Morning Briefing: Sitka Gold Drill Results and First Nordic Upsizes Financing
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Thursday September 18th.
Gold and Silver were whipsawed yesterday as Jerome Powell and Company from the Federal Reserve did what was expected and cut the fed funds rates at a quarter point. The committee did note there would be more cuts to come as well, highlighting the downside risks to employment have risen. Newly appointed committee member, Stephen Miran, was the lone dissenter to the decision. He was pushing for a 50 bps cut. The fed funds futures market are pricing in an 80% chance of two more cuts this year. Gold ended the day down marginally, well off its lows of the day. Silver bounced off its lows and closed the day down 1.8%. Currently, gold futures are still hanging on to $3,700 an ounce and silver floating above $42 an ounce. In gold mining news, both the GDX and GDXJ ETFs have announced their rebalancing entries and exits. Those will take effect tomorrow.
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…Revival Gold.
Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.com
And here’s what you need to know this morning…..
Sitka Gold published new results from diamond drill holes completed at the Rhosgobel intrusion target located at its RC Gold Project in Yukon. Results from drill holes RCRG25-009 and 010 confirm the consistency of this newly discovered mineralized system where assays from all 10 diamond drill holes completed to date in this area have returned >100 g*m (g/t Au*m) intercepts over a strike length of approximately 300 metres. DDRCRG-25-010 returned the best intercept to date from Rhosgobel, with 235.9 m of 1.11 g/t gold, including 40.0 m of 2.01 g/t gold and 10.0 m of 5.29 g/t gold, from surface. DDRCRG-25-009 also returned impressive results with an intercept of 118.0 m of 1.09 g/t gold, including 14.0 m of 3.34 g/t gold, also from surface. To date a total of 42 drill holes have been completed in 2025 on this newly discovered Rhosgobel area stretching for over 1.2 kms in length. (TSXV: SIG) (OTCQB: SITKF) News Release
NexMetals announced assay results from 2 holes of the 12 hole metallurgical drilling program completed at the past-producing Copper, Nickel, Cobalt and Platinum Group Elements Selkirk Mine in Botswana. Drill core from eleven of these holes will be used in support of ongoing metallurgical testwork while further highlighting the scale and consistency of the Selkirk deposit. Results today included 201.3m of .91% CuEq and 85m of .98% CuEq. (TSXV: NEXM) (NASDAQ: NEXM) News Release
Ero Copper shared the remaining assay results from its 28,000-meter Phase 1 drill program at the Furnas Copper-Gold Project in Brazil. Results included the deepest hole drilled to date in the Southeast zone, drilled approximately 220 meters down-dip from the previously known extent of mineralization and 950 meters down-dip from surface. That hole returned 115m of .98% CuEq. Other results this morning included 103m of 1.26% CuEq and 80m of 1.19% CuEq. To date, mineralization has been extended to a depth of approximately 950 meters down-dip from surface and remains open. (TSX: ERO, NYSE: ERO) News Release
Osisko Metals announced new drill results from the Gaspé Copper Project, located in the Gaspé Peninsula of Eastern Québec. Holes 30-1106 and 30-1109 reveal the presence of a thick, higher grade tabular zone lying at depth around the E Zone horizon near the eastern margin of the 2024 mineral resource estimate model. Those holes returned 159.1m of .45% Cu and 133.7m of 1.04% Cu. The current drill program is designed to convert the November 2024 MRE to Measured and Indicated categories, as well as test the expansion of the system deeper into the stratigraphy and laterally to the south and southwest towards Needle East and Needle Mountain respectively. (TSX: OM; OTCQX: OMZNF) News Release
Following the announcement of First Nordic Metals merger with Mawson Finland, the company announced today it’s $30M non-brokered private placement has been upsized to $68M. In addition, it has also entered into an agreement with Desjardins for another brokered private placement for an additional $12M. In connection with the Transaction, the common shares of First Nordic will be consolidated on the basis of four (4) pre-consolidation shares for each one (1) post-consolidation share. (TSXV: FNM) (OTCQX: FNMCF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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