Morning Briefing: US Labor Market Calls for More Rate Cuts; Collective Mining Results from Ramp Zone
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Wednesday October 1st.
The end of the quarter moves yesterday had little surprises for the precious metals market. Gold traded up to new highs and then came down a bit from those highs. Spot gold closed at $3,858 an ounce. Silver’s rise was cooled for a moment, as it was slightly red on the day with a close of $46.63 an ounce. That broke a 3-day winning streak for silver. But with quarter end, the attention now turns to a government shutdown out of the United States, its first in 7 years. There will be implications of the shutdown. It would most likely delay the release of Friday’s payrolls report. President Trump has also threatened major layoffs would take place. The labor market is already in a tough spot. JOLTS came out yesterday and showed hiring and quits rates both dropped to post-pandemic lows. The report, according to our friend Barry Knapp over at Ironsides Macroeconomics, suggests demand for labor remains weak and is falling faster than supply is contracting. This leads the Fed to have little choice but to announce another rate cut. And ADP nonfarm payrolls just dropped, with a huge miss. The expectation was for a gain of over 50,000. The actual number was negative 32,000. Gold and silver are moving higher following the data.
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…Equinox Gold.
Equinox has recently completed the business combination with Calibre Mining to create an Americas-focused diversified gold producer with a portfolio of mines in five countries, anchored by two high-profile, long-life Canadian gold mines, Greenstone and Valentine. Learn more about the business and its operations at equinoxgold.com
And here’s what you need to know this morning…..
Collective Mining announced assay results from two diamond drill holes designed to continue expanding the high-grade Ramp Zone, which is located at the bottom of the Apollo system. Hole D6 returned 50.5m of 5.66 g/t gold and 13 g/t silver from 526m downhole. Hole D2 returned 70m of 2 g/t gold and 5 g/t silver from 693m downhole. That was the deepest intersection of mineralization at Apollo to date at approximately 1,300 metres below surface, where it remains open for further expansion. The aim of the current program at the Ramp Zone is to try and extend the system by an additional 200 metres or more both vertically and laterally. (NYSE: CNL) (TSX: CNL) News Release
Prospector Metals has made a new discovery in Yukon on the ML Project. Hole 31 was drilled in the North Vein and is the first ever hole in this area designed to test for multiple stacked or parallel gold-bearing structures co-incident with favourable surface geochemistry, LiDAR and World View datasets. The hole discovered a previously unknown high-grade gold and copper zone, now known as the TESS Zone, from 62 - 106m downhole. The hole also intersected the historic "North Vein" zone from 138 - 145.36m. Assay results included 44m of 13.79 g/t Au, 1.84% Cu and 38.08 g/t Ag in the Tess zone. The intercept into the North Vein was 7.36m of 5.69 g/t Au, 1.16 % Cu and 22.21 g/t Ag. The 2025 drill program on the ML Property has been completed and includes 39 holes over 6648.91 m, testing seven target areas. (TSXV: PPP) (OTCQB: PMCOF) News Release
Brixton Metals announced additional drill results from the Trapper Gold Target this season. Hole 337 returned 6.4m of 4.61 g/t Au from a depth of 27m. Hole 339 returned 15m of 2.26 g/t Au from a depth of 16m. Drilling at the Trapper Target has been completed for the season. A total of 6272m was drilled at the Trapper Target from 30 holes. Assays are pending for the remaining 18 holes with visible gold having been identified in several of these remaining holes. The zone remains open for expansion. (TSX-V: BBB, OTCQB: BBBXF) News Release
ATEX Resources announced their exploration plans for the Phase VI campaign at the Valeriano Project in Chile. The program includes 25,000 meters of directional diamond drilling with a main objective to continue defining and growing the high-grade B2B Zone, to systematically test new B2B analogous targets to the north and south of the currently defined system and to continue to grow the porphyry system limits which are yet to be defined. ATEX commenced drilling for the Phase VI program, with six rigs currently operating on site. The company is also initiating investigations into permitting for an underground exploration decline to enable direct access to mineralization and accelerate project development. (TSXV: ATX) (OTCQB: ATXRF) News Release
American Pacific Mining has received a drill permit for the Madison Copper-Gold Project located 43 kilometres southeast of Butte, Montana and the Berkley Pit Mine within the Idaho-Montana Porphyry Belt. This milestone enables the Company to commence drilling on multiple high-priority district targets, including porphyry targets identified through extensive geologic mapping, geophysical surveys, and 3D modeling. The company plans on some deeper holes to test geophysical anomalies interpreted as potential porphyry centers. Step-out drilling is aimed at expanding known zones of copper-gold mineralization along the Silver Star structural corridor. (CSE: USGD) (OTCQX: USGDF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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