Mining Review 16th July 2023
Gold had a better week after poor US employment numbers, base metals were largely positive despite Chinese economic concerns.
Calidus Resources, Cartier Resources, and i-80 Gold all reported good drill results.
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I80 Gold – Ruby Hill
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City Investors Circle Mining Review 16th July 2023
Gold had a better week, silver rose a stonking 8%, as did rhodium, with platinum almost making clean sweep for the PM’s with a 7% rise. The only negative was palladium, down a whopping 9% in a week.
A pairs trade, long platinum short palladium is starting to look like a decent bet at the moment.
Base metals were largely positive, despite weakening Chinese economy concerns, with thermal coal, down 9%, the only big loser.
The markets seem to be defying gravity at the moment and another bubble appears to be starting, which is quite incredible when you consider the current economic situation. I just feel that when this exhuberance finally comes to an end, the fall is going to be extruciatingly painful.
Companies on our watchlist that made news this week included, Calidus Resources, Cartier Resources, and i-80 Gold, who all reported good drill results.
To read the week’s top stories please click on the titles below, to be taken to the full story.
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Cartier Resources Cuts 3.2 g/t Au over 15 m at Chimo
Announced drill hole results from the West Nordeau and West Chimo Mine sectors. Notably, Cartier cut 3.2 gpt over 15 m.
Neometals Vanadium Offtake Executed with Glencore
Neometals announced the execution of a binding offtake agreement between Novana Oy and Glencore for VRP1. Novana is a 100% owned subsidiary of VRP1’s joint venture company, Recycling Industries Scandinavia AB.
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Orla Mining Reported Q2 2023 Operational Results
During the second quarter of 2023, the Camino Rojo Oxide Mine produced and sold 29,058 and 29,773 ounces of gold, respectively. Orla remains on track to meet 2023 annual gold production guidance of 100,000 to 110,000 ounces.
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Canuc Resources Acquired an Additional San Javier Claim
Announced the signing of an agreement to acquire an additional claim at the San Javier Silver-Gold Project in Sonora State, Mexico. The newly acquired claim is contiguous with the Company’s existing claims and covers a total of 96.5051 hectares.
Calidus Resources’ Felix discovery Has the Potential to Supply Warrawoona
Calidus announced more strong drilling results at its Felix gold discovery in the Pilbara, WA. The results support Calidus’ strategy to grow the inventory, production and mine life at its Warrawoona Gold Project.
i-80 Gold Announces Best Results at Cove
Announced positive results from two additional underground drill holes at the McCoy-Cove Property, located in Lander County, Nevada. The new results include the best intercepts to date and continue to demonstrate continuity of high-grade mineralization in the CSD/Gap Zone.
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Another lacklustre week, for want of a better adjective, there’s simply no excitement in the junior mining sector at the moment. Scotgold was the subject of a reprimand to the BBC after it was described in an interview as having dicovered a new vein, when in fact they hadn’t.
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Market Data
Weekly Price movements
(US$ unless stated)
Metal prices
| Gold price in UK £ | 1494.3 | -0.45% |
| Gold | 1956 | 1.56% |
| Silver | 24.96 | 8.10% |
| Palladium | 1274 | 1.76% |
| Platinum | 985 | 7.18% |
| Rhodium | 4350 | 8.75% |
| Copper | 3.89 | 3.46% |
| Nickel | 9.59 | 0.00% |
| Zinc | 1.12 | 4.67% |
| Tin | 13.36 | 1.37% |
| Cobalt | 14.85 | 0.00% |
| Manganese | 2.99 | 0.67% |
| Lithium | 41658 | -0.23% |
| Uranium | 56 | 0.00% |
| Iron Ore | 110.95 | -0.05% |
| Coking Coal | 225 | -0.44% |
| Thermal coal | 128 | -14.67% |
| Magnesium | 3102 | 1.14% |
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If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
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City Investors Circle is based in the financial district in the City of London
We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.
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This website is not sponsored, we are truly independent, and will always remain so.
Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.
These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.
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Disclosure
At the time of writing the author holds no shares in Calidus Resources, I-80 Gold, and Orla Mining
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