Orinoco Gold is one of our best-performing resource plays, having trebled in price since the beginning of this year. The good news is that there’s likely substantial room for further price appreciation, based on the company’s looming transition to production status at its soon-to-be commissioned Cascavel operation in Brazil in early 2016. The project is modest in scale, but has the potential to ramp-up significantly from operating cash flows – minimizing both initial start-up costs and associated financing risk. Meanwhile, gold in Brazilian Real terms is performing better than any other currency, even the A$. Orinoco this week reported outstanding assay results from initial underground mine sampling, including a 1.08-metre long panel sample grading almost 15 ounces to the tonne (469g/t Au), highlighting the exceptionally high-grade nature of the gold-bearing system.