Gold has traded in a range between $1,769 and $1,781 so far today…as of 6:00 am Pacific, the yellow metal is down $1 an ounce at $1,775…Silver is off 4 cents at $33.94…Copper is flat at $3.71…Crude Oil is up $1.24 to $90.27 while the U.S. Dollar Index has gained over one-tenth of a point to 79.69…
This should be an important week for both Gold and Silver as we find out just how strong the short-term trends are…one concern at the moment is the bearish COT structure (commercial short positions have ramped up considerably recently, now at higher levels than they were back in February) and some analysts have pointed to some bearish technical signals last Friday…however, John’s 6-month daily Gold chart posted Saturday still shows strength and even the formation of an RSI(14) bullish “W”…
Silver, meanwhile, is showing some technical weakness with buying pressure in decline and the RSI(14) now falling toward support at 50 on the short-term chart…this can be viewed as a healthy minor pullback, however, that could continue to find support at or near the SMA(20) which is currently $34…next major support below that is $34 as shown in John’s chart below…
Silver – Short-term
Long-term, Silver remains locked in a powerful Wave 5 advance that has a Fibonacci target of $78 an ounce…below is John’s updated 15-year monthly chart…RSI(2) remains in overbought territory, a condition that should continue for a while yet based on historical patterns…at some point it will correct to support and then get back into the overbought range again as the Wave 5 move continues…
Silver – Long-Term
Gold – Long-Term
John has an interesting long-term Gold chart this morning (12-year monthly) that shows how the yellow metal is performing very similar to the recovery following the Crash in 2008…this is a bullish pattern that suggests a trading range between about $1,700 and $1,900 through the remainder of the year, followed by a break to record highs in early 2013…
Global Liquidity & Gold
Not surprisingly, there has been a direct correlation between the steady increase in global liquidity and the jump in Gold over the last dozen years…this liquidity boom shows no signs of abating – in fact, given the Fed’s recent actions and initiatives elsewhere, it’s now intensifying…
Today’s Markets
Asian markets were mixed overnight though trading resumed with another vigorous gain in China’s Shanghai Composite after a one-week national holiday…the Shanghai gained another 41 points to close at 2115 after a strong finish to the third quarter at the end of September…a report in China Daily said market regulators had pledged to speed up approvals for quotas for Qualified Foreign Institutional Investors (QFIIs), the only way for offshore investors to directly access China’s domestic markets…European shares are generally in positive territory this morning while stock index futures in New York as of 6:00 am Pacific are pointing toward a a slightly higher open on Wall Street…
Venture Exchange Chart Update
Canadian markets return to action after yesterday’s Thanksgiving holiday…the Venture Exchange closed last week at 1345, just beneath the beginning of a resistance band at 1350…the Index is also right at the top of a downtrend line in place since the spring of last year…this market can be expected to accelerate rapidly once this downtrend line is cleared…of great significance is the fact the Venture has broken out relative to the U.S. dollar, a situation that did not exist when the Index failed to get through the downtrend line in February/early March of this year…
IMF: Global Recession Risk Grows
The International Monetary Fund expects the world economy to expand just 3.3% this year and 3.6% in 2013, as growth slows in nearly every major nation and political uncertainties threaten recoveries in the U.S. and euro zone…that’s a revision downward of 0.2% for 2012 and 0.3% for 2013 from its July forecast…under the IMF’s definition, global gross domestic product doesn’t have to shrink for the world to be in recession…”No significant improvements appear in the offing,” the IMF said…the global economy grew 3.8% in 2011 and 5.1% in 2010…
High Desert Gold (HDG, TSX-V) and Victoria Gold (VIT, TSX-V)
John has charts this morning on a couple of interesting situations for our readers’ due diligence that hold good potential over the coming months…
High Desert Gold (HDG, TSX-V) has been strengthening again recently after a pullback from a big move in mid-August after the company released solid results from its Gold Springs Property (Gold-Silver) that straddles the Nevada-Utah border…HDG completed 34 holes in a Phase 1 program and a 10-15 hole Phase 2 program commenced last Friday…Gold Springs is a 70/30 joint venture with Pilot Gold Inc. (PLG, TSX) in which HDG holds a 70-per-cent interest and is the operator of the joint venture…
Victoria Gold Corp. (VIT, TSX-V)
Victoria Gold Corp. (VIT, TSX-V) has a lot of shares outstanding (over 300 million) but the company’s Eagle deposit is expected to become the Yukon’s next operating Gold mine and includes probable reserves of 2.3 million ounces (92 million tonnes grading 0.78 g/t Au)…the NI 43-101 mineral resource has been estimated to host 222 million tonnes averaging 0.68 g/t Au, containing 4.9 million ounces in the indicated category (inclusive of probable reserves) and a further 78 million tonnes averaging 0.60 g/t containing 1.5 million ounces of Gold in the inferred category…
From a technical standpoint, the stock has put in a double bottom and has broken above an important downtrend line as John shows in the 3-year weekly chart below…
Note: John, Jon and Terry do not hold positions in HDG or VIT.
