Market Watch:
Gold and silver still in bullish channel – Copper just before a strong resistance mark
Gold and silver showed a strong move in the last couple of days and maneuvered themselves into a chart-technical “safe” zone. The former hardly to crack mark of US$1,300 has been conquered quite easily. Now, the view goes above. The next, smaller resistance mark stands at US$1,350 and hasn’t been tested, yet. Due to the dynamically character of the recent price increase, one can assume, that gold could also jump above this mark. Afterwards, there will be another resistance level at around US$1,375 and at the next psychologically important mark of US$1,400.
At silver, the situation is a little bit simpler. Will the US$18.50 mark been conquered, the way to the US$20 level is wide open. In general, silver follows its bigger brother gold in 95% of all cases. So, should gold outperform furthermore, silver will follow.
In the last weeks and months, base metals were everybody’s darling. Primarily nickel, zinc and copper, but also aluminum were able to gain breathtaking price jumps. But this will not continue forever. In case of nickel, a flagstaff has already been formed. The copper price, which always acts as some kind of leading metal, gets into a strong chart technical resistance zone at US$3.20 per pound. In the longer term, copper should show further price gains, especially due to demand rising from the coming electromobility boom. At least in the short-term, price resets cannot be precluded.
Video:
Chart Check On Copper, Zinc, Gold & Silver - 09/01/17
Company News:
Altona Mining goes for exploration and strategic partnerships
After the recent termination of the proposed transaction with Sichuan Rail and Infrastructure Group in relation to the Cloncurry Copper Project in north-west Queensland, Altona Mining updated investors on its corporate strategy.
With the Cloncurry Project now unencumbered, it has already attracted attention from a range of corporate, strategic and financing parties. It will take some time to assess the merits of these and any future opportunities that might arise.
Altona has a strong cash position of $36 million, and a ready-to-develop asset with clear upside. Over the past few years, Altona has taken advantage of the exploration downturn and has amassed a 3,800km2 landholding in this very prospective region. Much of the ground remains largely underexplored, so targeted exploration will become a key focus for the company. With a very modest exploration cost, there is potential to make further material discoveries in this region, which is host to world-leading mines such as Ernest Henry, Dugald River and Mt Isa.
During the course of this process, the company’s main focus will remain to deliver strong value to Altona shareholders.
News:
Altona Corporate And Project Strategy Update
Sierra Metals presents top-class drill results from Cusi Mine
A couple of days ago, Sierra Metals announced results from the expanded drilling program completed at the Santa Rosa de Lima zone located adjacent to current operations within the Cusihuiriachic (“Cusi”) property, Chihuahua state, Mexico.
Average grade of infill drilling intercepts is 343 grams of equivalent silver per ton, while the best result showed up to 580 grams of equivalent silver per ton. Average true width of the intercepts is 3.62 meters which is consistent with the prior results reported in the wider grid drilling campaign. Step out drilling extends silver mineralization beyond the Santa Rosa de Lima Zone with similar high-grade characteristics to 1.7 kilometers from the current 1.0-kilometer length, all within the 12-kilometer structure that runs inside Sierra Metals property boundary.
Total drill program on the zone amounts to 29,500 meters and this data will be incorporated in a new mineral resource for the Cusi Mine by year end.
News:
Sierra Metals Reports Positive Results from an Expanded Drilling Program at the Santa Rosa De Lima Zone, at its Cusi Silver Mine in Mexico
Treasury starts feasibility study for Goliath
Treasury Metals recently announced, that it has initiated the preparation of the Feasibility Study on the Company’s Goliath Gold Project located in northwestern Ontario, Canada. Treasury is targeting a Q3/2018 release for the Feasibility Study. The Feasibility Study will incorporate an updated NI 43-101 Mineral Resource Estimate based on the current exploration program (30,000 meters) and all previous drilling completed since the 2015 Mineral Resource Estimate (13,535 meters).
News:
Treasury Metals Commences Feasibility Study on Goliath Gold Project
EnWave files patent application for cannabis manufacturing
Sibanye Gold now to be called Sibanye-Stillwater
Sibanye Gold recently announced, that the company has changed its trading name to Sibanye-Stillwater.
The new name preserves the value of both the Sibanye and Stillwater Mining Company (Stillwater) brands, and better captures its international profile. The new logo celebrates the South African roots and the Sibanye culture, vision and values, which remain consistent and form the core of the new Group. Sibanye-Stillwater has become a competitive, international mining company with a unique portfolio of world class, scalable, precious metal assets.
Trading tickers on the JSE and NYSE will remain unchanged at the moment.
News:
Introducing Sibanye-Stillwater, a unique and globally competitive South African precious metals company
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