TSX Venture Exchange and Gold
Editor’s Note: Morning Musings Monday at 4:00 am Pacific followed by updated version at approximately 8:00 am Pacific.
The Venture continues to strengthen, as expected, and the conditions are in place for an acceleration in the weeks ahead of what could be a very powerful move. That’s the nature of this highly speculative market – it can turn violently in one direction or the other very quickly. Negative sentiment was at historical extremes, and that’s the ideal environment to scoop up beaten-down but quality situations that ultimately can turn into doubles, 5-baggers and even 10-baggers when the market reverses. Scared, emotional investors often dismiss these opportunities when they should be embracing them.
Eric Sprott told the Globe and Mail a couple of days ago in a question and answer session with readers, “I firmly believe that we reached the bottom on June 28th and that Gold should double from that bottom within the next 12 months. So by next summer, I think that the price of Gold will have made new highs and stand around $2,400 per ounce. Given my outlook on Gold prices, this sector (the junior space) will be explosive. The continuation of the Gold bull market will lead the junior Gold mining stocks higher by many hundreds of per cents, just like it did during the 2008 recovery. By the way, since hitting the bottom on June 28, Gold has rebounded by 12% while Gold miners have gone up by about 25%…I think the Fed will remain accommodative for a very long period of time.”
Has Sprott lost his mind? $2,400 Gold by next summer, and some junior Gold mining stocks jumping by many hundreds of per cents? No one, including Eric Sprott, for whom we have a great deal of respect, has a crystal ball. While not being as bold as Sprott, and keeping in mind that skeptics will consider his comments rather self-serving, we are convinced an explosive move is underway in Gold and in select producers and juniors – as regular readers know, we’ve seen this brewing for several weeks now, especially after the Venture hit John’s 860 Fib. target which held as support.
First, however, a word of caution as we mentioned in Thursday’s Morning Musings, and then we’ll get to the current Venture and Gold charts. This message from Thursday is worth repeating. This is not wisdom unique to BMR – it’s just plain common sense:
It’s safe to assume that rising Gold prices and a higher TSX Gold Index, over the short-term at least, will translate into a strong rally by the Venture Exchange. Firm Oil and Copper prices will also help. The Venture is looking much healthier from a technical standpoint these days and a move above critical resistance at 970 will indeed signal a serious breakout. A rising tide, however, will not lift all boats on the Venture – many of those boats, in fact, remain in serious danger of sinking before the end of the year, even in an environment of stronger Gold prices. The chickens are coming home to roost for many of these “lifestyle” companies that have fleeced the public over the years. When looking at companies, as individual investors, each one of us should commit to performing even better due diligence to ensure the following conditions are met:
A company must have…
1. A superior management team with proven track records at building value and executing both on the ground and in the market;
2. A strong working capital position;
3. An attractive share structure (many companies have been forced to do cheap financings over the past 2 years);
4. An exploration program(s) in progress or about to begin at a property (or properties) with strong geological and upside potential with limited jurisdictional risk;
5. A healthy stock chart;
6. A simple but exciting and compelling story.
It’s one thing if a company with the above characteristics drills a property and the results just aren’t there – that’s the nature and the risk of the exploration business, and as an investor one has to be prepared for that. Never invest money you can’t afford to lose. But you can reduce the “other” risks that come from a company not possessing all of the above qualities and tripping over its own feet. There is plenty of speculative money sitting on the sidelines, in our view, that can propel the Venture significantly higher as this quarter progresses (historic opportunities exist). But this money will be more selective than ever in terms of the companies it’s flowing into.
Bottom line: The juniors who really have their act together (maybe 20%?) – we’ve focused on quite a few of them in recent weeks – are the ones who will attract money like a magnet into the open market (and private placements if needed) immediately and over the coming months. They will seriously out-perform.
Updated Venture Chart
Okay, with that out of the way, let’s take a look at John’s latest Venture chart. After being in decline since November of last year, the Venture’s 50-day moving average (SMA) is potentially within just a few trading days of reversing to the upside. This is hugely bullish and, history shows, always indicative of a bullish new phase. A test of 970 is quickly on the way in our view. The fact this market held critical support the week before last, when Gold slipped to $1,280 an ounce, was a highly encouraging sign. The Venture gained 19 points last week to finish at 940, its highest close in over 2 months (the Dow, by comparison, experienced its worst week of 2013). It’s quite possible there could be a minor reaction around the 970 level but this time the rising 50-day SMA will provide the technical support, the encouragement and the fuel to ultimately allow the Venture to overcome this critical resistance and send the Index significantly higher. Powerful bear market rally or the beginning of a major new bull market as Sprott suggests? Time will tell.