Help me, i am lost at sea,
Oh John, oh John, where can you be ?
Although your readings are not always right,
I appreciate you trying again tonight.
The sea is rough, the sky is dark,
I have no compass, i have no chart,
But i do have John, my Newfoundland connection,
Save me John, before the U.S. election,
Comment by Bert — October 9, 2012 @ 6:49 am
I understand Gold is set to become a Tier 1 asset on Jan 1,2013. This could have a bigger impact on the price than other market influences. What are your thoughts?
Comment by Barry — October 9, 2012 @ 7:15 am
What about BXR.V….you guys heard anything about these guys? Super low float and a nice chunk of land near CUU
Comment by db — October 9, 2012 @ 7:32 am
kGL just put out nice results
KGL COMPLETES OVER 5200 M OF A PLANNED 10 000 M DRILLING PROGRAMME, AND SOIL SAMPLING DEFINES PROSPECT EXTENSIONS AS WELL AS NEW TARGETS WITHIN A 5 KM OF THE NI 43-101 ADUMBI GOLD RESOURCE IN THE NE DRC
KGL Completes Over 5200 M of a Planned 10 000 M Drilling Programme, and Soil Sampling Defines Prospect Extensions as Well as New Targets Within a 5 Km of the NI 43-101 Adumbi Gold Resource in the NE DRC
TORONTO, Aug. 22, 2012 (GLOBE NEWSWIRE) — Kilo Goldmines Ltd. (“KGL” or the “Company”) (TSX VENTURE:KGL) (FRANKFURT:02K) is pleased to announce that it has completed 27 holes and 5200 m of its 10 000 m, 2012 diamond drilling programme. Drilling commenced in April 2012 on the Manzako and Kitenge Prospects and once complete, drill rigs (two) will move to the Senegal and Canal Prospects. The aforementioned prospects fall within a 5 km radius of KGL’s NI 43-101, 1.87 Mozt Adumbi Resource, and collectively form the Imbo project. The Imbo Project resides on one (PE9691) of the eight properties that KGL has exploitation rights for, and forms part of the greater Somituri Project.
Highlights include:
2 holes completed to targeted depth along the +2200 m long Manzako Prospect
15 holes completed to targeted depth along the +1500 m long Kitenge Prospect
Ten holes planned along 1.7 km Senegal Prospect
Fourteen holes planned along >600 m of the Canal Prospect
Altered volcanic and metasedimentary rocks hosting mineralization in shear zones and quartz veins have been intersected.
The northwest-trending Manzako gold-in-soils zone is continuous over at least a 2.3 km strike length and covers 12.5 ha.
The combined northwest-trending Kitenge-Senegal gold-in-soils zones cover 42.7 ha over a 2.6 km strike length.
Virtually untested new potential is now identified over 14.42 ha between the northwest-trending Manzako and Kitenge gold-in-soil zones where more than 10 northwest-trending gold-in-soil targets have been discovered.
