Resource Stock Roundup Wednesday August 6, 2008
Aug 6th, 2008 | By Doug Casey | Category: Financial News, Gold MarketThe Canadian markets came off the holiday Monday with a hangover as slipping commodity prices caused carnage for the resource stocks during Tuesday trading.
For the tail of the tape; the TSX Exchange dropped 1.88%, while the TSX Gold Index plunged 7.5% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, sank 4.28% with the declining issuers beating out the advancers by a 688 to 245 margin on volume of 130 million shares traded.
New market darling Goldsource Mines (GXS) reported that hole 5 on its Border Property near Hudson Bay, Saskatchewan hit 36.8 metres of coal. The hole was drilled 4.5 kilometres northwest of the discovery hole. Goldsource ended the day down C$0.66, at C$8 even.
Antares Minerals (ANM) tagged 341.8 metres running 0.75% copper at its Haquira copper-molybdenum-gold project in Peru. Antares ended the session unchanged at C$2.99.
Meanwhile in Romania, Carpathian Gold hit 2.01 gold equivalent over 255.7 metres at its Ciresata Porphyry target on the Rovina Exploration License in central Romania. Carpathian ended the day flat at C$0.26.
On the down side, shares of Probe Mines fell C$0.275, to C$0.325, as the junior reported that only three of the first eight holes drilled on its McFauld’s West property in Ontario’s James Bay Lowlands cut ultramafic intrusive rock. None of which appear to have hit any significant sulphides.
A rare bright spot on no news was Zincorp, which added C$0.04 to close at C$0.39. The company has resumed drilling on its Michelle property in the Yukon where the discovery hole cut 40% combined lead-zinc with 510.7 grams silver per tonne over 7.94 metres.
Just when some traction was being made in the junior market, plunging commodity prices drove the overall index back to lows last seen in 2005. We will see what Wednesday trading has in store.
Source: Resource Stock Roundup Wednesday August 6, 2008
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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.