Free Digital Markets
Archive

November 14, 2024

Browsing
Stock

Are Extremely Overbought Conditions Good or Bad for Stocks?

By

When a stock shows an RSI value above 80, is that a good thing or a bad thing? In this video, Dave reviews a series of examples showing this “extreme overbought” condition, highlights how these signals usually occur not at the end of, but often earlier in an uptrend phase, and unveils how to use the StockCharts platform to scan for stocks meeting this criteria today!

This video originally premiered on November 13, 2024. Watch on our dedicated David Keller page on StockCharts TV!

Previously recorded videos from Dave are available at this link.

Keep Reading
By
Stock

The SCTR Report: Palantir Stock’s Rise Makes It the Hottest AI Play

By

Palantir Technologies (PLTR) has occasionally appeared in the Top 10 StockCharts Technical Rank (SCTR) Reports. More recently, it has reached the top 5, making it a stock worth analyzing.

Palantir is a data analytics company that could benefit from the AI boom. On November 4, after reporting better-than-expected quarterly earnings, Palantir’s stock price rose 23% and has continued rising since then. The stock price is up over 250% this year. Given this performance and being added to the S&P 500 in early September, PLTR has a lot of upside potential.

FIGURE 1. PALANTIR IN THIRD PLACE. The stock’s recent price action has made PLTR a contender for a closer look.Image source: StockCharts.com. For educational purposes.

The weekly chart of Palantir stock paints the picture, and the dramatic price rise last week is very clear. After breaking through all resistance levels, the stock price is in a position to navigate uncharted territories. This makes it difficult to forecast Palantir’s stock price, but, given how far the stock price has come, it’s worth keeping an eye on it.

FIGURE 2. WEEKLY CHART OF PALANTIR STOCK. The stock price has broken through all resistance levels and is now in uncharted territory. How much higher can it go?Chart source: StockCharts.com. For educational purposes.

The daily chart (see below) shows that the uptrend is still going strong.

FIGURE 3. PALANTIR STOCK’s UPWARD TREND. The SCTR score has been above 80 since the early stages of the uptrend in the stock price. The relative strength index and full stochastic oscillator are in overbought territory.Chart source: StockCharts.com. For educational purposes.

Palantir is trading above its 15-day exponential moving average (EMA), its relative strength index (RSI) is well above the 70 level, and the full stochastic oscillator shows the stock is in overbought territory. Notice that the SCTR score has been above 80 since June 2024, when PLTR started its ascent. The bull run has been going on for a while, and recent price action shows that this stock has a lot of momentum.

When To Buy PLTR Stock

Palantir stock’s price action after its recent earnings report has been euphoric, so a correction would be healthy. When a stock is trading at its all-time high, it’s difficult to determine how deep a pullback would be. I am currently using the 15-day EMA as a potential support level, although I might have to tighten it depending on how the stock behaves in the next few trading sessions.

There are signs of a pullback surfacing. The red body of the last candlestick bar is the first since its last earnings report. Note the decline in trading volume while prices were rising. These are signs of a price decline, but, if the overall market remains bullish, the price decline may not be deep enough to reach the 15-day EMA. I might shorten it to a 10-day or even a 5-day EMA to use as a support level.

I would enter a long position when the price reverses on increasing volume and hold it until momentum decreases enough to justify exiting it. I would use a trailing stop to exit the position. Since PLTR is an AI-related stock, I would also monitor the performance of other AI stocks. If interest tapers, I would either avoid adding long positions or, if I own the stock, sell at least some of my positions.

The Bottom Line

I’ve added PLTR to my WatchLists ChartList (to organize your ChartLists, use the StockCharts ChartList Framework) and to one of my Dashboard panels to monitor it regularly. I wouldn’t want to miss an opportunity to ride Palantir’s rally.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Keep Reading
By
Stock

Simple Way to Find Confluence FAST Using Moving Averages

By

In this exclusive StockCharts video, Joe explains how to use an 18 simple moving average in multiple timeframes to identify when a stock has confluence amongst 2-3 timeframes. He shows how to start with the higher timeframes first, before working down to the lower ones. Joe then covers the shifts that are taking place in the sectors; in addition, he shows a nice feature in StockChartsACP that can help zero you in on new emerging strength. Finally, he goes through the symbol requests that came through this week.