Wide spaced (160 m) and shallow (Less than 200 vertical m) drilling is targeting northwest – southeast trending gold bearing shear zones, namely Manzako, Kitenge, Senegal and Canal that have been, in part at least, the subject of colonial-era as well as current artisanal exploitation, see Figure 1. Additional gold-in-soil anomalies have been delineated between areas currently being drill tested.
Alex van Hoeken, President and CEO of Kilo stated:
“Our systematic approach to exploration is yielding exciting results. Combined with the geophysics survey the target area sizes of the prospects around Adumbi have increased. We look forward to receiving the drill assay results to confirm the potential of additional ounces. Current drilling at 160 m interval, is focused on evaluating four prospects within close proximity of the Adumbi Prospect and KGL?s objective is to define at a high level; the potential of increasing the size of the Imbo Project Resource Base. The Company remains very positive that this objective will be realized.”
Manzako Prospect
The mafic volcanic hosted Manzako Prospect was mined for gold from surface and underground workings during the Colonial-period in the 1940’s and 1950’s. A steeply northeast dipping, northwest trending gold bearing structure has been mapped using these Belgian workings over at least 2.8 km. Elevated and anomalous gold-in-soil zones are continuous on all sampled lines, over the same length covering 20.3 ha. In addition, a number of less extensive parallel gold bearing structures are present. The Manzako Prospect is open for extension by mapping and soil geochemical surveys at both ends of its presently determined 2.8 km length.
Current drilling is focused on a 1600 m strike length with 160 m spaced drill holes drilling towards the southwest. In addition, several parallel structures are being tested with one hole. To date, 12 holes have been completed to the targeted depth, delivering some 2270 m of drill core. Mineralized sheared volcanics with quartz veining have been intersected. Summaries of assay results will be reported as they become available.
Kitenge Prospect
Gold mining began on the Kitenge Prospect in 1942 and records indicate historical production from Kitenge and Manzako totaled some 80 000 ozt of gold. Kitenge Prospect gold occurs within northwest trending quartz veins that dip steeply towards the northeast hosted in sheared clastic metasedimentary rocks. Combined northwest-trending Kitenge and Senegal (the mapped northwest extension of Kitenge) gold-in-soil zones cover 42.7 ha over a 2.6 km strike.
Current drilling is targeting a 1500 m strike length of the mapped Kitenge gold-bearing structure at 160 m intervals with holes oriented southwest. To date 15 holes have been completed to the targeted depths, delivering some 2929 m of drill core. These holes have intersected local shearing within clastic metasedimentary rocks. Mineralized quartz veins have also been intersected in most of the drill holes. Summaries of assay results will be reported as they become available.
Senegal Prospect
The Senegal Prospect, with active artisanal workings, is in essence the northwest strike extension of the Kitenge Prospect. However, unlike Kitenge, it extends along the southwest flank of a linear magnetic high defined in April 2012 by an airborne magnetic survey. A soil sample over this prospect returned a value of 69.6 g/t Au. Mapping has determined this structure extends at least 1700 m from the northwest end of the Kitenge Prospect.
Ten holes are planned at 160 m intervals to further evaluate the gold potential of the Senegal Prospect. Drilling is expected to commence within the next month, immediately after completion of the planned holes on the Kitenge Prospect. Summaries of assay results will be reported as they become available.
Canal Prospect
The Canal Prospect geology is similar to that of the Adumbi Prospect. Gold is hosted within chemical metasedimentary rocks including banded iron formation and quartz veins. Drilling will target the 600 m area between the 2010 and 2011 drill holes and Adumbi Prospect towards the northwest. In addition, the southeast extent of this prospect will be determined with drilling. Summaries of assay results will be reported as they become available.
Gold-Soil-Anomalies
Soil sampling has delineated anomalous gold-in-soil values associated with the Manzako, Kitenge and Senegal Prospects. In addition, a large, virtually untested 14.42 ha area with elevated and anomalous gold-in-soil values has been discovered between Manzako and Kitenge in at least 10 northwest-trending targets. This area warrants further exploration to define drill targets.
