$60 Trillion in U.S. Debt Bullish For Gold?
Phoenix Gold Drills Next to Newmont Gold Mine –
U.S. government debt has surged $1 trillion in the last 12 months, which combined with U.S. business and personal debt, has now reached a mind-boggling $60 trillion – 25 times the total debt that existed when the U.S. uncoupled from the gold standard in 1971.
If rampant money printing leads to the…
Phoenix Gold Drills Next to Newmont Gold Mine –
U.S. government debt has surged $1 trillion in the last 12 months, which combined with U.S. business and personal debt, has now reached a mind-boggling $60 trillion – 25 times the total debt that existed when the U.S. uncoupled from the gold standard in 1971.
If rampant money printing leads to the global devaluation of paper currency there will be a frenzied flight to gold benefiting junior explorers like Phoenix Gold(PXA-TSX.V) currently drilling on its 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owned Plumas Property, an outcropping gold-silver mineralized system that has seen limited underground historical mining, and is now being drill tested for the first time.
The Plumas Property is located adjacent to Newmont’s (NEM-NYSE) Phoenix-Fortitude Gold/Copper Mine in Nevada’s Battle Mountain District.
On September 17, 2014 PXA released drill results from the first 3 drill holes confirming veined and disseminated sulphides which, along with the coincident magnetic anomaly, suggests the potential for a significant mineralized sulphide system at depth.
The first drill hole (CPL-1) located at the southernmost end of a large area of a significant mineralized system intersected numerous gold zones with 0.25 g/t gold over 45.5 feet including 9.44 g/t gold and 116.8 g/t silver over 0.9 feet.
The second drill hole (CPL-4), located 200 feet north of CPL-1, intersected numerous gold zones, including 0.85g/t gold over 9 feet and 0.41 g/t gold over 34.5 feet with 3.37 g/t gold over 1.5 feet, and 0.35 g/t gold over 46.0 feet with 2.44 g/t gold over 1.5 feet.
The third hole (CPL-7), located about 200 feet north of CPL-4, provided assays for about two-thirds of the hole with additional assays pending. The results received so far for CPL-7 intersected numerous gold zones including 2.21 g/t gold and 16.8 g/t silver over 2.5 feet, 2.68 g/t gold over 4 feet and 15.85 g/t gold and 938 g/t silver over 2.0 feet.
“The market is looking for high grade intercepts,” stated PXA CEO, Glenn Laing, in an exclusive interview with Financial Press, “But when you start drilling into a big system, it’s impossible to figure out what you have with just 3 holes. We have just begun to explore a large mineralized system on the Plumas property.”
Based on the assay results and geology and structural analysis, PXA believes that the size of the known mineralized sulphide system is increasing. The PXA geological team is confident of a relationship between sulphide mineralization in the drill holes and the magnetic anomaly.
“I am convinced this is a large unexplored system which we just starting to understand,” stated Laing, “The composition of the sulfides we are finding is indicative of a very large mineralised deposit. Obviously with a large complex system, it takes multiple holes to get a clear picture.”
Further drill results are pending. Hole CPL-7 has been completed by a further 298 feet to a depth of 937 feet; hole CPL-8 has been completed to a depth of 988 feet; hole CPL-10 is complete to a depth of 497 feet and CPL-9 is targeting the Plumas fault system and is planned for 800-900 feet to further test the extent of the sulphide related system.
“You got a lot of day traders who don’t trade on fundamentals,” confirms Laing, “Typically they get panicked when the first grade is not spectacular, which creates a buying opportunity investors who understand how precious metal projects are developed.”
Laing’s geological team believes that the magnetic signature is a significant indicator. The company will continue drilling into the system to expand it. The first three holes did not go deep and PXA plans to explore the deeper mineralized zones.
On August 28, 2014 PXA closed $374,500 of the planned $750,000 Private Placement. The company expects to complete the balance of the private placement by approximately the end of September 2014. Proceeds will be used for the current drill program and associated exploration and development expenses.
Gold mining in Nevada is one of the largest sources of gold in the world, with total historical gold production from Nevada (1835 – 2013) of over 153 million ounces.
“What is happening with the Plumas project is not wildly different from the early development of the Newmont’s Phoenix-Fortitude Gold/Copper Mine,” stated Laing, “They started with a high grade zone – but the long term value was in the lower grade mineralization at depth.”
PXA is currently trading at .045 with a market cap of $1.6 million.
Legal Disclaimer/Disclosure: A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this article should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. Financial Press makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the authors only and are subject to change without notice. Financial Press assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this article and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this article.
Also, please note that republishing of this article in its entirety is permitted as long as attribution and a back link to FinancialPress.com are provided. Thank you.
Read more http://financialpress.com/2014/09/24/60-trillion-in-u-s-debt-bullish-for-gold/
- Published in Mining
New Technological Survey Exposes Massive Copper Deposit
Carmax Mining Develops Copper Resource in British Columbia –
As the copper markets perk up, risk-averse investors are looking to junior explorers with low political risk, good geology and strong management teams.
