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April 20, 2017

7 @ 7:00

Visit our comments section throughout the day and check for a possible additional post as well. BMR Morning Market Musings returns tomorrow.

1. Gold has steadied today after its biggest 1-day drop in more than 6 weeks yesterday, finding support from a retreat in the dollar and concerns about North Korea and Sunday’s elections in France…interestingly, holdings of the world’s largest Gold-backed exchange-traded fund, New York-listed SPDR Gold Shares, rose 11.8 tonnes yesterday in their biggest single day inflow since September despite Gold’s worst daily performance since March 7…the metal has some work to do today and tomorrow in order to extend its weekly winning streak to 6Gold demand in India has picked up in recent days, ahead of the Akshaya Tritiya festival on April 28as of 7:00 am Pacific, bullion is up $1 an ounce at $1,281…the Dollar Index has dipped one-third of a point to 99.49 which is lending support to commodities today…

2. Russia’s central bank, seeking to diversify the country’s official reserves, posted an increase in its Gold reserves in March for the 3rd consecutive month…one of the world’s largest holders of bullion, the Russian central bank has been regularly buying Gold amid weaker Oil prices and Western sanctions imposed over Moscow’s role in the Ukraine crisis…Russia’s Gold reserves rose to 54.0 million troy ounces at the start of April from 53.2 million ounces as of March 1, the central bank reported today…

3. Base metals, which have weakened in April after a strong Q1, have rebounded modestly today…Societe Generale’s Robin Bhar commented, “Prices had gone up quickly throughout the year, helped by (mines at) Grasberg, Escondido and Cerro Verde, and that speculative excess needed to come out.  Now we’re seeing some buying coming in because the 2nd quarter tends to be the strongest in terms of industrial activity.”

4. More chaos in Venezuela…General Motors (GM, NYSE) says Venezuelan authorities have illegally seized its plant in the industrial hub of Valencia and vowed to “take all legal actions” to defend its rights…GM described the takeover as an “illegal judicial seizure of its assets”GM’s subsidiary in the country – General Motors Venezolana – has operated in Venezuela for nearly 70 years…GM said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers…the country’s economic crisis should come as no surprise but has hurt many other U.S. companies, including food makers and pharmaceutical firms…a growing number are removing their Venezuelan operations from their consolidated accounts…

5. Aphria (APH, TSX) has secured a $100 million raise, including a $75 million bought deal equity financing at $6.50 per share and $25 million in debt financing through a 5-year term loan…this is the first time Aphria has raised both debt and equity simultaneously.  “Through this raise, we are not only looking at the needs of today, but what Aphria is going to need to do in the years ahead to dominate the market. When completed in 2018, our 4-part expansion plan is expected to supply more than 75,000 kg of high-quality cannabis at one of the lowest costs in the industry. We are well positioned to continue to provide shareholder value and meet the increasing consumer demand for medical and recreational marijuana,” President and CEO Vic Neufeld…APH is off 28 cents at $6.72 as of 7:00 am Pacific, a drop of nearly 25% from its all-time high of $8.77 April 11…that puts the stock at its rising 50-day moving average (SMA) which has held as support since the summer of last year…

6. The Venture, trying to snap a 3-session losing skid that occurred on relatively light volume, is up 3 points at 822…high-flier First Global Data (FGD, TSX-V) is up 12 cents at 87 cents after announcing that it has partnered with LianLian Pay to launch a co-branded remittance service that enables Chinese living in the U.S. and Canada to make person-to-person international money transfers to China utilizing the social media messaging platform WeChat…in Toronto, the TSX has advanced 75 points while the Dow is 53 points higher through the first 30 minutes of trading…Dallas Federal Reserve President Robert Kaplan said today that 3 interest rate hikes this year remains possible but that the U.S. central bank has the flexibility to wait and see how the economy unfolds.  “The median for three rate increases this year…is still a good baseline,” he said in an interview with Bloomberg TV.  “If the economy develops a little more slowly, then we can do less than that and if the economy is a little stronger, we can do more than that.”

7. GT Gold (GTT, TSX-V) announced this morning that it has increased the size of its previously announced non-brokered private placement to $3.2 million (2.7 million shares at 32 cents per share)…closing is expected by early next week…GT was already fully funded for a 98-hole, 4,600-m Phase 1 drill program during June and July at its promising Saddle Gold prospect northwest of the Red Chris mine…Saddle features exceptionally high level Gold-in-soil anomalies across broad areas of upland, suggestive of strong discovery potential…GTT is up a penny at 35 cents in early trading…

The most popular recent BMR articles…

The Building Of A Magnificent Castle Overlooking A Rich Silver-Cobalt Camp!

