When PTX Metals (PTX:CSE)(9PX:FRA) set out to raise C$750k for exploration at their flagship W2 Cu-Ni-PGE project in Ontario, it was good to see the flow-through financing closed oversubscribed, to the amount of C$860k, with some last minute entrants coming in.
Ice drilling at Regnault target, Frotet project, Quebec
With conflicts around the world not exactly working towards a solution, with Taiwan potentially entering the mix since China wasn’t too happy with the speech of the Taiwanese president, gold remains strong above US$2,300/oz despite rumors swirling around of a first rate cut in September this year.
With the Federal Reserve indicating doubts about retreating inflation levels, postponing a potential first rate cut to at least May, the US stock markets hesitated just a moment, the S&P500 printing new all-time highs shortly after, and with gold remaining well over US$2,000/oz, Goldshore Resources (TSXV:GSHR)(OTCQB:GSHRF)(FWB:8X00) stayed the course as promised, and announced their updated resource estimate for their Moss Gold Project in Ontario.
Platinex Inc (PTX:CSE)(9PX:FRA) had to manoeuvre carefully on their fully permitted flagship W2 copper-nickel-PGE project, a district scale land area in Northern Ontario, but finally managed to acquire the two missing pieces of the puzzle in the centre of their claim package.
After a busy summer of prospecting, mapping and VTEM surveys, EGR Exploration (EGR.V) is ready to commence the next phase of exploration at their flagship Detour West Gold property in Ontario. The project is on trend and directly west of the giant Detour Lake gold mine.
Introduction
After spending almost 1.5 years assembling and permitting several significant projects in Ontario, junior explorer Platinex Inc (PTX:CSE)(9PX:FRA) commenced reconnaissance exploration work in August at their gold and lithium projects, with assays for the lithium project called Muskrat Dam being expected around in January 2024.
Just as the Federal Reserve decided to pause their record-breaking rate hiking streak, with gold hovering around US$2,000/oz on a weaker US Dollar and fear for escalating Middle East tensions, Goldshore Resources (TSXV:GSHR)(OTCQB:GSHRF)(FWB:8X00) finally found their strategic partner they were looking for all year.
After closing the C$950k non-brokered private placement in May (14c FT and 11c NFT with half 22c 3y warrant), completing an airborne magnetic survey, and interpreting lots of data in order to identify multiple targets for summer prospecting, EGR Exploration (EGR.V)
After raising C$2.7M in March and closing the South Timmins JV with Fancamp, Platinex (PTX:CSE)(9PX:FRA) has been busy doing reconnaissance exploration and further developing of exploration plans for their Shining Tree, Heenan and Mallard gold projects located in the Abitibi region, and near well-known assets like Coté (IAMGold/Sumitomo) and Juby (Aris Gold).
The markets keep generating mixed to negative signals: on one side you have high inflation causing lowering demand, higher interest rates, the Federal Reserve shrinking its balance sheet, a record credit crunch, banking crisis, deflating bubbles like real estate, decreasing manufacturing, port activities, lowering wages (although in Europe there is a wage-price spiral going on), in short everything points towards a recession.