Mostly any investor with a considerable amount at stake in the U.S.stock market is likely breathing into a paper bag this morning as the downgrade of the U.S.credit rating by the S&P leads indexes lower. Those exempt from panic attacks are perhaps invested in gold or gold miners, which are two of a very select number of investments that aren’t taking in the aftermath of the credit slash.
Rather, gold miners ranging from Barrick (ABX) to Goldcorp. (GG) have been bucking trends today on the basis that the dollar will continue to weaken as a consequence of the stigma associated with the now marred credit rating. Gold is often relied upon as a safe haven from currency weakness or the general economy. Amid the uncertainty concerning the long-term impact of the downgrade, it could be expected that gold and related stocks will continue their two-year ascent.
This bodes well for Samaranta Mining Corporation (SAX.TSXV) which announced promising results from its 501 line kilometer Helicopter Magnetometer and Gamma Spectrometer survey on four of their properties. The survey yielded several areas of interest, including in their Guadalupe property in Colombia.
The data, while still raw and unfiltered, prompted a preliminary surface investigation of select areas of interest and other targets. Existing data is being processed in an effort to identify anomalies which may represent massive sulphide mineralization. Should the mineralization exist, Samaranta’s properties would have the potential to become major vehicles for profit. The next step in unearthing the true potential for this includes an aggressive diamond drill program of the most prospective targets. In anticipation of drilling, the company has issued begun reviewing bids for drilling.
Dr. Volkmar Hable, President and CEO of Samaranta, is anxious to see the interpretation of the airborne survey and how it fits with the known mineralization at Frontino. Hable perhaps feels more confident in the results given the adjoining property has been mined for over 150 years while Guadalupe is being investigated for the first time.
The current climate bodes well for a miner and should Guadalupe prove ripe for mining, it would directly and positively impact the share prices of Samaranta.
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