Tuesday 22nd September 2020

Resource Clips


Posts tagged ‘palladium’

Gaia Metals finds new drill targets through updated geophysical analysis

April 16th, 2020

by Greg Klein | April 16, 2020

A gold-polymetallic project in Quebec’s James Bay region shows additional potential following re-evaluation of previous data. On behalf of Gaia Metals TSXV:GMC, Dynamic Discovery Geoscience applied new methods and software to a 1998 induced polarization and resistivity survey over the Golden Gap area of the Corvette-FCI property. With greater geological insight, Gaia now sees a different trend of mineralization that has yet to be drilled, along with additional strike extensions, and parallel and sub-parallel trends.

Gaia Metals finds new drill targets through updated geophysical analysis

Gaia Metals’ polymetallic potential expands,
thanks to modern re-interpretation of historic data.
(Photo: Gaia Metals)

The project comprises Gaia’s 100%-held Corvette claims and a 75% earn-in from Osisko Mining TSX:OSK spinout O3 Mining TSXV:OIII on the FCI-East and FCI-West blocks.

Historic, non-43-101 results from Golden Gap include samples up to 108.9 g/t gold, and a drill intercept of 10.48 g/t gold over seven metres. Areas of interest also include the Elsass and Lorraine prospects, the latter showing an outcrop sample of 8.15% copper, 1.33 g/t gold and 171 g/t silver. Lithium-tantalum channel samples from the CV1 pegmatite reached up to 2.28% Li2O and 471 ppm Ta2O5 over six metres.

The new interpretation finds two separate trends to a previously identified signature. A northern trend strongly corresponds with the historic samples up to 108.9 g/t gold. A less-intense southern trend doesn’t correspond with high-grade sampling. Yet it was the southern trend that was drilled to follow an historic intercept of 10.5 g/t gold over seven metres, even though that trend doesn’t correlate with the mineralized zone in that drill hole.

Outcrop samples collected last year found new gold occurrences along strike to the west, “further supporting the interpreted trend in this direction and significantly amplifying the potential,” Gaia stated. “The western trend outlined in the IP-resistivity data continues to the boundary of the survey, indicating it extends further west.”

Additional areas correlate with surface samples grading between 1 and 3 g/t gold, showing targets that are “parallel to sub-parallel to the main mineralized trend and occur within an area of approximately 2.5 kilometres east-west by 1.5 kilometres north-south,” the company added. “Each of these prospective targets and trends remains to be drill-tested.”

In February the company announced a geological review that highlighted the project’s potential for nickel, copper and platinum group elements. An historic outcrop sample from the Lac Long Sud area brought 3.1 g/t gold, 1.06 g/t palladium, 0.005 g/t platinum, 7.5 g/t silver, 0.24% copper, 0.19% nickel and 411 g/t cobalt. Despite those grades, little of the historic work and none of last year’s samples were assayed for PGEs. “Hence these seemingly isolated results necessitate further geochemical analysis in future exploration programs.”

Among other assets, Gaia’s portfolio includes the Pontax lithium-gold property in Quebec, the Golden silica property in British Columbia and a 40% interest in the Northwest Territories’ Hidden Lake lithium property.

Maintaining essential service

April 14th, 2020

As Quebec mining resumes, Canadian companies make open-or-shut decisions

by Greg Klein | April 14, 2020

As Quebec mining resumes, Canadian companies make open-or-shut decisions

A COVID-19 outbreak put Impala’s Lac des Iles on lockdown.
(Photo: Impala Canada)

 

With additional health standards in place and encouraged by a surging gold price, Quebec miners have been given a back-to-work go-ahead. On lifting a three-week suspension, the province allowed ramp-up procedures to begin April 15. A ban on non-essential industrial activities, including mineral exploration, has been extended to May 4.

Mine restarts announced so far include Eldorado Gold’s (TSX:ELD) Lamaque mine, IAMGOLD’s (TSX:IMG) Westwood operation, Agnico Eagle Mines’ (TSX:AEM) LaRonde complex and Goldex mine, and the Agnico Eagle/Yamana Gold TSX:YRI Canadian Malartic JV.

