Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,331 and $1,339 so far today…as of 7:00 am Pacific, bullion is down $12 an ounce at $1,334…technically, Gold is staging a healthy retreat from the top of an upsloping channel on its 9-month chart as shown in our Week In Review And A Look Ahead yesterday…in addition, the “safe haven” bid cooled off somewhat after North Korea failed to conduct a missile test (as expected) over the weekend while Hurricane Irma wreaked less damage than feared in Florida, though it’ll likely still rank as one of the costliest in history according to JPMorgan…Silver has declined 11 cents to $17.82…Copper and Nickel are both up slightly at $3.04 and $5.25, respectively…Crude Oil has dipped 38 cents to $47.10 while the U.S. Dollar Index has rallied one-fifth of a point to 91.67…
2. Speculative investment in Gold, not surprisingly, has increased as hedge funds and money managers raised their net long position in COMEX Gold for the 8th week in a row to the highest in nearly a year…the net long to short ratio is above 20 which hasn’t been seen for almost 5 years…meanwhile, China’s central bank is easing requirements for financial institutions to set aside foreign-exchange risk reserves for trading yuan forwards…the move comes as the Chinese currency recently erased its entire decline from 2016…
3. Alamos Gold (AGI, TSX) has signed a friendly deal to acquire Richmont Mines (RIC, TSX) in an all-stock offer valued at about $933 million ($770 million U.S.)…under the agreement, Richmont shareholders will receive 1.385 Alamos shares for each Richmont share they hold…the offer implies a value of $14.20 per Richmont share based on the closing price for Alamos shares last Friday when RIC closed at $11.62…once the deal is completed, Richmont shareholders will own approximately 23% of the combined company…concurrent with the deal, RIC will sell its Quebec assets including the Beaufor Mine, Camflo Mill, Wasamac development project as well as all other mineral claims, mining leases and mining concessions to Monarques Gold (MQR, TSX-V)…RIC is up 82 cents to $12.44 as of 7:00 am Pacific…
4. A court finally delivers some common sense – the Guatemalan Supreme Court has reinstated the mining license for Tahoe Resources‘ (THO, TSX) subsidiary in the country, Minera San Rafael, the company announced late yesterday…Tahoe’s Escobal mine is one the largest Silver mines in the world, producing 21.2 million ounces of Silver concentrate during 2016, but became a target of radical environmentalists…for now, a road blockade is still keeping the mine closed…however, Tahoe said reopening the mine should occur within a week after the blockade is lifted…THO has surged $2.58 a share to $8.27 as of 7:00 am Pacific…
5. The news is not so good for Eldorado Gold (EDG, TSX) in Greece…the company reported this morning that despite its repeated attempts to engage constructively with the Greek government, the Ministry of Energy and Environment and other government agencies, delays continue in issuing routine permits and licences for the construction and development of the Skouries and Olympias projects in Halkidiki, northern Greece…these permitting delays have negatively impacted Eldorado’s project schedules and costs, ultimately hindering the company’s ability to effectively advance development and operation of these assets…Eldorado has therefore elected to suspend investment at its operating mines, development projects and exploration assets in Greece with the exception of a care and maintenance program and necessary environmental safeguarding costs…
6. The Dow has jumped nearly 200 points in early trading…the TSX is 71 points higher while the Venture, still battling resistance is the 770’s, is flat at 772 as of 7:00 am Pacific…for the 4th straight session, Mission Ready Services (MRS, TSX-V) is the Venture’s most active stock, off 1.5 cents at 23.5 cents through the first 30 minutes of trading…the company announced last Wednesday that it has signed a 5-year, multi-million-dollar exclusive distribution agreement with a U.S.-based contracting partner to manufacture and supply Flex9Armor and No-Contact Tactical Shield Covers – among other Protect The Force (PTF) products – for a large foreign military…Friday’s 25-cent close left MRS at resistance at the top of a long-term downtrend line on a multi-year monthly chart…
7. Canopy Growth (WEED, TSX) is higher in early trading after announcing that it has has signed a supply licence agreement with Alcaliber SA, a leading player in the international pharmaceutical industry based in Spain…Alcaliber specializes in research and development, breeding and cultivation, and the extraction, purification and preparation of Narcotic Raw Materials and Active Pharmaceutical Ingredients…the agreement is the first of its kind between a Canadian cannabis company and a significant, established international pharmaceutical player…
The Nickel Mountain “Magma Highway”
Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember
How To Bring A Junior Resource Market To Life!
Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies
The Most Important Venture Development Since The New Bull Market Began
Just about time CXO got an invitation to the party. They may have to crash it by issuing a great PR.
