From Rouyn-Noranda, Quebec, 11:10 am eastern
Gold has traded within a range of $1,235 and $1,245 so far today…as of 11:10 am eastern, the yellow metal is down $2 an ounce to $1,238…we believe Gold will reach new all-time highs soon, perhaps as early as next month, but not before a re-test of the $1,200 area as John detailed in his excellent technical analysis yesterday…the CDNX bounced off its rising 20-day moving average yesterday, hitting a low of 1453, and as of 11:10 am eastern the Venture is up 6 more points to 1469…the 9% move from 1343 to current levels since early is no “sucker rally”…this is a market in the midst of a powerful new uptrend that we believe could accelerate rapidly next month on a convincing move through 1500…this appears to be 2004 all over again with the CDNX which is also showing that Gold is indeed going to new highs…Gold Bullion Development (GBB, TSX-V) is unchanged at 54 cents…our Granada site visit yesterday clearly demonstrated to us that the massive LONG Bars Zone project is moving forward very efficiently..there is a continued sense of excitement on the ground…what has caught our attention with Gold Bullion in recent weeks, after the 2 news releases last month, is how the area east of the Preliminary Block Model is becoming more and more interesting from a geological point of view…something a little different seems to be coming together in this part of the LONG Bars Zone with the amount of altered feldspar porphyry that is being intersected and appears to be mineralized based on what Gold Bullion reported July 13 and again July 29…initial assays, expected soon, will start to tell the tale and give a much better understanding of what’s happening…it’s very interesting to note, as we mentioned in our article last night, that Willoughby’s 1994 publicly available report on the Granada eastern extension stated, “Sulphides (mainly pyrite) are abundant in porphyry on East Granada, in the area of the Aukeko Shaft.” Our question is, could they be abundant elsewhere, too?…the area east of the Preliminary Block Model has historically never been explored to the extent that it is now by Gold Bullion…GENIVAR’s visual observations, reported last month by Gold Bullion, are highly interesting…if there are disseminated sulphides in the porphyry east of the Block Model, and an abundance of them, tonnage implications for this area (which has the potential of being extended much further east) could be very significant…we’re in Rouyn-Noranda again all day today, doing additional research, prior to our departure from here tomorrow afternoon…Richfield Ventures (RVC, TSX-V) is powering higher…Richfield is up 11 more cents to $1.85…we first brought this company to BMR readers’ attention last December when it was sitting at $1.20…Jay Taylor endorsed RVC August 16…like Granada, Richfield’s Blackwater Project in central British Columbia has multi-million ounce potential and higher gold prices are going to make Blackwater even more attractive…Richfield is expected to release results on several more holes next week…Blackwater also has copper and silver values…Excel Gold Mining (EGM, TSX-V) is down half a penny to 14.5 cents…we are departing in the near future for southern Quebec where we will be checking out Excel’s highly prospective Montauban Mining Camp Project, 120 kilometres west of Quebec City…Excel’s 130 square kilometre land package includes the former producing Montauban Mine (near-surface gold, silver, and base metal mineralization) which the company is taking a fresh look at…Excel has a powerful looking chart with a volume surge in recent months that suggests something exciting is in the works here…
A view at 8 o'clock this morning, from Lake Osisko, of most of Xstrata’s very large Horne Copper Smelter, which is now treating more and more electronic recycling, at the same location as the original Horne Copper and Gold Mine that formed the foundation for Noranda and built the twin towns of Rouyn and Noranda.
