Morning Briefing: Provenance Gold Drills 1.56 g/t Au over 254.51m from Surface
Good morning and welcome back to the Mining Stock Daily morning briefing.
It's Wednesday, November 5th.
Yesterday’s market could be classified as a complete risk-off equity correction throughout the board. There was very little green to be seen, with the exception of the US Dollar, which once again, followed its upward trend. Despite gold losing 1.3% on the day, and remaining in its consolidation pattern, the gold equities headed for the exits in droves. The GDX was down more than 4% yesterday as it approached some critical support. The GDXJ was down almost 5%. The precious metals market appear to be a bit more stable this morning with a slight reprieve from the selling. The US Supreme Court is set to hear arguments over the legality of President Trump's tariffs policy today. The case will have implications on global trade and economies.
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… Equinox Gold
Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at equinoxgold.com
And here’s what you need to know this morning…..
Provenance Gold announced assay results from the third hole of the company's step-out drilling in the Herman Area of its Eldorado Gold Project in Eastern Oregon. Hole ED29 was drilled southwestward from the Herman area into a previously undrilled region and returned 1.56 g/t Au over 254.51m from surface and ending in mineralization with the final 19.8m returning 5.94 g/t Au. Drilling is ongoing with assays from 7 RC holes pending from Zones 3-4 in the Tyee Area and the Herman Area. At Herman, the drilling tests the newly discovered mineralized contact zone between the diorite intrusive complex and the host metasedimentary rocks. In addition, 3 diamond core holes are pending in the Herman Area with a focus on extending mineralization towards the south and southwest. (CSE: PAU) (OTCQB: PVGDF) News Release
Alpha Exploration announced drilling results from the initial 2,105 metres in 14 reverse circulation drillholes from its 2025 exploration program at the Aburna Gold Project, within its 100% owned, 514km² Kerkasha Project located in Eritrea. The Aburna Gold Project is a district scale gold system covering at least a 7km long and 2km wide area. Three prospects, Central, Hill 52, Northeast have been the main focus for exploration and evaluation drilling. Highlights released this morning included 21m of 1.2 g/t Au from 21m depth and 8m of 1.19 g/t from a depth of 101m. The mainly shallow drilling to date has returned 90% of the gold mineralization at depths of less than 120 metres below surface. (TSXV: ALEX) News Release
Electra Battery metals has resumed construction at its cobalt sulfate refinery following the arrangement of approximately US$82 million in project financing. The refinery is designed to produce 6,500 tonnes of battery-grade cobalt annually, supplying a critical input for North American defense and industrial applications. Electra has engaged EXP to provide construction management support for the Construction Reactivation execution. Work is now underway to advance site preparations, reinstate mechanical, electrical, and instrumentation systems, and maintain project momentum through the winter. $48M of the $82M was supported by the US, Canadian and Ontario governments. (NASDAQ: ELBM; TSX-V: ELBM) News Release
Cameco published their quarterly financials this morning. The company noted consolidated performance as comparable to 2024 with a small net loss, adjusted net earnings of $32 million, and adjusted EBITDA of $310 million. Although third quarter sales volumes were lower overall, our average realized prices continue to improve in both uranium and fuel services segments, and equity earnings from our investment in Westinghouse were stronger than in 2024. During the first nine months of the year, net earnings of $391 million, adjusted net earnings of $410 million and adjusted EBITDA of $1.3 billion were significantly higher than in 2024. (TSX: CCO; NYSE: CCJ) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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