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Compelling Zinc-Copper Play With High-Grade Bonus

April 19, 2017

7 @ 7:00

Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,280 and $1,288 so far today…as of 7:00 am Pacific, bullion is down $5 an ounce at $1,284 while Silver is off 4 pennies at $18.21…geopolitical rhetoric has quieted down, at least temporarily, and some other catalysts may have to come into play for bullion to push through strong resistance around $1,300…base metal prices have rebounded modestly after some weakness yesterday while Crude Oil has added 12 cents to $52.53 ahead of fresh inventory data from the EIA…the U.S. Dollar Index, which took a beating yesterday, has bounced back one-quarter of a point to 99.78

2. PyroGenesis (PYR, TSX-V) continues to be at the forefront of cutting edge research and the design, development, manufacture and commercialization of advanced plasma processes…this morning the company reported that it has successfully destroyed simulated chemical warfare agents for the U.S. military, exceeding 99.9999% efficiency. A successfully developed system would safely destroy chemical warfare agent stockpiles onsite without having to transport these highly toxic chemicals to a remote location for processing,” said Peter Pascali, President and CEO of PyroGenesis. “Successfully completing this contract reflects the significant advances that we, at PyroGenesis, have achieved, and which we expect to continue to achieve in the area of defense and chemical warfare agent destruction. This, coupled with the fact that our plasma based waste destruction system is specified in the design of the new generation U.S. aircraft carrier, with two systems already having been delivered, further solidifies our position within the U.S. military as being the ‘go-to’ supplier of plasma-based solutions.” PYR is up 4 cents at 47.5 cents as of 7:00 am Pacific, just slightly below its March 30th multi-year high of 49.5 cents…

3. Camino Minerals (COR, TSX-V) has pulled back in early trading after soaring 259% yesterday (closed at $1.24 vs. 34.5 cents Monday) when it reported an impressive high-grade drill intercept (106 m grading 1.30% Copper) from its Los Chapitos Project in Peru…the first 2 RC holes confirmed the down dip extension of the Adriana zone surface oxide mineralization but the 2nd hole also hit high-grade sulphide mineralization at depth between 188 m and 294 m, with the hole ending in mineralization…Adriana is one of 5 known zones located along the northeastern trend of Chapitos…results are pending for 3 more RC holes while the balance of the Phase 1 program will be completed by diamond drilling beginning early next month…COR is off 20 cents at $1.00 as of 7:00 am Pacific

4. The Venture is up 1 point at 826 after testing new support yesterday at 824Spearmint Resources (SRJ, TSX-V), yesterday’s volume leader when it played the “closeology” game with Barkerville Gold Mines (BGM, TSX-V), is quieter and unchanged at 3 cents…another sudden jump in volume since yesterday in Austin Resources (AUT, TSX-V) on no news, a trend that began around the middle of last year…in Toronto, the TSX is 46 points higher while the Dow has added 8 points…a rare earnings miss from Goldman Sachs accounted for 73 of the Dow’s 110 points to the downside yesterday…on the data front, the Federal Reserve will issue the Beige Book of economic conditions at around 11:00 am Pacific

5. Klondex Mines (KDX, TSX), which has tumbled about 40% in less than 2 months, reported this morning that it mined a total 57,633 Gold equivalent ounces for the 1st quarter of 2017, in line with company expectations, and remains on track to meet its annual guidance of 210,000 to 225,000 Gold equivalent ounces this year…that would be a 36% increase from 2016…financial results for Q1 will be reported May 4…the stock is off 7 cents at $4.77 in early trading and has landed in a strong area of technical support at its rising 500-day moving average (SMA)…

6. Bizarre…if you’re a shareholder of Evrim Resources (EVM, TSX-V), and you’re eagerly anticipating additional drill results following up on a high-grade near-surface discovery reported in mid-January, you may have to wait a while…Evrim reported this morning that First Magestic (AG, NYSE), which has an option to earn 100% of Ermitano adjacent to its operating Santa Elena mine, has completed 6 additional drill holes after discovery hole EW1604 intersected 11.4 g/t Au over 18 m…during a site visit, Evrim geologists reviewed holes EW1605 to EW1607 and confirmed intersections of wide veins with near identical vein mineralogy and textures to those reported in hole EW1604First Majestic is in receipt of the assay results but says it won’t make them available to Evrim until after completion of its “community engagement process” at Ermitano…who knows how long that could take…under the terms of the agreement, First Majestic has to deliver a production notice supported by the required permits and a detailed mining and construction schedule by January 10, 2019, to earn 100% of Ermitano, at which time Evrim will retain a 2% NSR…EVM shareholders are remaining patient with the stock up 4 pennies at 32.5 cents on light volume in early trading…

7. Nighthawk Gold (NHK, TSX-V) released encouraging preliminary results this morning from its continuing metallurgical testwork on the promising Colomac Gold project…3 drill core bulk samples from various portions of the Colomac deposit were assayed and tested for grindability using the SAGDesign methodology…a master composite was then amalgamated from the bulk samples and used for additional metallurgical testing…initial results indicate that Gold recoveries of up to 96.5% may be achieved and the rock is amenable to all standard Gold recovery technologies…this represents a significant increase in recovery over the historic production results of 88.1% (1994 to 1997)…additional testwork is expected to yield further optimization and confirmation of these results…

The most popular recent BMR articles…

The Building Of A Magnificent Castle Overlooking A Rich Silver-Cobalt Camp!

