Morning Briefing: Koryx Copper Publishes its PEA for the Haib Project
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Thursday September 4th.
It was another historic day in the gold market yesterday as the yellow metal put in another new high, touching $3,580 on the spot price while the December contract closed well above $3,600 an ounce. That is seven straight days in green and a $200 move in gold. Its been an extraordinary move. Today, we are finally seeing this market take a breather. Currently, spot is down $35 from yesterdays close, but well above the bottom it saw overnight. The gold miners per the GDX and GDXJ both gapped higher at the open yesterday and saw noticeable selling and profit taking. Silver was up 8/10ths of a percent yesterday, slowly making its way higher as most metal traders focus on the massive move in gold. Goldman Sachs published an editorial this week stating gold could hit $5,000/oz if Trump were to undermine the Fed and the market loses faith in the institution.
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…..
Koryx Copper has published the results from the Preliminary Economic Assessment for the Haib copper project in southern Namibia. The economics of the project now sit at an NPV8% of US$1.351bn (after-tax) and an IRR of 20.1%. The project as it sits foresees a 23 year mine life with 92ktpa of annual payable Cu production through its first ten years with all-in sustaining cost of just over $2 a pound. Initial capex comes in at US$1.559bn. The study does not incorporate any of the drilling done by the company since last year. Koryx says the objective of this PEA was to right-size and optimize the Haib project and reposition it as a credible, low-risk, large-scale, low-cost, high-return, pen pit milling and flotation operation. (TSX-V: KRY) News Release
Newcore Gold announced new drill results from its drill program underway at the Enchi Gold project in Ghana. RC drilling at the Kojina Hill target intersected multiple intervals of high-grade gold mineralization, including hole KJRC033 which intersected 184 grams per tonne gold over 1.0 metre from 126 m. Hole KJRC034 also encountered shallow high-grade mineralization, intersecting 3.06 g/t Au over 13.0 m from surface including higher-grade intervals of 8.09 g/t Au over 3.0 m from 2 m and 4.59 g/t Au over 3.0 m from 9 m. Kojina Hill is a previously drilled target at Enchi with no defined mineral resource. Drilling continues to prove out the continuity of gold mineralization and potential for resource growth at Enchi. The completed first phase of drilling focused on the drilling required for resource conversion in advance of commissioning a Pre-Feasibility Study later this year. (TSX-V: NCAU, OTCQX: NCAUF) News Release
Banyan Gold has published new drill results. Highlights from the southern extent of the Airstrip Deposit on the AurMac Project returned 104.4m of .82 g/t Au and included 33.2m of 1.44 g/t. This drillhole highlights the potential for Airstrip mineralization to extend below Powerline and bridge the gap between the conceptual pits. In addition, drill results indicate potential extensions to the mineralized envelope at Airstrip, east and southeast of the Mineral Resource Estimate conceptual pit, as well as a step out east of Airstrip demonstrates near-/at-surface high-grade mineralization. (TSXV:BYN) (OTCQB:BYAGF) News Release
Integra Resources Mine Plan of Operations for the DeLamar Project has been determined by the United States Bureau of Land Management ("BLM") to have met the content requirements of the United States Code of Federal Regulations. The BLM's determination of administrative completeness is a critical step in permitting DeLamar and considers nearly three years of environmental baseline studies, initial engineering design, and mine plan optimization. Integra's description of mining and reclamation activities proposed for the Project will serve as the basis for the BLM's environmental review in accordance with the National Environmental Policy Act. (TSXV: ITR) (NYSE American: ITRG) News Release
American Pacific Mining has completed its Summer 2025 surface sampling field program at the Madison Copper-Gold Project in Montana. The company assayed up to 45.1 g/t Au, 6.9% Cu, and 73 g/t Ag from newly identified, structurally hosted quartz vein systems. Madison has now been expanded to a 4-kilometre by 2-kilometre footprint. (CSE: USGD) (OTCQX: USGDF) News Release
Amarc Resources says Freeport-McMoRan has elected to proceed to Stage 2 of the JOY Mineral Property Earn-in Agreement of May 2021. As previously announced, Freeport completed the Stage 1 requirement of CAD $35 million of expenditures, under an accelerated timeframe, by the start of the 2025 summer exploration season in British Columbia. Accordingly, Freeport is now vested in a 60% shareholding interest in Aurora Minerals, the private joint venture corporation which will hold the JOY District mineral rights and titles and in which Amarc holds a 40% shareholding interest.Under Stage 2, Freeport has elected to proceed to earn a further 10% interest in Aurora Minerals by spending an additional CAD $75 million within 5 years at a rate of no less than CAD $10 million per year. (TSXV:AHR) (OTCQB:AXREF) News Release
The Mining Stock Daily morning briefing is produced by Clear Commodity Network. It is distributed throughout the world through your podcast network of choice, and by our friends at the Junior Mining Network.
That’s it for today everyone. Have a great day. Stay safe.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.