#RoscanGold $ROS Continues to Hit #Gold at Southern Mankouke: Intersects 5.35gpt Gold over 53m & 3.99gpt over 17m @GoldRoscan

Roscan Gold Intersects 5.35gpt Gold over 53m in DDH-79 at Southern Mankouke and 3.99gpt over 17m in Fresh Rock in DDH-77

Southern Mankouke - Diamond Drilling Highlights:

5.35 gpt gold over 53m from drill hole DDMAN20-79 from 126.5m
Including 7.78 gpt gold over 5m from 128.5m
And 12.5 gpt gold over 12m from 157.5m

And 2.52 gpt gold over 47m from drill hole DDMAN20-79 from 45.5m
Including 10.3 gpt gold over 6m from 72.5m

2.84 gpt gold over 40m from drill hole DDMAN20-70 from 114.5m
Including 6.23 gpt gold over 4m from 121.5m
And 7.06 gpt gold over 8m from 144.5m

13.9 gpt gold over 6m from drill hole DDMAN20-81 from 53.5m
Including 36.7 gpt gold over 2m from 56.5m

3.99 gpt gold over 17m from drill hole DDMAN20-77 from 166.3m
Including 8.43 gpt gold over 4m from 168.3m

Toronto, Ontario--(Newsfile Corp. - November 23, 2020) -  Roscan Gold Corporation (TSXV: ROS) (FSE: 2OJ) (OTC Pink: RCGCF) ("Roscan" or the "Company") is pleased to announce positive diamond drill results (Figure 1) from an additional 16 holes totaling 3,241 meters (m) at its Southern Mankouke Discovery. DDMan-20-79 (Figure 1 and Figure 2) intersected 5.35 gpt over 53m from 126.5m, including 12.5 gpt over 12m. Additionally, hole DDMan-20-77 intersected 3.99 gpt over 17m from 166.3m in Fresh Rock (Figure 3).

This very important discovery at Southern Mankouke has a strong magnetic signature and we plan to conduct a detailed interpretation of the recently completed air borne geophysical survey to assist in further drilling.

#Zinc @LME hits 18-month high of $2,793/t Friday-outperforming high-flying Dr. #Copper-on supply squeeze, even as stealth stocks build

Shanghai zinc trades like a steel derivative -

Zinc soars on supply squeeze even as stealth stocks build

Andy Home

(The opinions expressed here are those of the author, a columnist for Reuters)

LONDON (Reuters) - Zinc has emerged as the unlikely star performer in the London Metal Exchange (LME) base metals suite.

LME three-month zinc CMZN3 hit a fresh 18-month high of $2,793 per tonne on Friday and is even outperforming high-flying copper.

The trigger for the latest leap higher was news that the Gamsberg mine in South Africa is shuttered until further notice while a search continues for two miners missing after an accident.

This is another unexpected hit to a raw materials supply chain already wrecked by COVID-19 mine lockdowns.

Demand, meanwhile, is running strong in China, where zinc has been sucked into steel's bull orbit.

#Gold futures on #COMEX Are Meant For Trading- Not Delivery. Yet, Holders are asking for gold deliveries as if there was no tomorrow!!

YTD total of 215'114 deliveries means that COMEX has been forced to deliver more gold in the first 11 months of 2020 than in the entire 5-year period 2015-2019.

We have lately written on Gold Futures contracts on the COMEX in New York and how the big boys, with the help of the PPT (?), depressed the gold price. Attachment 2 displays the daily gold futures chart by Jim Wyckoff from Kitco. 

 

First of all, the COMEX futures market was never intended to be utilized as a physical delivery platform. Over the years, only around 1% of the outstanding contracts at the end demanded physical delivery.

 

For 2015 to 2019 total deliveries were 208'616 COMEX gold contracts. That's an average of 41'723 per year and a grand total of 648.86 metric tonnes of gold.

 

However, that changed this year, especially since April 2020. As attachment 1 indicates:

 

April - 31,666 contracts

June - 55'102

August - 49'026

October - 34'894

 

A year-to-date total of 215'114 deliveries means that the COMEX have been forced to deliver more gold in the first 11 months of 2020 than they had in the entire 5-year period 2015-2019.

 

As of November 18, there are still 247'965 Dec20 contracts still open. Of  course the vast majority of these will be closed and/or rolled forward. However, it can be assumed that another 50'000 contracts will ask for delivery. That would bring the year-end total near 265'000 contracts or a whopping 825 metric tonnes. That's more than the entire official gold holdings of Japan (765 t), the Netherlands (612 t) or India (557 t).

 

The question is: How long can they keep this up. Are we getting soon new rules? From Canada, we got already an answer. The product of Exchange Traded Receipt (ETR's) issued by the Canadian Mint, a government entity, where holders of ETR's could demand physical delivery from 10'000 ETR's on, got amended. Effective, November 2, 2020, the Mint will be permitted to provide ETR holders redeeming for physical gold bullion with substituted products in certain circumstances. They must see what is happening on the COMEX and they don't want to be in a situation where they are faced with an issue they cannot deal with it. 

 

The First Notice Day on the COMEX December gold futures contracts is Monday, November 30. The Phantom of the Opera hit hard already on Monday, November 9, driving the gold price down around US$ 100 per ounce. They took the excuse the announcement that an experimental COVID-19 vaccine was successful. Are we getting a second wave on the downside?

 

Source: Craig Hemke, TF Metals Report

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