This video was originally published on November 13, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

Keep Reading
By
Stock

Key Support Levels for Gold

By

In today’s DP Alert short video we discuss the key support levels for Gold as it has likely begun a longer-term correction. We also take a look at Gold Miners under the hood! Charts and commentary are taken from our subscriber-only DP Alert publication. Subscribe now and try us out for 2 weeks using coupon code: DPTRIAL2.

Below are the charts that we used in the video for your review:

Introducing the new Scan Alert System!

Delivered to your email box at the end of the market day. You’ll get the results of our proprietary scans that Erin uses to pick her “Diamonds in the Rough” for the DecisionPoint Diamonds Report. Get all of the results and see which ones you like best! Only $29/month! Or, use our free trial to try it out for two weeks using coupon code: DPTRIAL2. Click HERE to subscribe NOW!

Learn more about DecisionPoint.com:

Watch the latest episode of the DecisionPointTrading Room on DP’s YouTube channel here!

Try us out for two weeks with a trial subscription!

Use coupon code: DPTRIAL2 Subscribe HERE!

Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin

(c) Copyright 2024 DecisionPoint.com

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

DecisionPoint is not a registered investment advisor. Investment and trading decisions are solely your responsibility. DecisionPoint newsletters, blogs or website materials should NOT be interpreted as a recommendation or solicitation to buy or sell any security or to take any specific action.

Helpful DecisionPoint Links:

Trend Models

Price Momentum Oscillator (PMO)

On Balance Volume

Swenlin Trading Oscillators (STO-B and STO-V)

ITBM and ITVM

SCTR Ranking

Bear Market Rules

Keep Reading
By
Investing

WGC: Gold Price Under Pressure as US Election Sparks Sentiment Shift

By

Following a Republican Party sweep in the American election, gold is contending with headwinds fueled by a stronger US dollar and shifts in investor sentiment, according to recentWorld Gold Council commentary.

The election results have ignited expectations of pro-business policies and tax-friendly approaches under the new administration, sparking significant changes in the dollar and 10 year Treasury yields.

The dollar gained ground after Donald Trump’s victory was announced, with Treasury yields increasing in tandem.

This activity has made non-yielding assets like gold less attractive, raising the opportunity cost of holding the metal. Many investors are reevaluating their positions, impacting demand for gold as a safe-haven asset.

ETF and COMEX data shows shift away from gold

The World Gold Council notes that the US election’s impact is visible in global gold exchange-traded fund (ETF) activity. These vehicles shed an estimated US$809 million in the first week of November.

Much of this selling pressure came from North American investors, who are now reallocating funds in anticipation of more favorable yields in bonds and other assets. Although Asian demand for gold remains relatively strong, the regional divergence underscores how the political shift in the US is affecting North American sentiment.

COMEX data reflects similar trends. Managed money positions in gold saw a net decrease of approximately 74 metric tons in the first week of November, marking an 8 percent drop from the prior week.

This decline indicates that many investors unwound hedges they had set up before the election.

The World Gold Council suggests that recalibrated risk expectations have led some investors to look toward the bond and equity markets, which are anticipated to benefit under the new administration.

Stocks, cryptocurrencies rising on Trump win

While the election has shifted attention away from gold, it has bolstered interest in other assets.

The broader US stock market, especially the technology sector, has rallied on expectations of business-friendly policies, such as tax reforms and infrastructure spending, that could spur corporate growth.

With these equities positioned for potential gains, some investors are reallocating capital from gold to stocks.

Bitcoin, too, has benefited from Trump’s win. His administration’s anticipated stance on cryptocurrencies appears favorable, attracting investors who see digital assets as an effective hedge against inflation.

This growing interest in cryptocurrencies, alongside equity gains, has drawn investment away from gold, which traditionally enjoys investor priority during periods of economic uncertainty.

Inflationary Trump policies could boost gold

While gold is currently under pressure, many market watchers believe its long-term outlook remains bright.

Experts have pointed to the impending combination of lower taxes, tariffs and high government spending as factors that may fuel inflation over time. Gold has historically been seen as a hedge against inflation, and if inflation rates rise as a result of these policies, it may regain appeal among investors looking to preserve purchasing power.

The World Gold Council also expects the US deficit to grow if spending increases under the incoming administration, potentially weighing on the creditworthiness of Treasuries. This could increase the appeal of gold as a safer alternative, especially for international central banks that hold gold as part of their reserve assets.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Keep Reading
By
Investing

Ashburton Drilling Programme Delivers Further Significant Uranium Intersections

By

Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”) is pleased to announce the final results from its recently completed reverse circulation and diamond drilling programme at the Ashburton uranium project in Western Australia.

