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7 @ 7:00 - BullMarketRun.com

May 11, 2017

7 @ 7:00

Check back later today for additional BMR posts.

1. Gold has traded between $1,219 and $1,225 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,221Gold doesn’t seem to be in agreement with the huffing and puffing of CNN, the New York Times and other Trump-hating liberal mainstream media that the President’s firing of FBI Director Comey threatens a constitutional crisis…nonetheless, Gold is starting to firm up after testing strong support at $1,215…Silver, which plunged to extreme oversold conditions earlier this week, is up 6 cents at $16.23…base metals are generally moving in a positive direction today, led by Copper ($2.50), Nickel ($4.20) and Zinc ($1.19)…

2. Global Silver mine production in 2016 recorded its first decline since 2002, largely the result of lower by-product output from the Lead/Zinc and Gold sectors, according to the latest study by the Silver Institute…the Institute said that Silver scrap supply to the market posted its lowest level since 1996; total Silver supply decreased by 32.6 million ounces in 2016…these findings, and other key components of the Silver market, are discussed in the World Silver Survey 2017 released today by the Silver Institute and produced by the GFMS Team at Thomson Reuters (GFMS).  “Global Silver mine production declined by 0.6% in 2016 to a total of 885.8 Moz. A large proportion of the drop was attributable to the Lead/Zinc and Gold sectors, where production dipped by a combined 15.9 Moz,” the  Institute said…

3. OPEC data released today showed the cartel reduced production further in April, even as top Oil exporter Saudi Arabia raised output by almost 50,000 barrels a day…overall, OPEC production decreased slightly in April to an average of 31.73 million barrels a day…meanwhile, data released by the Energy Information Administration (EIA) yesterday showed a much better than expected drop in U.S. Crude stockpiles in the week ended May 5…the EIA figures also revealed a surprise decrease in gasoline and distillate inventories, which helped mitigate worries that U.S. commuters weren’t soaking up enough gasoline to offset supply…gasoline demand rose to the highest level since late March to more than 9.2 million bpd, but still down 2.4% from the same period last year, according to the data…market participants are still watching the ramp-up in production from multiple producers, including the U.S. and Canada, which some fear may offset OPEC’s cuts…U.S. Crude production climbed for the 12th straight week for the 7 days ended May 5 and reached its highest level since mid-2015 at 9.3 million barrels a day, according to Commerzbank analysts…WTI is up 48 cents at $47.81 as of 7:00 am Pacific

4. Multiple major banks are viewing the recent pullback in Oil and commodities in general as a tremendous buying opportunity based on the belief that the global economy is accelerating, and more evidence of the growth surge will be apparent during the 2nd half of the year (this view is consistent with how the Venture has been trading and its bullish long-term technical outlook).  “For the first time since the Great Recession, we have a situation where all major economies are pulling in the same direction,” said Bart Melek, head of commodities strategy at TD Securities, referring to the period between 2007 and 2009

5. Superb Venture support in the 780’s continues, and that bodes well for what could turn out to be a strong 2nd half of the month…the Index is up another 3 points at 786 through the first 30 minutes of trading…Quantum Numbers (QNC, TSX-V) is this morning’s volume leader, up 2 pennies at 17 cents as of 7:00 am Pacific on more than 3 million shares…John’s chart 3 weeks ago on QNC showed a good probability of a breakout above Fib. resistance at 17 cents…former Venture-listed NexGen Energy (NXE, TSX) announced this morning that its shares will begin trading on the NYSE under the NXE symbol May 17 in addition to its listing on the TSX…the TSX is off marginally in early trading, though the Gold Index has climbed 5 points to 210, while U.S. markets are in broad retreat after the S&P 500 and the NASDAQ both posted all-time closing highs yesterday…the Dow is off 124 points through the first 30 minutes of trading…

6. TomaGold (LOT, TSX-V) has made a nice moving in early trading, up 2 pennies at 10 cents as JV partner IamGold (IMG, TSX) reported results from the first 11 drill holes, totalling just over 5,100 m, from a total of 24 diamond drill holes completed this past winter at Monster Lake, 50 km southwest of Chibougamau in northern Quebec…results featured high-grade intercepts from 3 separate holes including 3.1 m grading 121.7 g/t Au in ML17194 (includes 1.1 m @ 317 g/t Au)…IamGold says that once the remaining assay results are received, they will be assessed and may lead to an estimation of an initial mineral resource by year-end…further drilling will be required to evaluate the potential of the new mineralized areas, the timing of which will be dependent on ground conditions to allow the access of drilling equipment…   

7. Ongoing drilling at Pure Gold’s (PGM, TSX-V) Russet South target at its 100%-owned Madsen Project at Red Lake continues to intersect Gold in multiple zones across a broad area spanning 650 m x 650 m, with all zones open for expansion…drill hole PG17364 returned 27.1 g/t Au over 5.8 m along the lower contact of a key ultramafic unit, building continuity with a zone identified earlier as Alpha…the sparsely tested upper contact of the same unit returned 80.7 g/t Au over 1 m in hole PG17391 and 11.3 g/t Au over 1 m approximately 200 m to the north. The association of very high Gold grades along the contacts of folded ultramafic units is directly analogous to the setting of the High Grade Zone at Goldcorp’s Red Lake Mine as well as the 8 Zone at Madsen, which occurs 1,600 m down dip from Russet South,” said Darin Labrenz, President and CEO of Pure Gold. “To date, the Russet South Target has delivered an exceptional hit ratio, with 37 out of 101 holes drilled to date by Pure Gold showing visible Gold and reporting intercepts in excess of 5 g/t Gold.”

