October 6th - Gold Dropped $50/US an Ounce on Tuesday
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Gold broke its lower trend line on Tuesday and tumbled about $50USD/oz. The chart of this trend line break with a couple fib retracements can be seen here: [ Daily Gold Chart ] Gold is being punished because the Fed may finally raise interest rates in December? Of course it is all depedent on economic data between now and then.... Gold usually goes up as the US $ goes down because gold is valued in US dollars. People also flock to gold when there is global instability, times of uncertainty, and panic.

We have a US election coming and I think that could cause uncertainty. One guest on the Business News  Network (BNN) stated that he thought gold would almost instantly rise $100US/oz if Trump won. We will see. Then there is the increased tensions between Russia and the US regarding the Syrian Civil war, NY Times Tuesday: "Tension With Russia Rises as U.S. Halts Syria Negotiations".

Gold may go up but with both the Nasdaq and Dow Jones indexes pushing higher, I wonder what event will be the catalyst for another 10-15% drop. The world situation makes me nervous.

The gold drop on Tuesday rippled over into gold and mining stocks. Investing in junior mining stocks is sometimes a very frustrating experience. Many of these stocks get pounded on this volatility because they are not heavily bid and PROS are in the market. All it takes is one or two investors with a bit of size to unload and down it goes.

You have to somehow value the company and ask yourself, "has anything changed?" Secondly if institutions are involved, they will say, "do I buy all this guy's stock at $2.80 or do pull my bids and buy it at $2.35".

I'm thinking there was some of this happening in Auryn ( AUG TSX-Venture ) stock on Tuesday. My original feature of Auryn was Feb 2nd, 2015 at $1.13CA. Since then it has a high of $4.17CA and closed yesterday at $2.79 up 14 cents. The big buyer yesterday was UBS with a net $203,228 worth of buying.

Auryn just got accepted to trade on the TSX. They also announced 60% of their drill results which featured:

"Auryn Resources Inc. has released partial results from its summer exploration program at the 300-kilometre-long Committee Bay gold project. Highlights include 13.71 metres of 1.91 grams per tonne (g/t) at the Anuri prospect and 23 metres of 2.5 g/t and 30 metres of 2.12 g/t from the Three Bluffs deposit. During the eight-week summer program, the company completed a major screening of the Committee Bay greenstone belt with approximately 10,000 metres of rotary air blast (RAB) drilling, 3,750 metres of diamond drilling at the Three Bluffs deposit, 5,500 regional till samples, 3,100 X-ray fluorescence till samples, 1,000 line kilometres of mapped boulders and 3,500 square kilometres of drone imagery over an eight-week field season covering an estimated 85 per cent of the belt."

A must see, 18 minute presentation by Ivan Bebek, Chairman of Auryn Resources:
[ Presentation ]

More results are coming from their summer exploration program and with their projects in Peru, they can explore all year round. This company is still one of my largest holdings. Do I wish I would have sold at $4.00 and bought back in on the dip, yes sir! The problem is that hindsight is 20/20.

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Remember, I'm an investor/trader like you. This is not investment advice, these are my opinions. Please consult your advisor before buying or selling anything.

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Stock Information:

Listed: TSX Venture
52 week Low: .01 High: .11
Outstanding: Approx. 63 Million
Recent Close:.06

Recent News:

September 21st:

The company announces raising $920,000 for drilling.September 9th:

The company announces drill program scheduled for October.

September 1st:

The company posts updated 80 page NI-43-101 report.

August 30th:

$500,000 financing to close September 15th.

August 15th:

The company acquires nine more claims.

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Before The Drill Results!



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Sector: Mining

Our featured company is going to drill in an area that has produced millions of oz of gold!

From the web site:

"The Cadillac, Malartic and Val-d'Or mining camps, which today have seen gold production exceeding 45 Million ounces, comprise the eastern portion of the prolific Abitibi Gold District.