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Compelling Zinc-Copper Play With High-Grade Bonus

April 18, 2017

7 @ 7:00

BMR Morning Market Musings returns tomorrow.

1. Gold has traded between $1,279 and $1,288 so far today…as of 7:00 am Pacific, bullion is down $5 an ounce at $1,279 as the metal continues to digest last week’s sharp gains (the best week for Gold since June of last year)…the North Korea problem isn’t going to go away anytime soon, and investors remain nervous ahead of the first round of presidential elections in France this Sunday…meanwhile, the U.S. dollar is coming under additional pressure this morning, down nearly half a point at 99.89…the prospect of 2 more Fed rate hikes this year is being questioned given delays in President Trump’s fiscal agenda after Treasury Secretary Steve Mnuchin conceded that tax reform won’t happen by August as previously hoped…there’s also the key issue of Congressional votes given Democratic resistance and splits on the Republican side…Trump has also had some success in talking the dollar down since the beginning of the year as he correctly sees a lower dollar being better for trade…

2. Oil prices hit their lowest in nearly 2 weeks this morning, but have since rebounded, after news that U.S. shale Oil output in May is expected to post the biggest monthly increase in more than 2 years, fueling concerns that U.S. production growth is undermining efforts to cut global oversupply…U.S. government drilling data showed shale production next month was set to rise to 5.19 million barrels per day (bpd), with output from the Permian play, the largest shale region, expected to reach a record 2.36 million bpd.  “The battle between the ‘sheiks and the shale Oil producers’ is far from decided…with all attempts by OPEC to achieve a lasting production deficit on the Oil market being torpedoed by non-OPEC producers, first and foremost the U.S.,” analysts at Commerzbank wrote…

3. Camino Minerals (COR, TSX-V) has soared 25 cents to 60 cents through 30 minutes of trading after releasing results from the first 2 drill holes of a 5-hole Phase 1 program that’s scheduled to resume next month at its Los Chapitos Project in southern Peru…the first 2 holes confirmed the down dip extension of the Adriana Zone surface oxide mineralization, with one hole intersecting a zone of high-grade sulphide mineralization at depth, returning 106 m grading 1.30% Cu (188 m to 294 m) including 2.12% Cu over 38 m…the Adriana Zone is one of 5 known zones located along the northeastern trend of Chapitos…COR has only about 37 million shares outstanding…

4. The Venture is flat as of 7:00 am Pacific, though some individual issues are making some noise…Spearmint Resources (SRJ, TSX-V), playing closeology with Barkerville Gold Mines (BGM, TSX-V), is up a penny at 3.5 cents on total volume (all exchanges) of 24 million shares…BGM has eased off a nickel to $1.12 after jumping 40 cents over the last 3 sessions…Castle Silver Resources (CSR, TSX-V), which broke out to a new multi-year high last week, is up half a penny at 27 cents as of 7:00 am Pacific…a powerful set of dynamics are coming together for CSR on the ground in northern Ontario at its high-grade Silver-Cobalt projects…

5. Freeport McMoRan (FCX, NYSE) has received preliminary approval to resume Copper concentrate exports from its Indonesian unit and is now in the process of obtaining an export permit, according to news reports…Indonesia halted Freeport’s Copper concentrate exports in January under new rules that require the Arizona-based company to adopt a special licence, pay new taxes and royalties, divest a 51% stake in its operations and relinquish arbitration rights – such a wonderful place to do business!…

6.  It’s easier to do business in the Dominican Republic, but GoldQuest Mining (GQC, TSX-V) is nonetheless beefing up its lobbying efforts to assist with the permitting and developments of its assets there…the company announced this morning that it has appointed Georges Boisse, Canada’s Ambassador to the Dominican Republic between 2012 and 2014, as a “special adviser”, while Robert Crowley has been engaged as the full-time corporate and social responsibility (CSR) manager…Crowley is based in the DR and has 30 years of international leadership and management experience across 15 Latin American, Caribbean and Central Asian nations…GoldQuest says the appointments “reinforce (the company’s) commitment to active engagement with the Dominican communities at both a national and local level as it advances the permitting process of the Romero Gold/Copper Project and the regional exploration programs.”

7. Is marijuana less harmful than sugar and fat?…the National Post reports this morning that a survey of 1,109 Canadians between April 3 and April 7 found that 1 in 4 Canadians has used marijuana recreationally in the past year, and another 19% would use it if it were legal…just 18% of respondents to the Dig Insights survey thought marijuana is “very harmful” – lower than the 19% who said that about alcohol, 25% who felt processed sugar was “very harmful” and 33% who said that about saturated fat…about 6 in 10 Canadians said they support marijuana legalization, according to the survey…Dig director Rory McGee, perhaps revealing a bias, stated:  “What we are seeing is the law to legalize marijuana in Canada couldn’t come soon enough. Perceptions and attitudes about marijuana use have become more relaxed. The fact that Canadians see marijuana use as less harmful than sugar and fat suggests that old stereotypes no longer ring true.” 

