Morning Briefing: Magna Mining Drill High Grade - Orezone Closer to Trading on ASX
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday, August 6th
The rally in gold extended a bit yesterday until once again, meeting trend resistance. The squeeze in the yellow metal continues. The metal closed at $3,426 an ounce on the December contract yesterday. At time of recording, the metal was down $15 in morning trading. Silver closed at $37.82 an ounce yesterday, that was a small change upwards. Copper cannot gain a footing following the crash last week. It closed at $4.41 a pound,where it has found support over the week. Copper traders have concerns over supply due to the suspension of operations at the El Teniente mine in Chile following a tunnel collapse which killed 5 miners.
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…..
Magna Mining reported additional drill results from the McCreedy West Mine near Sudbury. he results include high grade copper, nickel and precious metal intersections from an area located in the footwall, up-dip within the main 700 Cu-PGE Footwall Zone and within 150 metres of surface. Intersections include 17.9% Cu, 0.6% Ni, 28.1 g/t Pt + Pd + Au over 1.8 metres in drillhole MMW-25-119 and 10.5% Cu, 8.3% Ni, 42.6 g/t Pt + Pd + Au over 0.3 metres in drillhole MMW-25-133. Definition drilling with one drill continues to support near to mid-term production, with infill drilling designed to facilitate detailed stope design and optimize production grade. The second drill has begun definition and expansion drilling in areas not currently considered in the mine plan. (TSXV: NICU) (OTCQX: MGMNF) News Release
Gold Hart Copper published results of the second diamond drill hole from the Tolita gold-copper-molybdenum property in the Vicuña District of Chile.Prior to hitting the fault zone, the hole encountered 9.75m of .62 g/t AuEq. Immediately after drilling through the fault, mineralization continued with 63m of .25 g/t AuEq. The hole ended in mineralization at the same depth of which the company’s first hole also ended with mineralization, which provides lateral continuity of the system at Tolita. The company says they have a clear and well identified target to the east now for the next drill program. (TSXV: HART) News Release
Myriad Uranium and Rush Rare Metals have both signed a letter of intent for a contract with proposed merger transaction under which Myriad would acquire 100% of the outstanding common shares of Rush. Myriad would issue one Myriad common share (each, a "Myriad Share") in exchange for every two Rush Shares issued and outstanding, and all of Rush's convertible securities would cease to be exercisable for Rush Shares and would instead be exercisable for Myriad Shares, with appropriate adjustments made to reflect the exchange ratio. Myriad Uranium Corp. is a uranium exploration company with an earnable 75% interest in the Copper Mountain Uranium Project in Wyoming. The option agreement was given to the company from Rush Rare Metals. (CSE: M) (OTCQB: MYRUF)CSE: RSH) News Release
Li-FT Power has commenced drilling at the Yellowknife Lithium Project in the Northwest Territories of Canada. A total of 10 holes for 3,445 m of drilling is planned at the Shorty and Nite dykes and will focus on high-grade spodumene intercepts that remain open at the limits of drilling from the 2023 and 2024 drill campaigns. (TSXV: LIFT) (OTCQX: LIFFF) News Release
NexGen Energy has secured a new uranium offtake contract with another major US based utility for the delivery of 1 million pounds of uranium per year over a five-year period. Commencing in the first year of commercial production, this latest uranium sales agreement follows the Company's first sales contracts announced in December. This contract doubles NexGen's existing contracted volumes. NexGen's Arrow Deposit currently has 229.6M lbs of uncontracted reserves. (TSX: NXE) (NYSE: NXE) (ASX: NXG) News Release
Orezone Gold has completed its initial public offering on the Australian Securities Exchange consisting of over 65 million CHESS depository interest over fully paid common shares for gross proceeds of A$75M. The admission of Orezone to the official list of the ASX and the quotation of its CDIs are nearing completion and subject to the satisfaction of ASX's remaining listing conditions. Trading in CDIs on the ASX is expected to commence on a normal settlement basis on August 8, 2025 under the ASX code “ORE”. The net proceeds of the Offer will be used for the ongoing advancement of stage 2 of the hard rock expansion, including procurement of mechanical and electrical equipment, freight to site, engineering design, construction, and commissioning, as well as ongoing exploration at the Bomboré Mine, in addition to administration and working capital purposes. (TSX: ORE, OTCQX: ORZCF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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