Canadian Dollar Updated Chart
Keep a close eye on the Canadian dollar which is poised for a breakout – the Venture always tends to perform its best when the loonie is in an uptrend and the U.S. Dollar Index is struggling. The Canadian dollar is very close to busting out above a downsloping channel in place since late last year (the euro has been gaining strength, too, and we believe that’s good news for Gold).
The Seeds Are Being Planted For The Next Big Run
There’s no better cure for low prices than low prices. The great benefit of the collapse in Gold prices this year is that it forced producers to learn to become much more lean and mean in terms of their cost structures. Among many others, Barrick Gold (ABX, TSX), the world’s largest producer, said it may sell, close or curb output at 12 mines from Peru to Papua New Guinea where costs are higher. Producers, big and small, have started to make hard decisions in terms of costs, projects, and rationalizing their operating structures. Exploration budgets among both producers and juniors have also been cut sharply. In addition, government policies across much of the globe are making it more difficult (sometimes impossible) for mining companies to put Gold (or other) deposits into production, thanks to the ignorance of many politicians and the impact of radical and vocal environmentalists. Ultimately, all these factors are going to create a supply problem – think about it, where are the next major Gold deposits going to come from? On top of that, a recent Mineweb study shows grades have indeed fallen significantly just over the past decade. For instance, grades in the South African Gold sector fell from an average of 4.3 grams per metric ton in 2002 to an average of 2.8 grams per metric ton in 2011. It doesn’t take a rocket scientist to figure out that the next huge bull market in Gold stocks is just around the corner due to demand-supply dynamics, much leaner producers who will suddenly become earnings machines, and a junior market that will be healthier simply because a lot of the “lifestyle” companies sucking money out of investors will simply disappear or get taken over by individuals or groups who are actually competent and serious about building shareholder value. A healthy “cleansing” in the market has been taking place. As this continues, more and more seeds are being planted for an incredible future move in well-managed Gold producers and explorers that could make the dotcom bubble look like a tea party.
Gold
Gold has broken out powerfully above the $1,320 – $1,350 resistance band which makes $1,400 the next immediate target. A number of factors are supporting Gold at the moment, technically and fundamentally, which we’ve been mentioning recently and we’ll review again Monday in our pre-market 4:00 am Pacific Morning Musings update.
Below is a 3-year weekly chart from John. Lots of room for bullion to move higher. For the week it gained $62 to close at $1,377.
Silver rocked last week, climbing $2.80 an ounce or 13% to close at $23.26. It cut through resistance at $22 like a knife through butter. As usual, John will have updated Silver charts Monday morning. Copper added to its recent gains, climbing 7 cents to finish at $3.34. Crude Oil added $1.49 a barrel on unrest in Egypt to close at $105.97. The U.S. Dollar Index, meanwhile, gained nearly one-fifth of a point to finish the week at 81.29.
The “Big Picture” View Of Gold
As Frank Holmes so effectively illustrates at www.usfunds.com, the long-term bull market in Gold has been driven by both the Fear Trade and the Love Trade. The transfer of wealth from west to east, and the accumulation of wealth particularly in China and India, has had a huge impact on bullion. Despite this year’s drop, the fundamental long-term case for Gold remains incredibly strong – currency instability and an overall lack of confidence in fiat currencies, governments and world leaders in general, an environment of historically low interest rates, a Fed balance sheet now in excess of $3 trillion and expanding at $85 billion a month, money supply growth around the globe, massive government debt from the United States to Europe, central bank buying, flat mine supply, physical demand (especially from China), emerging market growth, geopolitical unrest and conflicts…the list goes on. However, deflation is prevailing over inflation in the world economy and this had a lot to do with Gold’s recent plunge below the technically and psychologically important $1,500 level, along with the strong performance of equities which drew money away from bullion. Where and when Gold bottoms out in this cyclical correction is anyone’s guess – the June low of $1,180 may have been the bottom – but we do expect new all-time highs as the decade progresses. There are many reasons to believe that Gold’s long-term bull market is still intact despite a major correction from the 2011 all-time high of just above $1,900 an ounce.
Jon>>> anyone who has products to sell will sell the story… Sprott is no different… Embry has made some outrageous
claims…. just because they are who they are doesnt mean they dont have an agenda…. almost always…. there is an agenda!!!
