RSD Weekly Recap: Volatility in Metal Prices, Gainey Capital, Skyharbour Resources, Millrock Resources, Nevada Sunrise, Fission Uranium, Midas Gold
This is Gerardo Del Real with the Resource Stock Digest weekly recap.
Gold finished the month up approximately 1% for the month and a slight 0.3% increase for the quarter. Gold once again failed to break out, closing the month in the $1,320 range. Gold is still up nearly 25% for the year but most of those gains came early in the year.
I’ve repeatedly warned about one last leg down that scares the speculative money one last time. We haven’t seen it yet but I sense we’re getting close and we might just get one last great buying opportunity in our favorite junior stocks.
Silver had a positive but volatile month, closing with a gain of approximately 4.2%.
Copper ended the month trading in the $2.20/lb. range, up 0.5% higher for the quarter while platinum added a modest 1.5% gain in the third quarter.
The breakout performance came from palladium which closed near $725 an ounce and added a spectacular 21% for the third quarter.
On September 29, 2016 Gainey Capital announced assay results from the first hole of the company's ongoing, Phase 1 drill program at the near surface, La Nueva Victoria Mineralized Zone of the El Colomo property in Mexico.
The first hole of the program retuned 70.85 meters of 0.65 g/t Au and 35.31 g/t Ag (1.14 g/t Au Eq).
The hole starts near surface, has solid gold and silver values and the project in an area with good infrastructure and in a good jurisdiction.
I expect to speak with Gainey Capital President David Coburn this week.
I had the pleasure of speaking with Skyharbour Resources CEO Jordan Trimble. The company monetized a dormant gold asset and continues to focus on building a sustainable and exciting uranium company. (Click for Interview)
Skyharbour is in the planning stages of an initial drill program at the recently optioned Moore Lake uranium project from Denison Mines.
We had a chance to catch up with Millrock Resources CEO Greg Beischer (Click for Interview) to discuss progress in Alaska, B.C. and Mexico.
Nevada Sunrise Gold and partner Advantage Lithium began drilling for lithium in Nevada. The operator, Advantage Lithium has a very accomplished team leading the program. Nevada Sunrise also announced (Click for NR) an amendment to a previous agreement with Resolve Ventures and it finalized an option for Advantage Lithium to earn into its Neptune property.
Fission Uranium released (Click for NR) assays confirming high-grades at both ends of the 2.63km trend at its world-class PLS project.
Speaking of world class projects. Midas Gold CEO Stephen Quin dropped by to talk (Click for Interview) about the recent filing of the Restoration & Plan of Operations at the Stibnite Gold project in Idaho.
Midas recently kicked off of an exciting drill program that I expect will remind the market of the exploration potential that still exists at Stibnite.
That’s all for this week.