Morning Briefing: Magna Mining Drill High-Grade Cu, Ni and PGMs at Levack
Good morning and welcome back to the Mining Stock Daily morning briefing.
It's Thursday, October 23rd.
It was another volatile day yesterday with spot gold down another 6/10ths of a percent yesterday, but closing above the $4000/oz mark and well off of its lows of the day. Buyers took advantage of dip to buy not only the metal but also the gold miners. The GDX sneaked out a gain of 2/10ths yesterday after gapping lower at the open. It was an encouraging sign that not all are throwing in the towel on the huge run we’ve had this year. Silver remained submerged under the $50 mark heading into this morning, but has seemed to find support north of $48/oz. In copper, Goldman Sachs says they see more upside with the positive COMEX-ME arbitrage having an impact on the physical market and posting a temporary upside risk to as much as $11,000 a tonne.
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… Revival Gold
Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.com
And here’s what you need to know this morning…..
Magna Mining provided an update on exploration work from the past-producing Levack Mine in the Sudbury Basin of Ontario. Drillhole FNX6083-W2 intersected multiple mineralized intervals including copper rich chalcopyrite veins grading up to 19.3% copper and 26.1 g/t platinum + palladium + gold, as well as nickel rich pyrrhotite-pentlandite veins grading up to 12.4% nickel and 24.2 g/t platinum + palladium + gold. There are currently two surface diamond drills operating at the Levack Mine, both focused on the R2 target area, between the No. 3 Ni-Cu Zone and the Morrison Footwall Cu-PGE Deposit. Magna also shared production numbers. During the quarter, McCreedy West produced 75,173 tons of ore at an average grade of 1.52% copper, 0.21% nickel, 0.42 g/t platinum, 0.53 g/t palladium, 0.22 g/t gold and 10.78 g/t silver. Underground development during the quarter totaled 1,796 feet, an increase of approximately 24% over Q2 of 2025. (TSXV: NICU) (OTCQX: MGMNF) News Release
Sierra Madre Gold and Silver says exploration work has begun at the East District of the Guitarra silver-gold project in Estado de Mexico, Mexico; this District covers the historic Temascaltepec mining area. With a US$3.5-million budget, the East District exploration program will consist of two parts. First, drill target definition through additional detailed geologic surface mapping, including the historic El Rincon mine, surveying, mapping and sampling of historic workings, and a structural analysis in order to determine the geologic controls of historically mined mineralization. This program is estimated to take nine months to complete with up to 25,000m to be drilled. (TSXV: SM) (OTCQX: SMDRF) News Release
Integra Resources provided their third quarter operation update this morning. The Florida Canyon Mine ("Florida Canyon") produced 20,653 ounces of gold and sold 20,265 ounces of gold during the third quarter 2025, which is in-line with the Company's expectations. Strong gold production continues to be supported by the recovery of gold ounces recently placed on the Phase IIIa heap leach pad and by residual ounces recovered from Phases I and II leach pads. The Company expects to meet its gold production guidance for 2025. (TSXV: ITR) (NYSE American: ITRG) News Release
G Mining Ventures says its Board of Directors has formally approved the commencement of full construction of the Oko WEst Gold Project in Guyana. The project comes with a $973M initial capital cost. Procurement and commitments for long-lead items are progressing, with $334 million committed to date, representing 33% of the total initial capital budget. Detailed engineering is 36% complete. (TSX:GMIN, OTCQX:GMINF) News Release
Tocvan Ventures announced the discovery of two new mineralized targets featuring historic underground workings within the North Block at its flagship Gran Pilar Gold-Silver Project in Sonora, Mexico. The newly discovered targets were identified through detailed surface mapping, rock-chip sampling, and reconnaissance in the North Alteration Zone, which spans 3.2 km by 1.5 km. The historic workings, believed to date back several decades, expose mineralized structures that trend northwest-southeast, consistent with regional epithermal systems known for hosting major gold-silver deposits in Sonora. Initial observations indicate strong alteration and mineralization similar to the Company's South Block, where significant drill intercepts have been reported. (CSE:TOC) (OTCQB:TCVNF) News Release
Minera Alamos announced that Darren Blasutti has joined the company as Executive Vice President of Corporate Development. Mr. Blasutti was previously the President and CEO of Americas Gold and Silver Inc., and a member of the Board of Directors and Chair of the audit committee at Noront Resources. There is a $3.5M private placement financing along with this announcement, of which Mr. Blasutti will subscribe for $1M of. The Company is also announcing that Mr. Doug Ramshaw has resigned as a member of the Company's Board and as the President of Minera Alamos. Mr. Ramshaw has served as a member of the executive team at Minera Alamos for 7.5 years. (TSXV: MAI) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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