Illustrated on Figure 1 are 2279 soil sample sites at 20 m intervals on northeast-southwest oriented lines spaced at 160 m intervals and locally at 80 m intervals on parts of Kitenge and Manzako Prospects. Samples were collected at a 1 m depth. 14 samples returned values below the detection limit of 1 ppb Au, 20 samples returned values between 1060 and 1960 ppb Au (1.06 and 1.96 g/t Au respectively) 10 samples returned values between 2040 and 4800 ppb Au (2.04 and 4.80 g/t Au respectively), four samples returned values between 6430 and 9120 ppb Au (6.43 and 9.12 g/t Au respectively and two samples returned values greater than 10 000 ppb Au namely 11 500 ppb (11.5 g/t Au) and 69 600 (69.6 g/t Au). Statistically 107 ppb gold and greater is considered elevated and 323 ppb gold and greater is considered anomalous.
Elevated and anomalous gold values were obtained in 362 samples or 15.88% of the total population and 111 samples or 4.87% of the total population is classified as anomalous.
2012 Exploration
KGL is currently undertaking exploration work (two diamond drill rigs, soil sampling and geological mapping) on PE9691 (the Imbo Project). To date, approximately 5200 m of the planned 10 000 m of drilling has been completed for 2012. Soil sampling and geological mapping is focusing on evaluating areas exhibiting de-magnetization, linear magnetic structures as well as interpreted intersections of magnetic and structural features to delineate new drill targets.
In addition, soil sampling surveys at a grid spacing of 400 m by 100 m has been completed over three additional Somituri Project Permis d’Exploitation (”PE”) and is in progress on two other PE’s. During 2012, plans are to complete the soil sampling programme over all 8 PE’s.
Sample preparation for soil and drill core samples is being carried out at the on-site ALS Chemex managed facility owned by KGL.
About the Somituri Project
The Somituri Project consists of eight PEs, overlying the Ngayu Greenstone Belt, in Oriental Province of the Democratic Republic of Congo. In 2010 and 2011, the focus was on the Imbo project or PE9691. For this project the exploration programs delineated a NI43-101 compliant inferred resource estimate of 1.87 Mozt, grading 1.63 g/t Au at a cut-off of 0.50 g/t Au in the Adumbi Prospect.
Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958, the combined production from the Adumbi and Bagbaie (Adumbi North) mines totaled approximately 200 000 ozt of gold. The Adumbi gold was hosted in quartz vein ore reported to average 11 g/t gold and the Kitenge and Manzako mines produced approximately 100 000 ozt of gold in the early 1940’s.
Quality Control Procedures
Soil and drill core sample preparation consists of pulverizing the entire sample at the KGL owned, ALS Chemex managed, on-site sample preparation facility at the exploration base camp. Sample pulps are shipped to ALS Chemex in Johannesburg, by courier, and soil samples are analyzed for gold by fire assay on a 30 gram charge followed by an ICP finish. In addition a suite of 35 elements were determined by ICP. ALS Chemex is certified to international standards. A 50 gram charge of drill core pulp is being analyzed for gold by the Fire Assay – ICP finish method.
Quality control of analytical results is monitored by the Company with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo’s previously announced (see May 4, 2010 press release) quality control and analytical procedures.
About KGL
Kilo Goldmines Ltd (KGL). is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol ‘KGL’ and on the Frankfurt Exchange under the symbol ’02K’. The Company has over 2500 km2 of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. KGL?s principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company presently holds a 71.25% interest in the eight Somituri Project Exploitation Permits.
The Company is also working on a number of other prospective areas which contain historical workings in the same region. It has a joint venture with Rio Tinto Ltd. for iron ore on licences in north-eastern DRC. In addition KGL has an interest in an iron project in Afghanistan.
In July 2012 KGL enhanced its technical team by recruiting Robert Stewart, M.Sc., P.Geo (Canadian) who has over thirty years exploration experience in gold and base metals in Canada (including the Abitibi Greenstone belt), Africa, India and Australia.