Glencore stated it’s “analyzing options” to restart its Raglan nickel and Matagami zinc operations in Quebec.

As Quebec mining resumes, Canadian companies make open-or-shut decisions

Agnico Eagle and Yamana Gold were quick to announce
Canadian Malartic’s ramp-up. (Photo: Canadian Malartic JV)

New measures mandated by the government and its health and workplace standards agencies require physical distancing, additional protective equipment, health monitoring and enhanced sanitation. The new regimen also calls for additional training and in some cases longer stints in job site accommodations to reduce travel.

But market forces aggravated by the pandemic will keep Stornoway Diamond’s Renard mine on care and maintenance. Prior to the March 24 government-ordered suspensions, Renard operated only through the support of creditors.

“We will continue to monitor the market conditions for improvements which would allow for a restart of mining activities,” said Stornoway president/CEO Patrick Godin. The diamond industry has been hit by broken supply chains as well as plunging prices.

Also on April 14 McEwen Mining TSX:MUX announced restarts of its Black Fox mine in the Timmins camp, along with the San Jose operation in Argentina. Although the Ontario government exempted mining and exploration from its list of suspensions, the company paused Black Fox for two weeks while implementing new policies and procedures.

“Our miners and teams are overwhelmingly supportive of returning to work with the new safety measures,” the company stated.

In northwestern Ontario, Implats subsidiary Impala Canada suspended its Lac des Iles palladium mine on April 13 after learning that a worker tested positive for COVID-19. By April 14 the company announced seven confirmed cases connected with LDI. 

Impala told all employees to go into isolation until April 27, during which time they’d get a $100-a-day bonus on top of base pay for the entire month. The company also arranged free hotel rooms and meals during the isolation period.

As Quebec mining resumes, Canadian companies make open-or-shut decisions

McEwen Mining lifted the voluntary suspension
of its Black Fox operation. (Photo: McEwen Mining)

Industrial operations face numerous challenges in adapting to new health protocols. Last week the Globe and Mail reported concerns about conditions at Teck Resources’ (TSX:TECK.A/TSX:TECK.B) southeastern British Columbia coal operations.

A local resident “alleged that shortages of protective equipment, crowded commuter buses, packed site vehicles and ‘an absolute impossibility to self-distance because of the nature of the work,’ are fostering an environment where the virus could spread,” the paper stated.

The company had previously announced precautionary measures including “a temporary slowdown of operations and reduction of crews by up to 50%” at its B.C. mines.

According to the G&M, “Stephen Hunt, director of United Steelworkers union, which represents almost all of Teck’s B.C. workforce, said some members are satisfied the company’s mines are safe, while others are worried. He said Teck has made decent strides to reduce the risk for employees, including staggering shift start times to reduce congestion at the mine site as well as removing some of the seating on buses to ensure people are sitting at least six feet apart. Despite these precautions, he’s still on edge.”

On April 13 Cameco Corp TSX:CCO announced that the suspension of its 50%-held Cigar Lake uranium mine in Saskatchewan’s Athabasca Basin would continue indefinitely. Orano Canada also lengthened the suspension of its 70%-held McClean Lake mill, which processes Cigar Lake ore.

The global challenges posed by this pandemic are not abating—in fact, they are deepening.—Tim Gitzel,
Cameco president/CEO

“The precautions and restrictions put in place by the federal and provincial governments, the increasing significant concern among leaders in the remote isolated communities of northern Saskatchewan, and the challenges of maintaining the recommended physical distancing at fly-in/fly-out sites with a full workforce were critical factors Cameco considered in reaching this decision,” the company stated.

President/CEO Tim Gitzel added, “The global challenges posed by this pandemic are not abating—in fact, they are deepening.”

As Quebec allows mining to resume, Canadian companies make open-or-shut decisions

April 14th, 2020

This story has been expanded and moved here.

International Montoro Resources finds greater massive sulphide potential at Elliot Lake, Ontario

December 3rd, 2019

by Greg Klein | December 3, 2019

After adding results from a ZTEM MVI inversion magnetic survey, estimates of the Pecors anomaly double in size.

