Check back during the day for updates and helpful information in the comments section. BMR Morning Market Musings resumes tomorrow.
1. Gold has rebounded today, trading between $1,244 and $1,254…as of 7:00 am Pacific, bullion is up $6 an ounce at $1,250 while Silver is relatively unchanged at $16.60…there’s still some mystery surrounding the Gold trade at the Asian close yesterday when it appears that a large commercial seller the market is now referring to as “fatfinger” hit the bid, perhaps inadvertently?…bullion showed resilience and the strength of its support in the $1,230’s…base metals are firm this morning, led by Nickel with a gain of nearly 2%…Crude Oil has added 35 cents to $43.73 while the U.S. Dollar Index has tumbled two-thirds of a point to 96.76…
2. ECB President Mario Draghi gave a surprisingly hawkish speech this morning which moved markets accordingly as the euro rallied against the greenback, German Bunds sold off and Gold firmed up – a reversal of yesterday’s action…the turnaround in Draghi’s usual dovish talk is significant…speaking at the ECB’s annual policy forum, he highlighted a recovering EU in which “the threat of deflation is gone and reflationary forces are at play”…he was quick to add that if needed again, easy money is at the ready…
3. Certain jurisdictions in Canada should pay attention – the International Monetary Fund is suggesting tax cuts, less regulation and infrastructure spending to boost U.S. growth, recommendations that resemble President Trump’s agenda…in addition, the IMF suggests deficit reduction, educational improvements and improved trade agreements…meanwhile, the U.S. Consumer Confidence Index rose in June to 118.9 despite expectations for a slight drop…
4. The Venture is up 1 point at 773 as of 7:00 am Pacific…the TSX is off 10 points while the Dow has dipped 18 points as of 7:00 am Pacific…a major breakout is building in Garibaldi Resources (GGI, TSX-V) on increased confidence of an important new discovery in the heart of northwest British Columbia’s Eskay Camp, 11 miles southwest of the Eskay Creek mine…a large bull’s-eye massive sulphide target has been defined through VTEM immediately adjacent to the known historic Nickel-Copper-rich E&L deposit at Nickel Mountain, as outlined by GGI in an updated E&L Fact Sheet and alluded to in a recent news release…in addition, geologists in the coming days will be ground truthing additional highly promising VTEM conductors up to 6 km away from the known Nickel Mountain deposit, immediately prior to drilling the first modern era holes into the Eskay Camp’s only known magmatic Nickel-Copper-rich massive sulphide system…comparisons are being made to a robust orogenic Nickel sulphide belt featuring strike-slip faults in China…Canadian Zeolite (CNZ, TSX-V) is up 4 pennies to 70 cents after fresh news yesterday…a 2-year study conducted by the University of Saskatchewan in partnership with PotashCorp, Agrium and Mosaic using Canadian Zeolite’s Bromley Creek Zeolite was successful in remediating Potash brine-impacted groundwater…
5. Vendetta Mining (VTT, TSX-V) is pushing higher this morning after releasing an updated mineral resource estimate for its Pegmont Lead-Silver-Zinc Project in Queensland, Australia…the estimate includes the addition of more than 12,700 m of resource development drilling conducted between 2014 and 2016 by Vendetta, a comprehensive re-interpretation of the geology and the results of the recent metallurgical test work…open-pit constrained Inferred mineral resources comprise 6.3 million tonnes at 5.4% Pb, 2.4% Zn while constrained Indicated resources are 2.1 million tonnes at 5.5% Pb, 2.6% Zn…a maiden underground Inferred resource for Zone 5 features 2.8 million tonnes @ 4.1% Pb and 3.9% Zn…the ongoing 2017 resource development program is aimed at further delineating high-grade open-pit material, expanding the underground potential of Zone 5, testing conceptual and advanced exploration targets for new Pb-Zn mineralization, and testing the new Copper-Gold target… 21 holes for a total of 4,000 m has been completed…initial results are expected by mid-July…
6. Blind Creek Resources (BCK, TSX-V) has commissioned TerraLogic Exploration of Cranbrook, B.C., to oversee Phase I field exploration work at the company’s 100%-owned Blende Zinc-Lead-Silver project in north-central Yukon…Blind Creek is positioning to conduct a 2-phase, 2017 exploration program at Blende beginning next month that will entail geological mapping, sampling, and an initial 2,000 m diamond drill program to test deposit extensions and obtain representative mineralized material for additional metallurgical studies…results from Phase I exploration will provide basis for Phase II resource estimation and Zinc-Lead-Silver recovery projections, to be detailed in a NI-43–101 technical report later this year…
7. Atlantic Gold (AGB, TSX) has intersected impressive high-grade Gold in final results from resource definition drilling on 25 m x 20 m centers at its Fifteen Mile Stream and Cochrane properties…highlights from separate holes at Fifteen Mile Stream include 54 m @ 88 g/t Au from 91 m (incl. 1 m @ 3,180 g/t and 1 m @ 1,490 g/t), 9 m @ 24.6 g/t Au from 61 m (incl. 1 m @ 172.5 g/t, 15 m @ 13.5 g/t Au, 18 m @ 9.7 g/t Au and 25 m @ 9.8 g/t Au…Cochrane Hill results included 5 m @ 51 g/t Au from 93 m (incl. 1 m @ 241 g/t), 31 M @ 4.2 g/t Au, and 6 m @ 14.1 g/t Au…at Fifteen Mile Stream, assay results through the core of the anticline in the Egerton MacLean zone continue to return notable intersections in terms of grade, width and relatively shallow depth…across a 350 m strike length, almost forty 1-m samples recorded assays in excess of 20g/t, the bulk of these being included in longer mineralized intervals (ie. not isolated)…of these, 6 are in excess of 100 g/t and 2 in excess of 1000 g/t.
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DBV down to 4.5 cents wtf 🙁
Comment by Sameer — June 27, 2017 @ 8:23 am