Comment by Jeremy — August 17, 2013 @ 1:40 pm
Of course, Jeremy, valid point and it’s always good to remember that – about everyone. Anyhow, the point we’re trying to make – and we have other charts to back this up Monday morning – is that the evidence is very compelling that we’re in the midst of a significant upside move in the juniors and there’s potentially a lot of money to be made over at least the next couple of months. No one can say for sure if this is just a strong bear market rally, or indeed the beginning of a new bull market – only time will tell. I tend to be of the opinion that Big Money engineered Gold’s collapse in the spring, which ultimately created some historic opportunities for investors. GLTA. This ride won’t be straight up. There will be bumps along the way. And stay focused on the companies that are focused and best positioned, in every way, to take immediate or near-term advantage of improved market conditions.
Comment by Jon - BMR — August 17, 2013 @ 1:55 pm
I agree with Jeremy. The predictions over the last year or two, have made me giddy, Gold
going to $2k, $3k, $4k, is there another bidder ? sold ! On the other hand, i have heard,
Gold going to $11k, $10k, $9k, sold ! to the lowest bidder. Then there’s the Venture, we are
going up, it will be fast & furious, millions to be made. Have anyone ever considered for
a minute that most of the lowly folk’s cash, went on the last promotion & now we find ourselves
broke, lost our cash to the Sprotts’, et al. The charts have failed us, they give us an idea
of what is going to happen the next day or so, but 1 yr, 2 yr, 5 yr, have led many astray.
A chart can’t predict recessions, they can’t predict what Bernanke is going to say & they can’t
steer us in the right direction, without a compass. You know, if i predict something long enough,
i will eventually be correct & will reap praise from those, who heard me for the first time,
just before i lucked in. I can with certainty, now state that something is improving, because my
portfolio is up substantially & that’s proof enough for me. Good night ! R !
Comment by Bert — August 17, 2013 @ 2:53 pm
Jon,I was wondering if you’ve seen this old report on the Copper Creek/Grizzly area?
http://aris.empr.gov.bc.ca/ArisReports/24411B.PDF
Comment by Jim Niles — August 18, 2013 @ 1:01 am
Thanks, Jim, yes I have….the most detailed report I came across – prior to when Firesteel started drilling – was Adam Travis’s report from May 2004. It brought together very well a lot of the previous historical reports on the Copper Creek/Grizzly area. For those who aren’t aware, Travis of course is Colorado’s CEO. In 2002, sensing a turnaround in the markets, he and a couple of others picked up claims at Copper Creek, which they then optioned to Firesteel. In my view there’s only 1 reason why Copper Creek (now the Sheslay Project) has not already been proven up as a major deposit, and that’s Firesteel. While they deserve credit for moving the project along (they drilled 23 holes plus other work, spending a total of about $4 million over almost a decade), they simply lacked the geological expertise and the financial resources to nail down the deposit and take the property to the next level (regular occurrence in this industry). So the best thing they could have done was option this out to Bernier’s group – they have the ability and the sources to make a major discovery here, as they did at Blackwater. As far as GGI goes, they have an outstanding group of geologists reviewing the Grizzly. So you have 2 superb teams at work, which is why this is going to become so interesting and potentially hugely profitable from an investment point of view. Both companies are well-financed and have attractive share structures.
Comment by Jon - BMR — August 18, 2013 @ 6:44 am
past drill results from copper creek
The first diamond drill hole (CUCR-04-01) was drilled to the north and inclined at minus-60 degrees. The intersection from three metres to 52 metres assayed 0.74 per cent copper and 0.44 gram per tonne gold, and is included within a mineralized section from three metres to 173 metres, which grades 0.40 per cent copper and 0.23 gram per tonne gold. The second hole (CUCR-04-02) of the program was drilled from the same location as the first, but was oriented due south and is inclined at minus-60 degrees. Assays have only been received from the first 40 metres and grade 0.50 per cent copper and 0.19 gram per tonne gold. Additional assays will be reported when they become available.
