Gold has traded between $1,260 and $1,269 so far today…as of 11:30 am Pacific, the yellow metal is now up $3 an ounce at $1,267…Silver is off 11 cents at $17.46…Copper is up a penny at $2.58…Nickel has fallen 4 cents to $4.16…Crude Oil is 19 cents higher at $49.75 while the U.S. Dollar Index has added one-tenth of a point to 98.99…
For the first time in 6 quarterly earnings reports, Barrick Gold (ABX, TSX) missed analyst earnings targets yesterday…combined with weakness in Gold, the news led to a 10% drop in Barrick’s share price which contributed to a 2nd straight nasty day for the TSX Gold Index, down 14 points or 6.4% Monday and Tuesday…it touched a low of 199.99 this morning before reversing…the market focused on Barrick’s lowered production forecast for the current year, 5.3 million to 5.6 million ounces (down from the original 5.6 million to 5.9 million range), mostly as a result of selling half its stake in the Veladero mine to Shandong Gold Group…
Another example of undervalued opportunities in the junior sector – Mariana Resources (MARL, TSX-V) is up 68% as of 11:30 am Pacific, trading at $1.71, after news this morning that Sandstorm Gold (SSL, TSX) is acquiring the junior for cash and 0.2573 of a Sandstorm share for each Mariana share held…Mariana’s most advanced asset is the high-grade Hot Maden Gold-Copper Project in northeast Turkey, a low cap-ex joint venture with Turkish partner Lidya (30% Mariana and 70% Lidya)…Sandstorm already owns 9 million shares of Mariana for a 7% interest in the company, plus warrants…
Dubai’s New Architectural Wonder – Gold-Plated 150-Meter Frame
Dubai’s Gold-plated 150-m-high frame, scheduled to be opened at the end of this year. The project has been under construction for 4 years and is costing the city nearly $50 million (U.S.).
Gold Update
Like the Venture, Gold has breached its short-term uptrend support but keep in mind that this also occurred at the beginning of March and represented a fantastic buying opportunity in both bullion and the Venture…
While it’s possible that support for the metal could hold in the $1,260’s, which was fierce resistance until earlier this month, there’s a good chance bullion will test the nearest Fib. level on this 9-month daily chart which is $1,235…that’s about $12 below the rising 50-day moving average (SMA)…
Gold’s Fib. levels on this chart have proven to be highly accurate…
Why Do Some Governments Not Understand Supply And Demand?
The Ontario Liberals, arguably the most incompetent provincial government ever inflicted on Canadians, is now trying to convince voters it has abused for many years that it has the right solutions to a problem – soaring home prices in the GTA (Greater Toronto Area) – that it actually helped create!…
A report released yesterday shows that the Ontario government’s 2006 growth plan for residential land development has spurred soaring increases in house prices in the Toronto region by limiting construction of new low-rise family homes…while the number of housing units built in the Greater Toronto Area over the past decade has roughly tracked the increase in population in the region, there has been “a marked mismatch” between the types of units completed and the types demanded, according to the report from the Centre for Urban Research and Land Development at Ryerson University in Toronto…
Demand for low-rise homes, especially detached homes, has not been matched by new supply, while the supply of condominium units has soared, the report stated…the result has been major price inflation in all types of “ground-level” homes, including townhouses, semi-detached and detached homes…
The growth plan was anchored in climate change fanaticism – it was aimed at encouraging denser development in the Toronto area and reducing the “environmental impact” of urban sprawl, but it had the unintended consequences of driving prices higher by creating scarcity…
The Ryerson report comes as the Building Industry and Land Development Association (BILD), which represents developers in the Toronto region, issued a report last week showing a record-low inventory of low-rise homes for sale in the GTA…at the end of March, there were only 932 new low-rise homes – including just 233 detached houses – available for buyers in builders’ inventories, compared with 17,854 in March, 2007, and 1,001 in February this year…
The Law of Unintended Consequences hurts governments all the time, hence the argument for limited government…our legislators can often do more by simply doing less and doing it well…
In Today’s Morning Musings….
1. Massive breakout on the way in PyroGenesis Canada (PYR, TSX-V)?…
2. Putting the Venture’s bad start to the week into context…
3. Enforcer Gold (VEIN, TSX-V) prepares for up to 9,000 m of drilling at high-grade Gold property…
4. Daniel’s Den – Shares in Canadian forest products producer push higher after U.S. slaps import tariff, what gives?…
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Augmented Reality (AR) is taking center stage in tech. Virtually every tech blog and website is talking AR. From Apple, to Facebook, to Disney (and Boeing), they’re talking AR– Kopin is a play on AR! Another 1 million share day today, KOPN touches $4.34. Above $5 would mean an 11-year breakout. That’s when the fireworks start.
Comment by Daniel — April 26, 2017 @ 1:08 pm
DBV – the selling never seems to end. Anyone know what the plan is going forward? Financing? Drilling? Has anyone spoken to farshad?
Comment by Sameer — April 26, 2017 @ 1:21 pm
Jon
are we getting close to the release of the Heart of Gold special section?
