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September 5, 2017

7 @ 7:00

Check back later today for additional posts and visit the BMR comments section throughout the day for helpful information and updates.

1. Gold has traded between $1,326 and $1,338 so far today…as of 7:00 am Pacific, bullion is up $1 an ounce at an $1,332…bullion hit a nearly 1-year high overnight as the risk-off theme continued following another flight to safety after North Korea’s hydrogen bomb test yesterday…Gold is also benefiting from a less hawkish Fed…Silver has added 7 cents to $17.95…Copper and Nickel are flat at $3.12 and $5.51, respectively…Crude Oil has surged $1.26 a barrel to $48.55 while the U.S. Dollar Index is off slightly at 92.55…investor interest in Gold can be seen in the holdings of physically-backed exchange traded funds, which at 54.757 million ounces are up more than 3% in less than a month…

2. Crude Oil prices have firmed up while gasoline prices have eased as the gradual restart of refineries in the Gulf of Mexico that were shut by Hurricane Harvey raised demand for Crude and curtailed fears of a serious supply crunch…Texas yesterday edged toward recovery from the devastation of Hurricane Harvey as shipping channels, Oil pipelines and refineries restarted some operations…8 U.S. Oil refineries with 2.1 million barrels per day of refining capacity, or 11.4% of the U.S. total, were shut as of yesterday afternoon, the Department of Energy said…meanwhile, Crude is also getting a lift from reports that Russia and Saudi Arabia have discussed extending an Oil output cut by OPEC and non-OPEC producers…Iranian Oil Minister Bijan Zangeneh said unofficial talks were under way to extend the cuts, adding that global Crude inventories remained at high levels…

3. The Venture, bucking the trend of the broader equity markets today, is up 5 points to 783 through the first 30 minutes of trading as the Index gets a boost from Eskay Camp stocks in its attempt to finally overcome stiff resistance in the 770’s…a broad band of resistance stretches from 770 to 800…the Venture could accelerate rapidly on any breakout through 800ATAC Resources (ATC, TSX-V), pushing toward its 2016 high after positive results from Rackla last week, is up another 2 pennies at 81 cents…the TSX has dipped 81 points while the Dow has slid 94 points through the first 30 minutes of trading on investor nervousness surrounding North Korea…

4. Eskay Camp stocks are hot to begin the new trading week, led by Garibaldi Resources (GGI, TSX-V) which has hit a new decade high of $1.10 following news Friday that the company has intersected 2 long intervals of Nickel-Copper sulphide mineralization, featuring disseminated to heavy disseminated pyrrhotite-pentlandite-chalcopyrite, at the E&L Nickel Mountain Project…the first hole was drilled away from the historic mineralized zones, adding to growing evidence that the system is much more robust than original explorers imagined half a century ago…Garibaldi also announced that it’s “accelerating” the Nickel Mountain program which likely means the addition of a second drill rig…a high-grade Nickel-Copper deposit in the heart of the Gold-rich Eskay Camp would be a major game-changer for the district and the entire Golden TriangleMetallis Resources (MTS, TSX-V) has hit a new multi-year high of 48 cents as the company continues drilling at its Kirkham Property adjoining GGI’s E&L to the south…in addition, MTS has announced that it has launched a fresh ground exploration program…meanwhile, Colorado Resources (CXO, TSX-V), now the backing of Goldcorp (G, TSX), has added 3 cents to 42 cents…CXO continues to vigorously drill its 100%-owned KSP Gold Project to the west and initial assay results are pending…CXO also owns a key land package immediately adjacent to GT Gold’s (GTT, TSX-V) high-grade Gold discovery in the Red Chris district…GTT delivered a second batch of impressive assays last Thursday from diamond drilling in its Saddle South zone with numerous holes hitting multiple intercepts of high-grade mineralization…

5. Aben Resources (ABN, TSX-V), with an attractive large land package in the northern part of the Eskay Camp, still doesn’t want to announce that it demobilized over a week ago, but the company has nonetheless intersected “notable” mineralization in August drilling at the Carcass Creek and Boundary zones as reported this morning…at Boundary, massive to semi-massive sulphide horizons were encountered in association with strong quartz carbonate veining and breccias…sulphides within these packages are relatively enriched in chalcopyrite, a Copper mineral that has shown a strong correlation with Gold mineralization both on the Forrest Kerr Property and in several localities within the Golden Triangle…drill core has been sent to the assay labs and final geochemical assays are pending…the Boundary rock has been strongly sericite-silica altered with locally intense quartz-sulphide and quartz-carbonate-sulphide veining, the product of a widespread hydrothermal system…drilling is ongoing in the northern part of the Camp as 88 Capital (EEC, TSX-V), soon to start trading as Golden Ridge Resources, continues work at the Hank Property…

