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June 12, 2017

7 @ 7:00

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

1. Gold has traded between $1,263 and $1,271 so far today to begin a week highlighted by a Fed meeting tomorrow and Wednesday which will likely result in another rate hike…as of 7:00 am Pacific, bullion is down $2 an ounce at $1,264 while Silver has slid 16 cents to $17.01…interestingly, the 35-year monthly Silver chart (see today’s Morning Musings later this morning) shows buy pressure (CMF) has recently climbed to its highest levels since late 2011, an indication that the metal could be preparing for a major move over the summer and during the 2nd half of 2017…Palladium, which soared 7% Friday to its highest levels since 2001, is up another $7 an ounce at $868 as of 7:00 am Pacific…Crude Oil has rebounded 59 cents to $46.42…the U.S. Dollar Index is down one-tenth of a point at 97.12

2. Tech stocks are under pressure again this morning after Friday’s losses when this year’s hottest sector knocked the S&P and NASDAQ off record highs…the NASDAQ is down more than 1% in early trading while the Dow has slipped 74 points…the Venture has added 2 points to 793 while the TSX is 18 points higher…

3. Goldstrike Resources (GSR, TSX-V) announced this morning that it has commenced a district scale exploration program at its Plateau Property in the central Yukon in conjunction with its new strategic partner, a Canadian subsidiary of Newmont Mining…the program, which will include the most significant drilling campaign ever conducted at Plateau, has started with a close-spaced helicopter geophysical survey covering the entire ~571 sq. km property, utilizing Newmont’s proprietary system…the results of that survey will be augmented with high resolution Radarsat-2 “bare-rock” surface mapping and half meter resolution satellite imagery to facilitate interpretation of the structural geology of the 50-km-long Gold mineralized corridor defined to date…

4. Also in the central Yukon (west-central), K2 Gold (KTO, TSX-V) is up 33% in early trading after announcing that it has commenced drilling at its Wels Gold Property…a diamond drill program of approximately 1,200 m will be completed in 5 to 8 holes with the goal of extending the Saddle zone mineralization, currently open in all directions…the Saddle zone is 1 of 3 anomalous areas defined by soil sampling over a zone of 3 km by 3 km within the 47 square km claim package…the contacts of an intrusion, where there could be higher-grade mineralization, have never previously been drill tested and are a target for this year’s program…

5. Volume is picking up in Blind Creek Resources (BCK, TSX-V) which is on pace for one of its highest volume sessions ever today…the company recently announced a $2 million financing at 25 cents as it pursues fresh exploration at one of Western Canada’s largest undeveloped Zinc-Lead-Silver deposits in the central Yukon with robust exploration upside…meanwhile, BCK also has major plans for its recently acquired and fully permitted Engineer Gold mine in northern B.C. where it’s after small-scale but exceptionally high-grade production (Inferred resource at 1.75 oz/ton using a 25 g/t cut-off)…a large land package strategically assembled around that deposit by BCK features a “Porgera style” epithermal system with 25 known veins and 2 major shear structures, providing plenty of exploration upside…BCK has just 20 million shares outstanding…

6. RJK Explorations (RJX.A, TSX-V) came within a penny-and-a-half of its 2017 high last week as more drill results from the company’s Maude Lake Gold Property in northern Ontario are due shortly…a “large number of samples” were sent in for assaying, as confirmed by the company in a news release this morning, which is encouraging…meanwhile, RJK has commenced the drilling of a deep hole (initial target depth is 1,000 m) to test a sizeable geophysical anomaly discovered by Earth Science Services Corp. (ESSCO) near a splay fault north of the historic deposit in an area never previously drilled…RJK’s current market cap is $4 million, and the company has $1 million coming from New Gold later this month from the sale of claims in the Blackwater district…RJK is up 2 pennies at 22 cents as of 7:00 am Pacific

7. Marlin Gold Mining (MLN, TSX-V) released another round of encouraging drill results this morning from the company’s 100%-owned La Trinidad Gold mine in Sinaloa, Mexico…hole 17TRD52 intersected 2.7 g/t Au over 38.7 m (16.3 m true width), including 5.1 g/t Au over 14 m (5.9 m true width)…this drill hole was intended to target an area approximately 25 m north of 17TRD50 which intersected 7.6 g/t Au over 63.3 m (26.7 m true width), and approximately 50 m north of 17TRD44 which intersected 15.5 g/t Au over 15.4 m true width…as is the case with the upper intercepts of holes 17TRD50 and 17TRD44, the upper intercept of 17TRD52 was previously interpreted as waste, and will likely have a positive impact to the modeled grade and tonnage in this area of the deposit…

The most popular recent BMR articles…

Video special:  CSR Leads Canadian Cobalt Charge 

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Developments in Cobalt Country

How The Eskay Heart of Gold Camp Will Help Drive The Coming Venture Up Wave (Part 1)

“Beyond the Supercycle”:  15 Predictions About The Future Of Natural Resources


  1. JON – any concerns about BLO.. broken all support and headed for 40 US…. wiating for THAT NR that states approvals etc.. can come at any time.. but..:) the canadian price could drop 15..
    thnking out loud!:)

    Comment by Jeremy — June 12, 2017 @ 8:17 am

  2. BLO remains under a little technical pressure, Jeremy, but that has always been the best time to consider accumulating. We’ll look at BLO again with a chart on Wed.

    Comment by Jon - BMR — June 12, 2017 @ 8:35 am

  3. Thx matey!!I think too that the NR’s are slow in coming and impatience is playing here as well..:)

    Comment by Jeremy — June 12, 2017 @ 11:46 am

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