RSD Weekly Recap: Millrock Resources (TSX-V: MRO), Leading Edge Materials (TSX-V: LEM)
This is Gerardo Del Real with the Resource Stock Digest weekly recap.
Gold settled lower, closing at $1,241/oz. for a weekly loss of just over 1%. It’s currently at $1,229 and if it closes below the $1,235 level, a pullback to $1,214 and maybe even $1,150 is in the cards.
Silver followed gold down last week, closing at $15.78/oz., down nearly 1.5%.
The dollar settled higher, closing at 94.71 for a weekly gain of 0.7%.
Copper continued lower as it closed down 1%, settling at $2.82/lb.
Platinum was down just over 1% and closed at $827/oz.
Palladium lost 1.6% to settle at $932/oz.
Zinc counted its slide, settling at $1.18/lb.
I still like copper and zinc in the mid-term and this latest pullback— coupled with the summer doldrums — is an excellent time to add to the better base metal names in the space.
Oil settled at $70.70 for a weekly loss of 4%.
Uranium picked up nearly $0.33 cents and settled at $23.13/lb.
Despite a tough market, Millrock Resources (TSX-V: MRO) continues to execute the project generator model. Its latest deal a revised agreement on a long-held uranium asset.
Millrock CEO Greg Beischer went over the details and also provided an update on drilling at the Zackly project in Alaska which Millrock is operator of.
Leading Edge Materials (TSX-V: LEM) CEO Blair Way provided a timely update on the flagship Woxna graphite project and the world-class Nora Karr rare-earth project.
Both projects will require partners and in the case of Nora Karr deep pocketed ones, but the bottom line is there are very few graphite and rare-earth assets of that caliber anywhere in the world.
That’s all for this week. This is Gerardo Del Real with the Resource Stock Digest weekly recap.