Morning Briefing: The Oil Crisis Escalates
Good morning and welcome back to the Mining Stock Daily morning briefing.
It’s Monday, March 9th
Energy and metals markets opened the week in violent fashion as the Middle East conflict escalated following further U.S. and Israeli strikes inside Iran. Oil prices surged on new supply fears with Brent crude trading near $104 a barrel and WTI pushing just over $101 in early trading. Those trades were much higher earlier in the session. The spike reflects growing concern that Iranian retaliation or attacks on regional infrastructure could remove millions of barrels per day from global supply. In the metals market, the reaction has been more complicated. Gold is trading near $5,100 an ounce this morning, while silver is hovering around $83 to $84, as a stronger U.S. dollar and rising oil-driven inflation expectations pressure precious metals despite the geopolitical risk. Markets are now trying to price not just the military escalation itself, but the possibility of a prolonged supply shock that could ripple through global energy, inflation expectations, and ultimately monetary policy.
We will get to the news out of the miners and explorers in a minute, 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…..
NGEx Minerals says its exploration adit for the company’s Lunahuasi Project has been approved by the San Juan Province in Argentina. The company says the approval of the Environmental Impact Statement represents a major milestone in what has been a swift permitting process and enables NGEx to rapidly advance the Lunahuasi story, enabling underground evaluation and enhancement of the Company's geological understanding of this deposit. NGEx is targeting the fourth quarter of 2026 to start underground development subject to timely receipt of the remaining permits. (TSX: NGEX) (OTCQX: NGXXF) News Release
First Mining announced new drill results from last year’s exploration work at the Duparquet Gold Project in Quebec. The Company completed its 2025 drilling program at the Project in October, totaling 16,577 m of drilling. Highlights from today’s release included 3.74 g/t Au over 15.5 m and 7.18 g/t over 8.0 m, including 30.58 g/t over 1.65 m. These results come from hole 85. Hole 90 returned 4.08 g/t Au over 12.0 m, including 11.20 g/t Au over 1.0 m, extending mineralization to vertical depth of 250 m. The target currently spans approximately 150 m of strike length and 250 m in depth and remains open at depth and along strike to the east. (TSX: FF) (OTCQX: FFMGF) News Release
Last week, Fortune Bay Corp released assay results from the initial three drill holes from the ongoing program at the Goldfields Gold Project in Saskatchewan. The three drill holes were designed to test substantial down-dip gaps in previous drill coverage at the Box deposit (up to 170 m) targeting resource expansion beyond the open-pit limits defined in the Updated Preliminary Economic Assessment. A few highlights of mineralized hits were 2.54 g/t Au over 17m, 6.95 g/t over 2m and 2.29 g/t Au over 9.3m. All three holes successfully intersected the mineralized Box Mine Granite ("BMG") at or near the depths predicted by the geological model. Observed mineralization characteristics – including quartz vein orientation, thickness, and vein density – are consistent with those documented elsewhere within the deposit. (TSXV: FOR) (OTCQB: FTBYF) News Release
Li-FT Power has closed its acquisition of an additional 25% interest in the exclusive exploration rights on the Galinée property from SOQUEM. LIFT now holds a 75% interest in the Galinée Property, with the remaining 25% interest continuing to be held by SOQUEM. LIFT is the operator of the Galinée Property under joint venture with SOQUEM. (TSXV: LIFT) (OTCQX: LIFFF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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