 

The Serpent River property shows enhanced prospects for nickel, copper, gold, platinum and palladium, according to a recent compilation and analysis of geophysical data. International Montoro Resources TSXV:IMT reported two likely massive sulphide targets over the project’s Pecors anomaly. Now measured to about 5.7 kilometres by 4.2 kilometres by 2.2 kilometres, the anomaly extends to twice the size of a previous estimate.

International Montoro Resources finds greater massive sulphide potential at Elliot Lake, Ontario

A 2015 drill program tested the property’s magnetic anomaly.

The findings come from Mira Geoscience, considered a pioneer of advanced geological and geophysical modelling. The firm analyzed data using its Geoscience Analyst 3D visualization and exploration platform.

Following a 2007 VTEM survey, Montoro sunk two holes totalling 2,322 metres in 2015. One hole intersected a magnetic anomaly’s source, a gabbro body with minor sulphides showing nickel, copper and PGE values near the base. The other hole also intersected the gabbro, finding low-grade gold, platinum, palladium, copper and nickel values, the company stated.

“In essence we are exploring for a massive sulphide nickel-copper-PGE-gold deposit,” said president/CEO Gary Musil.

Last October the company announced a 51% earn-in on the 2,250-hectare Camping Lake property in Ontario’s Red Lake district. In British Columbia’s Cariboo region, Montoro completed rock and soil sampling last July on its 2,138-hectare property bordering Defense Metals’ TSXV:DEFN Wicheeda rare earths project.

Montoro’s portfolio also includes two northern Saskatchewan uranium properties held 50/50 with Belmont Resources TSXV:BEA.

Global decline affects exploration in Canada and abroad

October 18th, 2019

by Greg Klein | October 18, 2019

Some optimistic indications are already apparent but 2019 marked a generally disappointing year for exploration spending world-wide. The upturn that began in 2016 slumped in late 2018 and continued to languish through most of this year. That’s the verdict of S&P Global Market Intelligence, which announced the exploration world’s first cumulative budget decrease since 2016 and Canada’s first slip behind Australia since 2001. Commodity prices and U.S.-China trade tensions played a role, but so did corporate mergers, S&P found.

Canadian companies follow global decline in exploration

“Difficult market conditions and high-profile M&A activity have unsurprisingly impacted budgets the most, as the amount of money being raised by companies dropped sharply from November 2018 through February of this year,” said S&P’s Mark Ferguson, who co-wrote the study with Kevin Murphy. “We are encouraged, however, by some positive signs, such as the rising number of active companies, and copper recording a year-over-year increase.”

The data comes from a survey of 3,300 public and private companies to determine their spending on non-ferrous exploration within continents and regions or, in the case of top three countries Canada, Australia and the United States, within national borders.

Preliminary data shows an estimated $300-million drop in global nonferrous exploration spending this year, to $9.8 billion (all figures in U.S. dollars). But the decline was hardly uniform. Of those countries that bucked the trend, Australia attracted the highest spending increase within its borders, gaining $199 million while Canada dropped by $134 million.

Despite Latin America’s $117-million decline, the region retained global first place with $2.62 billion in spending. Australia’s $1.53 billion took second place, followed by the Rest of the World category’s $1.44 billion, Canada’s $1.31 billion, Africa’s $1.12 billion, the United States’ $944.8 million and Pacific/Southeast Asia’s $327 million.

Exploration at existing mine sites outpaced grassroots and advanced-stage projects, continuing a trend since the 1990s. This year’s mine site exploration grew by $225.6 million to reach $3.6 billion, compared with reductions of $529.4 million for advanced stage projects and $35.7 million for grassroots work. “This marks the first year that mine site allocations have accounted for the largest share of global exploration at 38.5%, with late stage dropping to 35% and grassroots almost flat at 27%,” S&P stated.

As is normally the case in high-level mergers, the exploration budgets of the combined entities are much lower than the totals budgeted by the individual pre-merger companies, with Newmont Goldcorp Corp [TSX:NGT] and Barrick Gold Corp [TSX:ABX] allocating about $48 million and $54 million less, respectively, than the two pairs of companies did in 2018.—S&P Global Market Intelligence

Among culprits for the overall decline was M&A, “most notably the Newmont-Goldcorp and Barrick Gold-Randgold tie-ups.”