SECOND DRILL HOLE AT COPPER CREEK PROPERTY, BC INTERSECTS COPPER – GOLD MINERALIZATION THROUGHOUT; 50 METERS @ 0.53% COPPER AND 0.21 G/T GOLD WITHIN 173 METERS @ 0.42%COPPER AND 0.17G/T GOLD
Drill Total
hole depth From To Cu Au
No. (m) (m) (m) (%) (g/t)
CC2004-03 0 48.0 0.37 0.12
240.3 0 240.3 0.24 0.06
CC2004-05 0 18.0 1.02 0.82
0 121.0 0.54 0.47
0 52.3 0.80 0.73
242.3 0 242.3 0.44 0.32
Comment by bob — August 18, 2013 @ 8:18 am
Thanks, Bob. Prosper Gold has a good PowerPoint presentation that details all 23 historical holes drilled at the Dick Creek target (now the Star target). All holes intersected significant Cu/Au mineralization. And 85% of the holes bottomed in strong mineralization, according to Prosper Gold, with the average length of these holes only 174 metres. In addition to the Star porphyry body, there are several other mineralized zones/porphyry bodies that currently exist on the 7,000-hectare property, and – in all likelihood – more that will be discovered with mineralization open in all directions everywhere. Prosper Gold will obviously be drilling deeper – who knows what is at depth? The Mount Kaketsa pluton, originating in the NW corner of GGI’s Grizzly Property, is believed to be a powerful heat engine, driving mineralizing fluids. Some plutons are barren. Others are mineralized. This one is mineralized, and there is plenty of evidence for that including the presence of extensive magnetite. Given the geological structures, the expertise of the management teams and the geologists who are working on this (on both properties, Sheslay and Grizzly), and the money behind it all, plus the big following that Bernier has, this area clearly has the potential to become the hottest Copper-Gold play in the country which is why BMR is working on an extensive site visit for sometime in September.
Comment by Jon - BMR — August 18, 2013 @ 8:28 am
Firesteel’s 2003 program consisted of 10.5 line kilometres of induced polarization, magnetometer and soil geochemical surveys along with partial resampling of two old (1977) trenches that had never been continuously sampled for gold. This work delineated three large IP anomalies (some still open) with coincident copper (values to over 1.5 per cent) and gold (values to 820 parts per billion) soil geochemical anomalies and flanking magnetic anomalies. These features commonly characterize the copper-gold porphyries of the Stikine arch. The Dick Creek target exhibits a 540-metre-by-320-metre copper-in-soil anomaly (greater than 350 parts per million) with coincident gold-in-soil values up to 820 parts per billion. This target is also coincident with 700-metre-by-600-metre chargeability IP anomaly (greater than 30 milliseconds). The resampling of two trenches has confirmed the previous substantial copper results and also indicated the gold potential. Continuous chip sampling was done along a short section of old trench TR-2W (near northern edge of target) where previous sampling returned 0.41 per cent copper over 179 metres. The 2003 chip sampling yielded 0.39 per cent copper and 0.28 g/t gold over its entire length of 40 metres. Another old trench (TR-1W, located 400 metres south), which had previously returned 70 metres of 0.33 per cent copper, yielded 0.51 per cent copper and 0.14 g/t gold over 24 metres. This target has never been drill tested.
The Dick Creek East target (one kilometre east of Dick Creek target) is characterized by chargeability IP anomaly (greater than 30 milliseconds) that is 800 metres long and 500 metres wide. A copper-in-soil anomaly (greater than 300 parts per million) and scattered gold-in-soil values up to 490 parts per billion are partially coincident with the IP anomaly. No trenching or drilling has been reported from this target.
The Dick Creek North target (one kilometre northeast of Dick Creek target) exhibits a 700-metre-by-500-metre IP chargeability anomaly that may be an extension of the Dick Creek East target and is open to the north. The eastern flank of this IP anomaly displays a very strong copper-in-soil anomaly with several values greater than 1.5 per cent copper. A high-order magnetic anomaly also coincides with the copper geochemical anomaly.
In summary, this property has obvious targets that require drill testing as well as a number of other partially developed targets that require further definition work. The management of Firesteel believes that the Copper Creek property is one of the most highly prospective copper-gold alkalic porphyry targets in British Columbia and warrants a significant exploration program to test its potential.
Comment by bob — August 18, 2013 @ 9:33 am
Previous work on the Copper Creek property has identified several significant targets. The Copper Creek target comprises a 530-metre-by-940-metre copper-in-soil anomaly (greater than 350 parts per million), with coincident anomalous gold values up to 230 parts per billion. An open-ended 30-millisecond chargeability IP anomaly covers a portion of the target. Six holes were drilled in this area prior to 1970. The best intersection graded 0.49 per cent copper over 43.6 metres, including a 1.37-metre intersection of 2.6 per cent copper and four grams per tonne gold.
