Morning Briefing: Tungsten Exploration News and New Drill Results
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Tuesday, June 3rd.
Gold rallied and silver finally broke out of its trading range yesterday as more geopolitical concerns out of Europe and trade concerns peak its head once again, causing more safe haven demands. China has accused the Untied States and President Trump of violating the trade agreement. Trump also threatened a 50% tariff on steel and aluminum, more than doubled the original idea. These headlines along with news out of Russia on a precision drone attack by Ukraine has certainly lit the fuel on precious metals. Gold rose 81 dollars on the August contract to close at $3,397/oz yesterday. Silver finally broke through its range and added 5% to its contract closing at $34.69/oz.
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…Integra.
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…..
Collective Mining announced initial assay results from shallow drilling at the Apollo system on the Guayabales Project in Colombia. Assay results targeting the tungsten rich area of the system returned 124m of 3.03 g/t AuEq or .66% tungsten equivalent, 91m of 3.04 g/t AuEq or .66% Tungsten equivalent and 117.35m of 2.07 g/t AuEq or .45% tungsten equivalent. An additional four holes targeted areas outside of the tungsten rich portion of the upper Apollo system with one of the holes expanding the previously known boundaries of the system to the east, two holes intersecting high-grade mineralization in gaps within the block model and a final exploratory hole failing to encounter any meaningful mineralization. Numerous additional shallow drill holes are currently being assayed with additional results expected in the near term. The discovery of tungsten at Apollo is the first known hard-rock occurrence of this metal in the history of Colombia. (NYSE: CNL) (TSX: CNL) News Release
Ridgeline Minerals has sold its Tungsten and Critical Metals to Midasco Capital in an arm’s length agreement, pursuant to which the shares will be spit into Spartan Exploration Nevada, which is a wholly owned subsidiary of Ridgeline. The Eagle Property is a Tungsten-Copper porphyry and skarn system which hosts one of the highest-grade past producing Tungsten districts in the United States with the Tungstonia and Rees mine operations producing a reported 8,352 Metric Ton Units of Tungsten trioxide at average grades of 0.6-1.0% between 1917-1956¹. The Property also exhibits significant concentrations of Rubidium ("Rb") - Copper ("Cu") - Silver ("Ag") - Antimony ("Sb") as well as lesser Lead ("Pb") and Zinc ("Zn"), which is interpreted as part of the larger metal zonation pattern of the porphyry system across the district. News Release
Cartier Resources has executed an agreement with Exploits Discovery to option its exploration rights in Quebec for the Wilson Project, the Fenton and the Benoist Property. During the four-year option period, Exploits shall have the sole and exclusive right and option to earn a 100% interest by paying Cartier an amount aggregating $1,750,000 in cash, issuing Cartier an aggregate of 9,250,000 common shares of Exploits and incurring not less than $12,250,000 in expenditures on the properties. Upon due exercise of the Option in respect of any of the Properties, Cartier will retain a 2.0% net smelter returns (″NSR″) production royalty over the applicable Property(ies). (TSXV: ECR) News Release
Energy Fuels recorded another record month of production from the Pinyon Plain uranium mine in Arizona with nearly 260,000 pounds of U3O8 mined during the month of May. Over the past five (5) months, Pinyon Plain has produced roughly 12,461 tons of ore with an average grade of 1.92% U3O8 containing 478,384 pounds of U3O8. the Company believes that mining results to date demonstrate that the Pinyon Plain mine is likely higher-grade than previous estimates and therefore has the strong potential to have a significantly larger uranium resource and more exploration potential than previously reported. The company expects to produce millions of pounds of uranium in the next few years with more exploration potential. (NYSE American: UUUU) (TSX: EFR) News Release
XXIX Metals Corp published an updated Mineral Resource Estimate (MRE) for its 100% owned Opemiska Project, in Quebec's Chapais-Chibougamau District. This new estimate marks an increase in total tonnage and contained metal within a shallower pit constrained resource, and within a reduced surface footprint. This updated MRE model includes a higher grade, near surface volume that will aim to optimize development scenarios as it allows for a potentially short payback period or a staged development scenario, which could result in a marked uplift in project economics, according to the company. Total resources now sits at 69 and a half million tonnes at 1.12% CuEq in indicated and just over 80 and a half million tonnes of .42% CuEq in inferred. A PEA for the project is next in line for Opemiska. (TSXV: XXIX) (OTCQB: QCCUF) News Release
Canterra Minerals reported new drill results from its ongoing 10,000m program at the Buchans Project in Central Newfoundland. Today’s results included 68m of 1% CuEq which also had an 11m interval in there of 2.14%. This demonstrates the continuity of the Lundberg deposit, an open pit resource favourably situated on a brownfields site with excellent infrastructure while also validating the company’s exploration model. Additional drilling results from the current program, including the Pumphouse Target, will be released as assays are received and compiled. (TSXV: CTM) (OTCQB: CTMCF) News Release
Benton Resources says they have made a new gold discovery about 150m north of the Great Burnt Copper Project. Early assay results for gold returned 2.15 g/t over 7.70 m, including 5.46 g/t over 2.75 m and this section of core also contains visible chalcopyrite (copper) with assays for base metals forthcoming. The intercept of gold may represent an extension of the mineralization intersected in hole 59 50m to the south. The Company has completed 5,090 m of drilling as part of its phase 5 program, bringing the total to over 23,300 metres drilled since acquiring the project in late 2023. The Company has sent 357 samples of core for assay and results are expected over the coming weeks. Drilling is currently paused until results are received and compiled, along with the evaluation of recent downhole geophysics which will provide targeting for the restart of drilling. (TSXV: BEX) News Release
District Metals it has commenced a helicopter-borne Mobile MagnetoTellurics System survey at the Viken Property in Sweden. The MobileMT survey will comprise between 1,387 to 2,346 line kilometers at 200 or 400 meter line spacing over the Viken Property in two phases. Phase 1 will aim to capture the conductive signature of the mineralized Alum Shale host rock that makes up the Viken Energy Metals Deposit. Phase 2 will be flown over the remainder of the 37,211 hectare Viken Property with the objective of identifying additional conductive signatures of interest for follow up by drilling. The optimal target for further follow up work will comprise the shallowest and thickest parts of mineralized Alum Shale. (TSXV: DMX)(OTCQB: DMXCF) 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 by our friends at the Junior Mining Network.
That’s it for today everyone. Have a great day. Stay safe.
The information presented should not be considered investment advice. Mining stock daily and its affiliates are not responsible for any loss arising from any investment decision in connection with the material presented herein. Please do your own research or speak with a licensed financial representative before making any investment decisions.