Company News – Tue 17 Oct, 2017

By Cory Prize Mining Receives Permits For Trenching And Drilling On The Daylight Gold Property

Now that Prize Mining has its permits the Company will begin drilling. As stated the trenching and drilling is “expected to mobilize this week”. With the drilling underway and as we get closer to some actual drill results this is when the story should get very interesting. There is not much more to say here other than let’s let the drill do the talking.

Click here to visit the Prize mining website.

Calgary, Alberta (Marketwired – October 17, 2017) – PRIZE MINING CORPORATION(“Prize” or the “Company”) (TSXV:PRZ) (MQSP:GR:FRANKFURT) is pleased to announce it was issued an amended Mines Act permit from the Ministry of Energy, Mines and Petroleum Resources of BC authorizing mineral exploration activities on its Daylight Property.

Feisal Somji, chief executive officer of Prize commented: “We look forward to our much anticipated Daylight property drill program. The focus of the program will be on newly defined anomalous targets which have been prioritized from our summer surface exploration work. Historical producing mines on the property have returned grades as high as 37g/t gold, with 2017 grab samples returning as high as 9g/t gold. We are excited to follow up on these combined datasets with a discovery focused drill program. The Company is in a fully financed position and will be mobilizing in the short term.”

The permit gives Prize the right to create up to 3km of access trails, 25 drill sites with sumps and 20 trenching sites. Prize has finalized contracts with Wade Critchlow Enterprises Ltd. of Salmo, BC to engage in all of its trenching activities, and Lucky Drilling Ltd. of Castlegar, BC for its drilling operations. Both companies are expected to mobilize this week.

The Company also anticipates receiving a similar mines permit in the near future for it’s Toughnut property which is contiguous to the Daylight claims.

Jarrod Brown, P.Geo., a Qualified Person under NI 43-101, has reviewed and approved the scientific and technical information in this news release.

About Prize Mining Corp.

Prize is a Calgary-based junior mining issuer with offices in Calgary, Alta., and is listed on the TSX Venture Exchange. Prize is engaged in the acquisition, exploration and development of mining properties. Find out more at: www.prizemining.com or please contact Walter Spagnuolo, Investor Relations by telephone at 403.236.2222 or email at walter@prizemining.com.

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Reader Advisory

Forward-Looking Statements. This news release contains forward-looking statements. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “scheduled”, “potential”, or other similar words, or statements that certain events or conditions “may”, “should” or “could” occur. The forward-looking statements are based on certain key expectations and assumptions made by Prize, including expectations and assumptions concerning the upcoming trenching and drilling program on Prize’s Daylight Property and the timeline for receipt of a permit which would allow for an exploration program on …read more

Source:: The Korelin Economics Report

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Exclusive KE Report Commentary – Tue 17 Oct, 2017

By Cory Tax Reform is Already Priced In To The Markets

Anthony Saccaro, President of Providence Financial and Insurance Services looks at the potential of tax reform and how it would move the markets. He argues that the best case tax reform is already priced in and there are other investments to consider.

Download audio file (2017_10_17-Anthony-Saccaro.mp3)

…read more

Source:: The Korelin Economics Report

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Company News – Tue 17 Oct, 2017

By Cory Core Drilling Supports Strong Continuity of Conglomerates at Purdy’s Reward

Here is the latest news out of Novo. It is encouraging to see the Company adding another drill in the coming week. This is a huge drill program that Novo is under taking. Quinton and his team have explained the exploration plans in prior interviews (click here to listen to an extended interview I had with Quinton and Rob regarding the exploration plans).

Click here to visit the Novo website.

….

VANCOUVER, British Columbia, Oct. 17, 2017 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX-V:NVO) (OTCQX:NSRPF) is pleased to announce that recent diamond core drilling supports strong continuity of targeted gold-bearing conglomerates at the Purdy’s Reward tenement, a farm-in and joint venture Novo has with ASX-listed Artemis Resources Limited and part of Novo’s greater Karratha gold project, Western Australia. Over the past two weeks, twelve diamond core holes have been completed in an east-west oriented area measuring approximately 400×200 m (see Figure 1 below). Targeted conglomerate strata have been intercepted in all holes (see Figure 2 below) and remain open into the greater basin to the southeast. Strata dip at very shallow angles, generally less than 10 degrees.

