Morning Briefing: Tocvan Ventures Discovers New High-Grade Silver Zone at Gran Pilar

Good morning and welcome back to the Mining Stock Daily morning briefing. I am Trevor Hall.

It's Thursday, July 23.

Metals are pulling back this morning after a strong run. Gold is down 1.1% to $4,083 an ounce. Silver is off 2.1% to $58.44. Copper is slightly lower at $6.42 a pound. Meanwhile, energy is surging — Brent crude is up 4.5% to $98.33 a barrel and threatening $100, and WTI is up 4% to $90.35. The divergence between metals and energy this morning has one obvious explanation.

Iran's Houthi allies in Yemen struck two Saudi oil tankers overnight. The Saudi Press Agency confirmed the Encelia was hit and said all crew members are safe. The attack is part of a naval blockade Houthi forces declared on July 20, targeting vessels servicing Saudi ports through the Bab al-Mandab Strait. At least nine tankers have already changed course since the blockade was announced, including a Chinese VLCC that aborted its passage and turned back in the Red Sea. Brent is now threatening $100 a barrel as the market prices in disruption to one of the world's most important energy trade routes.

On the demand side of the equation for metals and energy alike — evidence is mounting that a U.S. industrial rebound is taking hold and broadening beyond the data-center-driven AI boom. Bloomberg flagged this morning that manufacturing sectors beyond tech infrastructure are now seeing renewed activity, but the piece comes with a caution: the rebound is fragile without two things — more electricity capacity and a bigger trained workforce. That's important context for the metals complex. A broader U.S. industrial rebound is a demand catalyst for copper, steel, and energy. The question is whether the infrastructure to support it is being built fast enough.

We'll get to the news from the miners and explorers in just a moment, but first a word about today's sponsor.

This episode of Mining Stock Daily is brought to you by…Revival Gold

Revival Gold is one of the largest pure gold mine developer operating in the United States. The Company is advancing the Mercur Gold Project in Utah and mine permitting preparations and ongoing exploration at the Beartrack-Arnett Gold Project located in Idaho. Revival Gold is listed on the TSX Venture Exchange under the ticker symbol “RVG” and trades on the OTCQX Market under the ticker symbol “RVLGF”. Learn more about the company at revival-dash-gold.com

Here's what you need to know today.

Tocvan Ventures has discovered a new high-grade silver-gold zone at surface, located just 900 metres east of its permitted 50,000-tonne Pilot Facility at the Gran Pilar Gold-Silver Project in Sonora, Mexico. The standout intercept — hole JES-26-152 — returned 1.5 metres grading 2.16 grams per tonne gold and 581 grams per tonne silver, sitting within a broader 9.2-metre zone of 0.43 g/t gold and 110 g/t silver from 27.5 metres; consistent near-surface mineralization was returned in three of the four holes tested, with the zone open along trend and aligned with a strong soil geochemical anomaly. Tocvan is targeting first gold-silver doré at Gran Pilar in Q4 2026, and the project carries metallurgical recoveries of up to 99% gold and 97% silver (CSE: TOC, OTCQB: TCVNF).News Release

Fitzroy Minerals is continuing to impress at the Buen Retiro Copper Project in Copiapó, Chile, reporting 15 new drill holes from the Tenorita area. The headline hole, DDH072, returned 111.9 metres at 0.97% copper from just 21.1 metres depth, including 18 metres at 1.59% copper and 18 metres at 1.91% copper; a companion hole, DDH070, cut 147.7 metres at 0.41% copper from 26.3 metres, including 27 metres at 1.20% copper. With four rigs turning and the company targeting Tenorita drill-out by August to support a pre-feasibility study and a 2028 production timeline. (TSXV: FTZ, OTCQX: FTZFF). News Release

Osisko Metals is out with new results from the Gaspé Copper Project in Quebec's Gaspé Peninsula. Twelve new holes from the 2026 program include a headline intercept of 320.5 metres averaging 0.38% copper, plus 337 metres at 0.35% copper, 207.5 metres at 0.43% copper, and a focused 77-metre interval at 0.67% copper in hole 30-1206 with an 18-metre sub-interval grading 1.82% copper. Seven drills are currently active at site, expanding the resource both within and beyond the existing Whittle pit volume; the company's current Measured and Indicated resource stands at 1.83 billion tonnes averaging 0.32% copper equivalent (TSX: OM, OTCQX: OMZNF). News Release

McFarlane Lake Mining has dramatically expanded the strike length at the Golden Lake Deposit of its Juby Gold Project in the Abitibi Greenstone Belt of Ontario, with new holes widening the deposit and extending the gold-bearing corridor from 0.75 kilometres to 1.9 kilometres. The best new holes — GL26-83A and GL26-83 — intersected 179 metres at 0.87 grams per tonne gold from 34 metres depth and 155 metres at 0.9 g/t gold from 65.85 metres, respectively, with the mineralization in both cases emerging unexpectedly in the hanging wall of the existing pit shell and offering real expansion potential. McFarlane says all assays for an updated NI 43-101 resource estimate are now in hand, with the MRE expected within two to three weeks (CSE: MLM, OTC: MLMLF). News Release

Tiger Gold has returned two massive intercepts at the Ceibal target within its Quinchía Gold Project in Colombia's Mid-Cauca gold belt — hole CEDDH-011 cut 685 metres at 0.6 grams per tonne gold from surface, including 12 metres at 1.5 g/t and 20 metres at 1.2 g/t in the upper part of the hole and 6 metres at 1.8 g/t near 660 metres; hole CEDDH-012 returned 568 metres at 0.6 g/t from 309.5 metres downhole, extending mineralization to approximately 800 metres below surface. The company has outlined a mineralized corridor at Ceibal with at least 300 metres of strike and approximately 375 metres of width, open at depth and in multiple directions, with assays from three additional step-out holes pending that could roughly double the interpreted footprint (TSXV: TIGR, OTCQB: TGRGF). News Release

And Kirkland Lake Discoveries is expanding the Mirado Gold System at its KL South Project in the Kirkland Lake region of Ontario, with today's results showing growth in three directions simultaneously. Hole KLM26-017 hit 18.99 grams per tonne gold over 6.7 metres below the historical resource footprint, including an astonishing 125.91 g/t over 1.0 metre; hole KLM26-019 delivered 0.50 g/t gold over 91 metres from near surface, expanding the South Zone footprint 130 metres to the northwest; and KLM26-013 extended the North Zone by 85 metres. The company has also completed its first regional hole at the MZ Zone, 500 metres west of Mirado, where intense hydrothermal alteration and sulphide mineralization — visually comparable to the best-mineralized Mirado holes — suggest the prospective corridor extends well beyond the known deposit (TSXV: KLDC, OTCQB: KLKLF). News Release

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