Has Gold Reached the Bottom and Poised to Bounce Back
PALM BEACH, Florida, August 22, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Carley Garner, co-founder of DeCarley Trading, believes that precious metals could be ready to make a comeback because the price of gold still hasn't reacted to the current trade war, or the exploding budget deficit, or even the recent uptick in inflation. According to CNBC, Ole Hanson, Head of Commodity Strategy at Saxo Bank, "For a significant gold recovery we need to see the Dollar lose some of the strength that has built up. The risk to emerging market growth from currency pressures is not going away immediately." Gold rose to a one-week high on Tuesday this week as the dollar weakened after President Trump criticized the Federal Reserve for raising interest rates. Even though a few miners have struggled and the gold fluctuations have not rallied much in recent days, expectations by few believe the path of least resistance for the remainder of the summer should be higher. Gold could be expected to continue to hold support in the low $1200s and eventually rally back to $1260 perhaps. Active Mining Companies in the markets this week include: Rosita Mining Corporation (TSX-V:RST) (OTC:MDLXF), Sokoman Iron Corp. (TSX-V:SIC), Aben Resources Ltd. (TSX-V:ABN) (OTC:ABNAF), Golden Ridge Resources Ltd.(TSX-V:GLDN), B2Gold Corp.(TSX:BTO) (NYSE:BTG).
Rosita Mining Corporation (TSX-V:RST.V) (OTCPK:MDLXF) BREAKING NEWS: Rosita Mining is pleased to announce that it has increased its land holding in Newfoundland by adding to the previously announced Marilyn Three Property (announced August 14, 2018). The additional land package was staked to cover prospective geology along the contact of the Botwood Group and the Mount Peyton Intrusive. Also, the additional claims cover parallel epithermal textured boulder trains and the possible strike extension of the in situ epithermal system.
As previously announced: The Marilyn Three Property is located within a northeast-trending belt of Silurian volcanic, volcaniclastic and sedimentary rocks, adjacent to a large bimodal intrusive. This intrusive (The Mount Peyton complex) is thought to be responsible for the large regional fault structure located within the larger area and within the property. The project now consists of 161 claim blocks representing exclusive exploration rights to a land package of approximately 9,945 acres (4,025 hectares) and lies within the same belt of rock and on trend with the mineral license hosting Sokoman Iron Corp.'s recently announced discovery hole (Sokoman Iron Corp. (SIC-TSXV) news release dated July 24, on its Moosehead gold project, where Sokoman Iron reported a drill intersection of 44.96 grams per tonne gold over 11.9 metres). (See attached map). Additionally, within the property, recent work has identified quartz sub-crop blocks (enriched in silver, arsenic and antimony) with assays up to 4.8g/t Au. These blocks are located approximately 150m west of a recently identified 10-15m wide epithermal vein system in outcrop. Appearances and textures indicate that the vein outcrop is a fully preserved epithermal quartz veined system with potential significant grades just below the surface within the boiling zone.
Rosita is responsible to the Vendors for the additional staking costs for the additional 57 claim blocks.Read this and more news for Rosita Mining Corporation at: http://www.marketnewsupdates.com/news/rst.html
In other recent drilling developments from around the markets:
Aben Resources Ltd (TSX-V:ABN.V) (OTCQB:ABNAF) recently announced Assay results from Aben Resources Ltd.'s first drill hole of 2018 have been received with multiple high-grade zones and precious metal values intersected in the hole at shallow depths. Drill hole FK18-10 was collared in the North Boundary zone of the Forrest Kerr property in British Columbia's Golden Triangle region where drilling late in the season in 2017 discovered strong precious and base metal mineralization. Hole FK18-10, the first of eight holes that have been drilled thus far, has four separate high-grade zones with the best zone returning an interval of 38.7 g/t Au over 10.0 metres including 62.4 grams per tonne gold over 6.0 m starting at 114 metres downhole.
Sokoman Iron Corp (TSX-V:SIC.V) recently announced that the TSX Venture Exchange has accepted for filing documents to close the previously announced non-brokered private placement (the "Placement") for total proceeds of $3,001,500 consisting of 20,010,000 units at a price of $0.15 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into one common share at a price of 25 cents per share for a period of two years from closing. There are three placees, Eric Sprott, through his holding company 2176423 Ontario Ltd subscribed for 13.35 million Units ($2.0 million), Palisade Global subscribed for 4.1 million Units ($0.6 million), and Venture Ad Network subscribed for 2.56 million Units ($0.4 million). All securities issued pursuant to the Placement are subject to a 4-month hold period. There are no finders' fees associated with the transaction. The proceeds of the financing will be used to advance the Company's flagship Moosehead Gold Project where multiple targets remain untested as well as follow up drilling following a successful Phase I program. A portion of the funds will be directed to the Company's other gold properties in Newfoundland, and for general working capital purposes.
Golden Ridge Resources Ltd (TSX-V:GLDN.V) recently announced a new alkalic Cu-Au porphyry discovery at its Williams Zone prospect, located on the Company's Hank project in BC's golden triangle. HNK-18-001 intersected a broad interval of vein and disseminated Cu-Au-Ag mineralization, centered on a strongly potassic altered monzonite intrusion. The newly discovered alkalic porphyry system is characterized by bornite-chalcopyrite+/-digenite mineralized monzonite, intruding strong potassic altered intermediate to mafic Stuhini volcanics hosting veined chalcopyrite and minor bornite mineralization. The steeply dipping tabular monzonite intrusion has now been intersected in all four holes drilled in the Williams Zone, indicating a strike of at least 200 metres. The Hydracore 2000 drills currently being utilized on the Property have a maximum working depth of approximately 600 meters. The latest hole completed in the Williams Zone, HNK-18-007, ended in mineralized monzonite at 603.50 meters depth. Mineralization appears to increase at depth. The system remains open along strike in both directions and at depth. Assay results will be released as they are received. Photographs of mineralized intercepts from HNK-18-001, for which assays have been received, as well as Williams Zone holes two and three (HNK-18-002 and HNK-18-005), for which assays are still pending, have been posted to the Company's website. A drilling plan view map (Figure 1) and cross-section (Figure 2) are presented below and have also been posted to the Company's website.
B2Gold Corp. (TSX:BTO) (NYSE:BTG) recently announced that the Malian Council of Ministers and the President of Mali have approved the participation of the State in Fekola SA for a total interest of 20%. Fekola SA is a 100% owned subsidiary of B2Gold which holds the Company's interest in the Fekola Mine. All dollar figures are in United States dollars unless otherwise indicated. In 2016, pursuant to applicable mining law, the Company formed a new 100% owned subsidiary company, Fekola SA, which now holds the Company's interest in the Fekola Mine. Following signing of a shareholder's agreement in August 2017, between the Company and the State of Mali (the "Fekola Shareholder Agreement"), the Company confirmed the basis under which it was to contribute a 10% free carried interest in Fekola SA to the State of Mali. In addition, the State of Mali also had the option to purchase an additional 10% of Fekola SA which it elected to exercise.
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