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8 Comments

  1. Jon, hearing anything on the VTEM at E&L? Should definitely be done by now and hopefully some sort of preliminary announcement on conductors if they picked up any.

    Comment by Dan1 — May 11, 2017 @ 10:59 am

  2. Regoci likes Friday’s, maybe?

    Comment by Laddy — May 11, 2017 @ 11:57 am

  3. From what I’ve heard, Dan1, Geotech is still up there, which I would say is good news – they haven’t packed up and gone home! Could be extending their geophysical coverage. My gut tells me we should be hearing something preliminary very soon – anytime next week by the latest I would suspect. No leaks on what any early data could be saying, if they’ve even had a chance to see enough by now, but I’d wager the geophysicists are going to be staring at some very nice conductors. That’s what my gut tells me and that’s what all the other geological and geophysical evidence points toward. We just have to be patient and wait for the word.

    Comment by Jon - BMR — May 11, 2017 @ 12:01 pm

  4. GGI
    Your right about no leaks no volume in the stock either
    Stock sure doesn’t act like a company on the verge of a major discovery …
    None of the heart of gold stocks are doing anything
    Seemed like last year at this time there was quite a buzz and anticipation
    This year seems like nobody cares…..

    Comment by Greg — May 11, 2017 @ 12:53 pm

  5. Greg, I’m actually really glad to see that because experience tells me that it’s in those situations when something big often materializes out of the blue. That’s what the market needs. Last year as you say, much anticipation and a real buzz (different phase of the bull market, of course, vs. what we have at this particular moment). At the end of the day, significant progress but no big discovery. I’ll happily take the opposite – less buzz at the beginning followed by a big discovery. Ironically, the Camp is actually much better positioned entering this summer in terms of the potential for new discoveries at multiple properties when one looks at the E&L, the SIB, KSP, Kirkham, Forrest Kerr, and ground held by Seabridge and Pretium. Much more activity this summer and that increases the odds exponentially. Patience will win the day.

    Comment by Jon - BMR — May 11, 2017 @ 5:12 pm

  6. Looks really good for XTM…

    Mr. Scott McLean reports

    CANADIAN GOLD MINER CLOSES PRIVATE PLACEMENT

    Transition Metals Corp.’s Canadian Gold Miner Corp. (CGM) has closed a private placement totalling $817,250 by way of the issuance of 5,294,998 units, each consisting of a common share and common share purchase warrant exercisable for three years at 25 cents per share at a price of 15 cents per unit, and the issuance of 115,000 flow-through eligible shares at a price of 20 cents. Concurrent with the financing, CGM has entered into a finders fee agreement with Gravitas Securities Inc. (Gravitas) whereby Gravitas will endeavor to assist CGM to complete additional Flow Through financing of up to $1,000,000 this spring.

    The planned use of proceeds includes drilling of the high grade Bjorkman Showing (see news release of February 8, 2017) as well as a robust exploration program on CGM’s South Kirkland project area.

    Canadian Gold Miner also reports that on April 26, 2017 the Company issued 1,335,000 stock options to its Directors, Officers, Employees and Consultants. The options to purchase common shares of Canadian Gold Miner Corp. have a 5 year term and are exercisable at $0.15.

    Separately, Transition Metals reports that on May 2, 2017, it issued 655,000 options to its Directors, Officers, Employees and Consultants. The options to purchase common shares of Transition Metals Corp also have a 5 year term and are exercisable at $0.20.

    About Transition Metals Corp

    Transition Metals Corp. (XTM -TSX.V) is a Canadian-based, multi-commodity project generator that specializes in converting new exploration ideas into Canadian discoveries. The award-winning team of geoscientists has extensive exploration experience in established, emerging and historic mining camps, and actively develops and tests new ideas for discovering mineralization in places that others have not looked, which often allows the company to acquire properties inexpensively. The company has an expanding portfolio that currently includes 25+ gold, copper, nickel and platinum projects primarily in Ontario, Nunavut, Northwest Territories, British Columbia, Saskatchewan and Minnesota that it seeks to advance through funding partnerships and subsidiary companies to maximize shareholder value.

    We seek Safe Harbor.

    Comment by Jon - BMR — May 11, 2017 @ 5:17 pm

  7. Jon
    That’s what so weird about this year vs last yr lots of anticipation and share value with really little substance, this year all of the companies are further along and a lot of them will be drilling vs 1-2 last year and no anticipation … At least so far… I hope investors are still watching and just waiting to pounce on the ones that make some progress….

    Comment by Greg — May 11, 2017 @ 9:18 pm

  8. Merely a reflection of the current phase of the bull market we’re in, Greg, which is why the market and developments on the ground don’t seem to be in sync. Last year at this time, you had the market ahead of what was happening on the ground. At the moment, the opposite is true. That will shift again in due course.

    Comment by Jon - BMR — May 12, 2017 @ 5:36 am

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