As discussed in the Company’s news release dated August 31, 2017, Novo is undertaking a two-pronged approach to drilling at Karratha. Scout diamond core drill holes will help allow initial assessment of the depth and thickness of targeted gold-bearing conglomerates. Once target depth and thickness have been determined, large diameter percussion holes (17.5” diameter) will be drilled to collect bulk samples, something necessary given the nuggety nature of gold mineralization. Novo is currently drilling on a 50 m grid at Purdy’s Reward.

Diamond core has provided invaluable information about the gold-bearing conglomerate strata sandwiched between >3.0 billion year old metamorphic and intrusive rocks and the 2.78 billion year old Mt. Roe Basalt, considered the basal member of the Fortescue Group (see Figure 3 below). The Mt. Roe Basalt appears to rest conformably on top of the conglomerate package suggesting it is of similar age to underlying conglomerates. Basalt flows commonly display pillowed textures and indicating they were extruded into a subaqueous environment, likely a shallow marine setting such as a shoreline. Conglomerate horizons appear to be sheet-like rather than channelized and, like the basalt, are interpreted to have been deposited in a shallow shoreline environment. Sandstone horizons thought to be tidal flat deposits (see Figure 4 below) are interbedded with conglomerate horizons.

Rounded to angular clasts of mafic volcanic and intrusive rocks dominated most conglomerate horizons. A slight distinction is made between a lower sequence that is nearly devoid of quartz and an upper sequence that bears up to 10% rounded white quartz clasts. Novo personnel have noted at surface that while the entire conglomerate sequence has been subject metal detecting activity, most gold appears to be derived from the lower, mafic clast-rich conglomerate sequence. The entire conglomerate sequence ranges from around 4 to 15 meters in true thickness within the area …read more

Source:: The Korelin Economics Report

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Rio Tinto declares force majeure at Kennecott following fatal accident

By analyst

Rio Tinto declares force majeure at Kennecott following fatal accident

By Cecilia Jamasmie

Rio Tinto (ASX, LON:RIO), the second largest mining company, declared force majeure last Friday on shipments of refined copper from its Kennecott unit in the U.S. following the death of a worker earlier in the week.

Albert Lozano died on October 11 as a result of sulfur dioxide exposure at the company’s smelter as he was performing regular work duties to remove debris from a boiler, the company said in a statement.

While the firm has not provided any information regarding to when the measure will be lifted, the Utah-based division said production of refined copper at the smelter has been halted since Oct.8, the day of the incident, Reuters reported.

Rio Tinto Kennecott accounts for nearly 20% of the U.S. total copper production, and its iconic Bingham Canyon mine is one of the world’s top producing operations.

Visible from outer space, the Bingham Canyon is the also world’s deepest open-pit mine. First discovered by Mormon pioneers in the mid-1800s, it is over 1.2 km deep, 4 km wide and covers 7.7 km².

A massive slide at the mine three years ago slowed, but did not stop, Rio’s plans to extend the mine’s life by another decade, to 2029. The company believes there’s still as much ore in the ground as miners have taken out of Bingham Canyon since it began production in 1906.

It is estimated that the mine has produced more copper than any mine in history – more than 19 million tonnes. Last year, the mine was responsible for 63% of Rio Tinto’s copper output, generating 156,500 tonnes of refined copper.

A massive slide at the mine three years ago slowed, but did not stopped, Rio’s plans to extend the mine’s life by another decade. (Image courtesy of Kennecott Rio Tinto.)

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Source:: Infomine

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Why Copper is the Best Metals Trade Right Now

By Greg Guenthner

This post Why Copper is the Best Metals Trade Right Now appeared first on Daily Reckoning.

Gold is waking up.

After cratering from more than $1,350 to a low of $1,270 in just four weeks, gold futures finally bounced this month. The fourth quarter has been kind to the metal so far as it briefly pushed back above $1,300 to start the trading week. The Midas metal is giving back some of those gains early this morning. It’s down about $12 so far today…

But gold’s not the metal that’s catching my eye this week.

Right now, I’m all about industrial metals.

A global economic recovery is starting to lift metals from their lows. Steel, nickel, aluminum and iron ore have all perked up recently. Palladium— an important component in catalytic converters— is streaking above $1,000 this week for the first time in 16 years.

