Morning Briefing: Precious Metals Hit the Pause Button, Equities See Profit-Taking
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday September 24th.
Momentum in gold and silver continued yesterday, with spot attempting to touch that $3,800 an ounce mark. It was denied as it approached the level and backed off throughout the day. It closed the day at $3,763 an ounce. The gold miners saw profit taking throughout the board. Despite gold continuing to have a positive day, many of the equities, including the GDX and GDXJ ETFs closed the day down slightly, well off their highs of the day. It could be expected, as the move over the past 9 months has been extreme and the Daily Sentiment Index for gold began the week at 82, which is fairly close to euphoric. This morning, spot gold is attempting to add a little green to the day while the front month contract is down $15 from its close yesterday. The biggest mover yesterday was platinum. It was up over 5% on the day on expectations of mine supply to fall 6% this year.
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…..
District Metals reported their results from its airborne MobileMT survey at the Viken Energy metals Property in Sweden. The survey identified large-scale low resistivity (highly conductive) anomalies that correlate with the Viken Energy Metals Deposit, as confirmed by historic drill holes from 2006 to 2012. The MobileMT survey has also uncovered several additional large-scale low resistivity anomalies located outside of the Viken Deposit, highlighting new high-priority targets for follow-up exploration. Three of these newly identified target areas on the Viken Property appear to be larger and more robust in signature compared to the Viken Deposit. (TSXV: DMX) (OTCQB: DMXCF) News Release
Dakota Gold reported assay results from 16 metallurgical drill holes at the Richmond Hill Oxide heap Leach Gold Project. Metallurgical drill holes continue to intercept higher gold grade than the average resource grade including drill hole RH25C-200 with 2.25 grams per tonne gold (g/t Au) over 33.4 meters and RH25C-212 with 1.44 g/t Au over 20.6 meters. The Company's core drilling is currently active in the northeast Project area where they expect assay results from expansion and infill of the higher-grade zones before the end of the year. The mineralization in the northeast is only limited by drilling and remains open. (NYSE American: DC) News Release
Snowline Gold announced additional drill results from ongoing exploration at its Rogue and Einarson projects in the eastern Yukon Territory. Drilling at Jupiter, which lies within the Einarson Project, extended the known strike length of gold mineralization by roughly 550 m to 1.9 km. Drill results within a 500 m gap in previous drilling returned 6.82 g/t Au over 9.0 m from 179.5 m downhole in hole J-25-037. The gold system at Jupiter remains open along strike in both directions and to depth. The Company has also received results from six additional holes at Valley. These holes, V-25-130 through 135, continue to encounter broad zones of anomalous gold mineralization outside of the current Valley MRE and PEA mine plan, including 390m of .52 g/t Au and 350m of .46 g/t Au. (TSXV:SGD) (US OTCQB:SNWGF) News Release
Great Pacific Gold published results from its expanded Phase 1 diamond drill program on the Wild Dog Project in Papua New Guinea. Hole 9 returned 5m of 4.91 g/t AuEq and 2.6m of 6.62 g/t AuEq. The hole was located about 30m to the north of hole 7, into an area where the company had little information. The intercept supports the continuity of the system. The company noted HOle 10, of which assays are pending, also intercepted the main structure a further 70m north. Additionally, sampling of exposed vein structures in the Southern Oxide Area returned .8m of 127 g/t AuEq and 2.4m of 22 g/t AuEq. The expanded program now totals 28 diamond drill holes and is expected to continue into early 2026. (TSXV: GPAC) (OTCQX: GPGCF) News Release
Fireweed Metals reported results of the first drill holes of the year into the Tom deposit at the Macpass project in Yukon. A major 115 m step-out down-dip at Tom South significantly extending the zone of high-grade massive sulfide mineralization. The hole returned 30 m true width of 33.23% zinc equivalent from a depth of 891.6m downhole, which also included 22m of 41.69% ZnEq. This step-out intersection extends well beyond the limits of the 2024 Mineral Resource and shows that the Tom South zone maintains remarkable thickness and high-grades in the down-dip direction, where it is open at depth. Tom South is also interpreted as being open in the up-dip direction, where additional drilling is planned. (TSXV: FWZ) (OTCQX: FWEDF) News Release
Omai Gold Mines announced additional assay results from the ongoing 2025 drill program on its 100% owned Omai Gold Project in Guyana. 6 holes were reported this morning and included 3.08 g/t Au over 25.8m, 6.84 g/t Au over 9.5m and 1.31 g/t Au over 39.5m. A total of 43 drill holes have been drilled to date this year, totalling 23,500m. Two drills commenced testing earlier stage gold targets while the recently released updated Mineral Resource Estimate was being prepared. The third drill continues on the deep hole 25ODD-122, testing the blue sky potential at depth below the Wenot deposit. It has reached a downhole depth of 1860m, encountering the targeted Wenot shear structural corridor at 1598m downhole, at a vertical depth approximately 1100 m below surface and 605 m below the deepest known parts of the Wenot deposit. A fourth rig commenced drilling last week on the eastern end of Wenot. (TSXV: OMG) (OTCQB: OMGGF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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