Metallic Minerals – Exploration Update At The La Plata Copper Project And The Keno Silver Project
Scott Petsel, President of Metallic Minerals (TSX.V:MMG – OTCQB:MMNGF), joins us to review the ongoing exploration plan at the La Plata Copper Project in Colorado and the upcoming exploration strategy at the Keno Silver Project in the Yukon.
We start off getting an update on how the 5,000 meter drill campaign at the La Plata copper-silver-gold-PGE alkalic porphyry project is progressing. Scott outlined that the exploration team just recently completed a 2nd deep hole down to 1350 meters, following up on the high-grade intercept hole #22-04 which intersected 816 meters of 0.41% Cu Eq (0.30% Cu, 2.47 g/t Ag, 0.038 g/t Au, 0.055 g/t Pd and 0.093 g/t Pd) from surface and ended in 5.39% CuEq over 5.2 m (2.44% Cu, 18.7 g/t Ag, 5.0 g/t Au+PGE). This hole generated more interest in this project from larger companies, and lead to the announcement on May 18th of the $6.3 million strategic equity investment by Newcrest Mining Limited to further advance the La Plata Project.
A 3rd drill hole is being drilled currently, and there should be 1-2 more deep drill holes to follow after that one is completed, with the goal to continue to grow the resources at La Plata. On September 14th, an updated National Instrument 43-101 Mineral Resource Estimate was released, representing a 25% increase in contained metal, based on an additional 1,730 meters of diamond drilling completed in 2022. The inferred mineral resources at the Allard deposit now total 1,211 million pounds of copper (1.2 Billion lbs) and 17.6 million ounces of silver in a constrained model with 147.3 million tonnes at an average grade of 0.41% Copper Equivalent (CuEq) (0.37% Cu and 3.72 g/t Ag) using a 0.25% CuEq cut-off grade.
Next we pivoted over to the 1,500 meter exploration program gearing up at the Keno Silver Project, located in the Keno Silver district of the Yukon, with the focus being at the high-grade veins and targets within the Formo zone. Additionally another key upcoming milestone by year end with be the Maiden Resource Estimate at the Keno Silver Project, that is slated come out by year-end. This will be the culmination of much of the exploration work since acquiring the project in 2017, and will feature resources from 4 key target areas of interest at the deposit; Formo, Caribou, Homestake, and Fox. The exploration is getting more encouraged that in addition to open pit opportunities at each of these targets, that there may additionally be selective underground mining opportunities.
Wrapping up, we highlighted the current financial strength of the company’s treasury, and additionally the expectation for new revenues to start coming in this month from the Australia Creek gold alluvial royalty property in the Klondike Gold District of the Yukon. Currently the primary operator working these claims towards production is Little Flake Mining, a company owned and operated by Parker Schnabel of Discovery Channel‘s top-rated television series, “Gold Rush.” Work is well underway with initial production and first royalty payments anticipated to start in late August. This ties into a larger discussion on how there could be room for 10 operators along their vast alluvial land claims, resulting in more future royalties, which could bring in more revenues to fund exploration at both the Keno Silver and La Plata Projects.
If you have any follow up questions for Scott on Metallic Minerals, then please email us Fleck@kereport.com or at Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Metallic Minerals.
.
Click here for a summary of the recent news out of Metallic Minerals.
Big Turnaround…
Brien Lundin – Golden Opportunities (10/07/2023)
“Yesterday’s non-farm payrolls report delivered news that was devastating to gold, and every other risk asset. The report showed 336,000 jobs created in September, up from 227,000 in August and double the consensus estimate. It was a blockbuster jobs report…completely unexpected…and a clear sign that the Fed’s rate-hike crusade has been unable to topple the buoyant U.S. job market.”
“Most importantly, it added to fears that the Fed will renew its efforts to kill off the labor market by piling on with more rate hikes. Understandably, the markets tumbled on the news. The Dow immediately dropped 270 points and gold took a nose dive, as Treasury yields and the Dollar Index leaped higher.”
“Then…it all turned around.”
