Morning Briefing: Precious Metals Find Relief from the Down Week
Good morning and welcome back to the Mining Stock Daily morning briefing.
It's Wednesday, September 2nd.
A slight bounce across the metals complex this morning after Tuesday's sharp sell-off. Gold is up 0.10% to $4,333 an ounce. Silver is higher by 0.47% to $64.37. Copper is up 0.39% to $6.53 a pound.
Geopolitical risk has jumped to the top of the macro agenda overnight. The United States carried out a second round of airstrikes against Iran and Tehran has retaliated, intensifying a conflict that is keeping energy markets on edge. Crude oil remains near a five-week high as a result, and markets are watching closely for any further escalation that could disrupt oil supply routes. For metals, the geopolitical backdrop is a mixed signal — it provides a haven bid for gold, but rising oil prices add to broader inflationary pressure that could keep bond yields elevated and weigh on the non-yielding metals over time.
Speaking of bond yields, yesterday's extended losses across global fixed income were the primary driver of Tuesday's metals sell-off, and yields remain elevated heading into Wednesday. As we discussed yesterday, the combination of Bank of Japan yield curve control unwinding, UK gilts at their highest since 2008, and the US 10-year approaching 5% has created a challenging backdrop for precious metals.
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…Equinox Gold.
Equinox Gold is a growth-focused gold producer with six operating mines across the Americas, producing approximately 1.1 million ounces of gold annually — entirely from North and South America, with over 60% of that production coming from three long-life mines in Canada. On July 31st of this year, Equinox completed its transformative business combination with Orla Mining, creating what the company describes as North America's new senior gold producer and adding a compelling pipeline of growth projects. Equinox Gold trades on the TSX and on the NYSE American, both under the symbol EQX.
Here’s what you need to know today.
Radisson Mining has released results from six new drill holes targeting the 'Trend 1-Trend 2 Gap' at the O'Brien Gold Project in Abitibi, Quebec. The gaps is an 800-metre vertical zone in the centre of the deposit that had virtually no previous drilling and was therefore absent from the mineral resource block model. All six holes intersecting significant gold, headlined by hole OB-26-386W4 returning 52.34 grams per tonne gold over 3.0 metres, including 154.95 grams per tonne gold over 1.0 metre, demonstrating that the gap between the two trends is a function of insufficient drilling, not lack of mineralization. This brings the overall hit rate at O'Brien to 82% across 120 drill holes in the ongoing 140,000-metre. Radisson Mining trades on the TSX Venture Exchange as RDS and on the OTCQX as RMRDF. NEWS RELEASE
Scorpio Gold is out with new results from the Goldwedge target at its Manhattan District project in Nevada's Walker Lane Trend. The company reported two broad gold intercepts, including 3.02 grams per tonne gold over 48.92 metres starting at 118.87 metres depth, and a second broad zone of 1.19 grams per tonne gold over 99.94 metres starting from 98.61 metres — with both intercepts adding to an expanding body of evidence at Goldwedge within the 4,780-hectare past-producing Manhattan District. Scorpio recently received approval to list American Depositary Shares on the Nasdaq under the symbol SGLD; Scorpio Gold trades on the TSX Venture Exchange as SGN and on the OTCQB as SRCRF. NEWS RELEASE
Pirate Gold is reporting assay results from a new hole at the Moby Dick copper-gold discovery within the Crippleback Intrusive Suite in Central Newfoundland. Hole PGC-26-118, collared 100 metres west of the original discovery holes, intersecting 0.24% copper equivalent over 299.4 metres from the bedrock surface at 12.6 metres, including 0.43% copper equivalent over 56.5 metres, and re-entering the mineralized zone below a mafic dyke for an additional 0.23% copper equivalent over 72.7 metres, bringing the total mineralized column to nearly 500 metres downhole. With copper-gold mineralization now confirmed in three holes across a 4,000-metre alteration zone that remains open in all directions. Pirate Gold trades on the TSX Venture Exchange as YARR and on the OTCQB as YARRF. NEWS RELEASE
Brixton Metals is reporting 33 new holes from the Langis Silver Project in the historic Cobalt, Ontario silver camp — highlighted by hole LM-26-432 in the Shaft 6 area, which returned 1.00 metre at 6,199 grams per tonne silver including 0.50 metres at 12,386 grams per tonne silver. That’s over 12 kilograms per tonne. With 155 holes and 33,858 metres drilled in 2026 and a conceptual exploration target of 1.0 to 2.0 million tonnes grading 400 to 800 grams per tonne silver, Brixton seems to be building a compelling case at Langis; Brixton Metals trades on the TSX Venture Exchange as BBB and on the OTCQX as BBBXF. NEWS RELEASE
Aztec Minerals has released new drill results from the Tombstone gold-silver project in Arizona — returning 83.8 metres at 1.31 grams per tonne gold equivalent in oxide mineralization, including 7.6 metres at 8.34 grams per tonne gold equivalent, with the intercept extending the mineralized strike length by a further 255 metres to over 1,250 metres. Aztec Minerals trades on the TSX Venture Exchange as AZT and on the OTCQB as AZZTF.
Kirkland Lake Discoveries has intersected broad, near-surface gold mineralization 600 metres west of its Mirado deposit at the KL South Project in Ontario's Abitibi Greenstone Belt — in a newly renamed zone called Mirado West — where hole KLM26-037 returned 1.22 grams per tonne gold over 69.5 metres from just 33 metres depth, including 5.67 grams per tonne gold over 12.0 metres, immediately doubling the east-west extent of the known Mirado system and expanding the lateral gold footprint to over 1,300 metres. Kirkland Lake Discoveries trades on the TSX Venture Exchange as KLDC and on the OTCQB as KLKLF. NEWS RELEASE
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That's it for today everyone. Have a great day. Stay safe.