Located at the heart of Quebec's Abitibi Gold District, approximately 11 km west of the town of Val-d’Or, the company's gold property lies east of Agnico-Eagle/Yamara's Canadian Malartic mine site and Hecla's past producing Marban mine. Nearby to the east, Wesdome's Kiena and Agnico-Eagle's Goldex are both producing mines.

Based on geological similarities with nearby gold producing mines, Exploration management is confident about the property’s mineral potential and prospect for future mine development. With over 80 million ounces of gold produced, the Abitibi Gold District is an established mining area and the Company’s positioning within it is optimal."

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Yesterday's Selected News:

K92 Mining Commences Gold Production at Kainantu Gold Mine
TSX-V: KNT +3.8%

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 5, 2016) - K92 Mining Inc. ("K92" or the "Company") (TSX VENTURE:KNT)(KNTNF) is pleased to announce that gold production has commenced from the Irumafimpa Gold Deposit.

Ian Stalker, K92 Chief Executive Officer, states, "This milestone is highly significant for our Company, and for this region of PNG. A great deal of thanks goes to the entire team on site in PNG in achieving production ahead of schedule and on budget.

The rehabilitation of the Irumafimpa Gold Mine, process plant and associated infrastructure commenced in late March this year and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new Drum Scrubber is also nearing completion and commissioning of this will be completed by the end of the month.

Over the past months, K92 has enhanced the existing underground mobile plant fleet including receiving onsite delivery of trucks, LHDs, jumbo and stope drills. "

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Retrophin Announces Positive Top-Line Results from Phase 2 DUET Study of Sparsentan in Patients with Focal Segmental Glomerulosclerosis

JOHANNESBURG, SOUTH AFRICA--(Marketwired - October 05, 2016) - Net 1 UEPS Technologies, Inc. ("Net1" or the "Company") (UEPS) (JSE:NT1) today announced that it has entered into a share subscription agreement with Blue Label Telecoms Limited ("Blue Label") (JSE:BLU) to subscribe for approximately 117.9 million shares in Blue Label, at a subscription price of ZAR16.96 per share, representing a 10% discount to ZAR18.84, being the 30-day volume weighted average price of a Blue Label share traded on the Johannesburg Stock Exchange ("JSE") to September 29, 2016. The aggregate subscription consideration payable by Net1 is ZAR2.0 billion ($144.0 million). Following implementation of the subscription, Net1 will own approximately 15% of the issued ordinary shares in Blue Label. Net1 expects to settle the subscription consideration through a combination of cash resources, debt instruments and an equity issuance of five million shares of common stock, at an issue price of $9.00 per share. Following implementation of the subscription, which is subject to the finalization of the financing package and the approval of Blue Label shareholders, Net1 will be entitled to nominate a director to Blue Label's board.

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Arizona Mining continues expansion of Taylor Deposit - HDS-371 intersects 13 mineralized zones with a cumulative thickness of 496 feet including a 70 foot thick interval assaying 17.5% zinc, 14.3% lead and 5.3 opt silver and a 18.5 foot interval assaying 26.5% zinc, 25.1% lead and 9.3 opt silver
TSX: AZ +9%

VANCOUVER, Oct. 5, 2016 /CNW/ - Arizona Mining Inc. (TSX:AZ.TO - News) ("Arizona Mining" or the "Company") is pleased to announce the results of a further three (3) exploration drill holes from its current program targeting the expansion of the Taylor Zn-Pb-Ag sulfide deposit located on its 100% owned Hermosa Project in Santa Cruz County, Arizona. These and the other recently completed drill holes continue to expand and infill the maiden resource announced on February 1, 2016 of 39.4 M inferred tonnes grading 11% zinc equivalent.

HDS-371 is an important vertical infill hole on the southwest boundary of the previously reported resource area. The drill hole results indicate good continuity of zinc/lead/silver grades along the preferred mineralized carbonate horizons. HDS-371 intersected thirteen (13) distinct mineralized horizons with a total cumulative mineralized thickness of 496 feet.

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