Morning Briefing: West African Resources Halted in Face of Stake Acquisition by Burkina Government
Good morning and welcome back to the Mining Stock Daily morning briefing. I’m Trevor Hall.
It's Thursday August 28th.
Gold moved up about half a percentage point yesterday on its front month contract while the gold miners consolidated. Most of the attention yesterday was on the Nvidia earnings, which leant its way towards disappointment. Despite beating overall expectations, the business was a bit hawkish on its future upside from the data-center business. The dollar remained under pressure yesterday, which allowed gold to climb its way higher. Gold is performing well in early-morning hours today as well, up 3/10ths of a percent. Silver’s front month futures contract rolled over to the December month yesterday, which freed up the metal this morning. Its up 2.6% and made its way toward $40 an ounce.
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 Resources
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…..
Equinox Gold says the Valentine Gold Mine has begun processing ore through its 2.5-million tonne per annum facility. Valentine is a conventional crush-grind carbon-in-leach operation expected to produce between 175,000 and 200,000 ounces of gold annually for the first 12 years of its 14-year reserve life. Once fully operational, it will be Equinox Gold's second-largest mine, the largest gold mine in Atlantic Canada, and a significant contributor to the Newfoundland & Labrador economy. The company expects first gold pour within the next month. (TSX: EQX) (NYSE American: EQX) News Release
Magna Mining published new drill results from the Levack Mine in Sudbury. Today’s headline hole was drilled 140m below a previous hole with assays released back in July. Today’s figures show new assays of 12.8% Cu, 0.6% Ni, 31.8 g/t Pt+Pd+Au over 2.6 metres, including 29.2% Cu, 0.9% Ni, 53.0 g/t Pt+Pd+Au over 1.0 metres. The hole also had another intersection of 25.5% Cu, 1.8% Ni, 26.3 g/t Pt+Pd+Au over 0.5 metres. The team says the results appear to confirm their belief that the prospective exploration environment at Levack remains under-explored. There are currently two surface diamond drills operating at the Levack Mine, one completing three shallow infill and metallurgical drillholes on the Main Ni-Cu Zone in support of the Levack Restart Study, and a second drill exploring the footwall environment between the No. 3 Ni-Cu Zone and the Morrison Footwall Cu-PGE Deposit, with another wedge hole targeting the area north of the intersections reported today. (TSXV: NICU) (OTCQX: MGMNF) News Release
Koryx Copper released assay results form seven drill holes received as part of the Phase 2, 3 and 4 drill program for its 2025 exploration and project development strategy, on the wholly-owned Haib Copper Project in southern Namibia. Results included 927m of .24% Cu, 98m of .37% Cu and 100m of .31% Cu. The company says they are seeing mineralization extend down dip and along strike into areas previously classified as waste. As part of its Mining License Application Process, the Company recently completed a Preliminary Economic Assessment (“PEA”) of the techno-economic feasibility of the Haib project and expects to publish the results during September 2025. This PEA is based on the Updated Mineral Resource from this past October. (TSX-V: KRY) News Release
Cartier Resources says they have started the fully funded 100,000-metre diamond drilling program on its 100%-owned Cadillac Project in Quebec. The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. The company will target 2/3rds of the work on known gold zones and another third on new grassroot targets. (TSXV: ECR) News Release
Kingfisher Metals provided an update on its exploration work on the HWY 37 Project in the Golden Triangle of British Columbia. Drilling to date has focused on testing for depth extensions of the Williams porphyry Cu-Au system, porphyry Cu-Au targets across the valley (east) in areas with no historical drilling, and at the Upper and Lower Hank porphyry Cu-Au targets. Just under 7,000m have been drilled with 5 holes sent to the lab for assays. The airborne electromagnetic (MMT) survey is complete covering an area of 319 km2. Induced polarization (IP) geophysics is also complete with a total of 30.7 line-kilometer surveyed. Additionally, a Light Detection and Ranging (LiDAR) survey covering 256 km2 over the Hank-Williams-Mary area has been completed to further assist with structural modeling. (TSXV:KFR) (FSE:970) (OTCQB:KGFMF) News Release
West African Resources in Burkina Faso will have to pay a compulsory annual 15% dividend to the Burkina Faso government as part of accepting the new 2024 Burkina Faso mining code. Today, the stock has been halted. There are reports that the government wants to take an even larger interest, 35%, in its subsidiary, Kiaka SA. West African Resources poured its first gold from the Kiaka mine back in late June. The company has confirmed the news in a press release requesting the stock remain halted until September 1st when they can announce the request by the government. (ASX: WAF) News Release
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That’s it for today everyone. Have a great day. Stay safe.
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