The most popular recent BMR articles…

The Building Of A Magnificent Castle Overlooking A Rich Silver-Cobalt Camp!

Special Report: Key Catalysts Emerge For Near-Term Double In This Stock

Compelling Zinc-Copper Play With High-Grade Bonus

April 17, 2017

7 @ 7:00

Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,285 and $1,293 so far today…as of 7:00 am Pacific, bullion is flat at $1,288…any minor dips in Gold will be eagerly embraced by astute traders given bullion’s bullish technical posture following last week’s breakout and the likelihood of additional near-term gains as geopolitical concerns remain in focus…from ongoing tensions in North Korea to French elections next Sunday, there’s no shortage of catalysts to fuel a continued advance in Gold…holdings in New York-listed SPDR Gold Shares ETF rose more than 6 tonnes on Thursday, the biggest 1-day inflow in a month…the U.S. dollar hit a 5-month low against the yen this morning…

2.  China’s 1st quarter GDP came in slightly above expectations at a 6.9% annual growth rate, the strongest pace in nearly 2 years…other Chinese data was similarly upbeat, with March industrial output accelerating 7.6% on year, the fastest pace of growth since December 2014, while March fixed asset investment grew a robust 9.2%…

3. U.S. Crude output is now at an 86-week high at 9.24 million barrels a day while the Oil rig count rose for the 13th straight week to 683, the highest in 2 years…however, WTI prices remain firm on strong global demand and expectations that OPEC will extend its production cut, potentially leading to a significant drop in global inventories during the last half of the year…

4. Despite a slow start this morning, the Venture is well-positioned for a 4th straight week of gains after pushing through resistance in the mid 820’s last week…next target is 850, the high from last summer which also provided resistance in February…the Index is off 1 point at 834 as of 7:00 am PacificBarkerville Gold Mines (BGM, TSX-V), which climbed 26% last week to a new multi-year high, was halted shortly before the market open, pending news…the company then announced that it has made a new discovery from the continuing 130,000-m Phase 2 Island Mountain and Valley zone drill program at its Cariboo Gold Project…Island Mountain Shaft zone drill hole IM-17072 intersected a previously unidentified wide network of high-tenor veining grading 19.2 g/t Au 54.4 m, including 32 g/t Au over 30.7 m…the hole included several narrow intervals of exceptionally high Gold grades including 760 g/t Au over 0.85 m…meanwhile, 180 m vertically below drill hole IM-17072, in drill hole IM-17078, Barkerville has discovered another broad occurrence of sandstone-hosted stockwork veining averaging 11.42 g/t Au over 28.55 m…BGM resumes trading at 7:45 am Pacific and should respond bullishly…

5.  Drilling is expected to resume this week with 2 rigs at EnGold Mines’ (EGM, TSX-V) discovery at Lac La Hache…one of the drills will be deployed to test the previously reported new, highly intense gravity anomaly to the northwest of the discovery hole…the other drill will step out to the south of the discovery hole, where new gravity data indicate increasing potential for high-grade Copper mineralization…last Thursday, EGM announced the closing of a non-brokered private placement of 4 million flow-through units at 50 cents per unit for gross proceeds of $2 million

6. Garibaldi Resources (GGI, TSX-V) announced late in Thursday’s trading session that it’s ready to launch a heliborne electromagnetic survey during this last half of April at its E&L Project 11 miles southwest of Eskay Creek where the company has outlined the district’s first Nickel-Copper-rich massive sulphide system…modern geophysics have never been carried out at the E&L where sulphide mineralization is believed to extend well beyond the boundaries of the near-surface deposit that was delineated through a series of drill holes half a century ago…

7. RJK Explorations (RJX.A, TSX-V) is expected to resume drilling imminently at its 100%-owned Maude Lake Gold Property after closing the first tranche of a financing last week, raising gross proceeds of just under $300,00o (1.6 million non-flow-through units @ 18 cents per unit)…with less than 20 million shares outstanding and a current market cap of only $2.7 million, RJK is a situation to watch closely…a first phase of drilling returned multiple near-surface high-grade intercepts including 14 m @ 5.37 g/t Au…the property contains an historic high-grade resource and holds exciting potential at depth below 300 m where historic results returned such intersections as 19.5 g/t Au over 8 m at the 375-m level and 12.3 g/t Au over 2.5 m at the 475-m level…RJX.A is unchanged at 16 cents in early trading…

The most popular recent BMR articles…

Special Report: Key Catalysts Emerge For Near-Term Double In This Stock

Compelling Zinc-Copper Play With High-Grade Bonus

BMR Morning Market Musings:  Gold Is Showing That It May Soon Take Many Traders By Surprise

Update:  Who’s Who In The Northern

April 13, 2017

7 @ 7:00

Check out the BMR comments section throughout the day and for possibility of an additional post.

