Morning Briefing: The Viken Deposit Becomes 2nd Largest Uranium Deposit in the World
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Tuesday, April 29th.
Gold continued its consolidation yesterday within the same range its been following since mid-week last week. Yesterday the price action bottomed out at $3,281/oz before it crawled its way back up into the green and closed at $3,347/oz. And this morning, the front month contract of gold continues to be in the range as well, currently trading at $3,316. Silver had a similar move yesterday but remain in the red by the closing bell. It finished the day at $33/oz, flat on the day. Copper remains on the rise it it appears to be crawling its way back up towards $5 per pound this morning, currently at $4.94. Inventories in Shanghai remain low according to current data out of China, while export shipments to the United States appear to be collapsing. And in other news, Mark Carney has secured a victory and will remain prime minister of Canada. In an interview, Mr. Carney is quoted as saying Our old relationship with the United States is over.
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…..
District Metals published its NI 43-101 Inferred and indicated mineral resource estimate for the Viken Energy Metals Deposit in Sweden. The pit-constrained mineral resource now sits at 4.3 billion tonnes of 161 ppm of uranium and an indicated resource of 456 million tonnes of 175 ppm of uranium. Within the resource lies noticeable amounts of vanadium, molybdenum, copper, nick zinc and other rare earths. The Viken Energy Metals Deposit is officially the second largest uranium deposit in the world. The company says they will make a decision on moving forward with a preliminary economic assessment in Q4 of this year, which will be influenced by the outcome of the Swedish Government’s proposal to life the current ban on uranium mining. (TSXV: DMX) (Nasdaq First North: DMXSE SDB) (OTCQB: DMXCF) News Release
Meridian Mining says it has drilled one of the highest grade gold veins to date on the Cu-Au-Ag Cabaçal VMS project. Targeting potential extensions to Cabaçal's Pre-Feasibility Study's ("PFS") high-grade ore reserves, CD-654 drilled 276 g/t Au over 0.46m. This was within a broader shallow gold-copper-zone that returned 9.9m @ 14.8g/t AuEq from 29.3m. Locally this extension had lacked drilling, lowering the modelled grade despite being adjacent to a zone where higher-grade gold and copper was historically mined. Consequently, CD-654 has corrected this, and additional drilling is being reviewed to test for dip / plunge projections of this high-grade trend. Shallow drilling also targeted mineralization in the up-plunge flank of the void model of the Central Copper Zone. Hole CD-667 was collared in an area where historical drilling was only partially assayed. The hole returned a broad zone of mineralization: 38.6m @ 1.4g/t AuEq from a depth of just 13.4m, including a higher-grade zone 15.6m @ 2.2g/t AuEq from 18.3m, emphasising the presence of shallow mineralization above the mined voids, transitioning into an unsampled area. (TSX:MNO) (OTCQX:MRRDF) News Release
Sierra Madre Gold and Silver have commenced underground mining at the Coloso mine, located within the producing Guitarra Complex in Mexico. It is located 4 kilometers northwest of the Guitarra processing plant. Coloso was developed and mined by First Majestic Silver from 2014 to 2018. The mine has over 12 kilometers of underground workings. This underground development has allowed Sierra Madre to restart the Coloso mine with minimal pre-production expenditures and 7 months ahead of schedule. The Coloso estimated resource grades are on average 1.7 times higher in silver and 1.2 times higher in gold compared to the Guitarra veins. (TSXV: SM) (OTCQX: SMDRF) News Release
AbraSilver reported additional drill results from the Diablillos project in Argentina. These assays represent the final results from the Phase IV exploration campaign. Results today included 56m of 107 g/t Ag, 65m of 162 g/t and 88m of 89 g/t Ag. All Phase IV drill results, which comprised a total of 21,172 metres, will be incorporated into an updated Mineral Resource estimate, which remains on schedule for release in mid-2025. (TSX: ABRA; OTCQX: ABBRF) News Release
Melkior Resources announced the discovery of a new high-grade zone through its winter drill program on the Carscallen Gold Property west of Timmins, Ontario. The drilling was focused on expanding the strike and down plunge of the N-S trend, 1010 gold-mineralized structural zone, and is located approximately 1 km southwest of the Shenkman Zone. The hole reported today returned 77.4 g/t Au over 6.9m and included 445 g/t over 1.2m. The Company is in the process of planning follow-up holes to test the potential extensions of this intercept. (TSXV: MKR) (OTC: MKRIF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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