In a week that marked the anniversary of the invasion of Ukraine by Russia, Canada’s inflation rate dropped to 5.9 per cent, lower than projections.
Financial analysts had made a forecast of 6.1 per cent as the inflation rate for January, given that it stood at 6.3 per cent in December. But the economy performed better than expected.
Two weeks ago, it was reported that the Canadian economy exceeded expectations by gaining 153,000 jobs in January of 2023.
All these have given some hope that the economy is recovering after the hit it took with the destabilization that came with the Russian invasion of Ukraine.
However, at 5.9 per cent, the inflation figure is still far from where should give some comfort, especially given that it hovered around 2.00 per cent and below before 2021. Even though this has given some optimism to investors, it has also made them cautious.
This caution has also affected the stock market, as the Toronto Stock Exchange’s S&P/TSX composite index was heading for its third straight week of losses as well as its largest weekly loss in ten weeks.
In response to that, this week, our investment-prone readers have paid more attention to precious metals, which remain a store of value at a time of uncertainty. Over the centuries, gold and silver have never failed to lose the premium placed on them. Even when they fluctuate with the times, they eventually appreciate over the long haul.
Here are the top three stories that attracted our readers the most.
Sitka Gold (CSE:SIG) expands extent of gold mineralization at the Alpha Gold Project
The project is located on the southeast projection of the Cortez gold trend, 40 km southeast of the Nevada Gold Mines Cortez Complex in Nevada.
A total of 1,374.65 metres in four holes were completed in 2022.
One hole, AG22-11, intersected 12.19 metres of 0.504 g/t gold, including 1.52 metres of 2.32 g/t gold within strong Carlin-type alteration.
The results confirm all elements of a large Carlin-type gold system at the project.
Mike Burke, Director and VP of Corporate Development, sat down with Coreena Robertson to add further context to the results.
Sitka Gold Corp. (SIG) was unchanged at C$0.11 within the week at 11:21 a.m. ET.
Skyharbour Resources (TSXV:SYH) announces exploration agreement with English River First Nation
Skyharbour Resources (SYH) signed an agreement with English River First Nation (ERFN) for the exploration of the Russell Lake and Moore Uranium Projects.
The projects are located in the central core of the Eastern Athabasca Basin of northern Saskatchewan.
The agreement provides the framework for a mutually beneficial relationship between Skyharbour and ERFN.
ERFN will support Skyharbour’s exploration of the projects, and Skyharbour will support ERFN’s interests in community development and environmental protection.
Skyharbour CEO Jordan Trimble sat down with Coreena Robertson to discuss the agreement.
Skyharbour Resources Ltd. (SYH) was down 9.78 per cent within the week, trading at C$0.42 at 12:09 p.m. ET.
High Tide Resources (CSE:HTRC) announces maiden Mineral Resource Estimate at its Labrador West Iron Project
High Tide Resources Corp. (HTRC) released the maiden Mineral Resource Estimate from its flagship Labrador West Iron Project.
The project is located 20 km northeast and adjacent to IOC/Rio Tinto’s Carol Lake Mine complex in Labrador City, Newfoundland.
Steve Roebuck, Director, President & Interim CEO of High Tide, sat down with Coreena Robertson to discuss the news.
The Labrador West Iron Project consists of four mineral licences (99 mineral claims), totalling 2,475 hectares.
High Tide Resources Corp. (HTRC) was up 4.35 per cent within the week, trading at C$0.24 at 12:11 p.m. ET.