HIGHLIGHTS

  • The final hole of the Ashburton drilling programme, ADD006 has returned additional high grade uranium results and include:
    • 1.32m @ 792 ppm eU3O8 from 86.52m
    • 7.86m @ 2,266 ppm eU3O8 from 105.42m incl. 3.62m @ 3,763 ppm eU3O8 from 105.76m
    • 3.22m @ 617 ppm eU3O8 from 116.58m
    • 3.33m @ 1,394 ppm eU3O8 from 132.38m
  • The drilling programme has been successfully completed with a combined total of 3,082.8m of reverse circulation and diamond drilling.
  • The drilling programme has exceeded expectations, achieving all primary objectives.
  • A comprehensive geological interpretation incorporating both current and historical drill data will be completed ahead of the next phase of drilling.

The drilling campaign has successfully met all objectives, confirming historical results, testing a revised structural model for mineralisation, and identifying opportunities for expanding the known mineralisation. The results to date have exceeded expectation.

Drilling Overview: the drilling programme involved the completion of 19 holes, with a combined total of 3,082.8 metres (1,776 meters of reverse circulation and 1,306.8 meters of diamond drilling). Full results for all drill holes are presented in Table 1, with drill hole details in Table 2. Drill hole locations can be seen on Figure 1 & 2.

Notable Mineralisation Intersections: A number of drill holes intersected high-grade uranium mineralisation, with the final hole, ADD006, returning particularly notable results. These intersections include relatively flat lying uranium mineralisation above, below and along the unconformity between the mid Proterozoic sandstones, conglomerates and the lower Proterozoic basement complex. Additionally, steeply dipping zones of uranium mineralisation were identified beneath the unconformity, highlighting promising targets for future exploration.

Structural and Geological Insights: Preliminary structural analyses suggest that mineralisation may be controlled by northwest-oriented faults. The mineralisation appears continuous along strike, with one intersection showing widths exceeding 39 meters, however, further drilling is needed to assess the extent and continuity of this mineralisation.

Drilling has confirmed the presence of mineralisation at the unconformity, also within the overlying sandstone and the underlying basement complex. This provides strong evidence to significantly expand the mineralised zone.

Next Steps: With this programme now complete, Piche plans to update its geological model for Angelo A and B prospects and review how these results relate to the broader Ashburton tenement package. This review will include the Atlantis prospect, 50 km SE of Angelo, which historically returned intersections of 5.5m at 6,200ppm and 2.2m at 7,400ppm U3O8. These results were not followed up in the 1980’s due to a $12.00 per lb uranium price, however, in the current $77.00 per lb price, Piche will be exploring here in the near future.

Click here for the full ASX Release

This post appeared first on investingnews.com

Keep Reading
By
Investing

Fertilizers: The Difference Between Potash and Phosphate (Updated 2024)

By

Potash and phosphate are often tied together. After all, both are used to produce fertilizers, which are becoming increasingly important as demand for food grows on a global scale.

However, potash and phosphate play different roles in crop growth and cannot be used interchangeably. Each has different applications designed for the specific requirements of particular crops, climates, soil types or topographies.

Investors interested in fertilizer companies should know the differences between potash and phosphate to better guide their decisions and ultimately have a better chance at increased profitability. Below is a basic breakdown of the differences between potash and phosphate and why both can be compelling investments.

What is potash?

Potash is a potassium-based product that is often bonded to other chemicals. It is mainly used as a fertilizer to encourage water retention in plants, increase crop yields, improve taste and help plants resist disease. The most common potash fertilizers are sulfate of potash (SOP) and muriate of potash (MOP).

Before it can be turned into commercial fertilizers like SOP and MOP, potash ore must be extracted from the ground by mining companies and then refined. There are two predominant varieties of potash ore: sylvinite and carnallite. Sylvinite typically has a higher value compared to carnallite as it requires less energy to separate the potassium chloride it contains than it does to separate the magnesium in carnallite.

Potash ore is extracted in two ways. In conventional underground mining, ore is dug out by large machines and transported to the surface. This method is expensive, but also the most common. Solution mining is less common, and involves injecting hot brine (a salt water solution) below the surface of the Earth and into an orebody. The potash-brine water is then pumped back to the surface for cooling and separation in surface ponds.