Qualified Persons
The exploration program disclosed in this press release was planned and supervised by the Company?s geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the ‘qualified person’ (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
For more information, please contact:
Alex van Hoeken
Chief Executive Officer
Tel: +1-416-360-3406
Email: [email protected]
Facebook: kilogoldmines.com/facebook
Website: kilogoldmines.com
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company’s future plans and operations, including management’s assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this release is available at:
globenewswire.com/newsroom/prs/?pkgid=14205
Comment by db — October 9, 2012 @ 8:01 am
Geez Bert nice poem you must have lots of time on ur hands you miss Jon that much thats love,after last weeks postings with US ploitics,even the vatican was mentioned that says it all.Man they have really gone quiet on Rbw lately.
Comment by Gerry — October 9, 2012 @ 8:05 am
What happened to the update from RBW? Also BMR, the delayed postings are very irritating. As someone else pointed out, it makes it very difficult to respond to a poster when it may be an hour or 2 before the post is pinned to the board. I vote to reinstate immediate postings.
Comment by Dan — October 9, 2012 @ 8:16 am
Dan, the postings have been updated very consistently on a more timely basis the last couple weeks and that will continue to be the case.
Comment by Terry - BMR — October 9, 2012 @ 8:36 am
STOCK MARKET CHALLANGE SHARE YOUR FAVORITE STOCK PICKS PUT THEM INTO A PRACTICE PORTFOLIO WHERE YOU TRADE THAN REPORT THE RESULTS TO THE BOARD I STARTED MINE ON THE WEEKEND A BAD TIME TO START CHECK OUT MY PICKS THAT I POSTED ON THE WEEKEND DOWN OVER 5 PERCENT SO FAR TODAY OUCH
Comment by GIL — October 9, 2012 @ 9:35 am
Gerry – Geez Bert nice poem you must have lots of time on ur hands
Bert – Funny, I was thinking the same thing about you. I said to
myself. self, you can count on Gerry, to be always there to
read my posts, he must have lots of time on his hands.. By
the way, it’s John, the chart reader, i need to save me from
the mess i see facing us. Although i foresee making a small
profit on RBW, it has to be one of the most frustrating stocks,
i have ever had the displeasure of owning. The last time i
looked, 15 minutes ago, the volume was 0, zero, nothing, zilch,
so much for the upcoming news, the insiders & Jon, are not even
interested today. Also, i agree with Dan, any delay at all in
posting comments, do take away from this site. It leaves posters
being disadvantaged & with a feeling that we are lumped in with
the one or two bad guys. I have my feelings why it is like this,
but why put forward my thoughts, when i know it won’t get through.
My other choice would be Stockhouse (RBW), but i am not there yet.
R !
Comment by Bert — October 9, 2012 @ 9:38 am
Bert owning rbw has been fustrating for me as well but many juniors have taken a beating and have not recovered,the venture is up,its down its testing this level testing that level its breakin out ya its been up but the 12 little crappy penny i follow but not own have done nothing look at Grandich picks they havent recovered atleast Rbw has held steady what it does from here i hope it good to me its a lottery ticket ,poor Grandich his wife is gonna leave him soon,if Rbw screws it up my wife will leave me soon too.
Comment by Gerry — October 9, 2012 @ 10:17 am
Bert, You continue to poke BMR with a stick, yet they provide you with a forum (hobby)for you to post. What, exactly are your expectations of this free site?
Comment by Paul — October 9, 2012 @ 10:44 am
I want to make a comparison:-
Recently John requested we, with the power of numbers, contact
Stockcharts & request they enter a particular chart in their
system. We, figuratively speaking, almost knocked each other
down, trying to oblige & it worked.. On the other hand we,
the same folks, have requested several times, that this site
be restored to it’s original status, that is LIVE, but to no
avail. I will leave it to you to determine the moral of this
story. R !
Comment by Bert — October 9, 2012 @ 10:47 am
rbw wheres the beef
Comment by GIL — October 9, 2012 @ 10:55 am
BMR, do you still feel RBW will put out an update of some sort this week? Everyone’s been saying news for two weeks now……and still nothing.