“The stock market rebounded, with the major indices rising 1% or more, the Dollar Index fell well into the red and gold soared as much as $15. Silver catapulted 2.75% higher. These moves are a huge relief for the markets, but none more so than with gold. As I detailed in a Gold Newsletter Alert this week, gold touched a technical “death cross” during Thursday’s trading. This happens when the 50-day moving average falls below the 200-day moving average.”
“Since Covid hit in 2020, gold has had four technical death crosses. In three of those four instances, the short-term moving average fell decisively through the longer-term moving average, and the gold price continued to decline for a few months. In the remaining instance, however, the averages barely touched — as they did yesterday — before they reversed. And then gold took off like a banshee, rising from around $1,800 to well over $2,000 over just a few months.”
“Huge profits were made in junior mining shares over that time period.”
“Yesterday’s rally in gold and silver is a prime indication that we may see another sky-rocketing move like that. And it’s coming just in time….”
https://enews.jeffersoncompanies.com/q/qvKnBEhXRJ6hdCNasigPimeFUThxRDv2UtpIYgWmjcgtptuQn2NttfGD8
The price of Natural gas has moved from just under $2 in mid-April 2023 to $3.40 in mid-October that is a 70% increase in just six months, and we are nowhere near the coldest months when home heating becomes an issue. DT
Made some coffee money selling puts on SWN and UNG on the way up.
Happy thanksgiving to all from Canada!
Ex thanks for your post above and I agree with Mr Lundin
I still remain firm that this weekly candle will finish the week red reverse hammer style. The technicals and charting and most importantly pattern I’m watching something garoth always talks about is showing me this. If we get this week that retest of the $1810 and hold the line, then I’m on record putting in this current low and it’s up from here for 6 weeks after!
It’s a bold call but the probabilities to me are much more favourable them docs going further down on the miners. They are just so beat down and neglected like trash that one more week of bearish sentiment with the fighting going on in Israel and gold not reacting will give the big money a last opportunity to fleece retail before the move!
Sit tight we are closer than many think.
Glen
Happy Thanksgiving to you too Glenster.
Thanks for sharing your thoughts on where you believe we are timing-wise in the marché.
The jobs number was BS. Mostly part-time and second jobs in low wage industies. It was totally inconsistent with ADP numbers which showed only 80K jobs. If Lundin wants to believe cooked, phony govt numbers without any digging then you knopw who you are dealing with.
+1………..Absolutely JT
+2 .. JT …. ” THEY ” enjoy fiddeling the numbers , it’s one thing they ARE good at .
Yes, good points guys. Brien is very aware of the cooked government numbers for jobs, just like inflation, or most of their data points. Regardless, his point was what the markets were actually reacting to, which is the warped economic data that is regularly announced to the markets (because it is germane to investing and the vast majority of both human and algo trading). It’s one thing to know the inflation numbers are whack, and another to understand the market is reacting to the CPI and PCE data, for better or worse. It’s no different with the monthly jobs numbers charade.
I like what I see in SLV:GLD…
https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=6&dy=0&id=p15428807138&a=1480131604
The same goes for UUP:GLD…
https://stockcharts.com/h-sc/ui?s=UUP%3AGLD&p=D&yr=1&mn=3&dy=0&id=p49201756283&a=1482248993
I think that tomorrow will be a good day for a few traders. There are a few Governments out there that want to put themselves on a gold standard. (The BRICS) This will eventually result in a paralysis to the purchasing power of The Western World. This will also jeopardize American investments abroad. The chickens of the covid money printing scheme are coming home to roost. DT
How many autocratic sociopaths, dictators and wars does the World need to see the value of precious metals.
I hope we get some drill results from Goliath’s Golddigger Property in The Golden Triangle this week, it could be explosive for this stock. DT
+1 That would be nice indeed DT.
Oil Prices Surge On Fears Of Mideast Conflict Adding To Supply Tightness
By Arathy Somasekhar – October 9, 2023
Safe Haven Speculation — Gold soars after the Hamas attack on Israel, but the move obscures a key potential turning point on Friday.
