Morning Briefing: The US Government Takes a State in Trilogy Metals, Approves Ambler Access Road (Again)
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Tuesday October 7th.
Gold hit another milestone last night with the futures touching $4000 an ounce before paring back a bit of that move. The asian markets have been a feeding frenzy for gold this week, with much of the move happening during those hours. Political moves in major economies are helping push the metal higher. The US government remains shut down, France’s government appears to have collapsed, and Japan has elected a new prime minister whose stance is for freer spending. As the technicals on the charts continue to tell us gold is overbought, the fundamentals remain strong for the yellow metal.
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…Vizsla Silver
Vizsla Silver is focused on becoming one of the world’s largest single-asset silver producers through the exploration and development of the 100% owned Panuco-Copala silver-gold district in Sinaloa, Mexico. The company consolidated this historic district in 2019 and has now completed over 375,000 meters of drilling. The company has the world's largest, undeveloped high-grade silver resource. Learn more at https://vizslasilvercorp.com/
And here’s what you need to know this morning…..
Trilogy Metals announced that President Trump has granted the permits for the Ambler Access Project. President Trump directed relevant agencies to promptly reinstate, grant and finalize all necessary permits and authorizations with terms necessary to assure adequate and feasible access for economic and other purposes, such as mining and use of the road for industrial and commercial access. In addition, the US government is also taking an equity position in the company with an investment of $35.6M by the Department of War, which now becomes a 10% equity owner of Trilogy. Shares of Trilogy rocketed higher by more than 250% in after hours and early morning trading last night following the news. (NYSE American: TMQ) (TSX: TMQ) News Release
Equinox Gold shared production results for Q3 this morning. The company produced a record consolidated 236,470 oz of gold on the quarter. Even after the divestment of our Nevada assets, we remain on track to deliver in the mid-range of our consolidated annual gold production guidance of 785,000 to 915,000 ounces. A Greenstone, mining rates exceeded 185,000 tonnes per day, a 10% increase over Q2 and a 21% increase over Q1. Mill grades also improved 13% in Q3 to 1.05 grams per tonne ("g/t") gold, with September averaging above 1.3 g/t gold. (TSX: EQX) (NYSE American: EQX) News Release
Meridian Mining announced results from the final phase of Cabaçal's Definitive Feasibility Study's drill program. Highlights included 27.5m of 1.9 g/t AuEq, 12.8m of 4.9 g/t AuEq and 9.4m of 4.4 g/t AuEq. The completed drill program will be contributors to the DFS’s resource and reserve upgrades next year. Meridian is also reporting greenfield exploration success at Cigarra. Initial results demonstrate that peripheral precious and base-metal VMS mineralization, similar to that drilled on the edge of the Cabaçal deposit, has been intercepted. Two rigs are currently drilling into this VMS trend, which is untouched by historical exploration activity. (TSX: MNO) (OTCQX: MRRDF) News Release
Cartier Resources published their second batch of assay results from the Main Sector, of the Cadillac Project located in Val-d’Or. Specifically, today’s results from from the VG9 Zone. Results included 35.5 g/t Au over .5m, 20.4 g/t over .5m and 4.4 g/t over 3m. Mineralization at VG9 is near surface and shows mineralization over a minimum of 75m in strike length by 125m in depth. (TSXV: ECR) News Release
Brixton Metals announced additional drill results from the Trapper Gold Target. Hole 344 returned 38.5m of 4.07 g/t Au from a depth of 191m. That same hole hit another 6.35m of 1.81 g/t Au. A total of 6272m was drilled at the Trapper Target from 30 holes this season. Assays are pending for the remaining 17 holes. The zone remains open for expansion. (TSX-V: BBB, OTCQB: BBBXF) News Release
1911 Gold released new assay results from surface drilling at the company’s True North Gold Project on the Rice Lake Gold Property in Manitoba. Results included 28.6 g/t Au over .5 and 12.69 g/t Au over 2.4m in hole 65, and 7 g/t Au over .5m and another 20.1 g/t over another half meter in hole 62. Hole 70 hit .8m of 33.89 g/t Au. 1911 Gold has now completed seventy (70) surface drill holes, for a total of 18,501.4 m of drilling. The surface exploration drill program within the True North mine footprint is focused on new targets defined by favourable host rocks and mineralized structural settings, also supported by significant historical drill intercepts. (TSXV: AUMB; OTCQB: AUMBF) News Release
IDEX Metals announced drill results form hole 2 recently completed on the Freeze Property. That hole intersected 101.0 m of 1.02% Cu, within wider zones of 160.1 m of 0.77% Cu and 420.8 m of 0.37% Cu. The company noted there was continued variable oxide copper mineralization throughout the hole. Hole 3 has been completed and assays are expected in November. (TSXV: IDEX; OTCQB: IDXMF) News Release
American Eagle Gold published a series of drill results, including the highest-grade intercepts to date at the NAK porphyry project in British Columbia. Hole NAK25-48 intersected 77 m of 1.78% Copper Equivalent ("CuEq") within 140 m of 1.23% CuEq, all within 813 m of 0.41% CuEq from surface. Hole NAK25-49 intersected 115 m of 0.93% CuEq within 454 m of 0.45% CuEq from Surface. The recent drilling extends the zone 200 m south, at least 250 m east, and over 800 m deep, and it remains open for expansion. (TSXV: AE) News Release
Kenorland Minerals announced the commencement of the phase 2 drilling on the South Uchi Project with their partners Auranova Resources. The Fall 2025 exploration program and budget have been approved by Auranova and will include up to 6,000m of drilling across 13 drill holes at the Papaonga target area. The program is designed to expand on the recently discovered gold-bearing structural corridors and test for additional structures concealed by deep overburden. Kenorland has received the $500,000 in cash payments and currently holds 9,242,267 common shares of Auranova and confirms that Auranova has now earned a 51% ownership interest in the Project. (TSXV: KLD) (OTCQX: KLDCF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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