Morning Briefing: Summit Royalty to Go-Public with RTO of Eagle Royalties
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday, July 2nd
Gold is having positive swing upward this morning with follow-through on the bounce which began late Sunday evening and through Monday and Tuesday. The US Senate passed President Trump’s tax and spending bill yesterday, which will return to the house of Representatives. The bill is expected to widen the deficit by more the $3 trillion over the next decade. After bottoming around $3,250/oz Sunday evening, gold has added roughly $100 and is currently trading at $3,355/oz on the front month. Silver’s range is trading is apparent within the mid $36 range. It's currently holding steady at $36.47. Bond yields and the US dollar are up slightly today.
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…..
Kenorland Minerals and Auranova Resources announced the complete assay results from its 2025 winter drill program on the South Uchi Project in Ontario. Assays from 27 diamond drill holes totaling 14,365 metres are reported. Results included .5m of 7.57 g/t Au and 9.5m of 1.19 g/t on the most eastern fence drilled. 3 km to the west and along strike, drilling returned 1.35m of 7 g/t Au. And even further westward, drilling returned 1m of 14.6 g/t Au. The company says the results demonstrate widespread gold mineralization and continuity of a significant structure across multiple kilometres, suggesting a robust gold-rich orogenic system. Auranova has completed the initial earn-in under the South Uchi option agreement, acquiring a 51% ownership interest in the Project. (TSXV: KLD) (OTCQX: KLDCF) News Release
Collective Mining has made a new vein system discovery at the ME target on the Guayabales Project in Colombia. Assays returned .65m of 534 g/t Au and .9m of 47.2 g/t Au. Shortly after completing hole MEC-2 and at the onset of hole MEC-3, drilling was halted as the preliminary results from the new gravimetric survey were received by the Company, indicating that these holes were drilled outside of the gravity high. The Company interprets the new discovery in hole MEC-2 to be high-grade vein leakage from a potentially large, mineralized breccia body located within the gravity high to its immediate south. Drilling has recommenced at ME targeting the gravity high with additional results expected in due course. The company also noted that the gravity survey showed seven new gravity anomalies, with near-identical gravimetric features to Apollo, have been identified within the survey corridor including one located directly southwest of Apollo named Apollo South, three in the ME target area, one in the X target area and two in the Plutus target area. (NYSE: CNL) (TSX: CNL) News Release
NGEx Minerals announced additional drill results from its Lunahuasi copper-gold-silver project in San Juan, Argentina.Results from the four of its remaining 8 holes were reported this morning and included 89.1m of 4.09% CuEq, 48.9m of 7.75% CuEq and 46.8m of 9.55% CuEq. The company says they now have enough confidence in the size and shape of three of these zones to provide them with names, Mars, Saturn and Jupiter. In addition to these three zones, the company says they have numerous isolated drill intersections which they are confident will develop into new zones. (TSX: NGEX) (OTCQX: NGXXF) News Release
ValOre Metals provided an update on exploration work on its Pedra Branca Platinum Group Elements Project in Brazil while also reinforcing its focus on advancing the company’s broader strategic growth initiatives. An 87-hole Trado Auger drill program was completed to collect additional weathered material for ongoing metallurgical test work, improve grade control and enhance geological understanding of the deposit. Of the 87 holes, 74 returned PGE mineralization, including 28 with grade-thickness values exceeding 10 gram-metres. Results included 10m of 12.95 g/t PGE and Au, 3m of 5.95 g/t PGE and Au and 5m of 3.78 g/t PGE and Au. In addition, drilling at the Esbarro East Zone has extended mineralization beyond current pit-constrained limits. Results there included 2m of 18.41 g/t and 9.5m of 1.97 g/t PGE and Au. (TSX-V: VO, OTCQB: KVLQF) News Release
Eagle Royalties and Summit Royalty Corp have entered into a definitive amalgamation agreement in respect of a reverse takeover transaction pursuant to which Summit will go public by way of the takeover of Eagle. The Exchange Ratio implies estimated consideration of C$0.18 per Eagle share, representing a premium of 47% based on Eagle's closing price on June 30, 2025 on the Canadian Securities Exchange. Eagle’s royalty positions include one over the AurMac Gold Project in Yukon. Summit recently purchased a cashflowing portfolio of royalties and a stream from IAMGOLD for $17.5M
Kingfisher Metals says Drilling is now underway at the HWY 37 Project. Initial drilling will focus on the Williams porphyry copper-gold system testing for extensions of mineralization outside the limits of historical drilling. Two diamond drills are currently on site with one targeting an area west and upslope of the known limits of mineralization. The second drill is focusing on new discoveries in an area with no historical drilling, targeting an area across the valley with a similar Induced Polarization (IP) geophysical signature when compared to the Williams porphyry copper-gold system. (TSXV:KFR) (FSE:970) (OTCQB:KGFMF) News Release
Snowline Gold announced the discovery of a reduced-intrusion related gold system on its Cynthia Project in Yukon which lies 27km southwest of its Valley deposit. The "Celestic" target covers several zones of gold-bearing, densely sheeted quartz veins exposed in a 4.5 x 3 km granodiorite intrusion. Selective grab samples of quartz vein material returned up to 11.7 g/t Au, while a continuous 4.0 m chip sample across an exposed outcrop returned 1.09 g/t Au. Subject to additional follow up, the Celestic target may see initial drilling in 2025 as Snowline advances its largest field program to date. Speaking of drilling the company is proceeding ahead of schedule with five drills turning. Snowline has expanded the scope of its 2025 field program to support advancement of Valley towards a Prefeasibility Study and permitting. (TSX-V:SGD) (OTCQB:SNWGF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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