One of the big catalysts behind the rally we’re seeing in industrial metals is strong data out of resource-hungry China.

China brought in more than 100 million tons of iron ore last month, Investor’s Business Daily notes. That’s 16% more than the country imported in August. Demand is much stronger than analysts anticipated. Copper imports also continue to surge.

Trumponomics are also helping metals catch a bid. The White House is now “requiring the use of North American-made steel, aluminum, copper and plastic resins in cars and trucks sold under North American Free Trade Agreement rules, as it seeks to give U.S. industry a boost,” Reuters reports.

The results speak for themselves. It’s been a bumpy ride, but the metals and mining sector is finding new life during the second half of 2017. Since the beginning of the third quarter, these stocks are outperforming the S&P 500 by a significant margin.

The SPDR S&P Metals and Mining ETF is up more than 9% since July 1st. Meanwhile, the S&P 500 is up just shy of 5.5%.

Then there’s copper. The metal posted new 2017 highs yesterday, extending its breakout. It’s now sitting on year-to-date gains of almost 30%.

Back over the summer, we told you copper’s bounce off its summer lows was legit. Now it’s extending its comeback move.

You’ll recall that copper died a slow death after topping out in 2011. A nasty six-year bear market sliced its spot price in half. But as we revealed earlier this year, Copper’s prospects have changed dramatically. The post-election rally back in November was the spark that helped copper snap its nasty downtrend. After seven months of choppy consolidation, copper jumped back near its March highs by the summer, signaling to us that it was ready to make a play at a huge breakout.

Now Dr. Copper is back on the move – and we’ve already reserved our seats on the bandwagon. I don’t know if copper is just getting started on another decade-long bull run or if it’s just enjoying a short-term rally. Either way, we’re willing to ride the new trend to gains.

You had a shot to grab onto shares of Freeport-McMoRan Inc. (NYSE: FCX) …read more

Source:: Daily Reckoning feed

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At least six killed in Turkey coal mine collapse

By analyst

By Cecilia Jamasmie

At least six miners died and one was seriously injured after part of a coal mine in Turkey’s southeastern province of Sirnak — bordering Iraq and Syria — collapsed on Tuesday.

According to private Dogan news agency (in Turkish), eight miners were initially trapped, but rescue teams were able to bring seven of them up to surface. Six of the rescued miners, however, died while hospitalized and searchers were trying to reach one other worker who was still trapped inside.

The mine collapse triggered sad memories, as in 2014 the country was shocked by the death of 301 miners who were killed in a fire inside a coal mine in Soma — Turkey’s worst mining disaster. Prior to it, a 1992 gas explosion that killed 263 workers near the Black Sea port of Zonguldak claimed the morbid title.

Before Soma, there had been 1,308 fatal accidents in the nation’s mines since 2000 and 3,000 since 1941, a bleak track record for a country where the mining sector is one of the biggest employers.

That tragedy reignited concerns over lax safety in a country with the highest rate of workplace fatalities in Europe, according to the International Labour Organisation (ILO).

Following the Soma accident, Turkey’s government introduced a new action plan to improve safety in the country’s mines.

The post At least six killed in Turkey coal mine collapse appeared first on MINING.com.

…read more

Source:: Infomine

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“Set It And Forget It” Is Also The Key To Investing…

Zach Scheidt

By Zach Scheidt

This post “Set It And Forget It” Is Also The Key To Investing… appeared first on Daily Reckoning.

I’ve got a personal question to ask you today…

How much time do you spend checking the prices in your investment account?

Do you review your account on a monthly or weekly basis?

Do you login each day and check your account balance?

Do you keep a screen open on your desktop so you can see the ups and down throughout the day?

Or maybe you check stock quotes throughout the day, and have alerts sent to your phone any time a stock moves higher or lower by a set amount.

Now, let me ask you a second question…

Is all of that information really helping you? Are you making good decisions based on the day-to-day fluctuations in stock prices?

It’s an important issue worth thinking about…

Addicted to Worthless Information

Back when I was managing money for my hedge fund clients, I had a major addiction to minute-by-minute stock prices. And I had no idea how damaging that addiction was!

