompanied with quartz-tourmaline shear veins. The company is awaiting a second batch of assay results to determine next steps for follow-up drilling. (TSX.V: HAR) News Release
Orezone Gold reported their operational and financial results for the first quarter. The company produced just over 28 and a half thousand ounces of gold at an all-in sustaining cost of $1,415/oz. Production and costs were in line with expectations with annual guidance being maintained. Revenue reached $82.7M with adjusted EBITDA of $44.2M. The company has over $130M in liquidity comprised of over a $100M in cash and approximately $29M in undrawn senior debt. (TSX: ORE, OTCQX: ORZCF) News Release
Coppernico Metals reported the remaining assay results from its Phase 1 drill program at its Sombrero Project in Peru. The company says the results confirm broad intervals of copper-gold mineralization supporting the technical team’s skarn-porphyry geological model and reinforcing the district-scale potential of the Sombrero Project. Results reported today included 9.85m of .26% Cu, 9.4m of .19% Cu and 21.85m of .22% Cu. Drilling to date has not yet defined the limits of the skarn system, with mineralization and alteration vectoring high-priority opportunities well beyond the currently permitted area. Surface mapping, geophysical data and historical drilling suggest continuity and highlights the potential for the discovery of major extensions in future phases, according to the company. (TSX: COPR, OTCQB: CPPMF) News Release
Mako Mining provided exploration results from the ongoing reverse circulation drill program at Mako's newest mining area, Las Conchitas in northern Nicaragua. Las Conchitas is located between the Company's San Albino Gold Mine and the nearby historical El Golfo Mine on the Company's El Jicaro Concession, where the Company has recently initiated an exploration drilling campaign. Results reported today included 117.98 g/t Au over 2m at the Cruz Grande/El Limon Vein, 14.76 g/t over 3m at the Intermediate Vein, and 29.57 g/t Au over 3m at the Mina Francisco Vein. (TSX-V:MKO) (OTCQX:MAKOF) News Release
Amarc Resources shared results from its comprehensive, late 2024 exploration program at its 100% owned, 500 km 2 IKE Copper-Gold ("Cu-Au") District, located in southern British Columbia. The program focused on the higher grade Cu-Au mineralization discovered by historical operators within the Greater Empress Area which is a sizable subarea within the overall IKE District. The style and form of mineralization at Empress is unique within the western Cordillera with the initial technical data suggesting the centre of this robust mineralized Au-Cu system has not yet been defined. Results reported today were 181m of .46% CuEq and 68m of .56% CuEq. The 2024 program successfully confirmed high potential for the expansion of mineralization found historically at Empress and the discovery of additional higher grade intrusion-related replacement and porphyry deposits. Management considers the IKE District to be one of the prolifically mineralized belts in BC. (TSXV:AHR) (OTCQB:AXREF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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