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RSD Weekly Recap: Gold Correction, Potash Ridge, Gainey Capital, K92 Mining, Leading Edge Materials

October 10, 2016

This is Gerardo Del Real with the Resource Stock Digest weekly recap.

The correction in gold and silver I’ve been warning about is here. Gold corrected sharply this week, down nearly 5% from $1,320 to $1,258 per ounce. Silver was down nearly 10%, and settled at $17.38 an ounce.

Copper was down 2.1% while platinum and palladium lost 7% and 7.5% respectively.

Oil has continued its rally and on Thursday broke the $50 level.

I had the opportunity to speak with COO of Potash Ridge (TSX-V: PRK)(OTC: POTRF) Ross Phillips (Click for Interview) who explained the significance of its recent off-take agreement.

I also had the pleasure of speaking with (Click for Interview) Gainey Capital (TSX-V: GNC)(OTC: GNYPF) CEO David Coburn. Gainey Capital appears to be on to what could be a new discovery in Mexico. Although early stage, the company has market-cap of only $17 million. It has a large land package, some very supportive and high-net worth shareholders and is drilling multiple targets at what could be a district-scale play.

K92 Mining (TSX-V: KNT)()OTC: KNTNF) achieved a significant milestone with its first gold production at its Kainantu Gold Mine. I was able to chat with (Click for Interview) President Bryan Slusarchuk who explained how important achieving gold production on time and under budget was, and also explained what sees as the next catalysts for the company.

Lastly I was able to catch up (Click for Interview) with Leading Edge Materials' (TSX-V: LEM)(OTC: LEMIF) CEO Blair Way who provided an update on the most recent results from its Woxna battery grade high purity graphite qualification. Leading Edge is positioning itself as the next supplier of high purity graphite. The company has a unique advantage to continue the qualification process. It is the only junior with a fully-permitted mine and processing facility and has hundreds of tons of stockpile material to continue the qualification process.

That’s all for this week.  

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MARKET SUMMARY

INDICES

Name Last Change
DOW 24809.80 0.64%
S&P 500 2693.55 0.66%
NASDAQ 7000.64 0.92%
TSX 16138.75 0.60%
TSX-V 805.15 0.00%

Resource Commodities

Name Last Change
Gold 1261.34 0.48%
Silver 16.14 0.56%
Copper 3.11 1.98%
Platinum 912.50 1.77%
Oil 57.30 0.45%
Natural Gas 2.61 2.76%
Uranium 24.25 N/A
Zinc 1.44 0.00%

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