Resource Stock Roundup: Saturday, May 10th, 2008
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The junior bourse continued to show signs of life while the bigger board took a breather during Friday trading on the Canadian markets.
For the tale of the tape, the TSX Exchange fell 0.59%, while the TSX Gold Index gave back 2% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, rallied 0.97% with advancing issuers swamping the declining issues by a 603 to 430 margin with good volume of over 218 million shares traded.
Noront Resources move modestly higher on new drill results from its Eagle One deposit on the Double Eagle project in northeastern Ontario. Highlights included 3.5% nickel, 3.54% copper, 0.48 gram platinum, 8.96 grams palladium, 0.22 gram gold and 9.3 grams silver per tonne over 11.1 metres. Noront ended the day up C$0.05 at C$4.75.
It was a good day for shareholders of Cline Mining as the company inked a deal to acquire the coal property surface assets in Colorado, including the coal preparation plant, silos, buildings, railway right of way, surface real estate, mining equipment, conveyor systems, electrics, and coal waste dump. Cline ended the session up C$0.47 at C$0.97.
Farallon Resources cut a new high-grade zone at Campo Morado in Mexico. Two drill holes hit the new zone with one returning 9.68% zinc, 1.37% lead, 1.26% copper, 83 grams silver per tonne, and 0.74 gram gold per tonne over 6 metres and 22.8 metres grading 12.7% zinc, 1.31% lead, 1.48% copper, 97 grams silver, and 1.4 grams gold. The second yielded 38.5 metres running 10.76% zinc, 0.82% lead, 1.19% copper, 114 grams silver, and 1.59 grams gold per tonne. Farallon ended the day up C$0.01 at C$0.75.
On no released news, shares of Silver Spruce Resources and Universal Uranium exploded on good trading volumes. The partners recently released an initial mineral resource estimate for the Two Time zone on the CMB NW property in the northwestern part of the Central mineral belt of Labrador. Universal ended the day up C$0.125 at C$0.265, while Silver Spruce tacked on C$0.13 at C$0.45.
Sticking to uranium winners on no news, shares of Tournigan Energy, formerly known as Tournigan Gold, added C$0.10 to close at C$0.90 on 2.4 million shares traded.
Interesting trading action in a number of the junior uranium stocks all to the upside, suggesting that perhaps the bottom has finally been put in for these once high flying market darlings. We will see what Monday trading has in store.
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Tags: Campo Morado, coal, Drill Holes, Eagle Project, gold, Resource Stock, resources, silver, Tournigan Gold, Tsx Venture ExchangeAbout the Author
Doug Casey is a contrarian investor, sought-after public speaker and author of several books. His work "Crisis Investing" held the position of # 1 bestseller on the New York Times list for 26 consecutive weeks. Doug's unusual views on the economy - and just about everything else - have gained a huge following in the investment community, and it certainly helps that his stock recommendations of undervalued junior exploration companies have made his subscribers millions. Now in its 27th year, Doug's monthly newsletter, the International Speculator, is one of the most established and esteemed publications on gold, silver and other natural resource investments. Together with the Casey Energy Speculator, it covers a broad range of carefully selected stocks with the very real potential of double- and triple-digit returns within 12 to 24 months.