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TSX Venture Exchange and Gold

The Venture’s consecutive weekly winning streak has been snapped at 8 after the Index crossed last summer’s 848 high by a single point intra-day Wednesday, only to pull back 13 points by the end of Friday’s session for a loss of 8 points for the week.  All this while Gold finally broke out of its $1,215 to $1,235 trading range and finished a strong week at $1,257, a new 3.5-month high.  Strangely, the TSX Gold Index has declined for 5 straight sessions and 8 out of the last 9.

With PDAC just around the corner (March 5 to 8), expect a wave of interesting company news releases.  Engold Mines (EGM, TSX-V) got a head start the other day when the stock was halted followed by news that EGM had intersected 27 m of “intensely mineralized material…skarn-type Copper-magnetite…high-grade, massive mineralization containing abundant chalcopyrite, pyrite and magnetite within a near-horizontal skarn bed within the Nicola volcanic host rocks” at its Lac La Hache Property in British Columbia’s Cariboo (see Thursday’s 7 @ 7:00).   The stock jumped 65% in the 2 trading sessions after the news and doubled in price for the week, closing Friday at 28 cents.

Meanwhile, action continued in one of the country’s hottest new areas – the northern Ontario Cobalt Camp where there has been a massive rejuvenation of activity in a prolific district that features spectacular Cobalt grades and was the world’s 3rd largest producer of Silver during the first 6 decades of the 20th century.  A renewed interest in Cobalt, used in Lithium-ion batteries and a growing list of other applications, has been the catalyst driving an area play at and around more than 100 past producing mines in the Greater Cobalt, Ontario, region.

CobalTech Mining (CSK, TSX-V) jumped another 31% for the week after announcing that it has signed an LOI to acquire a fully permitted Cobalt processing facility situated near its current portfolio of Cobalt properties.  Castle Silver Mines (CSR, TSX-V), the most active company in this district over the last several years with 2 prolific past producers, gained another 2.5 cents for the week to 22.5 cents (modest $7.4 million market cap) while LiCo Energy Metals (LIC, TSX-V) announced final preparations for near-term drilling of its promising Teledyne Cobalt Property on the immediate outskirts of the town of Cobalt. 

With U.S. markets on a record run, President Trump addressing Congress Tuesday, exciting developments in the resource sector and PDAC just around the corner, expect a fascinating month of March!

Click here to receive, via email, BMR’s “Who’s Who” List of the Greater Cobalt Camp – the top dozen or so companies active in the district. 

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