1. Gold has traded between $1,282 and $1,289 so far today…as of 7:00 am Pacific, bullion has retreated $3 an ounce to $1,283 after another strong session yesterday (confirming a breakout) while Silver has slipped 4 cents to $18.42Gold got some help from President Trump yesterday when he again talked down the dollar in an interview with the Wall Street Journal, though the Dollar Index has recovered nearly half a point this morning…meanwhile, tensions remain high over Syria, Russia and North Korea entering the Easter long weekend…North Korean monitoring service 38 North, a U.S. research institute, said yesterday that North Korea’s Punggye-ri nuclear site is “primed and ready” for a 6th nuclear test despite sabre settling from Washington…38 North’s prediction comes as Japanese Prime Minister Shinzo Abe said today that North Korea may have the capability to deliver missiles equipped with sarin nerve gas…one wonders, with North Korea having advanced its nuclear program and Assad hauling out his chemical weapons, who was on watch in Washington the last 8 years?…

2. The Venture is up 1 point at 831 through the first 30 minutes of trading as it aims for its 3rd straight weekly advance…the Venture’s climb from a low last month of 788 has been mostly a daily grind with investors looking for reasons to get more aggressive…however, the chart pattern remains convincingly bullish and suggests a looming challenge of key resistance around 850…the TSX and Dow are both down slightly in early trading…

3.  EnGold Mines (EGM, TSX-V) announced this morning that it has closed a non-brokered private placement of 4 million flow-through units at 50 cents per unit for gross proceeds of $2 million…the company resumes drilling at its Lac La Hache Copper-Gold-Silver discovery next week…EGM is up a penny at 58 cents as of 7:00 am Pacific

4. RJK Explorations (RJX.A, TSX-V) has closed the first tranche of a financing, raising gross proceeds of just under $300,00o (1.6 million non-flow-through units @ 18 cents per unit)…with less than 20 million shares outstanding and a current market cap of only $2.7 million, RJK is a situation to watch closely as the company prepares to resume drilling at its 100%-owned Maude Lake Gold Property located on the Pipestone fault within the Timmins-Matheson Gold corridor…a first phase of drilling returned multiple near-surface high-grade intercepts including 14 m @ 5.37 g/t Au…the property contains an historic high-grade resource and holds exciting potential at depth below 300 m where historic results returned such intersections as 19.5 g/t Au over 8 m at the 375-m level and 12.3 g/t Au over 2.5 m at the 475-m level…RJX.A is unchanged at 16 cents in early trading…

5. Richmont Mines (RIC, TSX) has reported Q1 company-wide production of 29,401 ounces of Gold, at cash costs of $791 CND ($598 U.S.) per ounce, almost exactly matching Q4 numbers but down about 10% from the same period a year ago…the Q1 performance was supported by another consecutive quarter of solid production from the Island Gold Mine of 23,772 ounces of Gold at cash costs of $668 CDN ($504 U.S.) per ounce, a 19% decrease over the prior quarter…overall, Richmont says it’s on track to achieve annual production and cash cost guidance for the year…Q1 exploration highlights included the identification of new high-grade mineralization located approximately 800 m east of the main Island Gold deposit…hole GD-64005 intersected 20.6 g/t Au over 11.3 metres (core length), demonstrating the significant potential for near-term and continued resource growth…Richmont will release Q1 financial results May 4 while the expansion case PEA results are expected by the end of this quarter…

6. Belo Sun Mining (BSX, TSX) has recovered a few pennies in early trading after nearly $50 million was shaved off its market cap yesterday when a Brazilian court suspended a construction license for the company’s Volta Grande Project…construction of the project is to remain suspended until an indigenous study has been approved by Funai (Indigenous Affairs Agency of Brazil), Belo Sun said in a statement, citing the court order…Volta Grande project is estimated to become Brazil’s largest Gold mine…BSX fell 9 cents yesterday to close at 74 cents…

7. Aphria (APH, TSX) announced this morning that has posted its 5th consecutive quarter of profitability with further growth in its production capacity.  “With five consecutive quarters of profitability and further growth in our production capacity, Aphria continued to build strong, positive momentum in the third quarter,” said Vic Neufeld, Aphria CEO.  “Despite unusual weather conditions that temporarily added to our growing costs for the quarter, we continue to report costs per gram that are among the lowest in the industry. At the same time, we are making strategic investments that will increase our supply of high-quality cannabis and position Aphria to drive further growth in our medical-grade cannabis business, meet future demand for recreational cannabis, and drive strong, sustainable shareholder value creation.” Aphria’s revenue for the 3 months ended February 28, 2017 was $5.1 million, representing a 2% decrease over the prior quarter’s revenue of $5.2 million… the decrease was consistent with expectations and was primarily a result of the $8.50 per gram cap placed on the price of medical cannabis for veterans…the impact of the price cap on revenue was offset by increased revenue per gram for non-veterans, primarly a result of selling less wholesale product and the continued growth of the company’s cannabis oils…

The most popular recent BMR articles…

Special Report: Key Catalysts Emerge For Near-Term Double In This Stock

Compelling Zinc-Copper Play With High-Grade Bonus

BMR Morning Market Musings:  Gold Is Showing That It May Soon Take Many Traders By Surprise

Update:  Who’s Who In The Northern

April 12, 2017

7 @ 7:00

Check back later this morning for today’s Morning Market Musings.

