Morning Briefing: Lundin Mining Publish Vicuña Corp. Resource Estimate for Filo del Sol

Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.

It's Monday, May 5th.

Friday’s gold action saw a rebound with that morning’s US jobs report remained upbeat. The April non-farm payrolls number beat expectations although its data from March was revised, showing about 20,000 jobs less than originally reported. US unemployment remains at 4.2%. Gold’s June contract closed up about $20, or 6/10ths of a percent to $3,243/oz. Silver went the other way with 6/10ths of a percent loss on Friday, closing the week at 32.26/oz. The copper market rolled over its monthly contracts last week, as the front month now sits in July. Copper took a bearing mid-week and is attempting to climb its way a bit higher. The July contract now sits at $4.73/lb. There is some important economic data coming our way this week, including services ISM today, China import/export numbers later in the week, and the FOMC meeting mid-week. 

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…Vizsla Silver

Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at ⁠https://vizslasilvercorp.com/⁠

And here’s what you need to know this morning….. 

Last night, Lundin Mining announced Vicuña Corp. completed an initial Mineral Resource estimate for the Filo del Sol sulphide deposit, an update to the Mineral Resource estimate for the Filo del Sol oxide deposit and an update to the Mineral Resource estimate for the Josemaria deposit. Filo del Sol now contains 606 Mt measured and indicated at 1.14% CoEq while Josemaria  contains 196 Mt M&I of .73% CuEq. The initial Mineral Resource has highlighted the potential for one of the highest grade undeveloped open pit copper projects in the world and one of the largest gold and silver resources globally. Drilling at Filo del Sol bottomed in mineralization and is open at depth, while drilling at the Flamenco zone approximately 2 km to the south has intercepted mineralization beyond the limits of the current resource pit shell. Vicuña Corp. is a 50/50 joint arrangement between Lundin Mining and BHP. (TSX: LUN) News Release

Collective Mining published new drilling assays this morning, these coming from the San Antonio Project and the Pound target. The company says they have made a new discovery there with hole 11 hitting a gold and copper porphyry vein stockwork system with 290m of .84 g/t AuEq. Given the high density of porphyry stockwork veins hosted within the metagabbro country rocks, the Company's Special Advisor Richard Tosdal believes a potential mineralized copper-gold porphyry system could be located proximal to the SAC-11 drill intercept. Two drill rigs are currently being mobilized to the Pound target to immediately begin following up on the discovery hole. The San Antonio project hosts a well-defined, 2.5-kilometer-long mineralized corridor hosting three other drill-ready porphyry targets in addition to Pound. (NYSE: CNL) (TSX: CNL) News Release

Galiano Gold published new drill results from the Abore deposit on the Asanko Gold Mine in Ghana, which is currently being mined by the company. Highlights of the infill programme include the discovery of a new high-grade zone immediately below the designed Mineral Reserve pit shell at the Abore Main pit and multiple high-grade intercepts surrounding the known Abore South pit high-grade zone. The newly discovered high-grade mineralization was made with 50m of 3.2 g/t Au and was intercepted immediately below the current mineral reserve pit design. At Abore South, drilling returned 34m of 12 g/t Au and 41m of 3 g/t Au. (TSX: GAU) (NYSE American: GAU) News Release

Vizsla Silver says field work activities at the Panuco silver-gold project in Mexico have resumed. Security conditions have normalized allowing for the safe return of Vizsla employees and contractors. Ongoing programs include test mine development, geotechnical drilling, exploration drilling, mapping and geophysical surveys. (TSX: VZLA) (NYSE: VZLA) News Release

K2 Gold announced that the United States Bureau of Land Management (BLM) has released the Draft Environmental Impact Statement (DEIS) for K2's Mojave Exploration Drilling Project in Inyo County, CA. The BLM has also published a Notice of Availability in the Federal Register, opening the final 45-day comment period on the project. A final Environmental Impact Statement (EIS) will be prepared following the close of the public comment period, incorporating relevant feedback, followed by the Record of Decision. (TSXV: KTO) (OTCQB: KTGDF) News Release

Kingfisher Metals has entered into an agreement with Beacon Securites to act as sole agent for a combination of 4M non-flow-through units and 14.5M flow-through units for aggregate gross proceeds of up to $7M CAD. Each non-flow-through unit will be priced at $.25 with a half warrant strike at $.40 for 3 years. There is an acceleration clause on the deal for the warrants at $.55. (TSXV: KFR) News Release

Paramount Gold Nevada says its Grassy Mountain gold project in Oregon has been selected for inclusion into the federal government’s FAST-41. FAST-41 covered projects are entitled to comprehensive permitting timetables and transparent, collaborative management of those timetables on the Federal Permitting Dashboard. (NYSE American: PZG) News Release

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That’s it for today everyone. Have a great day. Stay safe. 

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