Gold Breakout
Today, August 7, 2019, gold broke out past $1,500 USD per ounce. It's still got a ways to go to break past it's old 2011 high of $1900 but in other currencies this metal is really shining. In CAD the price hit a new all time high of $2011. In AUS the price hit $2224 and in New Zealand the price hit $2330 per ounce. Silver is also starting to makes some moves but still has a long way to go to catch up with gold.
Lots of the miners are hitting new highs also. First Majestic FR, Barrick ABX both hitting new highs. Take a look at Kirkland Lake KL. Went over $65 bucks today. Almost unheard of for a gold stock but there it is. The smaller players even though a lot are at work are just not getting the love yet. In fact a lot of them are still at 52 week lows or just hovering above that.
News is starting to come out of the GT area of BC now. Just a week or so ago Brixton BBB issued news of assays from their Thorn porperty of 554.70 meters of 1.97 G/T au. The stock has more than doubled on that news from around 14 cents to 28 cents.
Golden Ridge GLDN had news from the Hank property also. 380.5 m of 0.22 g/t Au. The market was hoping for more and the stock has suffered a sell off from around 15 cents to 12 cents. Drilling continues.
GT Gold GTT had news last month of 500 m of 0.91 g/t Au at Tatogga. The market liked that news and the stock popped about 20%.Garibaldi GGI has yet to issue any news this season however Metallis MTS has outlined new nickle and gold targets at Kirham and drilling is to start later this month.
News today that Skeena Resources SKE started drilling at Eskay Creek. Skeena just did a couple rounds of financing and raised around 5 million dollars so they should be good for a while.
Interesting chart below. That's nickel. Up about 40% since the beginning of the year. Companies like Sherrit S should benefit in the long run. Sherrit had a mean fall awhile back on missed earnings, lots of debt, etc. etc. Last new release was end of July and it read: Sherritt loses $90.4-million in Q2.
Keep an eye on Benchmark Metals BNCH. The 2019 exploration program is focusing on expansion of current mineral resources and exploration targets. Drilling will soon commence at the AGB zone, where Benchmark previously reported historical high-grade drilling intersections of 108.36 grams per tonne gold and 911.2 g/t silver over seven meter of core length and 6.96 g/t gold and 254.70 g/t silver over 57.9 meter of core length.
Mountain Boy Minerals MTB is on track to be drilling this summer. From a new release late in July the company stated: "The spectacular gold and silver values found in this area are now better understood in terms of our emerging geological model," commented Lawrence Roulston, chief executive officer. "Four historic, high-grade mines, either on the Mountain Boy property or immediately adjacent, are now recognized as being part of a large and robust geological system, similar to those which have made the Golden Triangle such a treasure trove."
Not a GT stock but couldn't help but notice today that Prophecy Development PCY stock was up 35%. Prophecy is a vanadium explorer but does have an exposure to a large silver deposit in Bolivia.
If you enjoyed this article, please feel free to share. When seeking out mining stocks always use Due Diligence and see our Disclaimer and be sure to sign up for our free news letter located on the right hand side of this page.