January 30, 2012
Nortec Minerals Corp. (TSX-V: NVT-V: OTC: NMNZF) announced today that the Company signed a Memorandum of Understanding (“MOU”) on January 24, 2012, with Akkerman Exploration B.V. (“AEbv”) to earn an undivided 80% interest in the Karhujupukka Iron-Titanium-Vanadium (“Fe-Ti-V”) Palladium-Platinum-Gold (“PGE-Au”) Property, located in Finland. Nortec will fund and incur Exploration Expenditures of EUR1,500,000 over an Earn-In-Period of four (4) years following the signature of an Option Agreement.
Akkerman has filed an application for 100% of legal and beneficial right, title and interest in and to seven (7) exploration claims (“Karhujupukka Property”) with a combined surface area of approximately 600 hectares. The application was filed with the Finnish Ministry of Labor and the Economy on June 27, 2008.
Nortec will issue to AEbv the following common shares of the Company:
- The date of signature of the Option Agreement: 250,000 common shares;
- The first year anniversary of the Option Agreement: 1,000,000 common shares;
- The second year anniversart of the Option Agreement: 1,500,000 common shares;
- The third year anniversary of the Option Agreement; 2,000,000 common shares.
According to published data (Karvinen, GTK Special Paper 10, 1988), the mineralization contains on average: 40% Fe, 5.5% Ti, 0.3% V, 0.4% Cr, 0.04% Ni and 0.03% Cu and 0.02% Co, 100ppb Pt, 100ppb Pd and 20ppb Au. In addition to these metal values, assay information from the GTK (Geological Survey of Finland) database includes a small number of samples with anomalous nickel and copper values including up to 0.66% copper and 0.12% nickel.
January 30, 2012
Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) is gaining traction within the analyst community, beginning with a recently completed report by Euro Pacifc. EurOmax has a portfolio of projects in the Republic of Bulgaria, Serbia and Macedonia. Several mineral targets have been identified with potential for significant expansion of the current resource calculations. Highlights from the report include the following excerpts.
REASONS TO WATCH
Portfolio of Projects: The Trun project is divided into the Big Hill project and Little Hill project and is comprised of 11 mineral targets along with several additional targets on the various projects owned by EurOmax.
Resource Calculation: EurOmax has a global NI 43-101 compliant inferred resource of 5.79M oz gold, 1.56B lbs of copper, 2.10M oz silver and 34.6M lbs of Molybdenum. The most advanced project is Ilovitza in Macedonia with an NI 43-101 inferred sulphide resource of 303M tonnes grading 0.23% copper, 0.32 g/t gold, and 0.005% molybdenum. The Logo Project on the Trun Property is a highly prospective target and the most advanced at Trun with an inferred resource calculation of 2.10M oz gold.
Favourable Geology: The KMC project has several different types of mineralization including proximal copper-gold skarn, distal gold skarn, lead-zinc-copper-gold skarn, volcanic hosted gold and silica breccia hosting gold mineralization. The Trun project is comprised of multiple gold occurrences which are hosted in granite or, in the case of Logo, in the overlying hornfels. The Ilovitza project is a large copper-gold porphyry with significant potential for expansion.
ACTION – ADD TO WATCH LIST
Euro Pacific believes that EurOmax has several highly prospective mineral targets on multiple projects. Trun and Ilovitza both remain attractive for exploration as they offer significant growth potential of current resources. The Trun property has 10 targets. Only one of these 10 targets at Trun have a resource calculation totalling 2.1M oz gold. The KMC project has five styles of mineralization and has yet to encounter the porphyry intrusions believed to be the cause of the widespread mineralized zones on the project.
January 30, 2012
On the last day of Roundup, Vancouver’s mining showcase, Sandy Chim CEO of Canada’s Century Iron Mines, flashed a few slides about China, India and the iron ore market over the last decade that would make gold bugs green with envy.
BHP, Vale and Rio Tinto control nearly 70% of the 1 billion tonne annual iron ore seaborne trade and pretty much all contract pricing depend on their say so. The price of 62% iron ore never strayed from $10 – 14/tonne for more than 20 years (1991 was a banner year – miners got all of $15.03 for their haul). The state of affairs was due to secretive negotiations and annual contracts.
Then at the end of 2004 all hell (for Chinese steelmakers that is) broke loose. The Big 3 decided enough is enough and put up the price 72%, marking the start of a supercycle and the beginning of the end of the old pricing system.
January 30, 2012
LONDON (BullionVault) – The gold price on Wednesday broke up through the downtrend starting at last summer’s record high. Or so a technical analyst studying the price chart would tell you.
But just as in late 2007 – from where gold began a 55% run inside 6 months – this week the price of gold bullion jumped on news that is fundamental: the price of money, specifically Dollars, the world’s #1 currency for trade and central-bank reserves.