6. IDM Mining (IDM, TSX-V) has reported the highest grade assay ever (1,400 g/t Au and 437 g/t Ag over half a meter) from its Red Mountain Project east of Stewart…the company released assays this morning for an additional 28 underground core holes from the Marc and AV Zones…the results are from the ongoing 23,000-m surface and underground resource expansion, infill and exploration drilling program…highlights included 1,400 g/t Au and 437 g/t Ag over 0.5-m within an interval of 149.2 g/t Au and 59.9 g/t Ag over 4.88 m in hole U171289…hole U171296 intersected 26.61 g/t Au and 88.19 g/t Ag over 6.89 m…Rob McLeod, IDM President and CEO, also noted “down-dip step-outs intersecting wide intervals of disseminated Gold mineralization, with high-grade, tabular lenses within the newly identified Smit Zone. These results continue to demonstrate the expansion potential and the dynamic, robust nature of Gold mineralization at Red Mountain.”  IDM is up half a penny at 14.5 cents as of 7:00 am Pacific

7. Prime Minister Justin Trudeau poured nearly a quarter of a billion dollars into Yukon’s highway network Saturday in hopes it will lead to resource development, but some Indigenous leaders remain wary about environmental implications…Trudeau and Yukon Premier Sandy Silver announced their two governments will spend more than $360 million to improve road access to mineral-rich areas in the territory…the federal share amounts to $247 million of that total…the governments say the money will upgrade more than 650 km of road and build or upgrade a number of bridges for highways leading into the Dawson Range in Central Yukon and the Nahanni Range in the southeast part of the territory…Trudeau says strong infrastructure is necessary to develop Yukon’s natural resources.  “It’s an investment in the future of Yukon’s natural resources sector, more than that it’s an investment in its people,” he said…

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The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

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5 Comments

  1. Is it time to bounce out of aben if they have demobilized ?

    Comment by Matt — September 5, 2017 @ 8:36 am

  2. It’s usually the case, Matt, that the companies who are the most active in a hot district are the ones who have the best potential upside…

    Comment by Jon - BMR — September 5, 2017 @ 9:47 am

  3. Jon,

    Can you please clarify your comment to Matt? Bottom line: Due to the “demobilization”, does this mean that you are no longer “Bullish” on v.ABN? Do you think this is a negative or positive sign? Your thoughts?

    Comment by Steven — September 5, 2017 @ 10:08 am

  4. It’s not that I’m no longer “bullish” on ABN, Steven, just not as bullish given that their drilling has stopped…in any hot, exciting area play like the Eskay Camp, you want to always keep your feet moving…ABN’s original game plan was to drill ’til about the end of August and then pack it in…as a shareholder I’m disappointed they couldn’t discern what was unfolding in the district and stopped when they did, essentially leaving the party just as it was about to really get going…this is the opposite of last year…so I go where the action is…I very much like the ABN property package and it looks like they’re going to deliver some nice intercepts, particularly from the Boundary area…GGI and CXO are leading the way…among the up-and-comers, I now see MTS as more attractive than ABN as MTS, also with a better share structure, continues with its drill program and has in fact expanded its ground game…in this business, there’s no room for strategic errors and from a market standpoint I believe ABN made one by demobilizing just as things were getting hot…just my opinion…I like Jim Pettit and his team, this is nothing personal…they’re good people who have assembled a very prospective project…but Murray Pezim is probably rolling over in his grave at what ABN did…good action in the stock today, though, on some details from the Forrest Kerr drilling…what a prolific district…

    Comment by Jon - BMR — September 5, 2017 @ 10:48 am

  5. Wow Rick rule grabs another 1million shares in the latest pp at .26c of Cxo, I knew I shouldn’t of sat on the bid today, should of slapped the ask….hope it’s not to late tomorrow

    Comment by Greg — September 5, 2017 @ 8:46 pm

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