Albania Gets New Player in Mineral Resource Sector
Albania seems to be on a bit of a roll. The country was recently ranked as the top travel destination for 2011 by the well known Lonely Planet group, a vote on November 8th gave unanimous approval for important visa liberalization matters and the country’s resource sector continues to thrive due to new exploration and rising world commodity prices.
As regular readers of Skanderbeg know, we’ve been early on the Albanian resource story for a long time now. We’ve actively followed Albanian first movers, Tirex Resources (TXX: Canada) and Bankers Petroleum (BNK: Canada), with Bankers Petroleum, incidentally, being one of Skanderbeg’s top “stock pick” winners on this page during the past two years.
Today, the Albanian exploration and development space gets a new entrant by way of Golden Touch Resources, trading under the symbol GOT in Canada.
GOT has acquired a package of Albanian resource projects involved in gold, platinum and chromite. While the chromite and platinum projects are very interesting, regular readers of this site know about our bullish views on gold (Skanderbeg’s CEO has been bullish on gold for some time now, as evidenced by his table pounding bullish proclamations in his former Metro Valley News column six years ago). With that in mind, we certainly find the gold project that Golden Touch (GOT) has acquired exciting.
The company notes, in their November 8th News Release, that “exploration for gold has located near-surface gold mineralization within a major regional structural breccias zone that can be defined over a strike length of 20km. Along this strike interval, geochemical surface soil sampling has defined a number of gold-in-soil anomalies over approximately 10 kilometers of strike. One anomaly coincides with an area previously drill tested in the 1980′s for sulphide bearing silica. The silica was used as a flux material for a copper smelter. The other nine kilometers remains untested.
“It will be interesting to see, through the use of modern exploration techniques, what Golden Touch can accomplish on the Rubik Gold Project, which seems to have good indications of size potential. Albania was likely the most isolated and closed off country in the world for 40 years. There was little in flow or outflow of information and the country, although rich geologically, has seen little in the way of large scale, modern and systematic exploration. Tirex Resources has had considerable success in the country bringing modern exploration techniques to hard rock exploration as has Bankers Petroleum in oil and gas. Today, we see the start of a new journey in Albania. A journey being started by Golden Touch. We will be watching this closely as they work to close the definitive agreement and embark on what promises to create a lot of excitement in the country’s growing resource sector.
Golden Touch is trading at approximately $1.90 per share in Canada, on Toronto’s TSX Venture Exchange under the symbol GOT.
by Skanderbeg Capital Group
November 09, 2010