Interestingly, many companies are focused on extracting potash ore from ancient underground oceans of potassium salts, and these are often located hundreds of feet or more below the surface. This can complicate the process of getting the ore out of the ground.

Canada is the world’s top potash producer, and also holds the largest reserves. Other global producers include Russia, China and Belarus.

Want to learn more about potash and potash investing? Click here to check out our overview of the market, and read up on ASX-, TSX- and TSXV-listed potash stocks in Australia and Canada by clicking here and here.

What is phosphate?

Phosphate is critical for all living organisms, from potatoes to people, and as much as 90 percent of it is used as a soil nutrient for plant growth. Its primary function is to support strong cell development and water retention.

Phosphate rock, or “phos-rock,” is ore that contains phosphorus. It is located at various depths, and extraction typically requires large dragline buckets, which scoop up the material for refinement. The phos-rock is then beneficiated, or refined, with small phosphate pebbles being left behind.

Those phosphate particles are coated with hydrocarbons during flotation, and then float to the surface for further separation. The resulting product is beneficiated phosphate rock. Its phosphorus pentoxide content is suitable for phosphoric acid or elemental phosphorous production.

Beneficiated phosphate rock is often upgraded into granular diammonium (DAP) or monoammonium phosphate (MAP), which are high-grade, water-soluble crop fertilizers. Single super phosphate (SSP) is a cheaper alternative to the popular DAP and is obtained through a chemical reaction between rock phosphate and sulfuric acid.

The world’s top producer of phosphate rock by a wide margin is China. The US, Morocco, Russia and Jordan are also key phosphate rock producers.

Interested in getting more details on phosphate and phosphate investing? Our overview of the market can be found by clicking here, and we’ve put together a list of phosphate-focused companies here.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Keep Reading
By
Investing

Nickel Price Update: Q3 2024 in Review

By

Nickel saw solid price momentum in the first half of the year, benefiting from investor sentiment and speculation across commodity markets that saw surge in prices for both precious and base metals.

However, price highs were short-lived as nickel supply and demand fundamentals provided pressures that saw steep declines.

Among the influences has been a supply of laterite nickel flooding the market out of Indonesia, which is a contributing factor to mine curtailments in New Caledonia, Australia, and Europe. Meanwhile, high demand for battery production in China has yet to reach levels to make up for the oversupply in the market.

How did the nickel price perform in Q3?

The third quarter opened with the price of nickel facing a downward trend that started after it reached a yearly high of US$21,615 per metric ton on May 20. The price on July 1 had fallen to US$17,357. The following week saw a pause in the downward trend and was briefly lifted to US$17,473 before resuming its downward trajectory to US$15,769 on July 25.

Nickel price, July 1 to October 1, 2024.

Chart via Trading Economics.

After bottoming out, the price quickly climbed to US$16,604 on July 31.

Nickel remained largely rangebound between US$16,150 and US$16,500 for the start of August, but saw upward momentum in the middle of the month that pushed the price to US$17,136 on August 27.

The beginning of September saw the price collapse again, reaching a quarterly low of US$15,741 on September 10 and just shy of the year-to-date low of US$15,668 set on February 9. However, pricing pressure wasn’t to last and the price of nickel saw rapid gains through to the end of September reaching a quarterly high of US$17,698 on October 1.

Supply

The big story for the last several quarters has been an oversupply of nickel from Asian markets, particularly Indonesia and Q3 2024 was no different.

According to data from S&P Global, mined nickel production from the country increased by 99,000 metric tons during the quarter and is forecast to be in the 2.4 million metric ton range by the end of 2024, representing 57 percent of total global production.

However, due to Indonesia’s permitting and quota system, sourcing consistent supply from the country has presented challenges for Chinese smelters who were forced to temporarily curtail output due to a shortage in feeder supply.

Despite having a large percentage of global supply, refiners in Indonesia have increasingly been turning to nickel imports from the Philippines, the number two nickel supplier, to maintain operations. The first seven months saw imports rise to 3.37 million metric tons versus just 374,454 tons produced in 2023.

Although China remains the biggest benefactor and investor of Indonesia’s nickel industry, Indonesia has been working to distance it economically from its partner as it tries to work out deals with Western partners.

