News

Leading fund manager names Boss as his pick of the uranium stocks. Plus, South32’s copper deal a boost for porphyry hunters such as Sunstone and Hot Chili.

World leaders - most of them anyway – will soon be heading to Glasgow for the United Nation’s Climate Conference, otherwise known as COP26. The idea is that there will be commitments to accelerated net zero emission targets to save us all from global warming through decarbonisation and the electrification of everything.

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The September quarter was an active and positive period for junior explorer Kin Mining (ASX: KIN), with drilling programs delivering positive results across the flagship Cardinia gold project in Western Australia (reports Small Caps).

Highlights included an updated mineral resource estimate for the Cardinia Hill deposit, as well as positive drilling results which further upgraded the prospectivity of the regional Mount Flora and Iron King prospects. The Cardinia Hill indicated and inferred estimate now sits at 2.2 million tonnes grading 1.5 grams per tonne gold for 106 kilo-ounces of contained gold, representing an increase of 45,000 ounces on the estimate released in May.

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The global energy crisis dominated headlines this week with fossil fuels defying the rush into renewables, feeding fear of an inflationary spiral which, in turn, sparked a jump in the price of gold.

A move back towards $US1800 an ounce by gold was a measure of the uncertainty in financial markets as government start to unwind post-pandemic economic stimulus spending just as the climate change debate heats up.The net result is a cocktail of confusion, and perfect conditions for gold to shine even if part of the stimulus unwinding is an increase in official U.S. interest rates.

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Shares in Genesis Minerals jumped on drilling results from the 1.6 million ounce Ulysses gold project in Leonora, Western Australia (reports MiningNews).

Drilling at the emerging Puzzle North discovery intersected broad zones of shallow gold mineralisation. The best results included 44.2m at 3.51 grams per tonne gold from 58.9m, including 10.2m at 10.64gpt gold; 32m at 1.42gpt gold from 58m, including 5m at 5.14gpt; 40m at 1.34gpt gold from 77m, including 8m at 4.37gpt gold; 29m at 4.26gpt gold from 28m, including 4m at 18.39gpt gold; and 5m at 13.3gpt gold from 142m. Puzzle North has been defined over 500m of strike but is open along strike and at depth.

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China’s power crisis boosted prices for all forms of energy this week, though Australia’s full hand of coal, oil, gas, uranium, and renewables helped suppress investor anxiety about the threat of stagflation, an unpleasant mix of value-destroying low growth and high inflation. Adding to the sense of a sea-change in underlying economic fundamentals was a fresh burst of concern about rising interest rates and the withdrawal of easy central bank money which has propped up global asset values.

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Garimpeiro mentioned back on July 25 that he had grown a bit bored with the local gold exploration scene and that he was off to the wilds of West Africa in search of action (reports Barry FitzGerald on Stockhead) .

He came up with a couple of West African gold specialists to keep an eye on – Tietto (ASX:TIE) and Predictive (ASX:PDI) which were trading at 33.5c and 16.5c respectively. Tietto has since moved to 38c ahead of going into a trading halt on Friday, while Predictive has risen to 22c. So that’s gains of 13.5% and 33% respectively. They are more than handy gains given the gold price has fallen to six week lows, with investors giving ASX gold equities in general a lashing in response.

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Plus, first assays for Sunstone’s porphyry play should be close, runaway mineral sands prices a big tailwind for Strandline and Chris Cairns’ new gold float E79 shakes off gold market weakness with strong demand for IPO

The copper stocks have not been spared from the broader market malaise. That’s despite the copper price remaining nice and strong at $US4.17/lb. Plug the spot price into the current earnings period and profits for the producers are going to be substantially higher than the pricing of copper equities would have you believe. If there was a feeling the copper price was about to tank, fair enough. But it is near-impossible to find a forecaster who thinks the copper price is headed for a dive like say, iron ore.

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Two directors of Northern Star Resources have taken advantage of the company’s weak share price to increase their holdings (reports MiningNews).

Two directors of Northern Star Resources have taken advantage of the company’s weak share price to increase their holdings (reports MiningNews). Non-executive director Sally Langer spent A$99,702 on 11,460 shares at $8.70 per share, to take her holding to 13,760 shares. Fellow director John Richards picked up another 5000 shares at $8.92 per share for $44,600, increasing his stake to 15,558 shares. Shares in Northern Star are trading at a two-and-a-half-year low as the market shuns gold equities. The stock even briefly dropped below $8 yesterday.

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