Morning Briefing: Southern Cross Hits 2nd Best Interval at Sunday Creek
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday, May 28th.
Precious metals were taken to the wood shed yesterday, practically giving back all or most of what it made in the big move on Friday. Gold lost almost 2% on the day and closed above its bottom at $3,300/oz. The US dollar was on the rise yesterday after the report on US confidence showed a sharp rebound and a more optimistic outland than in April. Yesterday, Minneapolis Fed president Neel Kashkari mentioned keeping interest rates steady for now. Markets now await the release of the Fed minutes from their latest meeting and more economic data later in the week.
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…..
First Majestic Silver reported a second significant discovery of vein-hosted gold and silver mineralization within a year at the Santa Elena property in Sonora, Mexico. Drilling results in the discovery returned 1.9m of 3 g/t Au and 115 g/t Ag and another 1.9m of 8.38 g/t Au and 248 g/t Ag. Confirmed mineralization spans more than 600 m along strike and approximately 200 m down dip, and the upside potential is open in multiple directions. Drilling of the Navidad/Winter vein system, following the maiden Inferred Mineral Resource estimate effective December 31, 2024, expanded the footprint of precious metal mineralization while returning gold and silver grades substantially higher than were reported in the maiden Resource estimate. Drillhole EWUG-25-050 targeted the Winter vein more than 100 m east of prior drilling and intersected some of the highest-grade mineralization ever encountered on the Santa Elena Property: 6.8 m grading 14.8 g/t Au and 642 g/t Ag for an AgEq grade of 1,898 g/t. This interval includes 1.2 m at 29.5 g/t Au and 919 g/t Ag for 3,427 g/t AgEq. (NYSE: AG) (TSX: AG) News Release
Southern Cross Gold announced results from eight diamond drill holes from the Rising Sun and Golden Dyke and Christina prospects, at the 100%-owned Sunday Creek gold-antimony project in Victoria. Hole 161 at Rising Sun was drilled to infill mineralization and hosts the second best interval on the project and two of the ten best intervals drilled. That hole returned 3.4m of 466 g/t au and .2m of 4,700 g/t Au from a depth of 511.3m. Drilling at Golden Dyke returned .4m of 162.6 g/t AuEq and extended three vein domains by 40m to 120m down dip. With 173 drill holes totalling 82,619 m completed since late 2020, Sunday Creek now contains 64 intersections >100 g/t AuEq x m and 72 intersections between 50-100 g/t AuEq x m, establishing it as one of the world's premier gold-antimony discoveries. (TSXV: SXGC) (OTC Pink: MWSNF) News Release
Elemental Altus Resources published a note this morning referring to a couple headlines regarding their royalty interests. Their 2% gross revenue royalty on the Laverton asset in Western Australia by Focus Minerals has been acquired by Genesis Minerals. Genesis noted the clear potential for Laverton to supply open pit and underground ore to their operating 3 Mtpa Laverton mill approximately 30 km away. Elemental also notes the recent announcement by Northern Star Resources reporting a maiden Mineral Resource and Ore Reserve Estimate at the Hercules Discovery, part of the South Kalgoorlie Operations in Western Australia. Elemental Altus holds a A$10 per ounce production royalty and an A$1 million Discovery Bonus over a significant portion of the project. (TSXV: ELE) (OTCQX: ELEMF) News Release
K2 Gold says they have secured 100% ownership of its flagship Mojave Project in Inyo County, California. Under the terms, K2 Gold has completed all remaining obligations under the original agreement, thereby securing 100% ownership of the Mojave Project. This proactive move demonstrates K2's strong commitment to advancing the project and emphasizes the Company's confidence in Mojave's exploration upside. (TSXV: KTO) (OTCQB: KTGDF) News Release
Brixton Metals says its Thorn exploration camp is now open for the season and drilling has commenced. Brixton is fully funded for the 2025 exploration program with plans to expand near surface gold mineralization within the Camp Creek Corridor and at the Trapper Gold Target, and to drill test new, near surface copper porphyry mineralization at Catalyst Target. (TSX-V: BBB, OTCQB: BBBXF) News Release
Vizsla Copper has also commenced fieldwork with a multi-disciplinary, discovery-focused 2025 field season across its BC-based project portfolio. Exploration programs consisting of geological, geochemical, geophysical surveys and drilling are planned at the Copperview, Poplar and Woodjam projects. Work has now begun at the Copperview Project. Geological and geophysical crews have been mobilised to the Copperview project to further investigate the M5 target area while drill crews are expected to mobilize to the Poplar Project in June. Drilling at the Woodjam project will be focused on new discoveries at various porphyry targets that may include the Megaton area and the untested Great Plains target. (TSXV: VCU) (OTCQB: VCUFF) News Release
Scorpio Gold announced the appointment of Leo Hathaway to its Board of Directors. Leo is a Professional Geologist with 30 years of experience in the mineral exploration industry and is currently Executive Chairman of Golden Shield Resources Inc. and Senior Vice President of Lumina Gold Corp. (TSXV: SGN) (OTCQB: SRCRF) News Release
Perpetua Resources has been awarded up to $6.9 million in additional funding from the U.S. Army via the Defense Ordnance Technology Consortium ("DOTC"). The funding builds on the $15.5 million awarded to the Company by DOTC under an Ordnance Technology Initiative Agreement ("OTIA") in August 2023. The funds are being applied to testing intended to demonstrate the feasibility of using material sourced from Perpetua's Stibnite Gold Project ("Project") to produce military-specification antimony trisulfide, a critical component in certain munitions and advanced defense systems. The OTIA is intended to fund the development and delivery of a flexible, modular pilot plant to the U.S. Army to process antimony and other materials of Department of Defense interest. The additional funding is intended to enable Perpetua to expand material sampling and to increase the scope and size of the flexible, modular pilot plant that was contemplated under the original OTIA. (Nasdaq: PPTA) (TSX: PPTA) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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