Morning Briefing: Morning Briefing: Gold and Silver Slide as Oil Surges; Canagold and Minaurum Report High-Grade Drill Results

Good morning and welcome back to the Mining Stock Daily morning briefing. I am your host for the day Ian Wagner filling in for Trevor Hall. 

Today is Thursday October 22nd and the precious metals are taking it on the chin. Gold is down more than 1% at time of market open to $4090 on a futures basis. Silver is down more than $2 or 3% to $55.60/oz 

Attacks in the straight of Hormuz have sent the price of Brent oil to more than $112, the highest price in more than four months.  U.S. jobless claims fell to 194,000, signaling a resilient labor market. Markets expect the Federal Reserve to pause next week but see another rate increase as likely in December. Higher oil prices and interest rate expectations outweighed gold’s safe haven appeal.

At BHP’s annual meeting, Chair Ross McEwan urged Australia to compete harder for mining investment, pointing to Canadian tax incentives that let companies deduct eligible capital spending and mine development costs immediately. He said those policies improve returns and encourage investment. McEwan also declined a call for BHP to set a 2040 emissions target, saying the company is focused on growth projects and reducing diesel use. BHP aims to cut operational emissions at least 30% by 2030 and reach net zero by 2050. McEwan said uranium remains too small a market for BHP to treat as a core commodity.

We will get to the news from the miners and explorers in a moment, but first a mention of today's sponsor: Today's 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

Here's what you need to know today.

1) Liberty Gold has reported results from its 2026 drilling at the Black Pine gold project in southeastern Idaho. At the Rangefront zone, one hole cut 145 metres grading 0.36 grams per tonne gold, including 18 metres at 1.27 grams. Drilling extended oxide mineralization about 200 metres north of the resource boundary, where it remains open. Tests of rock storage material returned 60 metres at 0.86 grams per tonne. Liberty says the results may support a resource update and help refine plans for a heap leach pad. Liberty Gold trades on the Toronto Stock Exchange under LGD and OTCQX under LGDTF. - NEWS STORY

2) Canagold Resources reports results from its New Polaris gold project in northwestern British Columbia. One hole cut 4.6 metres averaging about 53 grams per tonne gold and 0.8 percent antimony. That included 2.64 metres grading 69.8 grams per tonne gold. A second hole returned more than seven metres at about 25 grams per tonne gold. The results come from a 14-hole program designed to define and expand the gold-antimony zone. Canagold says most of the high-grade intervals are outside its resource model and mine plan, offering room for evaluation. Canagold trades on the TSX under CCM and OTCQB under CRCUF.  NEWS STORY

3) Kodiak Copper has started metallurgical testing at its MPD copper-gold project in southern British Columbia. The program draws representative samples from all seven deposits in the resource estimate. It will examine rock hardness, test gravity recovery for gold, and refine the flotation process used to produce copper concentrate. The work will also assess concentrate quality and simulate repeated processing cycles. Kodiak says the goal is to improve metal recoveries, especially gold, and provide data for future economic studies. Results are expected in the first quarter of 2027, alongside a resource update. Kodiak trades on the TSX Venture Exchange under KDK and OTCQX under KDKCF. NEWS STORY

4) Minaurum Silver has discovered a blind vein at its Alamos silver project in Sonora, Mexico. The Africa vein returned about 670 grams per tonne silver equivalent over two metres. It lies 50 metres west of Europa Sur and remains open along strike, pointing to further exploration potential. Expansion drilling at Europa Sur returned about 370 grams per tonne silver equivalent over nearly three metres. Europa Sur sits outside the project’s initial inferred resource. These results come from Minaurum’s 50,000-metre drilling program, ahead of an updated resource estimate. Minaurum trades on the TSX Venture Exchange under MGG and OTCQX under MMRGF. NEWS STORY

5) Fireweed Metals has received conditional approval to move its shares from the TSX Venture Exchange to the Toronto Stock Exchange. The company must satisfy listing requirements by January 19, 2027. Once approved, Fireweed will announce a trading date and keep the same ticker. Shareholders will not need to exchange certificates. Fireweed is advancing the Macpass zinc, lead and silver project and the Mactung tungsten project in northern Canada. The proposed move would give the company a senior exchange listing as it develops its critical metals portfolio. Fireweed currently trades on the TSX Venture Exchange under FWZ and OTCQX under FWEDF. NEWS STORY

6) Critical Metals Corp has cleared a hurdle in its proposed acquisition of European Lithium. Nearly all shareholder votes cast supported the deal, and optionholders voted unanimously in favor. Critical Metals would acquire all European Lithium shares and options, paying with issued Critical Metals shares. The transaction still needs approval from the Supreme Court of Western Australia on October 26. If approved, the companies expect to complete the deal on November 5, with new shares trading the following day. The combination would bring European Lithium under Critical Metals as it develops a critical minerals portfolio. Critical Metals trades on Nasdaq under CRML. NEWS STORY

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 at Clear Commodity Network.

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