Resource Stock Roundup:Wednesday, June 17th, 2009
Jun 17th, 2009 | By Doug Casey | Category: Gold MarketThe session started off with a nice rebound from Monday’s sell-off but as the day wore on the profit takers once again took control during Tuesday trading on the Canadian Markets. For the tale of the tape, the TSX Exchange fell 0.84%, while the TSX Gold Index bucked its recent losing streak by jumping 1.7% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, added 0.55% with the advancers edging out the decliners by a 400 to 397 margin on a robust 223 million shares traded.
A sleeper exploration play could be developing in the Dorion and McTavish Townships near Thunder Bay, Ontario. An Aussie-listed company, Magma Metals has pulled some impressive drill results from the area including 61.7 metres running 5.61 grams combined platainum-palladium, plus 0.66 per cent copper and 0.38 per cent nickel. Despite the nice results, the play has received little attention in Canada but apparently Kennecott Canada, a wholly own subsidiary of Rio Tinto (NYSE:RTP) has taken notice. Kennecott inked a deal to earn a 60 per cent interest in Benton Resources adjoining ground by spending C$1.5 million and paying Benton C$100,000 cash on or before the end of 2013. Another area player to try and ride the potentially emerging story is RJK Explorations (CVE:RJX.A). Benton ended the day flat at C$0.50, while RJK closed up C$0.015 at C$0.105.
Staying in Ontario but moving over to the Timmins area, Golden Chalice cut 2.75 per cent nickel over 24.4 metres and 3.14 per cent nickel over 10.6 metres at its Langmuir project. Golden ended the session up C$0.005 at C$0.105.
Eurasian Minerals got a modest boost after announcing that its Sisorta joint venture project in Turkey hosts 91,000 indicated and 212,000 inferred gold ounces. Eurasian ended the day up C$0.02 at C$1.40.
On the down side, shares of Golden Arrow got slammed following disappointing results from four drill holes completed on its Poncha gold project in Argentina. Golden Arrow ended the day down C$0.25 at C$0.33.
Gold managed to post a modest gain and that helped the more junior exploration companies avoid a major bout of selling. We shall see what Wednesday trading has in store.
Source: Resource Stock Roundup:Wednesday, June 17th, 2009
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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.