Morning Briefing: Altius Minerals Makes Acquisition Bid for TNR

SPEAKER_1 (0:02)

Good morning, and welcome back to the Mining Stock Daily Morning Briefing presented by the Clear Commodity Network and delivering today's top news in mining and mineral exploration. From the new ClearCom studios, here's your host, Trevor Hall.

Trevor Hall (0:18)

Good morning, everybody. Welcome back to the Mining Stock Daily Morning Briefing. It's hump day, Wednesday, October 7th. Gold and silver are both softer this morning, with gold off about 1% to $4,119 an ounce, still consolidating in this range. Silver is down just under 2% to $60.18. Copper, it's holding firm at $6.60 a pound, up about a tenth of a percent. The big story in the copper market this morning is coming out of Chile, where Kidelco says it is investigating new evidence that its copper production was over reported in both 2004 and 2005

The apparent cause is that the same material was recorded as production by more than one division, specifically the Menistro Alés and Salvador mines. This is the second such scandal at Kidelco this year when the company previously fired an executive following an audit that found materials still requiring further processing were being reported as finished copper at the Chucla Camata and Menistro Alés operations. The company's new chairman ordered the production audit. EY has been engaged for an external review and the matter has been submitted to Chile's public prosecutor. For a copper market that has relied on Kidelco's reported output to model global supply, this is a pretty serious credibility event. We'll get to the news out of the miners and explorers in just a moment, but first a quick mention of today's sponsor.

This morning briefing is brought to you by Equinox Gold. Equinox Gold is a Canadian gold producer operating across seven mines in North and South America. The company is targeting nearly 2 million ounces of annual gold production with three to five years through disciplined development of its growth pipeline. Equinox Gold trades on the Toronto Stock Exchange and the NYSE American both under the symbol EQX.

SPEAKER_3 (2:27)

Hi, I'm Rory Johnston, host of the Oil Ground Up podcast. I'm also the founder of Commodity Context and have been an oil market analyst for more than a decade. What I love about the oil industry is that it is both unquestionably essential to our own life and the supply, demand and pricing of this indispensable product is driven by an ever-changing cornucopia of geological, geopolitical and technological developments.

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Trevor Hall (3:22)

And here's what you need to know today. Altius Minerals, they've made an unsolicited, non-binding acquisition proposal to buy all of the common shares of TNR Gold that it does not already own. Continuing to the, this story continues to unfold each week, it seems like. Altius currently holds approximately 12.7% of TNR following a $4.2 million strategic investment back in April. And TNR's special committee of independent directors has entered into an exclusivity arrangement with Altius to evaluate the proposal. TNR Gold trades on the TSX Venture Exchange with TNR.

Founders Metals has hit 54 meters of 8.45 grams per ton gold at the Froyo Zone on the Antino Gold Project in Suriname, with Hole 256 intersecting a second high-grade structure running parallel to the August discovery. It's located 100 meters across strike to the east, with the best sub-interval grading 24 meters of 17.42 grams per ton gold. That same hole also extended the August discovery 75 meters down dip with 11 meters of 3.59 grams per ton, and a separate shallow hole returning 16.5 meters at 4.21 grams per ton gold from just 30 meters depth, all within the oxide profile. Both structures remain open and step out drilling is continuing through the year end. Founders Metals trades on the Venture Exchange with FDR, and on the OTCQX with FDMIF.

Osisko Metals has released 30 mineralized intercepts from 12 drill holes at the Gaspé copper project on Quebec's Gaspé Peninsula. It's led by hole 30-1251. It returned 94.4 meters of 1.47% copper, including 5.3 meters of 8.31% copper and 51 grams per ton silver, plus a shallower continuous interval of 155.5 meters of 0.41% copper, all in the same hole. The potentially more significant result is hole 1258, which intersects 121 meters of 0.71% copper.

That also included 9.5 meters of almost 5% copper and 56.3 grams per ton silver. It's hosted in a previously unknown porphyry intrusion south of Copper Mountain that may represent a third distinct porphyry center on the Gaspé system. It's a project that already hosts the largest undeveloped copper resource in eastern North America. Osisko Metals trades on the Toronto Stock Exchange with OM and on the OTCQX with OMZNF. Revival Gold has released results from the Joss Target at the Bear Track Harnet Gold Project in Lemmy County, Idaho, with drill holes returning 8.4 grams per ton gold over 6.2 meters and 8.5 grams per ton gold over 3.4 meters, which the company says supports the overall continuity of mineralization across the target area. Bear Track Harnet is a past producing Idaho Heat Bleach Gold Project that Revival is advancing alongside the Merkur Project in Utah. Revival trades on the Venture Exchange with RVG and on the OTCQX with RVLGF.