Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information. BMR Morning Market Musings resumes after Labour Day.
1. Gold has traded between $1,317 and $1,329 so far today…as of 7:00 am Pacific, bullion is off $1 an ounce at $1,320…further strength temporarily came into Gold after a disappointing U.S. non-farm payrolls report, but bullion has since pulled back after a better than expected ISM manufacturing number…Silver is flat at $17.54…Copper has edged up another penny to $3.08…Nickel has shot up 10 cents to $5.40, leading the base metals today…Crude Oil has slipped 41 cents to $46.82 while the U.S. Dollar Index is one-tenth of a point lower at 92.55…
2. The U.S. economy created 156,000 jobs in August while the unemployment rate edged higher to 4.4%, according to the Labor Department’s much anticipated report this morning…economists surveyed by Reuters had been expecting payrolls to grow by 180,000 in August and the unemployment rate to hold steady at 4.3%…a broader measure that includes discouraged workers and those holding part-time jobs for economic reasons also was unchanged at 8.6%…despite the miss on the headline number, markets haven’t reacted much to the news so far…in addition to missing estimates, previous months’ job totals also were cut…June was revised down from 231,000 to 210,000 while July fell from the initially reported 209,000 to 189,000…
3. Hurricane Harvey will likely wind up being the most expensive natural disaster in American history, costing the economy about $190 billion, according to AccuWeather…in fact, the weather forecasting firm predicts it will wind up costing more than Katrina and Sandy combined. “This is a natural disaster that was not fully calculated,” stated Dr. Joel Myers, AccuWeather’s founder and President. “You had the greatest rainfall ever measured in the continental United States”…the storm has displaced more than 1 million people with 44 feared dead from flooding that paralyzed Houston…
4. The Dow is up 49 points as of 7:00 am Pacific…the TSX is off 40 points in early trading while the Venture has added 1 point to 778 as it attempts to push through key resistance in the 770’s…just a matter of time before that occurs, according to a variety of charts and improved fundamentals…Colorado Resources (CXO, TSX-V) has closed its strategic financing with Goldcorp (G, TSX), raising gross proceeds of $7.2 million…meanwhile, Barkerville Gold Mines (BGM, TSX-V) has announced a $28 million bought deal on flow-through shares at $1.12 per share…
5. GT Gold (GTT, TSX-V) is off slightly in early trading following a 52-cent or 30% surge yesterday on impressive high-grade Gold diamond drill results from the Saddle zone of the company’s Tatogga Property in the Red Chris district…multiple high-grade intercepts included 1.50 oz per ton Gold and 4.14 oz/ton Silver over 6.95 m (22.8 feet) in TTD007…this is B.C.’s Gold discovery of the year…Saddle South is a south dipping, east-west trending structurally hosted high-grade Gold-Silver quartz carbonate sulphide vein system with good continuity laterally and at depth…2 rigs are carrying out an aggressive drill program…President and CEO Kevin Keough stated, “These first-ever Saddle South core results (last month’s initial assays were from RC drilling) reveal a high-grade epithermal vein system bearing the key hallmarks – high grades, widths and continuity – required to advance the project. Saddle South appears to be evolving in the direction of robust, high-grade underground potential, with expansion drilling continuing to deliver a steady flow of fresh intercepts, now to 320 m down-dip, and we’re rapidly pushing out and deeper.”
6. Metallis Resources (MTS, TSX-V) has completed the first 2 holes of its drill program at the Kirkham Property bordering Garibaldi Resources‘ (GGI, TSX-V) Nickel Mountain Project and Colorado’s KSP Project in the Eskay Camp…MTS reported this morning that drill core in KH-17–01 and KH-17–02 intersected mineralized and altered monzonite throughout and supports the theory that mineralization improves with depth as the alteration becomes more potassic…meanwhile, crews continue to prepare for drilling at the King high-grade Gold target to the north, adjacent to the 6-km long Hawilson monzonite, while a new surface exploration program has been launched in the King East area…following a fresh interpretation of local and regional geophysical surveys, Metallis is launching an immediate geological mapping and surface sampling program in the King East area, approximately 1 km from the King Gold target, where a cluster of airborne magnetic anomalies are aligned parallel to the regional Eskay Rift…the flanks of the Hawilson porphyry are considered very prospective for high-grade Gold-bearing shear/vein deposits…MTS is up half a penny at 38.5 cents as of 7:00 am Pacific…
7. AuRico Metals (AMI, TSX) announced this morning that it has submitted its permit applications to the Major Mines Permitting Office for its 100% Kemess underground Gold-Copper Project in north central British Columbia…the Kemess underground project is undergoing a co-ordinated permitting review process, meaning that all of the required permit applications have been submitted and will be reviewed at the same time…the permitting process is anticipated to be completed in Q2 2018…as previously announced in March, the Canadian Environmental Assessment Agency issued a positive decision statement and the B.C. Environmental Assessment Office granted an environmental assessment certificate for the Kemess underground project…
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