Brien Lundin – Golden Opportunities – October 9, 2023
“Sometimes a good day for gold is a bad day for the world. That’s the case at the moment, as the terror and bloodshed in Israel is driving gold and silver far higher. As I write, gold is up about $17 and silver is up similarly on a percentage basis.”
“This rally is an example of the classic ‘safe haven’ buying that rushes into gold following any significant geopolitical brush fire. But it’s really a misnomer, as there’s no rational reason why an outbreak of violence in some corner of the world should lead investors across the globe to suddenly rush into the yellow metal.”
“Unless, of course, they’re simply betting that others are doing the same…driving the price higher…and they’ll somehow be one of the very few smart enough to sell near the top. In other words, it’s not a flight to safety, but a speculative bet.”
“And I’ve always advised against jumping on these bandwagons, because you’re almost certainly going to be left holding the bag. You’re not going to be the first to buy nor the first to sell.”
“However, this current event might be an exception to that advice…because of what happened on Friday.”
“A Turning Point…”
https://enews.jeffersoncompanies.com/q/cwmQkHx_eg_O_FBNIm56-uwL18ipqLRYbWUPPxd0Ezd5JzMQf0nlG9HUW
Hi Ex, I watched the first video where Brien Lundin gives us his background into the start of his investing life, I am looking forward to seeing the next segments. It is always good to get other perspectives especially in depth. Thanks, DT
After review of today’s market action, I can conclude bawhahaha ….
As is often the case the South Africans are leading the way with AU and HMY both jumping about 23% in about a week…
https://stockcharts.com/h-sc/ui?s=AU&p=D&yr=1&mn=1&dy=0&id=p45100171049&a=1514759270
(MMG) (MMNGF) Metallic Minerals – Chairman and CEO, Greg Johnson at 2023 Beaver Creek Precious Metals Summit
Sep 19, 2023
“Metallic Minerals Corp. (TSX-V: MMG / OTCQB: MMNGF) is a growth stage company focused on the exploration and development of silver, gold and copper within underexplored districts proven to produce top-tier assets. Our objective is to create value through a disciplined, systematic approach to exploration, reducing investment risk and maximizing probability of long-term success. The Company is led by a team with a track record of discovery and exploration success, including large-scale development, permitting and project financing.”
“In May 2023, Metallic Minerals completed a 9.5% strategic equity investment by Newcrest Mining, with a focus on advancing the Company’s La Plata project in Colorado.”
“The La Plata copper-silver-gold project is located in the high-grade La Plata district of the prolific Colorado Mineral Belt. In July 2023, Metallic announced and updated NI 43-101 mineral resource estimate for the La Plata project, consisting of 1,211 million pounds of copper and 17.6 Moz of silver within the central Allard copper-silver porphyry deposit. The update was largely based on drill hole 22-04, announced in February 2023, which intercepted 816 meters of 0.41% Recovered Copper Equivalent (“CuEq”) in a hole that ended in 5.4% Cu with 47 g/t silver and 11 g/t gold+PGEs. The 2023 drilling and exploration program at La Plata is underway.”
“Our Keno Silver project is located in the historic Keno Hill Silver District of Canada’s Yukon Territory, a region which has produced over 200 million ounces of silver and currently hosts one of the world’s highest-grade silver resources. On July 5, 2022, Hecla Mining Company (NYSE: HL) announced the acquisition of Metallic’s adjacent neighbour and operator of the high-grade Keno Hill mines, Alexco Resource Corp. As the largest primary silver producer in the US and third largest in the world, Hecla’s organizational strength, strong balance sheet and expertise in underground mining will allow for continued buildout of Keno Hill and will underpin value for significant investment in exploration across the district.”
“Metallic is also one of the largest owners of alluvial gold mining claims in the Yukon Territory and we are building a portfolio of gold royalties in the historic Klondike Gold District. In January 2023 the Company announced a partnership with Little Flake Mining (Parker Schnabel of Gold Rush TV fame), who will be granted exclusive rights to extract gold from the Australia Creek property, with Metallic Minerals receiving a percentage of the production as a royalty.”
https://youtu.be/fbj5Yt60PMY?si=CasUQ3d0xxTlgV5k