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Top-News of the week:
Comstock Mining hits the bull’s eye!
Top-news from Comstock Mining! As the company communicated a few days ago, it had been able to intercept some of the highest grade and thickest gold and silver core intercepts, to date, from the Lucerne Underground Area, which is one part of the Comstock Mine Project in Nevada, USA. Amongst other, the company intersected 14.72 g/t and 41.73 g/t over 11.2m. The highest gold grade of the current Drill Bay 6 campaign was 54.78 g/t over 0.3m (plus 555.37g/t silver) and the highest silver grade was 606.79g/t over 0.8m (plus 13.85g/t gold). All drill holes had been set from an underground tunnel. Thereby Comstock Mining was able to prove the extremely high-grade mineralization of the so-called PQ-Target. Comstock Mining is a production and development company out in Nevada. The company owns around 3.2 million ounces of gold equivalent and produced around 18,500 ounces of gold equivalent in 2015.
Video: Site Visit at Comstock Mining
Market Watch:
FED provides tailwind for precious and base metals
The past week has clearly been dominated by the FED’s interest decision. A few market participants may have anticipated another step upwards, but have been disabused. The US-interest rate remains at 0.25 to 0.50%. The FED announced that there are plans for two step-ups this year, but this can be questioned, because on the one hand the FED deviated from its boastfully announcement of last December where it favored an interest rate of around 1.4% for the end of 2016 (now 0.875%). On the other hand it looks nearly impossible to raise the interest rate at all. In the face of a flagging US-economy and further interest cuttings in the Eurozone and Indonesia, plus Norway, which has plans for it, plus the perpetuation of the current low interest rate in the UK, there seem to be no way to anticipate that the US may react the opposite way. Having said, that they even have no scope for it!
After the FED’s most recent interest decision, the US$ kept a low profile while gold and silver made a huge leap and compensated the losses from the beginning of the week. Especially the heavy decline of the gold price on Tuesday was important. Not only from a technical view, but also to attenuate the recent overheating. On Wednesday gold made a jump near to a 13 month high. In the same way, the base metals were able to gain ground. Copper not only jumped over the 5,000 US$ mark, but also over the important 200 day line and marked a four and a half months high. Other base metals like zinc and nickel did as well. The Chinese Prime Minister Li Keqiang recently distributed some positive signals about the economic development of his country which should lead to a solid demand on industrial metals.
Video: Copper is getting hot
Company News:
Klondex Mines appoints new Chief Operating Officer
A few days ago Klondex Mines announced that the company appointed Mike Doolin to Chief Operating Officer of the Company, effective immediately. He replaces Mr. Brent Kristof who will leave the company. Doolin has substantial experience in the design and permitting of mining projects; extensive work in milling, metallurgy and assay operations. He also brings years of experience successfully managing small and large teams on multiple projects. He will look after the recommissioning of the previously acquired Rice Lake Mine.
Newslink: Klondex new COO
Site visit: Site visit Klondex
Rye Patch Gold announces metallurgical results
In the past week Rye Patch Gold announced initial results from the Phase-2, feasibility-level metallurgical test program for Rye Patch’s 100% owned Lincoln Hill Project in Pershing County, Nevada. The results indicate that recovery show a marked improvement with smaller feed size. The work also suggests higher recoveries could also be achieved from longer leach cycles for the larger feed sizes. The bottle roll results varied from 94.1% to 82.4% for 75µm feed size, and from 57.1% to 29.4% passing for the 50mm size. Now, as a final step, the company has to identify the optimum heap leach feed size.
News link: Rye Patch top metallurgical results
Rumours Corner:
Crude prices show heavy upward movement – Production brake to be coming?!
The prices for the most important crude oil sorts Brent Crude and WTI easily exceeded the 40 US$ level last week and marked new 2016 highs. The main reason for this are speculations about some kind of production brake on a grand scale. At the beginning of February Saudi Arabia, Russia, Qatar and Venezuela froze their crude production at the (very high) January level. A hot rumor now says, that not less than 15 oil producing countries will meet in Doha on April, the 17th to determine a production brake on a grand scale. According to that, eleven more countries – beside the four named above – shall limit their producing quotes to stabilize the oil prices and maybe to bring them back to an even higher level. These 15 countries are responsible for around 75% of the worldwide crude oil production. This could be too late for many of the US oil producers, which are mainly financed by high-yield bonds (junk bonds). But that’s a fact that the OPEC members wouldn’t regret that much.
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