Morning Briefing: Sierra Madre Gold and Silver Generate $6.5M in Revenues in 2024
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday, April 23rd.
After gold ran up to $3,500/oz in Asian market hours yesterday, it was a cue for a breather as gold pulled back in an $80 swing, settling at $3,419/oz on the day, down about 2/10ths of a percent, but most likely began a much needed pullback and correction for the metal. The gold miners per the GDX showed more weakness earlier in the week and were down a meaningful 2.7% yesterday. All of this is to be expected as sentiment was increasingly frothy and technicals were continuing to show overbought signals. Silver, on the other hand, continues to show its has its own plan. It was up yesterday 1.18% and closed the day at $32.90/oz. Copper was up 3% yesterday to $4.87/lb. It has been up 8 of the last 9 days.
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…Integra Resources
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho, and the Nevada North Project located in western Nevada. Learn more about the business and their high industry standards over at integraresources.com
And here’s what you need to know this morning…..
Sierra Madre Gold and Silver shared their Q4 and consolidated 2024 financial results. For the year, Sierra Madre generated $6.5 million USD in revenues as the team ramped up the Guitarra Mine Complex in Estado de Mexico, Mexico to the current operating capacity of 500 t/d. These revenues reflect the six-month test mining program that started mid-2024 and wrapped up December 31, 2024 as Guitarra reached commercial production on January 1, 2025. In June 2024, the Company elected to proceed with test mining and processing to determine actual operating costs and metal recoveries in order to assess the economic viability of resuming operations and commenced test milling of mined material on June 25, 2024.I n Q4 2024, Sierra Madre recorded silver revenues totaling approximately $1.9 million and gold revenues totaled approximately $2.4 million. (TSXV: SM) (OTCQX: SMDRF) News Release
Founders Metals have extended mineralization at the Buese Prospect at its Antino Gold Project another 1,000m northwest with new drill results. Today’s results included 21.6m of 2.38 g/t Au from surface, 112m of .55 g/t Au and 4.5m of 4.51 g/t Au. The second phase of drilling at Buese focused on exploring outside of artisanal mining areas to demonstrate the concept of a multi-kilometre scale gold system focused within, and on the margins of large tonalitic intrusions. (TSXV: FDR) (OTCQX: FDMIF) News Release
Southern Cross Gold reported results from three diamond drill holes at the Apollo prospect on the Sunday Creek gold-antimony project in Victoria, Australia. The latest results from the Apollo historic mine area at Sunday Creek project show extension and continuity of high-grade gold-antimony mineralization at depth, with drill hole SDDSC158 returning 100.5m of 3.1 g/t gold and included 28.6m of 10.3 g/t. Other results this morning included 1.2m of 47.7 g/t Au. The Apollo prospect demonstrates significant grade improvement at depth, mirroring patterns observed at the adjacent Rising Sun area - a characteristic of epizonal gold-antimony deposits where mineralization quality often increases with depth. (TSXV: SXGC) (ASX: SX2) (OTC Pink: MWSNF) News Release
American Eagle Gold has commenced its 2025 exploration campaign at the Nak copper-gold porphyry project in British Columbia. The work starts with a helicopter-borne magnetic survey over the entirety of the property. This will help the NAK team pinpoint where known mineralized dykes reach the surface and to target the optimal orientation of drillholes, to test where these dykes and magnetite-rich potassic alteration zones may originate at depth. The fully-funded 30,000m drill program will begin in May. (TSXV: AE) (OTCQB: AMEGF) News Release
Earlier this year, Sierra Metals announced they would reject an unsolicited and hostile takeover bid from Alpayana. But it seems the two parties have come to an agreement. Today they announced a deal for Alpayana to acquire Sierra Metals in the all-cash deal for total consideration of C$1.15 per share. The Supported Bid has the unanimous support of the Board of Directors and the Special Committee of independent directors of Sierra Metals and the Board of Directors will unanimously recommend that the shareholders of Sierra Metals tender their shares to the Supported Bid. (TSX: SMT | OTCQX: SMTSF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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