While Indonesia has been working to distance itself from Chinese investment over the past few years to better position its nickel market for Western markets and inclusion under the US Inflation Reduction Act, a new trade pact looks to solidify ties with China.

Multiple cooperation deals were signed following a November 9 meeting between Chinese President Xi Jinping and Indonesian President Prabowo Subianto, which would see China investing more than US$10 billion into strategic sectors including nickel.

Among the investments is $1.42 billion agreement between Chinese battery material producer GEM (SZSE:002340) and Indonesian miner PT Vale (OTC Pink:PTNDF,IDX:INCO) for the construction of a high-pressure acid leaching (HPAL) plant. The new processing facility is necessary for the production of battery-grade nickel.

Additionally, Zhejiang Huayou Cobalt (SHA:603799) is working to raise US$2.7 billion in financing for a nickel refining and smelting project in partnership with Ford Motor Company (NYSE:F) and PT Vale. The project will also use HPAL processing and is expected to produce 120,000 metric tons of mixed hydroxide precipitate for use in electric vehicle batteries.

China demand lagging

Even though demand for batteries continues to grow, it hasn’t been able to outpace the oversupply situation, this has largely been due to a weak Chinese economy.

China is the largest consumer of nickel in the world, with a majority of the metal destined to be used in the production of stainless steel, but a beleaguered real estate sector and broad economic deflation have dampened demand.

Nickel found pricing support in September as the Chinese government introduced a raft of stimulus measures that were intended to boost economic growth in the country. Among the measures included a 0.5 percent interest rate cut to existing mortgages and reduce the downpayment to purchase a home to 15 percent from 25 percent.

Although the package was responsible for a surge in nickel prices, in the weeks following the announcement nickel prices retreated, once again approaching yearly lows.

In another attempt to jump-start the economy, China introduced a US$1.4 trillion dollar debt swap on November 11 aimed at tackling “hidden debt” and freeing up funds at the local level by reducing interest payments on debt and helping drive growth.

Additionally, the Chinese government is planning to cut the deed tax for homebuyers to 1 percent from the current 3 percent in a further attempt to prop up the country’s economy.

Western governments may not be working hard enough for critical supply

In Canada, the government pledged C$46 billion for the development of four EV battery production plants that will require more raw materials than the Canadian mining sector can currently supply.

At his address to the Greater Vancouver Board of Trade on September 17, Mining Association of Canada President Pierre Gratton suggested Canada is too focused on downstream development and that in order to meet supply the four EV plants will need the support of 15 new mines.

“That’s only speaking from the standpoint of the four battery factories, to say nothing about all of the other needs that our economy requires, or that the US requires, including its defence industries. Unless we achieve the above, and this is the irony, our reliance on foreign sources for minerals and metals is only going to increase,” he said.

Overall, Gratton believes that there needs to be an additional C$32 billion in financing for mining and midstream processing projects.

In Europe, the implementation of its new Carbon Border Adjustment Mechanism (CBAM) that places a tariff on carbon-intensive products is drawing concern from the industry. The regulation is a complex system designed to balance prices and prevent an exodus of carbon-intensive manufacturing to nations with fewer emission controls.

Some are suggesting CBAM has no benefit for the European stainless-steel industry as it limits pricing to scope 1 emissions and doesn’t include downstream emissions from power generation and transpiration.

European steelmakers have become more dependent on nickel pig iron imports from Indonesia, so far 87,485 metric tons through the first eight months of 2024 versus just 1,006 metric tons in 2023. The increase has come alongside a wave of curtailments as the industry reacts to a flood of Indonesian nickel.

What will happen to the nickel price in 2024?

Investors should consider China’s outsized influence over the nickel market, both in terms of control over refined supply and demand from real estate and battery sectors.

Even though the EV sector in China has shown year-over-year growth of 32 percent through the first nine months of 2024, the industry’s nickel demand hasn’t made up for shortcomings in the broader economy.

Surplus scenarios are expected to continue over the next few years with a 5.8 percent compound annual growth rate between 2023 and 2028. This will present a challenge for producers who are looking to restart operations in the short term as prices are expected to remain flat.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

Keep Reading
By
Investing

Group Eleven Intersects 8.7m of 23.9% Zn+Pb and 85 g/t Ag; Expands Zinc-Rich Massive Sulphide Zone at Ballywire

By

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) (‘Group Eleven’ or the ‘Company’) is pleased to announce results from latest five step-out holes of the 2024 drill program at the Company’s 100%-owned Ballywire zinc-lead-silver discovery (‘Ballywire’), PG West Project (‘PG West’), Republic of Ireland.