Since I was managing millions for our clients — and since my annual bonus was tied directly to the amount of profit I generated for these customers — I decided to build a comprehensive spreadsheet.

This excel spreadsheet automatically pulled in live quotes from our charting platform. It calculated the live value of each of our customers’ accounts. And based on that calculation, the spreadsheet computed what my annual bonus would be… down to the last penny!

Early in my career, I used to sit and watch this bonus bounce up and down, and think about what I could afford for my family based on what the number said.

Think about how absurd that was!

It could have been midway through March. And my bonus wouldn’t be determined until all of the calculations were completed from the full year of trading (ending December 31st). But I would still be wasting time watching my net worth (on paper) bouncing up and down.

I think I realized how big of a problem this was when I took my mom to lunch for her birthday.

After spending 90 minutes celebrating my mom, I went back to my desk to find that the market had pulled back. The accounts that I managed were off by about 0.5%. On roughly $20 million in assets managed, that netted out to a $100,000 pullback. And since I was entitled to 10% of whatever I made for my clients, the bonus number on my spreadsheet declined by $10,000.

I remember instinctively thinking: “Was that lunch with my mom really worth $10,000??”

What a horrible way for a son to think!

And it’s not like if I had been at my desk during the lunch period, that I would have made any decisions that would have avoided the $10,000 pullback in my theoretical bonus figure.

This was simply part of the ebb and flow of markets. And I was so focused on minuscule market movements that I was allowing it to affect my life balance. Not to mention …read more

Source:: Daily Reckoning feed

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Copper price: Rio slashes production guidance

By analyst

By Frik Els

On Monday, the copper price surged to $3.25 a pound or $7,165 a tonne, its highest level in more than three-and-half years over optimism about the strength of the economy of top consumer China and worries about global supply.

Confirmation of mine disruptions came on Tuesday in Australia after world number two miner Rio Tinto announced copper production in the third quarter declined by 3% to 120,600 tonnes, around 30,ooo tonnes below market expectations.

The Anglo-Australian giant blamed lower copper head grades at the Rio Tinto Kennecott mine in the US and its Oyu Tolgoi copper-gold operation in Mongolia for the miss.

Rio also cut back its guidance for the year to between 460,000 and 480,000 tonnes compared to previous estimates of 500–550,000 thousand tonnes in 2017, following the third quarter impact of the delayed ramp-up of the Escondida expansion in Chile and fourth quarter mine sequencing changes at Kennecott in Utah.

The company also announced in early October a serious incident at the Kennecott smelter resulted in a fatality and that investigations are currently underway.

Other events during the third quarter from Rio Tinto’s production report include:

Pilbara iron ore shipments were 85.8 million tonnes in the third quarter (100 per cent basis), assisted by improved rail capacity and performance. This was six per cent higher than the third quarter of 2016, which was impacted by shiploader maintenance.
Quarterly bauxite production was 12.9 million tonnes for a second consecutive quarter, four per cent higher than the third quarter of 2016, driven by strong performances at Gove and Weipa. Third party shipments for the third quarter were 8.2 million tonnes. Bauxite production guidance is revised to between 50 and 51 million tonnes (previously 48 to 50 million tonnes).
Titanium dioxide slag production increased by 23 per cent compared to the third quarter of 2016, reflecting higher market demand.
As announced on 1 September 2017, Rio Tinto completed the sale of Coal & Allied to Yancoal Australia for total consideration of $2.69 billion.
On 21 September 2017, Rio Tinto announced a new $2.5 billion share buy-back, comprised of a A$700 million (approximately $560 million) off-market buy-back tender in Rio Tinto Limited shares, and an additional $1.9 billion of on-market purchases of Rio Tinto plc shares.

The post Copper price: Rio slashes production guidance appeared first on MINING.com.

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Source:: Infomine

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Iron ore price leaps again

By analyst

Iron ore price leaps again

By Frik Els

On Monday, the iron ore price made another leap higher despite a new report from the the World Steel Association predicting a slowdown in global demand going into 2018.

The Steel Index benchmark price for Northern China 62% Fe ore gained 4% to trade at $62.40 a tonne on Monday. Year-to-date iron ore has averaged just shy of $72 a tonne compared to $56.50 over the course of 2016.