Back in 2007, the catalyst came as a baby-step rate cut of 0.25%, signalling the Fed’s switch from raising to destroying the returns paid on cash savings. Now the Fed’s new zero-rate promise “took gold comfortably clear of the 50, 100 and 200-day moving averages, and opened up some big targets to the upside,” says one London technician. The previous ceiling of $1700 has become a support level according to bullion bank Scotia Mocatta, “with further key support at the 200-day moving average at $1645.”
January 30, 2012
The Gold Report: Philip, welcome. In a recent Union Securities research report, you wrote, “Despite global market volatility and foreign debt issues, we believe market valuations for mining companies, particularly in the precious metals sector, appear to be at incredibly low prices, on level with values seen prior to Q310’s commodity bull run. This is regardless of gold and silver being approximately 30% and 50% higher, respectively.” I agree that current share prices in the junior precious metals space are comparative to that timeframe, but we have been in a risk-off sector investing environment since last July, and you are operating in a high-risk sector. Share prices are low but without investors bidding up prices, how are we going to see a rebound in junior precious metals equities?
Philip Ker: We are seeing current market conditions affect the junior mining space, but also educating investors and helping them identify lower-risk opportunities in projects that are backed by strong management, and ones that can provide value growth in the future. We will need to see continuous positive news, particularly from the senior and midtier producers, at which point it should give more traction toward junior equities. I also expect mergers and acquisitions) activity to be a key factor for the juniors as a result of the strong balance sheets senior producers continue to build; as they look to replenish diminishing production portfolios they will target junior developers coming online.
January 27, 2012
By Thom Calandra
VANCOUVER, Canada — Vancouver’s two January resources get-ups, Cambridge House for investors and B.C. Round Up for geos & technicians, gave us flogging five-day rains, one superb NHL hockey match … and plenty of hard-asset bravado:
- “I don’t own stocks any more; I own colored diamonds,” diamond seller Colin Ferguson told me at a private party I hosted with Cambridge House‘s Joe Martin. (I invite the guests and Joe entertains ’em.) Mr. Ferguson, a 51-year-old Vancouver Island resident, says we’ll see reports of diamond warehousing by aggressive hedge funds. Worldwide demand for diamonds is on track to exceed supply by 7 million carats. The “coloreds,” champagnes (cognac hues), pinks, blues and greens, are beginning to flash in fashion-minded markets. Colin will be at Mr. Martin’s Palm Springs investment conference at Indian Wells, California, in two weeks. I want to see more of these stones. (See: www. cambridgehouse.com)
Dr. Clarke At PMI Gold Booth
- “Poly-metallic mines and properties are always in demand,” Tom Macneill says. I came across Mr. Macneill, a lifelong Saskatchewan resident and longtime chief of 49 North Resources (FNR in Canada), across the street from Waterfront at lunchtime. Tom, sitting at a lunch counter, is sitting on his merchant bank’s 10-percent-plus ownership of surging DNI Metals (DNI). DNI is a northern Canada smorgasbord of elements in an expansive property portfolio. I am fortunate to own FNR and DNI after a fishing trip a couple years back with Tom, Bob Bishop, Doug Casey and others, way up there in Saskatchewan. (By the way, Mr. Macneill is hot on uranium prospectors right now — especially one big one whose first letter is C and its last O.)
- I tested my latest think on the exhibit floor at the Joe show; copper-gold porphyrys will outpace market gains of all metals equities in coming weeks. “When Dr. Copper is in the house, it’s a very, very, very good house,” says Don Mosher. Don represents Riverstone Resources (RVS), a Burkina Faso prospector whose shares look ready to bust out after a largely ignored resource report. A geologist I rely on for analysis, Dr. Peter Megaw of Minaurum (Gold (MGG), Candente Gold and others, told me, “Copper is a big-company business. A billion tonnes of half-percent copper with the gold credit blended in, that takes care of a lot of the risk of taking on a development.”
January 26, 2012
Euromax Resources (OTCQX: EOXFF; TSX-V: EOX) has 100% control of its Ilovitza Copper Gold Porphyry Project in Macedonia. Prior to this release, Freeport-McMoran held a back-in right to acquire a 70% interest in the Ilovitza property. However, Freeport has elected not to exercise the back-in right (see November 29 news release).
According to Quinton Hennigh, the Company’s Chief Geologist, “Our drilling has already demonstrated that Ilovitza is a large Cu-Au porphyry complex, and we also have good geologic and geophysical evidence which indicates that further drilling could significantly expand the known mineralization.” comments Quinton Hennigh, Chief Geologist for EurOmax. “In gaining 100% control over this project, we are now free to proceed with exploration in areas to the southeast and east where we have indications there is significant potential for growth of our resource. We are planning step-out drilling in these areas for 2012. In addition, an updated NI43-101 compliant resource estimate for Ilovitza is expected to be completed this quarter.”