RSD Weekly Recap: Abacus Mining (TSX-V: AME), Almaden Minerals (TSX: AMM), Almadex Minerals (TSX-V: AMZ), Golden Arrow Resources (TSX-V: GRG), Leading Edge Materials (TSX-V: LEM)
This is Gerardo Del Real with the Resource Stock Digest weekly recap.
Gold futures for June delivery added 0.5%, closing at $1,257 an ounce after U.S. strikes in Syria ignited a rally that faded towards the end of the day.
This week has started with gold once again in focus as North Korea and the U.S. continue to escalate the rhetoric that some believe may lead to further volatility.
May silver futures registered a 0.5% loss for the week, settling at $18.15 an ounce.
Copper for May delivery settled at $2.65/lb., a gain of 0.2% while platinum for July delivery closed at $962 an ounce, a weekly gain of 0.7%.
Palladium futures closed at $803 an ounce for a weekly gain of 0.8%.
WTI closed above the $52 level, adding 3.2% for the week while the uranium spot price held the $23/lb. level, closing out the week at $23.50/lb.
Zinc prices were down for the week and are currently trading at the $1.16/lb. level. The weakness is in part due to supply concerns easing and two flood-hit mines in Peru restarting.
I'm bullish on zinc in the mid-long term. A further pullback in the metal and the related juniors may present an excellent opportunity to pick up quality zinc names at a discount.
Busy week here at Resource Stock Digest.
I had the pleasure of speaking with Abacus Mining (TSX-V: AME) CEO Michael McInnis (click for interview). We discussed the feasibility-stage Ajax project and upcoming drilling at Willow in Nevada, a property I’m excited to see drilled.
I also had the opportunity to speak with (click for interview) someone who is very familiar with the Willow property, Almaden Minerals (TSX: AMM) CEO Morgan Poliquin. Almaden optioned the property to Abacus and last week delivered a blockbuster pre-feasibility study.
Almaden is a prime takeout target in my opinion and the pre-feasibility study may be the catalyst that gets the suits to write a check. What will Morgan Poliquin do once Almaden is bought out? Keep making discoveries of course.
Morgan is also the CEO of Almadex Minerals (TSX-V: AMZ), a premier project-generator with the 100% owned El Cobre project. El Cobre is a project that is quickly turning into another significant discovery for Morgan. I spoke with Morgan (click for interview) about El Cobre. I expect a lot of news from the project this year.
Golden Arrow Resources (TSX-V: GRG) VP Brian McEwen stopped by (click for interview) to go over the details of the recently announced JV with Silver Standard at the Chinchillas project in Argentina.
Lastly, I was able to catch up with (click for interview) Leading Edge Materials (TSX-V: LEM) CEO Blair Way, who provided an update on the most recent results from its battery grade graphite tests.
I expect a lot of news in the coming months from Leading Edge as the critical metals race heats up.
That’s all for this week. This is Gerardo Del Real with Resource Stock Digest.