The Dick Creek (Star) target exhibits a 540-metre-by-320-metre copper-in-soil anomaly (greater than 350 parts per million), with coincident gold-in-soil values up to 200 parts per billion. This target is coincident with a chargeability IP anomaly (greater than 30 milliseconds) and an aeromagnetic anomaly. Chip sampling of a trench in intrusive rocks returned 0.41 per cent copper over 179 metres, while a second trench over 400 metres away yielded 0.33 per cent copper over 70 metres in the same intrusive. There has been no drilling of this target.
The Dick east target is 960 metres long and open ended, with copper-in-soil values greater than 300 parts per million and scattered gold-in-soil up to 490 parts per billion. It is located within a magnetic high and chargeability IP anomaly (greater than 30 milliseconds). Almost no work has been done on this target.
In summary, this property has developed drill targets that require drill testing as well as other partially developed targets that require further definition work. The management of Firesteel Resources believes that the Copper Creek property is one of the most highly prospective copper-gold alkalic porphyry targets in British Columbia, and warrants a significant exploration program to test its potential.
Comment by bob — August 18, 2013 @ 9:35 am
The core from a 1970 drilling program on the Copper Creek showing was recovered, relogged and resampled in places. A quarter core sample was obtained and assayed. The primary objective of this program was to obtain gold assays, which were not done in 1970. Two intervals from drill hole G2-70 produced significant results. The intervening section was not present. The analytical results of the reassay program are presented below:
Drill hole No. From (m) To (m) Interval (m) Copper (%) Gold (g/t)
G2-70 8.53 20.65 20.12 0.31 0.27
38.1 57.9 19.8 0.27 0.12
This hole is at the western end of a copper-in-soil anomaly that is at least 400 metres long and open to the south. Prospecting in this area discovered several mineralized zones. One grab sample of mineralized volcanic rock returned 0.67 per cent copper and 0.90 g/t gold.
During the fall, the road to Pyrrhotite Creek was re-established. This road provides access to the numerous mineralized zones as well as large induced-polarization (IP), magnetic and soil geochemical anomalies defined in this area. The largest of the mineralized zones is 1,700 metres long and 800 metres wide. A composite chip sample from trenches in the main zone is reported by previous workers to have returned 0.48 per cent copper over 157 metres. In 1972, a previous operator drilled seven holes in this area — the most significant result of which was an intercept of 113 metres grading 0.35 per cent copper. Two long trenches were excavated and chip sampled in the Pyrrhotite Creek area. The assays will be announced when they become available.
David G. DuPre, PGeo, who is a qualified person
Comment by bob — August 18, 2013 @ 9:40 am
yes pgx will have to drill some deep holes and see whats down below
Comment by bob — August 18, 2013 @ 9:41 am
Jon, the Mount Kaketsa pluton, originating in the NW corner of GGI’s Grizzly Property – was this property ever drilled? If so, where and are there any historical results from it?
Thanks, Dan
Comment by Dan — August 18, 2013 @ 1:08 pm
Dan, only 3 short holes have ever been drilled at the Grizzly, and this goes back to the 1970’s (Brascan Resources and Ducanex Resources)…NW corner of the property, on just one of the several prospects…according to technical reports, the holes “confirmed the presence of potassic alteration and low grade Copper mineralization…however, none of the drill core or rock samples from this program were assayed for Gold”…work by Garibaldi over the last several years has outlined two major areas of interest that are quite large in extent…the Western Block and the Southern Block…on the Southern Block, for example, an airborne magnetic survey carried out by Garibaldi also covered the southern part of the Sheslay (then known as Copper Creek) including the Pyrrhotite Creek and Copper Creek prospects, for comparative purposes…”Results of the survey showed that the rock units and structures which underlie those prospects appear to continue into the large area of low relief within the Garibaldi claims and identified several magnetic anomalies which are similar to the magnetic anomalies that are associated with the mineralized zones which comprise the Copper Creek (now Sheslay) Property”…going back to the Western Block and NW area, it’s interesting to note that technical reports have described alteration at West Kaketsa (one of several known Cu-Au prospects on the Grizzly) as “spectacular”…no sampling or drilling in this area yet, but mineralization reportedly consists of “highly altered and sheared volcanic and intrusive rocks containing disseminated and fracture controlled chalcopyrite over exposed widths of at least 24 metres”…that’s just the surface expression – what’s the potential strike length of that structure?…and no drilling or sampling has been carried out there yet…this is a 17,000 hectare property (170 sq km) with a heat engine on it, major blue sky potential and similar signatures (geophysical, geochemical) to the Sheslay…I suspect Garibaldi is going to come out with all guns blazing on the Grizzly as soon as Prosper Gold starts trading…this is going to get very interesting (with both properties)…the Kaketsa pluton is a critical geological feature that’s driving mineralizing fluids in this district…hope that helps…