Highlights:

  • G11-3552-19 intersected (from 194.5m):
    • 15.3m of 14.5% Zn+Pb (11.4% Zn and 3.1% Pb) and 56 g/t Ag, including
    • 8.7m of 23.9% Zn+Pb (18.8% Zn and 5.1% Pb) and 85 g/t Ag, including
    • 3.4m of 32.6% Zn+Pb (24.9% Zn and 7.7% Pb) and 88 g/t Ag
    • Located 50m NNW from G11-3552-17 (released 24-Sep-2024)
  • G11-3552-21 intersected (from 189.7m):
    • 17.0m of 4.7% Zn+Pb (3.5% Zn and 1.2% Pb) and 44 g/t Ag, including
    • 7.0m of 8.1% Zn+Pb (6.2% Zn and 1.9% Pb) and 93 g/t Ag
    • 1.2m of 26.4% Zn+Pb (19.2% Zn and 7.2% Pb) and 396 g/t Ag
    • Located 50m NNW from above hole
  • G11-3552-20 intersected (from 254.6m):
    • 9.2m of 4.8% Zn+Pb (3.6% Zn and 1.2% Pb) and 18 g/t Ag, including
    • 5.7m of 6.6% Zn+Pb (5.3% Zn and 1.3% Pb) and 21 g/t Ag, including
    • 1.1m of 26.8% Zn+Pb (21.0% Zn and 5.8% Pb) and 78 g/t Ag
    • Located 260m SW of above holes, 50m NNW from G11-3552-18 (released 22-Oct-2024)
  • Above holes add at least 50-100m to the lateral (up and down dip) extent of the recently announced flat-lying zone of zinc-rich massive sulphide lenses at the base of the Waulsortian Limestone, with the zone extending for at least 360m along strike and remaining open
  • Massive sulphide zone is pierced by the above intercepts and four previously released holes:
    • G11-3552-12: 29.6m of 10.6% Zn+Pb and 78 g/t Ag (released 11-Jun-24)
    • G11-3552-13: 6.1m of 11.4% Zn+Pb and 85 g/t Ag (released 01-Aug-24) and
    • G11-3552-17: 4.2m of 15.2% Zn+Pb and 34 g/t Ag (released 24-Sep-24)
    • G11-3552-18: 11.8m of 11.6% Zn+Pb and 48 g/t Ag (released 22-Oct-24)
  • Two-rig drill program at Ballywire continues with the next assay results expected in due course

‘It is exciting to announce G11-3552-19 today as it represents the best hole drilled to date at Ballywire in terms of zinc-dominant massive sulphide,’ stated Bart Jaworski, CEO. ‘The hole intersected an interpreted true width of 8.7m of continuous massive sulphide grading an impressive 24% Zn+Pb – and at a relatively shallow depth of 200m. Altogether, today’s results significantly expand the emerging flat-lying, zinc-rich massive sulphide zone at Ballywire to at least 360m along strike and 100-150m along dip. The massive sulphide zone is open and appears to be strengthening to the northeast, towards shallowing stratigraphy. Ongoing drilling is testing this area with two rigs. We look forward to providing further results as we continue our step-out drilling within the 2.6km corridor of robust mineralization drilled thus far and along our broader 6km long prospective trend.’

Exhibit 1. Cross-Section A-A’ of G11-3552-19, -21, -23 (100m Step-Out Distance) at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex1.jpg

Exhibit 2. Cross-Section B-B’ of G11-3552-20 and -22 (50m Step-Out Distance) at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex2.jpg

Exhibit 3. Plan Map Showing Key New Drilling (G11-3552-19, -20, -21) at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex3.jpg

Exhibit 4. Emerging Massive Sulphide Zone and Upcoming Drill Results at Ballywire

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_f29723b1c4c7fb73_005full.jpg

Recent Holes from 2024 Drill Campaign at Ballywire Discovery

The Ballywire prospect at the Company’s 100%-owned PG West Project in Republic of Ireland, is a new zinc-lead-silver discovery (first announced Sept-2022). In addition to 37 holes drilled and reported by Group Eleven to date, the most recent five step-out holes (G11-3552-19 to -23) of the 2024 program are reported today (see Exhibits 1 to 6).

