PALM BEACH, Florida, August 14, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Despite continual threats of a global trade war the markets have been relatively calm of late coupled with a stronger U.S. dollar. Taking all into consideration it is not surprising that gold prices dropped 6% in the second quarter, according to the world's largest bank as it lowers its gold outlook for 2018. However, despite the precious metal's lackluster performance in the first half of 2018, Marcus Garvey, senior manager at ICBC Standard Bank still see some potential for gold in the second half of the year. Bank of America - Merrill Lynch expects the gold price to climb above $1,300 by the end of the year, with a forecast of $1,380 by 2020 - a potential upside of 13%. The price of gold especially has been affected by the recent political uncertainty, including tension over the U.S.-China trade war and the impact of U.S. sanctions on Iran. Expectations of higher U.S. interest rates this year could also play an important role on the change of gold price. According to Reuters, ANZ analysts said in a note, "We believe a reversal in gold prices is in the offing, as speculation of a trade war and Iranian sanctions are turning into reality. Further, record short investors positions in gold strengthen our conviction of a price recovery in H2." Active Mining Companies in the markets this week include: Rosita Mining Corporation (TSX-V: RST) (OTC: MDLXF), Sokoman Iron Corp. (TSX-V: SIC) (OTC: GDNDF), Aben Resources Ltd. (TSX-V: ABN) (OTC: ABNAF), Goliath Resources Limited (TSX-V: GOT), Golden Ridge Resources Ltd. (TSX-V: GLDN).
Rosita Mining Corporation (TSX-V: RST.V) (OTCPK: MDLXF) BREAKING NEWS: Rosita Mining is pleased to announce that it has entered into a binding L.O.I. to acquire 100% of the Marilyn Three Project, Newfoundland.
The Marilyn Three Property is located within a northeast-trending belt of Silurian volcanic, volcaniclastic and sedimentary rocks, adjacent to a large bimodal intrusive. This intrusive (The Mount Peyton complex ) is thought to be responsible for the large regional fault structure located within the larger area and within the property. The project/property consists of 104 claim blocks representing exclusive exploration rights to a land package of approximately 6,448 acres (2600 hectares) and lies within the same belt of rock and on trend with the mineral license hosting Sokoman Iron Corp.'s recently announced discovery hole (Sokoman Iron Corp. news release dated July 24, on its Moosehead gold project, where Sokoman Iron reported a drill intersection of 44.96 grams per tonne gold over 11.9 metres).). Additionally within the property, recent work has identified quartz subcrop blocks (enriched in silver, arsenic and antimony) with assays up to 4.8g/t Au. These blocks are located approximately 150m west of a recently identified 10-15m wide epithermal vein system in outcrop. Appearances and textures indicate that the vein outcrop is a fully preserved epithermal quartz veined system with potential significant grades just below the surface within the boiling zone.
Terms of the L.O.I. are as follows:
(i) Paying the Vendors $35,000 within 24 hours of signing this LOI;
(ii) Issuing 2.5 million shares of Rosita Mining upon receiving regulatory approval;
(iii) Vendors retains a 2% Net Smelter Royalty on the property. Rosita will have the the right to buy ½ (1%) of the royalty for 1% at any time for CAN$1 million;
(iv) Reimbursing the Vendors for additional out of pocket staking costs.Read this and more news for Rosita Mining Corporation at: http://www.marketnewsupdates.com/news/rst.html
In other recent drilling developments from around the markets:
Sokoman Iron Corp. (TSX-V: SIC.V) (OTC: GDNDF) has received assay results from drilling recently completed at the Moosehead gold project in central Newfoundland. The company has completed a total of 1,970.5 metres in 15 holes (as proposed in its phase 1 program). Assay results have been received for the first three holes and the results confirm that the company has made a high-grade discovery in an area with little previous drilling. The company's first hole, MH-18-01, intersected a mineralized zone that returned 11.9 metres of 44.96 grams per tonne gold (109 metres to 120.9 metres).
Aben Resources Ltd. (TSX-V: ABN.V) (OTC: ABNAF) recently announced that assay results from the first drill hole of 2018 have been received with multiple high-grade zones and precious metal values intersected in the hole at shallow depths. Drill hole FK18-10 was collared in the North Boundary Zone of the Forrest Kerr Property in BC's Golden Triangle region where drilling late in the season in 2017 discovered strong precious and base metal mineralization. Hole FK18-10, the first of eight holes that have been drilled thus far, has four separate high-grade zones with the best zone returning and interval of 38.7 g/t Au over 10.0m including 62.4 g/t Au over 6.0m starting at 114 metres downhole. Jim Pettit, President and CEO of Aben Resources stated, "The high-grade gold and base metal values in the first hole of the 2018 drill program have far exceeded our expectations and confirm the presence of a robust and strong mineralizing system at the recently discovered North Boundary Zone. We are now looking at an area that extends 230m south to the historic high-grade Noranda drill hole from 1991 and although the geology is complex we believe more drilling will delineate additional high-grade mineralization.
Goliath Resources Limited (TSX-V: GOT.V) recently announced initial prospecting on the Lucky Strike property has already resulted in the discovery of several new significant zones of widespread mineralization at surface and it has expanded its drill program to test one of these new zones. In addition, the Caribou Mitigation and Monitoring Plan (CMMP) at Copperhead has been approved; all drill programs at Lucky Strike and Copperhead are proceeding on schedule. Initial 2018 prospecting one kilometer southeast of the main Prosperity Bullseye zone in the area of one of the flanking satellite bodies has identified outcropping intrusive rocks with disseminated sulphides and accompanying malachite and azurite staining; assays are pending. The extensive 2017 surface soil geochemical with a coincident large subsurface geophysical signature in combination with the geology are very strong indicators for a porphyry system at depth.
Golden Ridge Resources Ltd. (TSX-V: GLDN.V) recently announced it has completed the first two holes drilled at its newly discovered Williams Zone target on the Company's Hank project located in BC's golden triangle. The two holes were collared 250 meters apart towards each other on section and were designed to begin testing the size and orientation of a broad magnetic high, identified during the 2017 campaign, which was coincident with outcropping rock showing strong potassic alteration, including hydrothermal k-spar, biotite, magnetic and specularite as well as disseminated chalcopyrite, bornite, covellite and digenite mineralization (see November 22nd, 2017 press release). A third hole has begun on the Williams zone and a new pad is currently being constructed 300m from the current drilling area, in order to test for the continuation of the system to the northeast. HNK-18-001 final depth was 425m collared with an azimuth of 100 degrees with a dip of -60. HNK-18-001 started on the western edge of the magnetic high anomaly.
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