Comment by Jon - BMR — August 18, 2013 @ 2:18 pm
I think there is 1 anomaly target that is on both Pgx and Ggi lands like its now split into 2 with each company owning half the target
Comment by bob — August 18, 2013 @ 2:26 pm
There’s clearly a geological connection and anomalies that overlap between the Grizzly and the Sheslay…ultimately, one scenario is that the 2 properties (240 sq. km in total) could combine to form one massive system and deposit, or series of deposits…remember, the Sheslay has never been tested at depth and 23 holes at the Star target (formerly Dick Creek) all hit significant mineralization with 85% of them bottoming in strong mineralization…average hole length, a mere 174 metres…that’s incredible…no wonder Tempelman-Kluit and Bernier were all over this…what will they find at depth, especially with a powerful heat engine in the area?…look what happened with Red Chris when Imperial drilled deeper…Firesteel didn’t have the expertise to figure this out…and Bernier struck at just the perfect time and IMHO “stole” the property…they are masters at their craft (Bernier and Tempelman-Kluit), and you can be sure that what they envision here is another major discovery…they will need the Grizzly…what I also like is the fact that the Garibaldi group is also very smart with some outstanding geos on their side of the table…two very capable companies with strong working capital positions, and GGI has already demonstrated the ability to find value in the ground after that deal with Paramount on Temoris in Mexico which has allowed them not to have to do a financing for 4 years…
Comment by Jon - BMR — August 18, 2013 @ 2:33 pm
Yes I agree
Own ggi and hopefully get some pgx
Also own acv for there Nevada gold and copper at depth anomaly
15 mil os and nice move up last week
I understand news this coming week on drilling
Comment by bob — August 18, 2013 @ 3:35 pm
That’s acn
Comment by bob — August 18, 2013 @ 3:36 pm
Zen going back on the road show in USA this week with 3 city’s on the agenda
Comment by bob — August 18, 2013 @ 3:40 pm
Thanks Jon – I wonder if PGX is already on site with a drill? Company don’t have to be trading for the drill to be turning – at least I don’t think so. If that is the case then things will heat up faster than we think.
Comment by Dan — August 18, 2013 @ 4:10 pm
This is also interesting from the old report:
The zones of alteration within the claim group are very small
and restricted. The better alteration zones occur to the west of
the COP claims. The Polar/Pyrrhotite Creek Prospects show up as a
vivid clay altered zone within Polar Creek. ANOTHER STRONG CLAY
ZONE shows up in an un-named creek east of Camp Lake on the EAST
FACING SLOPE OF MOUNT KAKETSA. This area should be checked out at
some point in time. It could be indicative of a prospect similar
to Copper Creek.
Comment by Jim Niles — August 18, 2013 @ 4:20 pm
It’s possible they could be, Dan…I think the language they would like to use at the moment, due to Exchange sensitivities, is that they’re carrying out “due diligence” on the property…final Exchange approval of the QT is expected imminently (possibly could be this coming week), they have their money in place, everything…all the ducks are perfectly lined up…when it starts trading, I fully expect that PGX will light up like a Christmas tree…and Christmas will come early for everyone on this deal and on GGI IMHO…
Comment by Jon - BMR — August 18, 2013 @ 4:44 pm
An addendum to #20,is that the dominant alterations at Red Chris are Illite and Kaolinite [clay].Just something to ponder.
Comment by Jim Niles — August 18, 2013 @ 5:33 pm
Jon.. for the record… I was just suggesting that those who HAVE things to sell.. will talk to their story…. you DONT have anything to sell… yet:)… but was just making the point that those guys will always talk to their story.. always!!
it was no slight on yous guys at all… just to be clear:)
hugs to all on this awesome sunday!!
Comment by JeremY — August 18, 2013 @ 6:12 pm
Thanks, Jeremy, no problem, I understand…and I certainly didn’t take it the wrong way, you brought up a very valid point regarding Sprott…his comments were nonetheless interesting and we’ll see if they come true or not…looking at a variety of factors, technical, fundamental, etc., his assertion that a bottom was put in June 27 has a lot of validity to it IMHO…John also has a revealing long-term chart on the CDNX tomorrow morning which helps back that up…
Comment by Jon - BMR — August 18, 2013 @ 6:22 pm