Morning Briefing: Copper Giant Publishes Updated Mineral Resource for Mocoa

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. This is Trevor Hall, and today is Wednesday, October 14th. Gold is under some pressure again this morning, trading at $4,139 an ounce, down just over half a percent. Silver is pulling back more sharply to $58.48 an ounce, off more than a percent. Copper is bucking the trend, edging up slightly to $6.70 a pound on some supply concerns.

In the news, London-based asset manager Redwheel has published an open letter to the Board of Goldfields, urging the South African gold major not to pursue its proposed acquisition of Australian producer Northern Star Resources. Redwheel's emerging and frontier markets team, that's a long-term goldfield shareholder, argues that the deal would require existing shareholders to give up a material share of the company's future upside before the current portfolio has been properly re-rated. The core concern is that goldfields is trading at a discount tied to its Ghana operations and uncertainty around permitting at the Windfall project in Quebec, which means it is effectively using undervalued equity to acquire a higher-rated company. Redwheel recommends the board walk away for now and revisit the idea after Ghana and Windfall are resolved, when goldfields would be in a position to strength with a more appropriately valued currency. We'll get to the news out of the miners and explorers here 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 with nine operating mines across North and South America. Third quarter production of 237,000 ounces keeps the company on track for full year guidance of 870,000 to 920,000 ounces. Equinox ended the quarter with $527 million in cash after repaying approximately $1.2 billion in debt year to date. Equinox Gold trades on the Toronto Stock Exchange and the NYSE American, both under the symbol EQX.

SPEAKER_3 (2:38)

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 modern life and the supply, demand and pricing of this indispensable product is driven by an ever-changing cornucopia of geological, geopolitical and technological developments.

Listen as I speak with experts across the industry to explore everything you've always wanted to know about what's moving the market for black gold. Find the Oil Ground Up podcast on Apple podcasts, Spotify and at clearcommodity.net. Brought to you by the Clear Commodity Network, digital news on the physical markets.

Trevor Hall (3:34)

And here's what you need to know this morning. Copper Giant Resources has reported a major resource expansion at the Mocoa Copper Molybdenum Gold Porphyry deposit in Putumayo, Colombia, with a total inferred resource now sitting at 1.6 billion tons for 9.36 billion pounds of copper and 290 million tons upgraded to the indicated category for 2.13 billion pounds of copper. A PEA for Mocoa is planned using these numbers for Q4 of this year. Copper Giant Resources trades on the venture exchange with CGNT. Scorpio Gold has reported a drill intercept of 2.94 grams for Tung Gold over 36.42 meters from a depth of 169.6 meters at the Gold Wedge Target within its Manhattan Gold Project in Nevada's Historic Manhattan Mining District. The result extends the known mineralization at depth and adds to the body of evidence at the project with well-established production history in the district. Scorpio Gold trades on the venture exchange with SGLD.

Gold X2 mining has reported infill drill results from a combined intersection of 172 meters, averaging 0.96 grams per ton gold, demonstrating broad continuity of gold mineralization within the current drill program. Infill drilling is aimed at tightening hole spacing to convert inferred material to higher confidence-indicated or measured categories ahead of a resource update. Gold X2 mining trades on the venture exchange with AUXX.

FireFox Gold has confirmed lateral continuity at the newly discovered Lamas Zone of the Musajarvi Gold Project in Lapland, Finland, with two additional step-out holes now defining approximately 260 meters of strike. The headline result of Hole 35, which returned 16.6 meters at 5.83 grams per ton gold from a depth of 72 meters, included one meter in there of 51.5 grams per ton. It was drilled 200 meters northeast of the original Lamas Discovery. The Lamas Zone sits on a parallel structural corridor roughly a kilometer east of the main Musajarvi Shear Zone, effectively opening a second perspective trend on the project. FireFox Gold trades on the Venture Exchange with FFOX and on the OTCQB with FFOXF.