Comment by GREGH — April 26, 2017 @ 10:02 pm
MARATHON’S DEEP DRILLING INTERSECTS 5.0 METERS OF 11.08 G/T AU AT DEPTH OF 900 METERS (3,000 FT.), VALENTINE LAKE GOLD CAMP, NEWFOUNDLAND
Marathon Gold Corp. has released high-grade gold assays through thick intervals of stacked quartz-tourmaline-pyrite (QTP) veining with visible gold in drill holes MA-17-174 and MA-17-175, the deepest holes ever drilled at the Marathon deposit, Valentine Lake gold camp. These sub-vertical holes, spaced 180 apart meters along strike, were drilled down through the mineralized corridor of the Marathon Deposit and both intersected abundant, wide intervals of QTP veining with numerous occurrences of visible gold (VG) at depths of up to 950 meters. As a result of drilling from 2014 to date, the uniformity of mineralization in the Marathon Deposit, encountered both at depth and along strike, is indicative of an extensive and strong mineralizing system.
Drill hole MA-17-175 intersected wide intervals of intermittent moderate to high-grade gold to depths of 966 meters, including 1.77 g/t Au over 101 meters with 6.48 g/t Au over 7 meters and 7.92 g/t Au over 4.0 meters, 4.09 g/t Au over 19.0 meters with 12.54 g/t Au over 5 meters and 3.25 g/t Au over 32.0 meters with 11.08 g/t over 5.0 meters. Drill hole MA-17-174 continued to return significant intermittently spaced gold intervals to a depth of 782 meters along the hanging wall edge of the mineralized corridor. The deeper intervals included 3.05 g/t Au over 3.0 meters, 6.65 g/t Au over 3.0 meters and 3.31 g/t Au over 3.0 meters. Both of these deep drill holes clearly demonstrate the potential for definition of additional gold resources beneath the lower limit of the February 2017 resource body (Figure 1).
Marathon Deposit Model
The Marathon Deposit is a classic orogenic gold deposit. These types of gold deposits are found throughout the world and have produced the majority of the world’s gold. The Timmins and Val d’Or orogenic-type gold deposits are noted for having gold deposited at more than 2 kilometers depth, which gives them great underground mining potential. We see the same underground mining potential at the Marathon Deposit.
Highlights:
-Best intercepts in MA-17-174 included 1.36 g/t Au over 76.0 meters with 3.37 g/t Au over 20.0 meters as well as deeper intercepts of 3.05 g/t Au over 3.0 meters, 6.65 g/t Au over 3.0 meters and 3.31 g/t Au over 3.0 meters.
-Best intercepts in MA-17-175 included 1.77 g.t Au over 101.0 meters with 6.48 g/t Au over 7.0 meters and 7.92 g/t Au over 4.0 meters, 4.09 g/t Au over 19.0 meters with 12.54 g/t Au over 5 meters and 3.25 g/t Au over 32.0 meters with 11.08 g/t over 5.0 meters.
-The two drill holes intersected numerous narrow, high grade zones at depth separated by lower grade material. The extensive nature of this mineralization on the hanging wall of the mineralized corridor suggests that there may be better mineralization towards the center of the corridor and that will require additional drilling to prove up.
-Drill holes MA-17-176, MA-17-178 and MA-17-179 were designed to pass through the mineralized corridor at higher elevations than MA-17-174 and MA-17-175 and have successfully encountered typical QTP veins with VG. Assays for these three holes are pending.
“The results of the deep exploration drilling of MA-17-174 and MA-17-175 are very exciting. The potential for deep gold mineralization has been clearly demonstrated. The stage is set for exploring to depth for underground resources and additional open pit resources at the Marathon Deposit. Our goal for the next phase of drilling is to rapidly develop these resources by following the 40 to 100 meter wide mineralized corridor of gold mineralization, which is open along strike in both directions, and also extends to at least 1000 meters in depth and possibly more,” said Phillip Walford, President and CEO.
About Marathon Gold
Marathon Gold Corporation (TSX: MOZ) is a gold exploration company rapidly advancing its 100% owned Valentine Lake Gold Camp located in Newfoundland, one of the top mining jurisdictions in the world. The Valentine Lake property currently hosts four near-surface, mainly pit-shell constrained, gold resources totaling 1,388,200 oz. gold at 1.91 g/t (Measured & Indicated) and 766,500 oz. gold at 2.24 g/t (Inferred), (February 2017). These resources occur over a 20-km system of gold bearing veins – much of the 24,000-hectare property has not been explored in detail to date. Drilling in 2017 will continue to focus on expanding the Marathon Deposit at surface and to depth. The property is accessible by year-round round, and is located within Newfoundland’s electrical grid. The Company has constructed and maintains a 50-person all-season camp at the project. Recent metallurgical tests have demonstrated 93% to 98% recoveries via conventional milling and 50% to 70% recoveries via low cost heap leaching at both the Leprechaun and Marathon Deposits. To find out more information on the Valentine Lake Gold Camp please visit http://www.marathon-gold.com.
Comment by Jon - BMR — April 27, 2017 @ 4:34 am