Global X Copper Miners ETF (COPX-NYSE) is up 8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in 2014. Commodity analysts are anticipating a second round of stimulus from China, which…
Carmax Mining Develops Copper Resource in British Columbia –
As the copper markets perk up, risk-averse investors are looking to junior explorers with low political risk, good geology and strong management teams.
Global X Copper Miners ETF (COPX-NYSE) is up 8{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} in 2014. Commodity analysts are anticipating a second round of stimulus from China, which is responsible for 40{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of global demand. Factory activity is also expanding in the U.S., the world’s second-largest consumer of copper.
When the larger companies are on the move, investors are looking for high-risk/high-reward investments such as Carmax Mining Corp(CXM-TSX.V).
Using an advanced sub-surface imaging technology called Quantec Titan 24, Carmax has outlined a large positive chargeability anomaly which appears to be mineralized over a 4,50O meter long zone.
CXM 100{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} owns the Eaglehead copper-molybdenum-gold-silver project located 48 km east of Dease Lake in northwest British Columbia, covering a total area of approximately 11,410 hectares in the Liard Mining Division. The property hosts porphyry style copper-molybdenum-gold-silver mineralization.
“We took control of Carmax and the Eaglehead project in 2011,” stated Jevin Werbes, CEO of Carmax in an exclusive interview with Financial Press, “By that point there had been over 94 holes drilled on the project. That season we drilled about 25 new holes and this season we are drilling and re-logging millions of dollars of historical core all of which will help us build a new resource calculation.”
The Eaglehead property hosts an NI 43-101 Inferred Mineral Resource estimated to total 103.0 million tonnes at an average grade of 0.29{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper, 0.010{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} molybdenum and 0.08 g/t gold. The resource was estimated at a cut-off grade of 0.16{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} copper equivalent, to contain approximately 662 million pounds copper, 22 million pounds molybdenum, and 265,000 ounces gold. The mineralization also contains significant silver concentration which has not been included in the resource estimate due to historical data issues.
The 43-101 Inferred Mineral Resource at Eaglehead is contained within two conceptual open pits covering the East and Bornite zones. Leaving four other mineralized zones which were not included at that time.
“Pretty much every hole has hit mineralization,” stated Werbes, “but we’re still trying to understand exactly how the deposit is laid out, the Titan-24 survey has helped us immensely with that.”
In May 2014, subsidiary of Copper Fox Metals Inc. (Northern Fox Minerals Inc.) made a strategic investment by purchasing 20 million units of Carmax, giving them 42{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} ownership of Carmax.
The President of Copper Fox is Elmer B. Stewart; MSc., P. Geo. who has over 38 years of domestic and international experience in mining and mineral exploration. Mr. Stewart has been involved in putting five gold mines into production.
“Northern Fox’s strategic investment in Carmax is an important milestone for us,” stated Werbes, “We are adding a veteran technical team who has a great deal of experience developing large poly-metallic porphyry projects in this particular region. We are using Copper Fox’s Schaft Creek blueprint with the Titan-24 survey. They’ve put a million dollars into Carmax which we are using on the current exploration program and we’re adding at least another $250,000.”
On September 2, 2014 Carmax announced the results for the recently completed Quantec Titan-24 DCIP subsurface imaging survey at Eaglehead. The Titan 24 survey is State of the Art geophysical tool which gives detailed information on the presence of sulphide mineralization, alteration, structure and lithology leading to more cost-effective drill targeting up to depths of 750 meters.
“Everywhere that Carmax and the predecessors have drilled, we’ve hit copper,” stated Werbes, “The correlation between the Titan-24 survey and drill results have opened our eyes as to the potential size of the Eaglehead. It was money well spent, because the cost of all the geophysical surveys was about the same as three drill holes, and this gives us confidence drilling into deeper zones.”
The Titan-24 DCIP system has a successful track record locating porphyry copper sulphide mineralization. The Eaglehead survey was completed on 10 lines spaced at 600 meters apart.
Four of the six zones of mineralization located to date on the Eaglehead property occur within this 4,500m long portion of the anomaly suggesting that these zones are parts of a much larger, contiguous zone of mineralization.
“The second chargeability anomaly is significantly different,” stated Werbes, “and has not been tested by drilling. Both anomalies are open along strike.”
The majority of the historical drill holes completed along the 4,500 meter strike length of the first chargeability anomaly where sampled are mineralized.
“We are going to drill four holes about 500 meters deep,” stated Werbes, “Our goal is to expand the size and understanding of the deposit and add tonnage to our resource estimate, not just copper but for molybdenum, gold and silver as well. There’s a six kilometer strike zone that we’ve identified, and we’ve confirmed 4,500 meters of it.”
The first chargeability signature has been tested with over 119 historical and current diamond drill holes. The majority of these holes, based on historical assays where sampled, are reported to contain significant copper mineralization.
Carmax is currently trading at $0.10 with a market cap of $5.5 million.
Legal Disclaimer/Disclosure: A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this article should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. Financial Press makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the authors only and are subject to change without notice. Financial Press assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this article and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this article.
Also, please note that republishing of this article in its entirety is permitted as long as attribution and a back link to FinancialPress.com are provided. Thank you.
Read more http://financialpress.com/2014/09/10/new-technological-survey-exposes-massive-copper-deposit/
- Published in Mining