1. Gold is aiming for its 2nd straight close above strong resistance in the low-to-mid $1,260’sas of 7:00 am Pacific, bullion is up $1 an ounce at $1,275 while Silver has added a couple of pennies to $18.34…early today, Gold hit a new 5-month high in U.S. dollar terms and an 8-month euro high…in addition to speculative buying, physical buying interest in Gold has also picked up…Gold ETFs have seen 7.6 tonnes of inflows in the last 2 days…MKS (Switzerland) S.A. reports that ETF holdings rose by around 180,000 ounces yesterday for the largest increase in 2 months…geopolitical tensions are keeping a firm bid under Gold while upcoming elections in France have traders on edge with the latest opinion polls showing a very congested race and an unpredictable outcome…

2. The Venture is holding steady at 829 through the first 30 minutes of trading after briefly topping 830…the Venture’s climb from a low last month of 788, 3 points above strong support, has been mostly a daily grind with investors looking for reasons to get more aggressive…however, the chart pattern remains convincingly bullish and suggests a looming challenge of key resistance around 850…the TSX and Dow are both down slightly in early trading…

3. Gold Standard Ventures (GSV, TSX-V) is acquiring Battle Mountain Gold (BMG, TSX-V) for a combination of shares and cash valued at 59 cents per BMG share, a nearly 50% premium to yesterday’s closing price…the deal will further enhance GSV’s leverage in Nevada where it will now have district scale opportunities on both the Carlin Trend and the Battle Mountain Trend, the most productive Gold trends in the state…BMG’s 100% owned and controlled Lewis Gold Project is adjacent to one of Newmont’s largest and most profitable Gold mines and could be a continuation of the Phoenix deposit…BMG is up 14.5 cents at 56 cents while GSV is off 4 pennies at $2.76

4. Kirkland Lake Gold (KL, TSX), one of our favorite producers, has reported Q1 consolidated production of 130,425 ounces of Gold, putting the company on track to meet 2017 production guidance of 500,000 to 525,000 ounces…the solid 1st quarter performance was driven by 48,723 ounces at the Macassa mine, based on mill grade of 17.1 g/t Au and recovery of 97.1%, and record production of 46,083 ounces at the Fosterville mine, based on mill grade of 11.1 g/t and recovery of 93.7%…KL announced a considerable increase in Reserves at Fosterville by 66% and Macassa by 37% at the end of March…the company also increased its cash balance by $45 million to $280 million at the end of March, largely due to positive cash flow from operations…

5.  Almaden Minerals (AMM, TSX), which we most recently highlighted in Monday’s Morning Musings, has made a significant jump this morning, climbing 33 cents to $2.14 as of 7:00 am Pacific…last week, the company released a robust Pre-Feasibility Study for its Ixtaca Project in Mexico that included an after-tax NPV (5%) of $310 million and an IRR of 41% with an after-tax payback of initial capital ($117 million) in 2.2 years…average annual production over the first 9 years would be 89,000 ounces of Gold and 5.5 million ounces of Silver (168,100 Gold equivalent ounces)…technically, the stock broke out above a downsloping flag last week as well as Fib. resistance at $1.71

6. Lion One Metals (LIO, TSX-V) has appointed Ian Chang as Chief Development Officer…significantly, from 2011 until 2016, Chang was Vice-President, Project Development for Pretium Resources (PVG, TSX) where he managed the feasibility study and subsequent development of Brucejack…Chang will lead the advance of Lion One’s fully permitted high-grade underground Tuvato Gold Project in Fiji…

7. Constantine Metal Resources (CEM, TSX-V) announced plans this morning for $7 million (U.S.) of work this year, beginning later this quarter, at its Palmer VMS Project in Alaska…Palmer is a joint venture between CEM and Japan’s Dowa Metals & Mining which has earned a 49% interest…the majority of the 7,000 m of planned drilling this year will focus on discovering new resources across the district-scale property…Palmer has a current Inferred Copper-Zinc polymetallic resource of 8.1 million tonnes grades 12.6% ZnEq…we’ll  have an updated CEM chart in today’s Morning Musings following Monday’s breakout…the stock is off half a penny at 16 cents as of 7:00 am Pacific

The most popular recent BMR articles…

Special Report: Key Catalysts Emerge For Near-Term Double In This Stock

Compelling Zinc-Copper Play With High-Grade Bonus

BMR Morning Market Musings:  Gold Is Showing That It May Soon Take Many Traders By Surprise

Update:  Who’s Who In The Northern Ontario

April 11, 2017

7 @ 7:00

Visit our comments section throughout the day and check back later for a possible additional post. BMR Morning Market Musings returns tomorrow.

