Scorpio Gold Corporation (TSX-V: SGN; OTC Other: SRCRF) announced today initial drill results from the Brodie Zone at the 70% owned Mineral Ridge project, Nevada including intersects of 12.91 g/t gold over 3.05 Metres that ended in mineralization.
In the release, Peter J. Hawley, President and CEO stated, “Our initial drilling on the Brodie Zone, located 975 metres (3,200 feet) southwest of the Drinkwater pit, has intersected mineralization of interest, in particular drill hole MR11210, which terminated in high-grade mineralization. Additional drilling on the Brodie Zone is planned following review and compilation of the latest results together with historical drilling. Meanwhile, the drill has moved to the Wedge Zone for initial drill testing in that area.”
Gold Tumbles 5.6%: Are Mining Stocks the Next Big Trade?
August 24, 2011It was fun while it lasted, but it looks as though the gold trade is finally unwinding. The precious metal booked a record high close just two days ago, settling at $1,891.90 an ounce on Monday. Today it took a fast and furious 5.6% dive to close at $1,757.30/oz; its biggest single-day drop since March 2008.
What’s been curious about the recent rush to gold is that gold mining stocks weren’t taken along for the ride higher. “There’s long been a knock on the miners,” says Ryan Detrick of Schaeffer’s Investment Research. “Gold is making multi-year highs but the miners aren’t.”
A simple comparison chart shows spot Gold leading the Market Vectors Gold Miners ETF (GDX) by about 30% on a year-to-date and 1-year basis. But as relative strength in miners improves and the world’s favorite safe haven plunges, Detrick says it might be time for “a catch-up buy.”
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