Key Highlights for Jan. 24, 2024:
1. Golden Days Are Here Again at GoldMining Inc. GLDG as its 2023 drilling program at Alaska’s Whistler Gold-Copper Project struck gold, unveiling a high-grade gold and copper core near the surface. The most notable drill result revealed 547 meters at 1.06 grams per ton gold equivalent, pointing to potential further exploration and expansion. The company plans to deepen its foray in 2024, leveraging a cash and investment position of approximately $129 million, including an 80% interest in U.S. GoldMining Inc.
Fueled by the surge in uranium prices, the company’s Rea uranium project in Canada has also brightened.
2. Idaho Strategic Resources Inc. IDR reported that its CEO and President John Swallow was summoned to the Future Innovation Needs for Responsible Mining of Critical Minerals workshop conducted by the U.S. Department of Energy on Jan. 25.
The workshop aims to gather insights on re-establishing critical minerals independence in the U.S., delving into new technologies and strategies for resource exploration, discovery, and mining. Swallow expressed optimism about the gathering, likening it to a modern-day version of the Manhattan Project, minus the high stakes.
Swallow envisages Idaho Strategic as the trailblazer in addressing the U.S.’s rare earth elements demand and has high hopes for a productive discussion at the workshop, taking a step closer to a tangible solution.
3. Freeport-McMoRan Inc. FCX unveiled its fourth-quarter and full-year results for 2023.
The company not only outperformed its October 2023 estimates in copper sales volumes but also managed to keep unit net cash costs lower than anticipated and under the Q4 2022 benchmarks.
In Q4 2023, the company demonstrated robust performance, churning out 1.1 billion pounds of copper, 573 thousand ounces of gold, and 20 million pounds of molybdenum. The annual production figures stood at 4.2 billion pounds of copper, 2.0 million ounces of gold, and 82 million pounds of molybdenum, aligning closely with the sales numbers.
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