From Montreal, 10:50 am eastern
Gold has traded within a tight range of $1,233 to $1,239 today…as of 11 am eastern, the yellow metal is down $1 an ounce at $1,237…the CDNX continues to power higher which suggests Gold will reach new all-time highs in the near future…the CDNX is up 8 points to 1497…the Venture is threatening to make a move through the critical 1500 area…there is heavy resistance between 1500 (the June high) and 1515 (the May 31 high, just above the rising 200-day SMA)…it’s impossible of course to say exactly when the CDNX will blast through this resistance but we’re certain that it will, and probably sooner (within a week perhaps) rather than later…check John’s excellent article yesterday outlining the technical case for a move to 1700 on the CDNX during the 4th quarter…Gold Bullion Development (GBB, TSX-V) is off a penny at 54 cents…as we mentioned in our Week In Review feature yesterday, Gold Bullion continues to advance the Granada Gold Property in a very strategic, efficient, systematic, forward-thinking and effective way…after 3 site visits and exhaustive research, we have complete confidence that the best is yet to come from Granada…GENIVAR, respected throughout the world, has a complete grasp on all aspects of this large project…as Gold Bullion President and CEO Frank Basa told us in Friday’s interview from Hole 78, Nicole Rioux – the Granada Project Manager from GENIVAR – “has a natural gift for finding orebodies“…September should be a big month for GBB as more drill results flow in and the company completes its 20,000 metre Phase 2 drill program…our gut feeling, based on last month’s news and our latest walk on the ground, is that something very significant could be emerging in the LONG Bars Zone eastern extension…the Preliminary Block Model is on track, and still has exploration upside, but it’s the vast area east of the Block Model that gives Gold Bullion its incredible blue sky potential…we’re keeping a close eye on Richfield Ventures (RVC, TSX-V) which is expected to release more drill results this week from its Blackwater Project in central British Columbia…Richfield has doubled in value from early last month and has plenty of potential further upside, with a current market cap of just $50 million or so, if assays continue to show long intersections of mineable grade…there are now 2 rigs at Blackwater so the drilling pace is picking up after a slow start this past spring…besides a potential multi-million ounce gold deposit, Blackwater also has some copper and silver which would significantly aid project economics if a large deposit is confirmed…Richfield is down 7 cents to $1.83 on very light volume so far today…volume in Seafield Resources (SFF, TSX-V) is picking up and we like this situation a lot going into September and the balance of the year…Seafield is expected to add significant ounces in the ground at its Quinchia Project in Columbia over the next 6 months…initial drill results from Miraflores are expected sometime next month along with the start of drilling at another excellent target, Dos Quebradas…Seafield is up half a penny to 17 cents on nearly 800,000 shares…we are still in Quebec but in the southern part of the province where we will be visiting the Excel Gold Mining (EGM, TSX-V) Montauban Mining Camp Project tomorrow…
