⛏ Gabriel’s Disaster

PLUS: Abitibi Is Bigger Than We Thought

👷‍♀️ Greetings Contrarian,

This is The Next Big Rush, your daily drop of mining and energy investing news. Where we come together and have lunch as a family. 👨‍👩‍👧‍👦

📌 Commodity Prices

Source: Trading Economics, Numerco.

📝 Here are the highlights

💪 Abitibi Is Bigger Than We Thought

🥶 Gabriel’s Disaster

😉 This Uranium Stock Keeps On Winning

💪 Abitibi Is Bigger Than We Thought

Abitibi Metals Corp. (CSE: AMQ) (OTC: AMQFF) (FSE: FW0), a sponsor of TNBR, gives an update on its maiden drill program currently underway at the B26 Polymetallic Deposit in Quebec, Canada.

Highlights:

  • 5% chalcopyrite over 20 metres from 116.5 metres (more assays pending).

  • Maiden 10,000-metre drill program ongoing, with 7,074 metres completed across 22 holes to date.

The most impressive thing is that we’re getting confirmation of strong mineralization a whopping 500m from the known deposit. This thing is high-grade, but just how big is it? We’re long, and we sleep very, very well at night knowing so many lab assays are coming from this little monster.

🥶 Gabriel’s Disaster

In a blow that could only be described as catastrophic, Gabriel Resources Ltd. (TSXV:GBU), recently faced a significant setback when its ICSID arbitration claims against the Romanian Government were dismissed, leading to a $10 million legal fee award to Romania.

This decision exacerbates the company's financial challenges, with only about C$2.7 million left, expected to run out by May 2024. Gabriel, known for its attempts to develop the Roșia Montană gold and silver project, is now in a desperate position, needing additional funding to continue operations and considering challenging the tribunal's decision​.

Whatever can go wrong in mining….will go wrong. The stock is down 96% on the news, and more than C$800m of value has been destroyed.

😉 This Uranium Stock Keeps On Winning

If it weren’t enough to hold the largest, highest grade undeveloped uranium deposit in the world, NexGen Energy Ltd. (TSX: NXE)(NYSE: NXE)(ASX: NXG) just announced the discovery of new intense uranium mineralization on its 100% owned SW2 Property, 3.5 kilometers (km) east of NexGen's world-class Arrow Deposit.

Highlight:

  • 19.8m between, with peaks up to >61,000 counts per second (cps) from 347.7 to 367.5 m

The company is already at a 5.3B, so the stock isn’t moving much on the news, but we’re looking forward to seeing lab results.

We’ve said it before: 2024 will be a fire year for Canadian uranium exploration.

📰 In Other News

🐦 Bitcoin is Now a Bigger Market than Silver

How Are We Doing?

Today's mining news was:

Login or Subscribe to participate in polls.

Happy Speculating!

The Editor

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

Join the conversation

or to participate.