Balmoral Finds High Grade Nickel in its Quebec Property

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Balmoral Resources shares shot up on Monday after the mineral resource explorer announced more high grade results from its Grasset property in Quebec.

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The company, in a statement released recently, reported nickel, copper and platinum group element (PGE) intercepts from each of eight holes targeting its recent Horizon 3 discovery at the site.

As well as nickel, copper, platinum and palladium values, the company said several of the deeper intercepts reported today returned “significantly anomalous” gold values of greater than 0.1 g/t.

The day’s biggest mover was the Indian nickel cash price which dropped by 0.4 percent on Friday, August 15 to close at INR 1,139 ($18.71) per kilogram. The nickel 3-month price weakened by 0.3 percent on the LME, settling at $18,610 per metric ton. On the LME, the spot price of nickel declined 0.2 percent to $18,530 per metric ton.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome was unchanged at CNY 8,300 ($1,349) per metric ton. For the fifth consecutive day, the price of Chinese ferro-moly held flat at CNY 145,000 ($23,566) per metric ton.

The Allegheny Ludlum 316 stainless surcharge saw little movement at $1.28 per pound. The price of Chinese 316 stainless coil remained essentially flat at CNY 26,000 ($4,226) per metric ton. The price of Chinese 304 stainless coil continues hovering around CNY 16,400 ($2,665) per metric ton for the fifth day in a row. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,100 ($2,617) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,665) per metric ton.

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