High-grade mineralization from G11-3552-19, -20 and -21 consists predominantly of massive and semi-massive sulphide (sphalerite, galena, pyrite, chalcopyrite and suspected tennantite-tetrahedrite), as well as, disseminated and vein hosted sulphide mineralization. Mineralization occurs along and/or close to the base of the Waulsortian Limestone (see Exhibit 1 and 2).

Overall, recent drilling suggests the emergence of two distinct styles of mineralization. First, relatively flat-lying zinc-rich massive sulphide lenses and second, ‘other mineralization’, dominated by variably dipping massive sulphides, as well as, vein-hosted and disseminated mineralization (see Exhibits 1-3). Both styles occur at or near the base of the Waulsortian Limestone and offer great exploration opportunities as drilling progresses.

Exhibit 5. Summary of Assays from G11-3552-19 at Ballywire

Item From
(m)		 To
(m)		 Int
(m)		 Zn
(%)		 Pb
(%)		 Zn+Pb
(%)		 Ag
(g/t)		 Cu
(%)
G11-3552-19 199.69 200.40 0.71 13.95 1.65 15.60 31.6 –
And 200.40 201.15 0.75 5.32 0.14 5.46 26.0 –
And 201.15 201.73 0.58 5.35 0.31 5.66 18.6 –
And 201.73 202.55 0.82 20.50 0.53 21.03 60.4 –
And 202.55 203.46 0.91 21.00 6.32 27.32 62.1 –
And 203.46 204.38 0.92 20.70 11.75 32.45 83.1 –
And 204.38 205.33 0.95 19.35 7.31 26.66 91.9 –
And 205.33 206.23 0.90 29.60 7.77 37.37 95.7 –
And 206.23 206.90 0.67 32.20 2.59 34.79 80.1 –
And 206.90 207.72 0.82 16.05 7.19 23.24 121.0 –
And 207.72 208.38 0.66 17.45 6.22 23.67 269.0 0.26
Weighted Avg 194.50 209.84 15.34 11.36 3.14 14.50 55.5 –
Incl. 199.69 208.38 8.69 18.78 5.08 23.86 85.0 –
Incl. 203.46 206.90 3.44 24.90 7.70 32.59 88.2 –
And 230.00 230.82 0.82 1.40 2.13 3.53 370.0 0.73
And 235.62 237.10 1.48 0.31 2.06 2.37 261.0 0.47

 

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m

Exhibit 6. Summary of Assays from G11-3552-20 to -23 at Ballywire

Item From
(m)		 To
(m)		 Int
(m)		 Zn
(%)		 Pb
(%)		 Zn+Pb
(%)		 Ag
(g/t)		 Cu
(%)
G11-3552-20 254.55 263.75 9.20 3.59 1.23 4.82 17.6 –
Incl. 254.55 260.25 5.70 5.28 1.33 6.61 21.2 –
Incl. 259.14 260.25 1.11 21.00 5.78 26.8 78.4 –
G11-3552-21 189.69 206.67 16.98 3.53 1.17 4.71 43.7 –
Incl. 199.67 206.67 7.00 6.17 1.89 8.06 92.8 –
Incl. 205.50 206.67 1.17 19.21 7.16 26.38 395.9 0.30
G11-3552-22 222.81 235.78 12.97 0.95 0.15 1.11 3.0 –
Incl. 227.49 229.88 2.39 3.65 0.55 4.20 10.2 –
Incl. 228.40 229.88 1.48 4.47 0.81 5.28 14.2 –
G11-3552-23 181.92 192.87 10.95 0.53 0.14 0.68 2.1 –
Incl. 184.64 185.59 0.95 1.85 0.68 2.52 8.1 –

 

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m

Looking forward, two drill holes (G11-3552-24 and -25; see Exhibit 4) are in progress with results expected in due course. Exhibit 4 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 3) of significantly mineralized drill intercepts (open in all directions). A photo of the 8.7m interval of massive sulphide in G11-3552-19 will be put on Group Eleven’s website (www.groupelevenresources.com).


Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex7.jpg

Notes to Exhibit 8: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves Report dated December 31, 2023); (b) Stonepark MRE: see the ‘NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland’, by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in ‘Report on Prospecting Licence 464’ by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in ‘The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody’ by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in ‘Report on Mallow Property’ by David Wilbur, dated December 1973; and later summarized in ‘Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork’ by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. ‘Rathdowney Trend’ is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

Exhibit 8. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5685/229882_ex8.jpg

Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials (‘CRMs’ or ‘Standards’) as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. Key intercepts to date include:

  • 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
  • 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
  • 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
  • 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
  • 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
  • 6.1m of 11.4% Zn+Pb, 85 g/t Ag (G11-3552-13)
  • 5.6m of 13.1% Zn+Pb, 116 g/t Ag (G11-3552-17)
  • 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
  • 8.7m of 23.9% Zn+Pb and 85 g/t Ag (G11-3552-19)

The Company’s two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company’s public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229882

News Provided by Newsfile via QuoteMedia

This post appeared first on investingnews.com

Keep Reading
By
Editor's Pick

Human Rights Watch accuses Israel of mass displacement in Gaza amounting to a war crime

By

Israel has overseen the forced mass displacement of Palestinians in Gaza in a deliberate and systematic campaign that amounts to a war crime and a crime against humanity, according to a new Human Rights Watch report.

The 154-page report, published by the US-based advocacy group on Thursday, details more than 13 months of widespread destruction in Gaza that, according to the United Nations, has seen the displacement of about 1.9 million Palestinians – more than 90% of the territory’s population.

In a statement, Human Rights Watch (HRW) cited the illegal and “deliberate, controlled demolitions of homes and civilian infrastructure,” by Israeli forces in Gaza “where they have apparent aims of creating ‘buffer zones’ and security ‘corridors,’ from which Palestinians are likely to be permanently displaced.”

“The Israeli government cannot claim to be keeping Palestinians safe when it kills them along escape routes, bombs so-called safe zones, and cuts off food, water, and sanitation,” said Nadia Hardman, a HRW refugee and migrant rights researcher.

“Israel has blatantly violated its obligation to ensure Palestinians can return home, razing virtually everything in large areas.”

In a response to the report on Thursday, the Israeli military said it is “committed to international law and operates accordingly,” and that it issues evacuation orders to protect civilians from combat.

The Israeli military also denied there was any “doctrine that aims causing maximal damage to civilian infrastructure regardless of military necessity,” and said any “reports and complaints regarding the violation of international law” are referred to an internal review body.

Israel has been accused by multiple human rights groups – and UN investigators – of military conduct that could amount to war crimes over the past year, which it has vociferously denied. Hamas has also been accused of war crimes.

In October, a UN inquiry said Israel had a “concerted policy” of destroying the health care system in Gaza in what it said amounted to war crimes.

The Israeli foreign ministry called those accusations “outrageous” and said they were “another blatant attempt by the (commission) to delegitimize the very existence of the State of Israel and obstruct its right to protect its population while covering up the crimes of terrorist organizations.”

Israeli Prime Minister Benjamin Netanyahu has previously said that “Israel has no intention of permanently occupying Gaza or displacing its civilian population.”

On Sunday, Israeli foreign minister Gideon Sa’ar said Palestinians would be able to return to their homes in northern Gaza when the war ends – but not before Israel’s objectives were achieved.

Several Israeli ministers, however, have said they would like to see Palestinians leave Gaza and reestablish Israeli settlements there.

“We must promote a solution to encourage the emigration of the residents of Gaza,” far-right National Security Minister Itamar Ben-Gvir said on January 1.

And far-right Finance Minister Bezalel Smotrich, who also holds a position in the Defense Ministry, has said Israel “will rule (in Gaza). And in order to rule there securely for a long time, we must have a civilian presence.”

The HRW report comes after the US State Department said Tuesday that Israel had not violated United States law following the passing of a 30-day deadline for it to take specific steps to improve the humanitarian situation in Gaza – a stance in sharp contrast to the findings of aid organizations about the dire reality in the enclave.

Aid agencies have described the situation in northern Gaza as apocalyptic, with areas at imminent risk of famine as Israel wages an ongoing military offensive there.

Human Rights Watch said the Israeli campaign in northern Gaza would likely lead to the displacement of hundreds of thousands more civilians.

The group urged countries to halt arms sales to Israel and impose sanctions on the Jewish state to push it to comply with its international obligations to protect civilians. It also called on the International Criminal Court to investigate the alleged forced displacement of Palestinians as a crime against humanity.

This story has been updated with additional information.

This post appeared first on cnn.com

Keep Reading
By