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ORENINC INDEX plummets as autumn starts

 

 

 

 

 

ORENINC INDEX – Monday, September 10th 2018

 

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Last week index score: 38.44

 

This week: 18.40

 

 

Zinc One Resources (TSXV:Z) announced results from 29 of 64 holes drilled in the Mina Grande Centro zone at its Bongará project located in north-central Peru.

 

 

Prospero Silver (TSXV:PSL) arranged a US$270,000 strategic investment from Fortuna Silver Mines.

 

 

 

The Oreninc Index plummeted in the week ending September 7th, 2018 as it shrank to 18.40 from 38.44 a week ago, as the start of autumn came in like a lamb.

 

 

Turmoil in the White House is dialling up ahead of the November mid-term elections with President Donald Trump under increasing fire for an increasing litany of errors of judgement. Trump could “very soon” add to tensions with China by imposing tariffs on an additional US$200 billion of imports from China, a move which many US business leaders fear will cut deep into their performance too.

 

 

Gold’s recovery stalled as US Labor Department’s employment report for August figures were stronger than expected, adding strength to the US dollar. Non-farm payrolls were up 201,000 with the overall unemployment rate 3.9% in August from 3.8% in July.

 

 

September also sees the mining investment community congregate in Colorado for the Precious Metals Summit, where Oreninc will be in attendance, and the Denver Gold Forum.

 

 

On to the money: total fund raises announced plunged to C$19.0 million, a one-week low, which included no brokered financings and no bought deal financings. The average offer size also plunged to C$1.4 million, a one-week low, whilst the number of financings decreased to 13, a one-week low.

 

 

After oscillating either side of US$1,200/oz throughout the week, gold closed down at US$1,196/oz from US$1,202/oz a week ago. It is now down 8.13% this year. The US dollar index increased to 95.34 from 95.14 last week. The van

 

Eck managed GDXJ continued its downward course as it closed down at US$26.85 from US$27.64 a week ago. The index is down 21.33% so far in 2018. The US Global Go Gold ETF also continued to shrink as it closed down at US$10.34 from US$10.76 a week ago. It is now down 20.52% so far in 2018. The HUI Arca Gold BUGS Index followed suit and closed down at 136.23 from 143.23 last week. The SPDR GLD ETF continued in sell mode with its inventory closing down at 745.44 tonnes from 755.16 tonnes a week ago.

 

 

In other commodities, silver continued to fall to close down at US$14.17/oz from US$14.54/oz a week ago. Copper also shed some cents again to close down at US$2.62/lb from US$2.67/lb last week. Oil lost a couple of bucks as it closed down at US$67.75 a barrel from US$69.80 a barrel a week ago.

 

 

The Dow Jones Industrial Average had a rare losing week as it closed down at 25,916 from 25,964 last week. Canada’s S&P/TSX Composite Index followed suit and closed down at 16,090 from 16,262 the previous week. The S&P/TSX Venture Composite Index also fell as it closed down at 712.06 from 724.71 last week.

 

 

Summary:

 

  • Number of financings decreased to 13, a one-week low.
  • No brokered financings were announced this week, a two-week low.
  • No bought-deal financing was announced this week, a three-week low.
  • Total dollars plunged to C$19.0m, a one-week low.
  • Average offer size fell to C$1.4 m, a one-week low.

 

 

 

 

Major Financing Openings

 

  • Core Gold (TSXV:CGLD) opened a C$2 million offering on a best efforts Each unit includes half a warrant that expires in two years.
  • Rise Gold (CSE:RISE) opened a C$5 million offering on a best efforts basis. Each unit includes a warrant that expires in three years.
  • Evolving Gold (TSX:EVG) opened a C$2 million offering on a best efforts basis. Each unit includes half a warrant that expires in two years.

 

 

Major Financing Closings

 

  • Gold Standard Ventures (TSX:GSV) closed a C$72 million offering on a best efforts basis.  
  • Thor Explorations (TSXV:THX) closed a C$8 million offering on a best efforts Each unit included a warrant that expires in three years.
  • Evrim Resources (TSXV:EVM) closed a C$27 million offering on a strategic deal basis.
  • Aurania Resources (TSXV:ARU) closed a C$44 million offering on a best efforts basis.

 

 

Company News

 

 

Zinc One Resources (TSXV:Z) announced results from 29 of 64 holes drilled in the Mina Grande Centro zone at its Bongará project located in north-central Peru.

  • Highlights included 31.8m @ 28.2% Zn.
  • The holes demonstrated that the near-surface zinc mineralization is open to the northeast.

 

 

Analysis

 

 

Mina Grande Centro drilling confirmed the near-surface zinc mineralization that was left behind by previous mining and that additional high-grade mineralization has yet to be delineated to the northeast. As such, Mina Grande Centro should contribute to the overall resource estimate that is due to be completed in the fourth quarter.

         

 

 

Prospero Silver (TSXV:PSL) arranged a US$270,000 strategic investment from Fortuna Silver Mines.

 

  • Fortuna agreed to purchase 4.7 million shares @ C$0.075.
  • Fortuna currently owns about 20.32% of Prospero. Following the private placement it will own about 26.9%.
  • Funds will be allocated to drill testing the Bermudez project in Chihuahua, Mexico. Drilling at Bermudez began in August and Prospero aims to complete a three-hole diamond drill program for about 1,500m at Bermudez.

 

 

Analysis

 

 

The financial cements and advances the strategic relationship with Fortuna whilst providing the funds to complete the initial drill-testing of the high potential Bermudez high-level low-sulfidation vein system target that has a 2.5km strike length.

Posted September 11, 2018

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