Additional factors included market apprehension about China and the U.S. along with generally disappointing commodity performance. Exceptions were “mostly smaller players.” Despite rising prices in nickel and palladium, the two metals combined attracted less spending than zinc. But thanks largely to copper, base metals exploration overall rose by $191.1 million to $3.23 billion.

Diamonds increased for the second time since 2012, by $75.8 million to $304.6 million.

If gold offered encouragement, it came too late for 2019 budgets. The yellow stuff suffered the worst exploration decrease of any of the survey’s commodities, dropping by $559.4 million to $4.29 billion. Although still a contender for 2020 improvement, “any rise in gold budgets will likely be offset by lower allocations for other commodities.” As a result, S&P predicts next year’s exploration budgets “to remain fairly flat.”

Global spending by Canadian explorers will total about $2.16 billion this year, according to a forecast released by Natural Resources Canada in August (these figures in Canadian dollars). That number compares with $2.3 billion last year. Juniors are expected to pony up about $961 million and seniors another $1.2 billion, marking declines of 4% and 9% respectively from 2018.

Visual Capitalist looks at palladium—the secret weapon in fighting pollution

August 20th, 2019

by Nicholas LePan | posted with permission of Visual Capitalist | August 20, 2019

Despite the growing hype around electric vehicles, conventional gas-powered vehicles are expected to be on the road well into the future.

As a result, exhaust systems will continue to be a critical tool in reducing harmful air pollution.

The power of palladium

This infographic comes to us from North American Palladium TSX:PDL, and it shows the unique properties of the precious metal and how it’s used in catalytic converters around the world.

In fact, palladium enables car manufacturers to meet stricter emission standards, making it a secret weapon for fighting pollution going forward.

 

Visual Capitalist looks at palladium the secret weapon in fighting pollution

 

The world is in critical need of palladium today. It’s the crucial metal in reducing harmful emissions from gas-powered vehicles—as environmental standards tighten, cars are using more and more palladium, straining global supplies.

What is palladium?

Palladium is one of six platinum group metals which share similar chemical, physical and structural features. Palladium has many uses, but the majority of global consumption comes from the autocatalyst industry.

In 2018, total gross demand for the metal was 10,121 million ounces (Moz), of which 8,655 Moz went to autocatalysts. These were the leading regions by demand:

  • North America: 2,041 Moz

  • Europe: 1,883 Moz

  • China: 2,117 Moz

  • Japan: 859 Moz

  • Rest of the world: 1,755 Moz

Catalytic converters: palladium versus platinum

The combustion of gasoline creates three primary pollutants: hydrocarbons, nitrogen oxides and carbon monoxide. Catalytic converters work to transform these poisonous and often dangerous chemicals into safer compounds.

In order to control emissions, countries around the world have come up with strict emissions standards that auto manufacturers must meet, but these are far from the reality of how much pollution is emitted by drivers every day.

Since no one drives in a straight line or in perfect conditions, stricter emissions testing is coming into effect. Known as Real Driving Emissions, these tests reveal that palladium performs much better than platinum for typical driving uses.

In addition, the revelation of the Volkswagen emission scandal (known as Dieselgate) further undermines platinum use in vehicles. As a result, diesel engines are being phased out in favour of gas-powered vehicles that use palladium.

Where does palladium come from?

If the world is using all this palladium, where is it coming from?

Approximately 90% of the world’s palladium production comes as a byproduct of mining other metals, with the remaining 10% coming from primary production.

In 2018, there was a total of 6.88 million ounces of mine supply primarily coming from Russia and South Africa. Conflicts with or within these jurisdictions present significant risks to the global supply chain. There are a few North American jurisdictions, such as Ontario and Montana, which present an opportunity for more stable primary production of palladium.

Long road to extinction

The current price of palladium is driven by fundamental supply and demand issues, not investor speculation. Between 2012 and 2018, an accumulated deficit of five million ounces placed pressure on readily available supplies of above-ground palladium.

Vehicles with internal combustion engines (ICE) will continue to dominate the roads well into the future. According to Bloomberg New Energy Finance, it will not be until 2040 that ICE vehicles will dip below 50% of new car sales, in favour of plug-in and hybrid vehicles. Stricter emissions standards will further bolster palladium demand.