1. Gold is once again attempting to conquer stiff resistance in the $1,260’s in the immediate vicinity of its 200-day moving average (SMA)…as of 7:00 am Pacific, bullion is up $11 an ounce at $1,265 while Silver has added 17 cents to $18.10…Palladium and Platinum are also both moving while base metals are steady…what continues to be impressive about Gold is how traders have consistently been buying into any dips…the current geopolitical climate is certainly helping to give Gold a “safe-haven” bid…U.S. Secretary of State Rex Tillerson arrives in Moscow today amid tensions over Syria…Tillerson has been mandated by foreign ministers from the G-7 to put pressure on Russia to break ties with Syrian President Bashar Assad…

2. The Venture is trying to make 824 resistance new support on a breakout…through the first 30 minutes of trading, the Index tested 824 but is now 2 points higher at 827 despite some downward pressure on heavy volume in some marijuana plays, triggering circuit breakers and brief trading halts…in Toronto, the TSX is down 22 points while the Dow is off 39 points as of 7:00 am Pacific

3. American Manganese (AMY, TSX-V) is one of the top Venture performers in early trading, up 2.5 cents to 23.5 cents after reporting that Kemetco Research Inc. has successfully extracted Nickel, Manganese, Cobalt and Lithium from an NMC cathode material chemistry using AMY’s proprietary hydrometallurgical process…7 leach tests were conducted with a range of conditions and extractions of 100% for Nickel, Manganese, Cobalt and Lithium were achieved from cathode powders used in Lithium ion batteries…

4. Osisko Mining (OSK, TSX) released more high-grade drill results this morning from its continuing 400,000-m program at its 100%-owned Windfall Lake Gold Project in Urban township, Quebec…new assays are highlighted by 585 g/t Au over 2.8 m (796.2 m to 799 m) in drill hole OSK-W-17743-W4 in the Caribou zone which included 5.45 kilogram/t (5,450 g/t) over 0.30 m containing what the company called “spectacular visible Gold veinlets“…the drill program combines definition drilling above the Red Dog intrusion, expansion drilling above and below Red Dog, expansion drilling to the NE of the main deposit, and exploration drilling on the greater deposit and Urban-Barry Project area…OSK is up a nickel at $5.50 through the first 30 minutes of trading…

5.  The new Yukon Gold rush is intensifying – Barrick Gold (ABX, TSX) is the latest major (and the biggest) to enter the region, joining 3 others, after announcing a deal yesterday with ATAC Resources (ATC, TSX-V) that translates into a potential total investment by Barrick of approximately $63.3 million…this includes a private placement in ATAC of $8.3-million and a 2-stage, $55 million exploration earn-in option to acquire up to 70% of ATC’s Orion Project…Barrick is the 2nd major producer in as many months to announce an investment in the Yukon…Newmont Mining (NEM, NYSE) recently said it would spend $39.5 million to explore and develop Goldstrike Resources’ (GSR, TSX-V) Plateau property…ATC is up 3.5 pennies at 53 cents as of 7:00 am Pacific…keep in mind that Strategic Metals (SMD, TSX-V) holds a large share position in ATAC and SMD also owns a massive land package in the Yukon…

6. The National Post reported today that Gran Colombia Gold (GCM, TSX) has filed a $700 million (U.S.) lawsuit against Colombia under the Colombian- Canadian free trade agreement after the government ordered it to cease operations at the El Burro site in Marmato until it has further consulted with local residents…the Post outlined how the Marmato Project has been plagued by controversy ever since operations began 10 years ago and stated the company has been unable to remove illegal miners from the area – by some reports, illicit mining is a $2.5 billion (U.S.) industry in Colombia…GCM is steady at 9.5 cents as of 7:00 am Pacific

7. Gatekeeper Systems (GSI, TSX-V), a company we’ve been tracking as an ideal trade for the “Trump era”, climbed as high as 34 cents in early trading today…GSI announced yesterday that its non-brokered private placement offering as announced on April 3 and April 6 has been further oversubscribed…GSI now proposes to raise up to a total of $4.3 million at 20 cents per unit…Gatekeeper provides innovative, end-to-end video safety and security solutions for mobile applications, including body cameras, in-car police video systems, school bus video and stop-arm camera video enforcement systems, transit bus video systems, and airborne digital recording systems for military applications…

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April 10, 2017

7 @ 7:00

Check back later this morning for today’s Morning Market Musings.

