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Resource Stock Roundup:Thursday, June 18th, 2009

Doug Casey — Thu, 18 Jun 2009 19:15:06 +0000

The 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:Thursday, June 18th, 2009

Resource Stock Roundup:Wednesday, June 17th, 2009

Doug Casey — Wed, 17 Jun 2009 20:01:24 +0000

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.

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

Resource Stock Roundup: Wednesday, January 07th, 2009

Doug Casey — Wed, 07 Jan 2009 19:46:09 +0000

It was another upbeat session for the Canadian Markets during Tuesday trading with investors continuing to pick up resource related equities. For the tale of the tape, the TSX Exchange added 2.01%, while the TSX Gold Index finally rallied adding 1.9% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, tacked on 4.42% with the advancing issuers beating out the decliners by a 540 to 278 margin on volume of 197 million shares traded.

Eurasian Minerals inked a deal that paves the way for Centerra Gold to earn up to a 70% stake in the Akarca, Samli and Elmali properties in Turkey. The price tag for the first 50% is $5 million in expenditures. Eurasian ended the day up C$0.25 at C$1.17, while Centerra gained C$0.14 to close at C$4.60.

Shares of Western Canadian Coal dropped C$0.27 to C$0.80 after the company reported that it is planning to reduce operations at its Brule mine and the Wolverine operation in British Columbia.

News of a 406 metre drill intercept running 0.06% MoS at its Falcon project in British Columbia helped shares of Geoinformatics Exploration add C$0.05 to C$0.20.

Allied Nevada Gold (AMEX:ANV) produced 1,000 ounces of gold and 3,000 ounces of silver in December marking its first production from the run-of-mine, heap leach Hycroft mine in Nevada. Allied ended the day up C$0.19 at C$5.71.

The bounce in the junior market shows no signs of abating anytime soon. We will see what Wednesday trading has in store.

Source: Resource Stock Roundup: Wednesday, January 07th, 2009

Resource Stock Roundup: Monday, December 8th, 2008

Doug Casey — Mon, 08 Dec 2008 18:52:03 +0000

The Canadian markets ended a terrible trading week by posting mixed results during Friday trading. For the tale of the tape, the TSX Exchange added 0.74%, while the TSX Gold Index gave back 0.4% and the TSX Venture Exchange, Canada’s largest junior exploration bourse, fell 1.94% with the declining issuers outpacing the advancers by a 455 to 296 margin on volume of 144 million shares traded.

High Desert Gold is continuing to put out exploration results despite the fact that shareholders have a C$0.19 per share takeover offer on one hand and a C$0.27 per share purchase offer from the company itself. High Desert re-analyzed gold assays from the drill core at its Canasta Dorada project in Mexico with results coming in 42% to 151% higher. The results are still generally less than 1 gram gold per tonne. High Desert ended the day unchanged at C$0.24.

Eurasian Minerals reported that 11 metres grading 5.48% zinc, 7.45% lead ad 79.56 grams silver per tonne were hit by the owner and operator of its Balya royalty property in Turkey. Eurasian ended the day down C$0.03 at C$0.51.

The junior bourse closed a new multi-year lows and looks set to test the 650 point mark. We will see what Monday trading has in store.

Source: Resource Stock Roundup: Monday, December 6th, 2008