News

First drilling of the Mars prospect at PolarX’s Alaska Range project has hit porphyry-style veins containing visible copper, with the junior saying it was looking forward to further results from the “very exciting” target (reports MiningNews). PolarX is excited because of the potential significance of any discovery given "the large size of the co‐incident copper‐gold‐molybdenum geochemical anomaly and the geophysical anomalies at Mars". Assays are also awaited for potential gold content.

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Just as one swallow does not a summer make, according to an old proverb, neither does one week of falling gold and rising copper signal a sea-change in investment markets

Just as one swallow does not a summer make, according to an old proverb, neither does one week of falling gold and rising copper signal a sea-change in investment markets – but it could, and that’s interesting. The switch, so modest that not many people noticed, saw gold slip by $64 an ounce to around $US1491/oz and copper rise by US10 cents a pound to $US2.62/lb. In percentage terms, those moves look a little more thought-provoking because they are both roughly 4% - gold down by 4%, copper up by 4%.

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Perth broker Hartleys has upgraded its 12-month price target for base metal developer Venturex Resources’ (ASX: VXR) to 55c-a-share in the wake of a landmark $100 million term sheet for senior debt funding for its Sulphur Springs copper-zinc project

Perth broker Hartleys has upgraded its 12-month price target for base metal developer Venturex Resources’ (ASX: VXR) to 55c-a-share in the wake of a landmark $100 million term sheet for senior debt funding for its Sulphur Springs copper-zinc project in WA. Hartleys resource analyst Paul Howard says Sulphur Springs is one of “a handful of quality global base metal development stories” and the timing of its development is “still compelling” despite some recent slippage.

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6th September 2019

Tiddler Valor Resources is turning its gaze towards the Western Australian Goldfields with an agreement to acquire an interest in the high-grade Radio mine near Southern Cross in Western Australia (reports MiningNews). Valor's Berenguela copper-silver-manganese project in southeast Peru was recently joint ventured out to Rio Tinto's Kennecott Exploration Company, and with that project in hand it is looking to establish a gold revenue stream by early 2020.

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Sandfire chief says this longer-term outlook means now is the time to get set for the next cycle. Plus, African minister’s appearance at local conference fuels hopes that its Mining Right is imminent.

Copper producers are rightly feeling a bit glum, most of them anyway. Prices for the bellwether of global economic activity have slipped in recent months to an uninspiring $US2.56/lb. That compares with the average price for the first half of the calendar year of $US2.80/lb and the 2018 calendar year average of $US2.96/lb. As noted recently by BHP’s VP of markets analysis and economics, Huw McKay, copper is being heavily influenced by the whipsawing of expectations with respect to the US–China trade confrontation.

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Venturex listed on the ASX just before the markets went completely pear-shaped in 2009-2010 (reports Stockhead). Junior explorers were hit particularly hard, and Venturex (ASX:VXR) was forced to rationalise its portfolio and preserve cash as the value of equities plummeted and capital vanished from the markets. So it’s fitting that the company is currently developing a copper-zinc project, called Sulphur Springs, which is designed to be robust at any stage of the price cycle.

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Western buyers may turn to China for additional zinc supplies after Teck Resources, one of the world's largest producers of the base metal, was forced to cut production from one of its refineries (reports The Australian Financial Review). The forecast cut of between 20,000 tonnes and 30,000 tonnes from the Canadian company's Trail refinery comes at a time when the International Lead and Zinc Study Group has identified a 134,000-tonne deficit in the global refined zinc balance.

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Global financial wobbles reinforced the case for gold this week

Global financial wobbles reinforced the case for gold this week but the uncertainty factor caused by the US sharemarket shake-out put a dampener on most sectors of the market and only a handful of gold miners managed to post gains while just about everything else fell. Surprise star of the week was Dacian Gold, a stock that some investors had written off weeks ago after operational problems at its Mt Morgans mine. It added 14c to $1.26, taking its gain since early June to 87c and putting it within sight of its pre-sell off price of $1.59.

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