Comment by Dan — October 9, 2012 @ 11:12 am
oh my whats happening to sanp
Comment by GIL — October 9, 2012 @ 11:22 am
Paul – Bert, You continue to poke BMR with a stick, yet they provide you with a forum (hobby)for
you to post. What, exactly are your expectations of this free site?
Bert – Because it’s free, don’t suggest one can’t offer constructive criticism. It won’t be free
forever, so maybe a few suggestions now & then will help in the future… They are big boys’
& i feel confident they can handle it. By the way, this is a serious game my friend, ask
the other folks on this board, if they prefer making or losing their hard earned cash. Free
or not, i just can’t class gambling with one’s cash as a hobby. R !
Comment by Bert — October 9, 2012 @ 11:23 am
That’s my thinking, Dan, it makes sense.
Comment by Jon - BMR — October 9, 2012 @ 11:24 am
Paul
May i add, i always try to treat them with the utmost of respect & i will you too. R !
Bert
Comment by Bert — October 9, 2012 @ 11:34 am
Free Site
I don’t think there’s much free in this world, fresh air maybe. As for this
site, i give of my time, which has to be worth something & hopefully, it will
somehow assist BMR in their future endeavors. Some appreciate my posts, others
don’t, but isn’t that typical of life. I don’t know which hurts most, someone
complaining about others doing their best, or poking BMR in the face with an
imaginary stick. R !
Comment by Bert — October 9, 2012 @ 12:01 pm
Bert, I was merely asking what you expected from this site. When I think of those contributing I think of people like Dave or others who contribute real DD rather than poems or complaints. To suggest that BMR owes the posters a favor for helping get charts for two stocks is puzzling. They post DD for approx six days a week and you feel they owe you a “live” board, for helping twice? Also no one should rely soley on free advice for stock picks. As they say do your own DD. Pick up the phone and call the company instead of complaining about BMR not having live comments. If you truly want to help them, contribute some real DD to the board. As for my “hobby” comment it had nothing to do with investing money, but the fact that you seem to be one of the first to post in the morning as well as during the day and one of the last it night. Posting on this board seems to be your hobby. IMHO a lot of posts and not much real DD. Thats oK as everyone needs a hobby. I will leave it that, keep posting Bert and lets hope we all do well on RBW.
Comment by Paul — October 9, 2012 @ 12:42 pm
my portfolio down 6.94 percent today
Comment by GIL — October 9, 2012 @ 12:45 pm
Paul – Pick up the phone and call the company instead of complaining about BMR not having live comments.
Bert – I feel i do my share of d.d., but before i post anything i have learned, i must
make sure that i have good information, especially since i do have a mistrust of
some IR folks, i could elaborate but i wont. As for posting my way, we are all
inclined to be different, that’s just the way the ball bounces. I consider this
as being a stock site, yet BMR claims politics is part & parcel of stock investing,
so why can’t i use the same argument, that is, good humor, along with this & that,
could help folks with their sanity, in such a turbulent market. It appears that i am
playing a losing game here, in other words, i can’t win for losing. I try my best,
but no matter what i post, the records will show, that some will complain. I tried
to stay clear of this site several times, but it’s sort of an addiction & a way to
loosen up, to free oneself from the torments of life. You may argue that at times i
complain about BMR & their site, but i do it with respect & call it constructive
criticism, hopefully never in a nasty manner. Getting back to poking BMR with a stick,
hopefully if i am out of line, they can contact me direct via email, or post & request
that i ””SHUT UP””, i don’t think they need any of us to be their assistants’, by
posting what may not even be on their minds’. Say posting is indeed my hobby, i would
respectfully request you ignore me, please don’t put yourself through any unnecessary
agony, life is just too short my buddy ! As for RBW, it is now common knowledge, that
i already sold out once & profited by doing so, therefore i now feel i can’t lose for
winning. Hopefully, this will be my last post on this matter. R !
Comment by Bert — October 9, 2012 @ 1:56 pm
NHK nice assays today including 203m of 2.49g/t
Comment by db — October 10, 2012 @ 4:39 am