Morning Briefing: Surge Copper Formally Enters Environmental Assessment Process

Good morning and welcome back to the Mining Stock Daily morning briefing.

It's Wednesday, September 16th.

Gold is having a strong morning, up 1.30% to $4,348 an ounce. Silver is outperforming, up 2.00% to $64.92. Copper is also higher, adding 1.29% to $6.45. On the energy side, crude is lower, with Brent down 1.57% to $107.04 and WTI off 2.34% to $103.36.

The big macro story today is the Federal Reserve. This is an FOMC decision day, and markets are broadly expecting the Fed to raise rates again, continuing what has been an aggressive tightening cycle. The strength in gold and silver this morning despite that expectation is notable and suggests that precious metals investors are reading this backdrop as an inflation story more than a rising-rate headwind.

Also worth noting this morning is a tightening in diesel markets. Bloomberg reported last week that US diesel stocks have fallen to their lowest level since 2003, heading into a period of peak seasonal demand. For mining companies, which rely heavily on diesel to power equipment and run operations at remote sites, this is a cost-structure story that will bear watching as companies report their next round of quarterly numbers.

We will get to the news from the miners and explorers in a moment, but first a mention of today's sponsor:

Today's episode of Mining Stock Daily is brought to you by…Equinox Gold.

Equinox Gold completed a business combination with Orla Mining in July, creating what the companies are calling North America's new senior gold producer. Equinox is tracking approximately 1.1 million ounces of gold production across the combined portfolio in 2026, with a funded pathway to more than 1.9 million ounces as its North American growth pipeline develops. Equinox Gold trades on the TSX and the NYSE American both under the symbol EQX.

Here’s what you need to know today. 

Tocvan Ventures has extended the continuous gold corridor at the El Mezquite trend in Sonora, Mexico to approximately 1,400 metres, with a step-out hole intersecting mineralization roughly 100 metres north of the core of the system and the best result in a new batch of assays, hole JES-26-172, returning 81.10 metres at 0.48 grams per tonne gold from just 13.5 metres depth, including 47.65 metres at 0.80 grams per tonne and 2.75 metres at 8.44 grams per tonne gold and 54 grams per tonne silver. The company is targeting production of its first gold-silver dore in the fourth quarter of this year. Tocvan Ventures trades on the CSE as TOC and on the OTCQB as TCVNF. News Release

Freegold Ventures has reported new high-grade drill results at the Golden Summit deposit in Alaska, highlighted by hole GS2634 returning 102.8 metres at 3.10 grams per tonne gold from 460 metres depth, including 55.9 metres at 5.18 grams per tonne and 1.2 metres at 183 grams per tonne, strengthening the case for a 29-million-ounce resource as the company advances a pre-feasibility study targeting 2027. The camp was also recently connected to grid power, eliminating diesel generation costs. Freegold Ventures trades on the TSX as FVL and on the OTCQX as FGOVF. NEWS RELEASE

G Mining Ventures has confirmed a new gold discovery at the Grodiocal target within its Gurupi project in Maranhao, Brazil, with maiden drilling returning 23.0 metres at 1.97 grams per tonne gold including 9.0 metres at 4.24 grams per tonne, while additional drilling extended the Blanket deposit 250 metres beyond the current resource shell and depth drilling at the operating Tocantinzinho mine in Para confirmed continuity with 78.1 metres at 1.81 grams per tonne gold below the existing pit design. An updated Gurupi resource estimate and a preliminary economic assessment are both expected before year-end. G Mining Ventures trades on the TSX as GMIN and on the OTCQX as GMINF. News Release

K2 Gold has confirmed strong gold solubility at the Dragonfly Zone on its Mojave project in Inyo County, California, with 211 samples across seven drill holes returning an aggregate AuCN/AuFA ratio of 97.1%, indicating that nearly all of the gold in the system is amenable to standard heap-leach processing, consistent with oxidation observed to at least 180 metres depth. A bottle-roll metallurgical program is the next step, and the company holds more than $27 million in treasury to advance the work. K2 Gold trades on the TSX Venture Exchange as KTO and on the OTCQX as KTGDF. NEWS RELEASE

Intrepid Metals has commenced a 10,000-metre drill program and a 65-line-kilometre induced polarization and magnetotelluric survey at the Corral Copper project in Cochise County, Arizona, with roughly half the meterage targeting carbonate replacement deposit extensions where a previous hole returned 112.95 metres at 1.50% copper and the other half representing the first-ever drill test of the porphyry source believed to underlie the CRD system. Porphyry drilling is expected to begin in late October, with equity stakeholder Teck Resources watching closely. Intrepid Metals trades on the TSX Venture Exchange as INTR and on the OTCQB as IMTCF. News Release

Surge Copper has formally entered the environmental assessment process for the Berg copper-molybdenum-silver-gold project in central British Columbia, after the company's Initial Project Description, submitted September 9th, was accepted by both the BC Environmental Assessment Office and the Impact Assessment Agency of Canada, commencing the Early Engagement and Planning phases of the provincial and federal reviews. Berg is backed by a June 2026 pre-feasibility study outlining a 120,000-tonne-per-day open pit operation with a 28-year mine life, an after-tax NPV8% of C$4.6 billion, and a 24% internal rate of return. Surge Copper trades on the TSX Venture Exchange as SURG and on the OTCQB as SRGXF. NEWS RELEASE

1911 Gold has hit a string of operational milestones at the True North mine in Manitoba, including the completion of Level 26 dewatering, the commissioning of the Level 16-to-26 ore pass chute needed to move mined material to surface, and the mobilization of underground contractor SCR Mining and Tunnelling with a new fleet of equipment, collectively bringing the operation to the threshold of test mining this fall ahead of a planned 2027 production decision. The primary ball mill and freshwater system are now operational, and major crushing circuit components are on track for delivery in mid-November. 1911 Gold trades on the TSX Venture Exchange as AUMB and on the OTCQX as AUMBF. NEWS RELEASE

Gunnison Copper and Nuton LLC, a Rio Tinto venture, have revised the Stage 2 mine plan at the Johnson Camp Mine in southeastern Arizona to add approximately 3 million additional tons of mineralized material expected to be mined between 2027 and 2029, with Nuton agreeing to make a US$8 million payment to Gunnison in the fourth quarter of this year in connection with the expanded scope. The revised plan preserves the experienced on-site workforce through the demonstration period at an operating copper cathode producer with production capacity of up to 25 million pounds of copper per year. Gunnison Copper trades on the TSX as GCU and on the OTCQB as GCUMF. NEWS RELEASE

The Mining Stock Daily morning briefing is produced by Clear Commodity Network. It is distributed throughout the world through your podcast network of choice, and at Clear Commodity Network.

That's it for today everyone. Have a great day. Stay safe.