1. Gold has traded between $1,246 and $1,255 so far today…as of 7:00 am Pacific, bullion is down $4 an ounce at $1,250 while Silver has slipped 17 cents to $17.79Gold is now back below its 200-day moving average (SMA), which has been providing stiff resistance since February, after briefly shooting above $1,270 on Friday for the first time in 5 months following much weaker than expected U.S. jobs data and a U.S. missile strike on a Syrian air base…India’s Ministry of Commerce and Industry reported today that Indian Gold imports dropped 24% during the 201617 fiscal year…

2. Crude Oil continues to strengthen, supported by another shutdown at Libya’s largest Oilfield and heightened tension over Syria following last week’s U.S. military action…the Middle East is home to more than a quarter of the world’s Oil output and traders could be building a risk premium back into the market…WTI is up 47 cents at $52.71 as of 7:00 am Pacific…meanwhile, there’s a growing belief that global Oil inventories are drawing down and the market is no longer in massive surplus, while the demand side appears robust…

3. The Venture, which will benefit from firmness in Oil, is trying to gain traction above important resistance at 824…through the first 30 minutes of trading, the Index has gained 2 points to 826…marijuana stocks are showing strength to begin the new week…ATAC Resources (ATC, TSX-V) was halted just prior to market open, pending news…in Toronto, the TSX is up 11 points while in New York the Dow has climbed 58 points…Tesla’s (TSLA, NASDAQ) market capitalization is now bigger than General Motors‘ (GM, NYSE), making it the largest U.S. based automaker by that metric…Tesla sold about 76,000 cars in 2016 whereas GM sold around 10 million…

4. Constantine Metal Resources (CEM, TSX-V) hit a more than 2-year high of 17 cents in early trading, its 2nd straight session of higher than usual volume…the company is advancing its 51%-owned Palmer Copper-Zinc-Gold-Silver Project in Alaska with Japanese partner Dowa Metals & Mining (49%)…technically, CEM is overcoming strong resistance at 14 cents as per John’s charts…

5. EnGold Mines‘ (EGM, TSX-V) has intersected high-grade Copper in 2 step-out holes at its Lac La Hache Property discovery in B.C.’s Cariboo region…holes G1703 and G1704 returned assay values of 21.7 m (true width) grading 1.2% Cu, 0.17 g/t Au and 6 g/t Ag, and 12.2 m (true width) grading 1.8% Cu, 0.41 g/t Au and 10 g/t Ag, respectively…hole G1703 was collared 50 m east of discovery hole G1601 while G1704 was collared 50 m west of G1601…the mineralized intercepts occur at the same stratigraphic levels at 337.3 m and 336 m downhole…assay results from hole G1702, collared 71 m north of hole G1601, are still pending…drilling at the property is expected to recommence with 2 drills in approximately 10 days…1 of the drills will be deployed to test the previously reported new, highly intense gravity anomaly to the northwest of the discovery hole…the other drill will step out to the south of the discovery hole, where new gravity data indicates increasing potential for mineralization…EGM has pushed higher on the news, adding 4 pennies to 58 cents as of 7:00 am Pacific

6.  Assay results received from Ivanhoe Mines‘ (IVN, TSX) Kakula West discovery hole DD1124 have verified a high-grade interval of 5.8% Cu over 8.9 m at a 2.5% cut-off, including 6.2-m grading 6.8% Cu…DD1124 was drilled 3.8 km west of the current limit of resource delineation drilling on the central section of Kakula…meanwhile, 2 new step-out holes at Kakula West, drilled 400 m and 800 m respectively west of hole DD1124 and along the strike of the mineralized trend, also have intersected relatively shallow, Kakula-style, chalcocite-rich Copper mineralization with assays pending…this further extends the overall length of the known Copper-rich mineralized system at Kakula to approximately 11 km…the mineralization encountered in the 2 holes west of DD1124 is similar to the mineralization intersected in earlier drilling into the high-grade core of the Kakula discovery, which is approximately 10 km to the east…a total of 14 rigs are drilling at Kakula…3 rigs are extending the Kakula West discovery area; 1 is working in the far southeastern area of Kakula; 6 are extending resources at the northwestern extent of the Inferred resource area; 2 are drilling infill holes close to the centre of Kakula; and 2 are drilling wedge holes for metallurgical testwork in the Kakula Indicated resource area…more than 69,000 m have been drilled at Kakula since May of last year…a new resource estimate for the eastern section of Kakula, covering a strike length of approximately 6.3 km, is expected to be ready next month…

7. What’s Manitou Gold (MTU, TSX-V) up to?…the company announced this morning that Pat Dubreuil, named 2016 Northern Ontario business entrepreneur of the year, has been appointed President while Richard Murphy, who previously held the roles of both President and CEO, remains as CEO.   “I am very impressed with Pat’s energy, tenacity and professionalism. I look forward to working closely with Pat in advancing our Kenwest and Gaffney projects, as well as growing our company through new business development opportunities.”  Dubreuil currently serves as research and development director for the Centre of Excellence for Mining Innovation (CEMI)…he’s also the founder and President of Let’s Roll ‘Ideation’ Consulting which specializes in business development for regional and international markets…

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Update:  Who’s Who In The Northern Ontario Cobalt Camp

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