The world needs stable and steady supplies of palladium today, and well into the future.

Posted with permission of Visual Capitalist.

Streamers turn to cobalt as Vale extends Voisey’s Bay nickel operations

June 11th, 2018

by Greg Klein | June 11, 2018

It was a day of big moves for energy minerals as China bought into Ivanhoe, Vale lengthened Voisey’s and streaming companies went after the Labrador nickel mine’s cobalt.

On June 11 Robert Friedland announced CITIC Metal would pay $723 million for a 19.9% interest in Ivanhoe Mines TSX:IVN, surpassing the boss’ own 17% stake to make the Chinese state-owned company Ivanhoe’s largest single shareholder. Another $78 million might also materialize, should China’s Zijin Mining Group decide to exercise its anti-dilution rights to increase its current 9.9% piece of Ivanhoe.

Streamers turn to cobalt as Vale extends Voisey’s Bay nickel operations

At peak production, Voisey’s underground operations are expected to
ship about 45,000 tonnes of nickel concentrate annually to Vale’s
processing plant at Long Harbour, Newfoundland.

Proceeds would help develop the flagship Kamoa-Kakula copper-cobalt mine in the Democratic Republic of Congo and the Platreef platinum-palladium-nickel-copper-gold mine in South Africa, as well as upgrade the DRC’s historic Kipushi zinc-copper-silver-germanium mine. Ivanhoe and Zijin each hold a 39.6% share in the Kamoa-Kakula joint venture.

Even bigger news came from St. John’s, where Newfoundland and Labrador Premier Dwight Ball joined Vale NYSE:VALE brass to herald the company’s decision to extend Voisey’s Bay operations by building an underground mine.

The announcement marked the 16th anniversary of Vale’s original decision to put Voisey (a Friedland company discovery) into production. Mining began in 2005, producing about $15 billion worth of nickel, copper and cobalt so far. Open pit operations were expected to end by 2022. Although a 2013 decision to go ahead with underground development was confirmed in 2015, the commitment seemed uncertain as nickel prices fell. That changed dramatically over the last 12 months.

With construction beginning this summer, nearly $2 billion in new investment should have underground operations running by April 2021, adding at least 15 years to Voisey’s life. The company estimates 16,000 person-years of employment during five years of construction, followed by 1,700 jobs at the underground mine and Long Harbour processing plant, with 2,135 person-years in indirect and induced employment annually.

Nickel’s 75% price improvement over the last year must have prodded Vale’s decision. But streaming companies were quick to go after Voisey’s cobalt. In separate deals Wheaton Precious Metals TSX:WPM and Cobalt 27 Capital TSXV:KBLT have agreed to buy a total of 75% of the mine’s cobalt beginning in 2021, paying US$390 million and US$300 million respectively. They foresee an average 2.6 million pounds of cobalt per year for the first 10 years, with a life-of-mine average of 2.4 million pounds annually.

Both companies attribute cobalt’s attraction to clean energy demand and a decided lack of DRC-style jurisdictional risk. But Vale also emphasizes nickel’s promise as a battery metal. Last month spokesperson Robert Morris told Metal Bulletin that nickel demand for EVs could rise 10-fold by 2025, reaching 350,000 to 500,000 tonnes.

Total nickel demand currently sits at slightly more than two million tonnes, Morris said. New supply would call for price increases well above the record levels set this year, he added.

Who’s doing what, and why?

May 10th, 2018

Four banks manipulate six commodities to manage other markets, says Ed Steer

by Greg Klein

Probably the most facile way to dismiss a conspiracy theorist is to label the person “a conspiracy theorist.” Conventional thinking gives the term negative connotations, even though history and current events have an inconvenient tendency to reveal conspiracies in action. Ed Steer’s interest in bullion manipulation started with the Hunt brothers’ 1970s silver conspiracy. Having spent decades watching the machinations of others, the newsletter writer and Gold Anti-Trust Action Committee board member adamantly declares that “there are no markets, just interventions.”

Four banks manipulate six commodities to manage other markets, says Ed Steer

Ed Steer speaks at the International Mining
Investment Conference, held in
Vancouver on May 15 and 16.