The twice-a-decade gathering will determine the economic goals for the country and could have a significant impact on demand for metals and minerals

Global steel demand growth is expected to slow to 1.6% next year after a robust 2017 mainly as a result of strong expansion in China which forges as much steel as the rest of the world combined, the industry association said on Monday:

China’s steel demand is expected to increase by 3% in 2017, an upward revision over the previous forecast according to worldsteel, but the outlook for the 2018 remains subdued “showing no growth over 2017 as the government resumes and strengthens its efforts on economic rebalancing and environmental protection.”

Worldsteel forecasts in 2018 global steel demand will reach 1.65 billion tonnes with demand excluding China pegged at 882 million tonnes, an increase of 3% in 2018 compared to this year.

More insights on the direction of metal prices should emerge from the 19th National Congress of the Communist Party of China which opens on Wednesday. The twice-a-decade gathering will determine the economic goals for the country and could have a significant impact on demand for metals and minerals as authorities continue to tackle the country’s pollution problems.

Source: World Steel Association

Data released over the weekend showed Chinese producer price inflation rose to 6.9% in September compared to a year ago. The main driver of higher factory gate prices have been metals and minerals which have risen in response to resilient infrastructure spending, capacity cuts and speculation over future market tightness, Capital Economics said in a note.

China’s iron ore imports constitute more than 70% of the global seaborne trade and customs data released last week show September cargoes arriving at the country’s ports jumped to 103m tonnes, up 11% compared to a year earlier. September imports rose by 14.3m tonnes from August. The previous record of 96.5m tonnes was set in March this year.

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Source:: Infomine

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Profit Off Once in a Lifetime Shift Away From Internal Combustion Engine

By Jeb

I am behind in my publishing schedule due to the unexpected Hurricane Irma and the onset of the Jewish New Year. Now that has passed I plan on publishing content on a more regular basis with update CEO interviews and new charts

For some time now, I have been one of the early proponents of investing in cobalt because of its crucial role in lithium-ion batteries used in electric vehicles.

Recently, I learned that major automaker Volkswagen is now looking to secure long-term supplies of cobalt, as they are the latest manufacturer to get on board with the rapidly emerging electric vehicle market. Volkswagen is the largest automaker in the world and, like Tesla, they are keen to carve out a piece of the electric vehicle market. The company plans to introduce over 80 electric vehicles in the coming years as part of a goal to sell more then three million battery-powered vehicles a year by 2025. All I can say is good luck because it won’t be easy to secure supply of cobalt.

More broadly, governments around the world are enacting stricter regulations against pollution – a move that will drive major auto manufacturers into the electric vehicle market as well. In fact, numerous countries have declared their intention to stop the sales of gasoline-powered vehicles altogether in the near future.

Demand for cobalt reflects its critical role of extending battery life of lithium-ion batteries, giving manufacturers the ability to offer batteries that can last nearly a decade. As a result, cobalt’s price has tripled over the past year and a half moving from $10 to $30 US per lb.

Moreover, all of this demand brings issues with the cobalt supply chain into focus. Currently, much of the world’s supply comes from the Democratic Republic of the Congo – a geopolitically unstable region plagued with human rights violations in their mining industry (including child labor). As well, they cannot produce enough cobalt to meet projected demand placing American and European manufacturers under pressure to secure supplies elsewhere.

How do we profit off of this paradigm shift from internal combustion engines to electric-powered vehicles? Invest in cobalt exploration companies with top management teams, financial backing, and promising cobalt assets.

For months I highlighted #firstcobalt $FCC.V $FTSSF, whose goal is to create the largest pure play cobalt development company. They are on their way of doing that, amassing 3k hectares of land in Cobalt, Ontario, including a former, high-grade cobalt mine that produced over 3 million pounds of cobalt.

Recently, $FTSSF announced news which should really draw attention to the upside potential of their project. They took samples from the historic muck piles and tailings of a past producing mine on their property, and the assays showed extremely high-grade cobalt.

Trent Mell, President & Chief Executive Officer, commented: “This is now a high priority target that will require a more detailed drill plan and more initial holes compared to the on-going drill program at the Keeley and Frontier mines. There are real benefits to sampling mined material previously viewed as waste …read more

Source:: Gold Stock Trades.com

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