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This is a shortened trading week with the Easter long weekend closing markets on Good Friday. Best wishes to all who will be observing the holiday.
North American Markets were just about flat for the week with a bit of selling at the end of the first quarter and some rebalancing by Funds. The Canadian market remains near the all-time high. U.S. markets remain strong with year-end projections for S&P 500 of 5400 to 6000, despite expectations of economic slowdown in the second half of the year. However, it is to be noted that, historically, if the 1st quarter is up, then the market is up for the rest of the year 19 out of 20 times. Stay Invested.
With interest rate cuts being pushed into the summer months the U.S. dollar remained strong, up over 3% year-to-date. After the hold on rates last week gold was under some pressure but has bounced back to $2,250/oz today. We see more M&A activity in the gold sector with Alamos Gold Inc. and Argonaut Gold announcing a “friendly” merger. Silver is holding at $24.55 today. Base metals were weaker this week, copper held the $4.00/lb. mark, as supply shortages may have been misread as increasing demand.
Critical metals and battery minerals continued to be near or at 52-week lows. Interesting to note that many of these materials will also be required for the manufacturing of AI chips, which are set to explode.
Oil prices have been rising since the beginning of the year and are at $82.65/bbl today. There has been a forecast of $100 but the supply/demand balance rests on supply cuts from producers, including Russia, and could quickly invert if prices climb past $90.
It has been an important and productive week for our clients, and we are pleased to present to you our round-up of their news released between March 23-28, 2024.
Mining
On March 27, 2024, Nuinsco Resources Limited (CSE: NWI) (FRA: NJX) announced that recent fieldwork and a reinterpretation of historical data from the Prairie Lake Critical Minerals and phosphate project have combined to produce an updated interpretation of the geology of the Prairie Lake Complex that expands, by approximately 70%, the carbonatite component of the Prairie Lake Complex, potentially simplifying further development of resources.
Field work was conducted during the summer and autumn of 2023 on the northern part of the Prairie Lake Complex near the little-explored north contact. The resultant mapping and sampling, combined with re-evaluation of historic data, has significantly expanded the area of interpreted mineralized carbonatite rock domains at surface, increasing the carbonatite content of the Complex at surface by approximately 70%. This new carbonatite domain is at least 1.5 km long by 500 m wide. The importance of the updated interpretation is that is substantially reduces geological complexity and so simplifies ongoing evaluation of resource potential and metallurgical processing.
Prairie Lake, located near Terrace Bay, Ontario, has amongst the world’s highest-known light rare earth element (REE) content in apatite and contains a host of other REE-bearing minerals, as well as niobium-bearing pyrochlore, and phosphate mineralization. The current Mineral Resource Estimate (MRE) consists of the significant Critical Minerals mineralization of approximately 890Mt. The potential to expand the carbonatite mineralized endowment beyond the current MRE, makes the project an important asset containing many vitally important Critical Minerals.
March 28, 2024, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) reported total pulp & metallics assay results from the first three holes completed as part of the current drilling program at the 552 Zone. Three holes (MH-24-578 to 580), all drilled on the same section (same setup), encountered the 552 structure with the deepest hole, MH-24-580, cutting a 2.05 m zone at 53.70 m downhole that included two 0.30 to 0.50 m intervals with up to 30 specks of fine (sub-millimetre) visible gold. The intersection is highlighted by a 1.65 m interval averaging 10.21 g/t Au, including a 0.50 m section grading 27.78 g/t Au.
Drilling Highlights from 552 Zone
(Note: reported thicknesses are believed to be 90% of true thickness).
MH-24-578 – 0.68 g/t Au over 0.85 m from 40.60 m downhole;
MH-24-579 – 3.07 g/t Au over 1.25 m from 40.85 m downhole;
MH-24-580 – 8.31 g/t Au over 2.05 m including; 10.21 g/t Au over 1.65 m, including 27.79 g/t Au over 0.50 m from 53.70 m downhole
The three-hole section lies 30 m west of previously reported MH-23-574 (February 13, 2024, News Release) that cut 2.10m of 5.0 g/t Au with 12 specks of sub-millimetre visible gold noted. The current diamond drilling program (minimum 2000 m of HQ-size drill core) and will focus on testing at least 150 m of strike and 125 m of depth (vertically) of the 552 Zone. Drilling to date at 552 has defined a continuous, roughly east-west trending, two- – five-metre-wide zone of locally vuggy (epizonal), quartz veining/quartz breccia, locally with 2%-3% disseminated sphalerite, boulangerite and chalcopyrite, in variably sheared to locally undeformed sedimentary units.
Of note is that at a depth of 58 m, MH-24-588 intersected a 1.3 m vein with 3 flecks of visible gold that occurs at the contact between deformed mafic volcanics and sandstone. Previous intersections in the 552 Zone occur proximal to mafic dykes but not at the mafic volcanic contact. Its orientation is similar to that of the other 552 Zone intersections and its mineralogy of darker-brown sphalerite and elevated arsenopyrite supports this conclusion. Given this development, MH-24-588 was deepened through the deformed mafic volcanics and intersected a 0.90 m vein at 102.2 m with up to 14 flecks of visible gold with sphalerite and arsenopyrite. The initial orientation data and mineralogy support it also being related to the 552 Zone. This is the first significant occurrence of gold in volcanic rocks seen on the property and potentially opens an entire new stratigraphy for discovery of gold mineralization. This will be targeted aggressively.
Cannabis
On March 25, 2024, StickIt Technologies Inc. (CSE: STKT),revealed that StickIt has initiated a substantial leap forward in the consumption methods of cannabinoids. This exciting new product gives rapid effects, discreet delivery and perfect dosing in a fun, contemporary format. Now, consumers can simply use an innovative patented applied solution the StickIt SipIt straw, with their favourite beverage and enjoy imperceptible delivery of cannabinoids while doing so.
The StickIt SipIt straw is a step forward in making cannabinoid use seamless, enjoyable, and efficient. This development eradicates the hassle of traditional consumption methods, offering rapid, discreet, and precise dosing without compromising taste or experience.
StickIt is a technology company that invented and manufactures innovative products (“devices”) that can contain varying quantities of CBD/THC for recreational and medical cannabis users. Its operating model is to establish joint ventures/licensees (“partners”) in countries around the world that will establish a production facility in which they will add the cannabinoid content to the “sticks” and “straws” produced and supplied by StickIt.
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