Morning, apes. The war premium is bleeding out of crude after the US–Iran Hormuz deal, gold is holding the $4,300s, copper is camped near record highs — and the junior tape lit up overnight. Here's what actually moved.
Top stories today
Hercules Metals (TSXV: BIG) drills ~800 m porphyry intervals at Leviathan, Idaho
Surge Copper (TSXV: SURG) Berg PFS shows a C$4.6B NPV, 24% IRR
First Mining Gold (TSX: FF) wins First Nations authorization for Springpole
Brixton Metals (TSXV: BBB) hits bonanza silver at Langis in the Cobalt camp
Fortune Bay (TSXV: FOR) + Manhattan start drilling Murmac uranium in the Athabasca Basin, SK
Market snapshot
Commodity | Price | Day |
|---|---|---|
Gold (spot) | ~$4,310/oz | ~+0.2% |
Silver (spot) | $69.91/oz | −0.1% |
Copper | $6.42/lb | −1.0% |
Uranium U₃O₈ (spot) | ~$86.1/lb | ~flat |
WTI crude | ~$77/bbl | 2-mo low |
Brent crude | ~$83/bbl | down |
Spot levels as of the morning of June 16. YTD figures and sector gauges (TSXV Composite, GDXJ, URNM, USD/CAD) not included in this issue.
Macro backdrop: WTI fell roughly 4.5% Monday to its lowest since March after a US–Iran agreement that paves the way to reopen the Strait of Hormuz, with a signing expected Friday in Switzerland. New Fed chair Kevin Warsh chairs his first FOMC June 16–17, with a hold at 3.50–3.75% the overwhelming consensus. Softer oil and cooling inflation fear are broadly a tailwind for the gold and silver complex — and the unwind of the war premium is the dominant cross-asset story today.
The leads
1. Hercules Metals (TSXV: BIG) — ~800 m intervals at Leviathan
The scale case keeps building at this US copper porphyry.
Hole HER-25-21 returned 801.6 m of 0.40% CuEq, including 107.8 m of 0.52% CuEq, extending the Footwall Zone southwest.
A second interval ran 788 m of 0.54% CuEq; drilling and IP surveying also underway at the nearby Hook target.
Long, near-surface porphyry widths in a deficit market are the kind that re-rate a copper junior.
2. Surge Copper (TSXV: SURG) — Berg PFS lands a big number
Base-case after-tax NPV8 of C$4.6 billion, 24% IRR, and a 2.9-year payback.
Assumes US$4.75/lb copper and US$20.00/lb moly, with by-product silver.
Frames Berg (BC) as one of Canada's larger copper-moly development stories.
3. First Mining Gold (TSX: FF) — Springpole clears a key gate
Cat Lake and Lac Seul First Nations authorized the Springpole gold project subject to 35 negotiated terms, following an Anishnaabe-led impact assessment.
Parties finalized a term-sheet on benefits and environmental protections — social licence is often the real gating item for developers.
4. Brixton Metals (TSXV: BBB) — bonanza silver at Langis
906 g/t Ag over 4.3 m, including 1,329 g/t over 1.8 m, all within 23.7 m of 206.6 g/t.
A separate hit ran 493 g/t Ag over 4.95 m, in Ontario's historic Cobalt camp.
5. Athabasca Basin drill season opens (SK watch)
Fortune Bay (TSXV: FOR) + Manhattan Uranium started drilling at Murmac near Uranium City — 15 priority targets, with follow-up at Strike.
Standard Uranium (TSXV: STND) flagged elevated radioactivity in its first hole at Davidson River.
F3 Uranium (TSXV: FUU) advanced new targets at Patterson Lake North.
6. Kootenay Silver (TSXV: KTN) — La Cigarra PEA
US$763M after-tax NPV, 41% IRR, 1.9-year payback over a 14-year open-pit life.
Notable drill results
Company (Ticker) | Project | Best intercept | Metal |
|---|---|---|---|
Cusi, Mexico | 1,712 g/t AgEq / 1.4 m | Silver | |
Dios Padre, Sonora | 5.06 g/t Au, 1.10% Cu / 36.35 m | Au-Ag-Cu | |
Osena, PNG | 12 m at 3.1 g/t Au (1 m at 18.1) | Gold | |
Enchi, Ghana | 1.37 g/t Au / 24 m | Gold | |
Alta Mesa East, TX | High-grade U (ISR) | Uranium |
Other headlines
Precious metals
West Red Lake Gold (TSXV: WRLG) began surface drilling at the past-producing Starratt-Olsen mine near Madsen.
Scottie Resources (TSXV: SCOT) launched a fully funded 50,000 m campaign in BC's Golden Triangle.
Base & battery metals
First Atlantic Nickel (TSXV: FAN) reported a second awaruite Ni-Co discovery at Pipestone, NL.
Volta Metals (CSE: VLTA) hit 0.40% TREO and 44.5 g/t gallium oxide over 417.8 m in Ontario.
Uranium & Saskatchewan
Laramide Resources (TSX: LAM) advanced its Churchrock-Crownpoint discharge permit in New Mexico.
Makenita Resources (CSE: KENY) more than doubled its Saskatchewan iron-magnetite project to 116,149 acres.
Deals
Thunder Gold (TSXV: TGOL) agreed to acquire 100% of the Thunder Lake property, Ontario.
Sable Resources (TSXV: SAE) optioned the El Acero property to expand Zorro in Argentina.
Junior resource stocks are highly speculative, volatile, and illiquid. This is informational only — not financial advice or a recommendation to buy or sell any security. Drill results and study economics are company-reported and not independently verified; confirm against SEDAR+ filings before acting. Do your own research and consult a licensed adviser.