Morning Briefing: Risk-off Selling Hits Markets as Oil Prices Rally
Good morning and welcome back to the Mining Stock Daily morning briefing.
It’s Tuesday, March 3rd
Gold opened higher but was pressured lower throughout the day yesterday, but it did manage to close with a 1% gain. Today, however, the metal is seeing more selling, as it is currently down 3% to approximately $5,150/oz. Oil is up more than 7% this morning as the conflict in the Middle East widens. Israeli troops entered Lebanon after the pro-Iran Hezbollah militia based in the country fired missiles across the border. Meanwhile Iranian drones hit the US embassy compound in the Saudi Arabian capital of Riyadh. Tankers continued to be stranded either side of the vital Strait of Hormuz as Iran’s Revolutionary Guard warned any boat would be fired upon. Meanwhile a drone strike temporarily halted production at Saudi Arabia’s largest facility, heightening fears of supply disruption.
We will get to the news out of the miners and explorers in a minute, 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…..
Great Pacific Gold announced assay results from the first drill hole at Kavasuki, located approximately 1 kilometre north of Sinivit along the Wild Dog Structural Corridor at its flagship Wild Dog Project in Papua New Guinea. That hole returned 58.9 metres @ 2.50 g/t AuEq and 18.1 metres @ 2.14 g/t AuEq. Mineralization is hosted within multi-phase hydrothermal quartz breccia containing sulphide assemblages including pyrite, chalcopyrite and bornite. The alteration style and sulphide development are consistent with a structurally controlled epithermal vein system. KVH-01 was initially designed to test a revised east-dipping interpretation. However, structural measurements and follow-up drilling in KVH-02 confirm the principal vein dips west to west-northwest at moderate to steep angles. (TSXV: GPAC) (OTCQX: GPGCF) News Release
Gold X2 announced initial drilling results from two drill holes targeting high grade mineralization at depth in the QES Zone at the Moss Gold Project in Northwest Ontario, Canada. Hole 326 returned 23m of 1.01 g/t au in the Superion Zone and then another 117m of 1.21 g/t Au in the QES Zone. The results not only confirm the continuity of the QES Zone at depth with the discovery of a new high-grade shoot, but also expand the Superion Zone near surface. Further exploration drilling will evaluate the continuity of broad mineralized shears that may lead to a deeper open pit, as well as the high-grade mineralization discovered in drill hole MQD-25-326 with the goal of defining a strike extensive higher-grade shoot. (TSXV: AUXX) (OTCQB: GSHRF) News Release
Elemental Royalty Corp noted the success production of first copper cathode from the Chapi Copper Project in southern Peru. Ramp-up is underway toward plant nameplate capacity of approximately 10,000 tonnes per annum of copper cathode. Elemental holds a 2.0% Net Smelter Return ("NSR") royalty on the project and expects first royalty payment in Q1. (TSXV: ELE) (NASDAQ: ELE) News Release
Kingfisher Metals has closed its C$30M bought deal financing. The Offering was completed by a syndicate of underwriters led by BMO Nesbitt Burns Inc. as lead underwriter and sole bookrunner, Agentis Capital Markets, Haywood Securities Inc., Raymond James Ltd., and Velocity Trade Capital Ltd. (TSXV: KFR) News Release
Heliostar Metals has added Tara Gilfillan as a non-executive director and Audit Chair to Heliostar's board of directors effective March 1, 2026. Ms. Gilfillan has over 30 years of executive and governance experience, with the majority of her career focused in the mining industry, including extensive work in financial oversight, capital markets transactions, and corporate leadership. (TSXV: HSTR) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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