Drawing on the work of GATA and analyst Ted Butler, Steer believes precious metals “have been managed actively” in the COMEX futures market since 1973. Price suppression supports “the paper game they’re playing in the stock and bond markets,” a game that’s continued since the U.S. dropped the gold standard in 1971, he argues.

“We’ve had a complete blow-up of paper assets because of unlimited money printing. They don’t want that showing up in the commodities market because the moment that it does, all the paper’s going to rush out of Wall Street, the bond market, the Dow and every other index, and into gold and silver in particular and commodities in general. And that’s not what they want to happen.”

If those two metals merit suppression, so do platinum and palladium. “You couldn’t have a $3,000 or $4,000 platinum price while gold’s sitting at $1,200,” he states. “People would start asking questions.”

Not just bullion but, more recently, copper and crude too. “If you can control the prices of those six, you can pretty well control the prices of other commodities, whether they’re wheat, oats, sugar, lumber or whatever. There will be circumstances of course when supply-demand factors in some commodities will cause a run-up in prices. But overall, they keep those six commodities under price control and, when they do that, they can control everything else.”

Who are they? He attributes special prominence to JPMorgan Chase. “They’re the biggest players in all four precious metals, and they’re also in the crude oil market to a certain extent. It’s JPMorgan Chase, HSBC USA, Scotiabank here in Canada, and most likely Citigroup, but JPMorgan is by far the ringleader. There may be some investment houses involved as well like Morgan Stanley and I think Goldman Sachs, which is now a bank. So it’s the Wall Street paperhangers, four or five of them versus everybody else. There’s also lots of foreign banks involved, maybe up to 30, but their positions are very, very minor compared to the big traders that control almost 50% of the COMEX futures market in gold right now.

Four banks manipulate six commodities to manage other markets, says Ed Steer

“This is total collusion. They all buy at the same time, they all sell at the same time…. There’s no free market in any of this.”

Now, with the gold-silver ratio sometimes surpassing 80 to one, Steer blames this extraordinary divergence on the same tactics.

“JPMorgan has taken silver down from $49 in 2011 all the way to $16 or $17, and they’ve held it there. If the gold-silver ratio were even close to normal it would be around 25 or 30 to one. Of course that would be double or triple the silver price that we have today, and even that doesn’t fully take into account supply and demand. As far as I’m concerned the silver price should be well over $100 an ounce by now and the ratio should be about 20 to one.”

Oil presents another example. “It’s up over 30% since the middle of December. The gold price has done basically nothing. That’s not what normally happens. When oil prices rise, it’s a sign that commodity prices will rise and of course gold and silver are normally the leading indicators. The metals aren’t being allowed to function as leading indicators because they’re trying to get the oil price up without affecting gold and silver prices—and they’ve done an awesome job of that.”

It doesn’t make any difference how many bombs fall on Syria, Iraq or Iran, or what the supply-demand situation is. It all depends on what’s happening in the COMEX futures market.

External forces play little or no role, he maintains. “It doesn’t make any difference how many bombs fall on Syria, Iraq or Iran, or what the supply-demand situation is. It all depends on what’s happening in the COMEX futures market.”

He does concede, however, “If things got really extreme, if downtown Tehran disappeared under a mushroom cloud, that would probably move the markets.”

But sometime in the foreseeable future, those in control will have to let bullion rise, he adds. “It’s very hard to defend this price right now. Demand is exceeding supply, certainly in gold. They’re going to have to increase the prices in both gold and silver, but whether they’ll allow prices to run free remains to be seen. They might just allow gold to rally $300 or $400 or so, and up to $50 in silver, and hold the prices at that new level. But they’re going to have to let it go sooner or later and I think the day is coming sooner.”

That would mean the two metals do offer a safe haven after all. “I think this COMEX futures paper game is going to end pretty soon and those who were already positioned are going to reap substantial rewards. It’s better to be a year or two early rather than five minutes or two days late.”

Ed Steer speaks at the International Mining Investment Conference, held in Vancouver from May 15 to 16. For a 25% admission discount click here and enter the code RESOURCECLIPS.

