A New Copper Discovery: Visionary Copper and Gold ($VCG | $VCGMF) on the Kraken Zone
Summary
Visionary Copper and Gold's Kraken discovery — a copper stringer zone in Point Leamington's footwall — anchors a plan to more than double its pit-constrained resource.
The CEO argues VMS (volcanogenic massive sulfide — seafloor-formed metal deposits) endowment often sits in the footwall stringer zone, not the lens.
A roughly 20,000-meter phase two campaign aims to grow Point Leamington from 20 million toward 40-plus million tons while upgrading inferred material to indicated.
Management defers economic studies until resource growth and metallurgical work finish, arguing fixed infrastructure should never sit over a future pit extension.
The hosts frame the sharp gold and silver correction as a buying opportunity, citing a historical buy-in-November, sell-in-Q1 seasonal pattern.
Key points on Eldorado Gold
- Max Porterfield points to Eldorado's takeover of Foran Mining for $3.6 billion — about 60 cents per pound of copper equivalent in the ground — as the valuation case for footwall copper endowment in VMS systems.
- He notes Eldorado's McIlvenna Bay project is in construction and followed the advanced-exploration-permit-first path Visionary is pursuing in Manitoba, and that Eldorado also gained an in-construction concentrator near Pine Bay with the Foran acquisition.
- Don Duret calls Foran's takeover by Eldorado an outstanding project and a great ride, and says he hopes Visionary's CEO experiences the same path.
John Fenwick's takeaways
- Top takeaway He argues the SOX semiconductor index — which led the broad market down in 2000-2001 and again in 2008 — showed problems this week, so the market is vulnerable if it breaks down and this summer may not follow the usual no-correction pattern.
- He says China cut off tungsten supply to Japan on January 1 and Japan's semiconductor industry runs out around July-August 2026, a major story beyond defense with downside risk for names like Micron.
- He prescribes seasonality: July-August for finding values, September-October as rally months, tax-loss selling from about November 15, and Q1 as the best quarter — a buy-in-November, sell-in-Q1 approach he says paid off 8 of 10 years.
- On Visionary, he says timing matters, reveals he bought stock after meeting the CEO two years ago, and likes the tight share structure with over 30% of shares in friendly hands — his 'magic number'.
- He frames the macro backdrop: unusually heavy inbound questions after the June 12 MOU and the June 17 Fed meeting amid the chaos in gold and silver.
Don Duret's takeaways
- Top takeaway He calls silver's break below $60 the week's big story but says the precious-metals bull market stays intact as long as silver holds above $50.
- He reads the sell-off as a correction within a bull market — gold dipped below $4,000 before closing back above it, down 27% from its high, with the HUI down 33% — and sees no breakdown unless gold loses $3,000, with a worst case around $3,700-3,800.
- He argues gold is trapped below its roughly $5,600 high until the stock market rolls over, and expects another dip in July and again around August-September, each of which he'll buy.
- He sees the S&P 500 at 7,350 facing three paths — up toward 7,500, ranging between 7,000 and 7,500, or breaking down — and is simply accumulating stocks, using corrections as buying opportunities.
- His verdict on Visionary: a project with 'a ton of potential' — likely a million-ounce, economic gold project plus a 30,000-hectare exploration district — but it was under his radar, so he'll study it and likely add it to his Beaver Creek list.