Pinnacle member heyjude, a recent Stock Challenge Champ, is in line for his next victory. He bet it all on Metallis Resources (MTS: TSXV) and it just might pay off. Garibaldi Resources and Metallis Resources have unleashed a frenzy of TSX Venture buying not seen in years. A little known junior explorer just a few months ago, Metallis has put together one of the great rallies of the year.

Metallis Resources – 6 Month Chart

MTS Stock Chart

Garibaldi Resources – 6 Month Chart

GGI chart

Metallis has rallied from $0.09 to a high of $2.69 today. It settled down to $2.21 by the close. Garibaldi Resources, the poster boy of the Golden Triangle region, hit an all-time high of $5.27 before promptly reversing to close at $4.50 per share – a record high close for the company. Back to Metallis…

Metallis operates in the Golden Triangle region of northwestern B.C.; first of all, we dubbed the Golden Triangle the hottest area play on earth in September 11th’s British Columbia’s Golden Triangle | Hottest Area Play on Earth. It seems like the region is living up to its reputation as key players and ‘area plays’ go ballistic. First of all, let’s talk about Metallis’ rally in recent weeks.

On October 6th, Metallis Resources reported it the closure of its non-brokered private placement with 2176423 Ontario Ltd., a corporation beneficially owned by Eric Sprott, raising gross proceeds of $2,200,000. Like Garibaldi, Metallis attracted the renowned junior resource investor. The company reported,

“Proceeds from the private placement will be used for the 2018 Drilling Program on the Company’s 100%-owned Kirkham Property situated in the heart of the Golden Triangle’s Eskay Camp in northwest British Columbia…”

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Metallis’ flagship asset is the 10,600 hectare Kirkham Property. A prospective gold-copper porphyry, high-grade gold and base metal mineralization, the project is located about 65 km north of Stewart, British Columbia within the prolific Golden Triangle region. Metallis explains that, “The northern border of Kirkham is contiguous to Garibaldi Resources’ E&L Nickel Mountain Project, approximately 12 km southwest of the Eskay Creek mine.”

Eskay Camp Mining Frenzy Continues

The Eskay Camp has been drawing in speculators from around the globe in recent months. Eskay Mining (ESK: TSXV) another junior explorer nearly doubled in value today alone. Eskay Mining erupted 94.87% to close at $0.38 on nearly three-quarters of a million shares traded. In contrast, unlike the majority of juniors in the Golden Triangle, Eskay has a major mining partner involved and has reported assay results.

SSR Mining (formerly Silver Standard Resources Inc.) (NASDAQ: SSRM) (TSX: SSRM) has the option to earn a 51% undivided interest in the company’s flagship property. SSR Mining must spend an aggregate of $11.7 million in exploration expenditures over three years. Consequently, it will gain an option to earn a further 9% undivided interest by either delivering a preliminary economic assessment or completing an aggregate of 23,000 meters of diamond drilling. SSR Mining had a $1.5 billion market cap at the close of trading Wednesday.

On October 19th, Eskay Mining announced the completion of a 9,336 metre, 12 hole diamond drill program on its SIB property. Eskay Mining, Metallis Resource and Garibaldi will all be worth watching in the coming weeks. The TSX Venture is about to enter its weakest seasonal period. The Golden Triangle has been the place to be since mid-summer. Time will tell if that trend continues.

October Stock Challenge Update

Long-time member ‘heyjude‘ finished the day with a 127.39% return. His two selections are Garibaldi and Metallis. While he may not win (‘Rainendown’ is on his heels with a 115.31% combined average return) he will be tough to beat.

Only two other members in the Top 20 selected Metallis for October. Long-time Pinnacle member, past Stock Challenge Champ and Richmond, B.C. native ‘Lane4‘ who is currently in 5th. Likewise, long-time member ‘bauman6‘ currently in 14th with a 48.76% return also selected Metallis.

Finally, there are just four trading days left in October’s Stock Challenge. Good luck for the remainder of the Challenge and be sure to enter your picks for November.

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