Read about conference speakers Jayant Bhandari and Simon Moores.

King’s Bay Resources reports initial drill results from Labrador nickel-cobalt project

January 16th, 2018

by Greg Klein | January 16, 2018

Although collared 150 metres apart, the first two holes on King’s Bay Resources’ (TSXV:KBG) Lynx Lake property both showed nickel-cobalt values above background levels over wide intervals.

King’s Bay Resources reports initial drill results from Labrador nickel-cobalt project

Lynx Lake has the Trans-Labrador Highway
bisecting the property, as well as adjacent power lines.

Hole LL-17-01 brought 0.058% nickel and 0.013% cobalt over 115.2 metres. LL-17-02 returned 0.057% nickel and 0.014% cobalt over 110.8 metres (not true widths). The thickness of the intervals and distance between the holes suggest “potential for a more localized zone of economic mineralization in the area,” the company stated. Assays for gold, platinum and palladium are expected later this month.

The initial drill campaign tested a small part of an approximately 24,200-hectare property. Under focus was the project’s West Pit, where airborne VTEM found a shallow anomaly of high resistivity measuring about 400 metres in diameter and 50 to 300 metres in depth. Historic, non-43-101 grab sample assays from the area graded up to 1.03% copper, 0.566% cobalt, 0.1% nickel, 5 g/t silver, 0.36% chromium, 0.39% molybdenum and 0.23% vanadium.

Other historic, non-43-101 grab samples from the property’s east side showed up to 1.39% copper, 0.94% cobalt, 0.21% nickel and 6.5 g/t silver.

King’s Bay now plans geostatistical and structural analysis to identify more drill targets. A field crew returns later this year.

Meanwhile a 6% copper grade highlighted last month’s results from the company’s Trump Island project in northern Newfoundland. Four of 15 outcrop samples surpassed 1% copper and also showed cobalt assays up to 0.12%.

In September King’s Bay offered a $250,000 private placement that followed financings totalling $402,000 that closed the previous month.

Bullion buyers beware: Fake bars and coins hit the market

November 1st, 2017

by Greg Klein | November 1, 2017

Pssst… Wanna buy an ounce of gold for a buck? One Vancouver Craigslist vendor’s offering such a deal, to be transacted in a “safe spot for the both of our safety” [sic]. The merchandise consists of a bar supposedly produced by the Royal Canadian Mint. The seller claims to have other gold bars and maple leaf coins available.

Bullion buyers beware: Fake bars and coins hit the market

Although the Royal Canadian Mint safeguards
its products, at least one fake has surfaced.

While it’s not clear what the $1 ploy intends to accomplish (and the offer changed as this story was being written), the sales pitch comes after CBC revealed that an Ottawa branch of the Royal Bank sold a fake one-ounce bar attributed to the Mint. The Mint denied supplying the fake, saying that counterfeits of its bullion products are “extremely rare and this is an isolated case.”

But as a number of critics responded, bullion and currency counterfeiters don’t normally produce one-off fakes.

That was a point also emphasized by two U.S. congressmen who chastised their country’s mint and Secret Service for not investigating a batch of fake American Eagle gold coins. As reported in Goldseek, their letter included what appeared to be a 1995 example. “You are free to keep it, as it’s a worthless tungsten fake,” the congressmen stated.

They go on to ask what investigations have taken place into fake bullion and what anti-counterfeiting measures are being introduced “to protect the integrity of U.S. coins minted specifically of gold, silver, platinum and palladium.”

A statement from Canada’s mint emphasizes its world-class assay lab and “advanced anti-counterfeiting features … such as Bullion DNA technology and micro-engraved security marks.”

Kitco referred to a recent statement from the Professional Numismatists Guild calling fake bullion a multi-million-dollar business. By happy coincidence a news outlet and bullion dealer, Kitco emphasized the importance of buying from a reputable seller.

But as Murenbeeld & Co analyst Brian Bosse told CBC, “The real question is, how did this get into RBC’s inventory?” An RBC spokesperson said the bank has an internal investigation underway “but wouldn’t say if the bank is making changes to how it handles and verifies bullion,” CBC added.

Bosse warned the network that counterfeiting could place a chill on the bullion market.