Comment by Marshall — September 11, 2017 @ 10:34 am
so who thinks GGI/MTS will tank on actual drill results?? scale of 0-10..
Me first … 0 chance of anything sustained.. am using the noront chart as reference
Comment by Jeremy — September 11, 2017 @ 10:34 am
Yes, Marshall, CXO’s turn is coming up…time for Adam to show us his cards…great technical team and plenty of Gold in them thar hills at Inel…
An Eskay Camp trifecta would be sweet…
Comment by Jon - BMR — September 11, 2017 @ 10:52 am
The BMR Triple play!
Comment by GREGH — September 11, 2017 @ 11:15 am
Being a Cowboy football fan for may years, my favorite time was when we had Aikman, Irvin and Emmitt, they called them the triplets!!! Won 3 super bowls in 4 yrs..
GGI, MTS, CXO, THE NEW TRIPLETS!!
Comment by GREGH — September 11, 2017 @ 11:20 am
Jeremy
of the 2 I think MTS could have a chance to drop on actual drill results if nothing spectacular, I just don’t see GGI coming up with anything but good news based on all the facts that Jon keeps pointing out to us, stay focused on the facts…. the facts and the last NR and now this tectonic setting thing, magma freeways, etc…
Comment by GREGH — September 11, 2017 @ 12:21 pm
Wow GGI strong close today…
Comment by GREGH — September 11, 2017 @ 1:00 pm
Closed at high of day. Looks like will be heading to historical resistance at $1.50 . Won’t be long and I’ll be asking John (BMR) again if he can do a new chart LOL
Comment by Foz1971 — September 11, 2017 @ 1:24 pm
GGI….The character of today’s trading, IMHO, indicates that GGI has a very strong market following. When a stock moves up to a new high, backs off for a breather and then rallies to close exactly at that new high, then it must be orchestrated trading. Shares were being systematically accumulated all day and I feel this will continue. There is NO random market here.
We could not only be looking at THE stock of the year but of the DECADE.
Well done Steve et al….All, of course, IMHO.
Comment by John - BMR — September 11, 2017 @ 3:02 pm
what do people make of the reversal in MTS at the close??
Comment by Jeremy — September 11, 2017 @ 3:55 pm
Hi guys…I know you are very busy with all it’s happening around the Eskay Creek but I think it could be interesting to have an updated chart of CRE.V. They are doing pretty well these days!
Thank you for your very good work guys, it is more than appreciate!
Comment by Sylvain — September 11, 2017 @ 7:29 pm
John thank you for your comment on today’s GGI trading. Always appreciate you and your team’s insight and /or perspective of the daily happenings. Cheers.
Comment by TD75 — September 11, 2017 @ 9:38 pm
“thunder at Kirkham” news from Metallis this morning…..
Very significant
Comment by Foz1971 — September 12, 2017 @ 6:47 am
September 12, 2017
THUNDER AT KIRKHAM
Vancouver, British Columbia: Metallis Resources Inc. (TSX-V: MTS) (“Metallis” or the “Company”) is pleased to provide the following drilling and exploration update regarding its 100%-owned Kirkham Property in the Golden Triangle’s Eskay Camp.
Highlights:
– The Company’s recently expanded exploration program has identified several gabbroic units in the previously unexplored northeastern section of Kirkham in areas now referred to as “Thunder North” and “Thunder South”;
-The gabbroic units are similar to the rocks which host nickel-copper sulphides at Garibaldi Resources’ E&L Nickel Mountain Project, contiguous to Thunder North and Thunder South;
-Upcoming drilling at Kirkham will include, but may not be limited to, the King high-grade gold target adjacent to the 6-km-long Hawilson porphyry;
-Three drill holes have successfully intersected a deeper potassic gold-copper porphyry system at the Cliff target in the southern part of Kirkham.
Metallis President and CEO Fiore Aliperti commented, “The 100 sq. km Kirkham Property is now showing potential for multiple deposit types along an under-explored corridor within the prolific Eskay Camp.
“The decision to extend the 2017 program at Kirkham demonstrates our commitment to build shareholder value by unlocking this property’s geological potential while we also evaluate year-round exploration opportunities for Metallis,” Aliperti concluded.
Thunder North & Thunder South
Mapping and sampling continue at Thunder North and Thunder South to correlate the surface geology with a cluster of airborne magnetic and VTEM anomalies. Both areas are located at the intersection of major east-west and northeast trending faults, introducing mafic-ultramafic rocks. Significant glacial retreat has occurred, exposing altered rocks for the first time.
The gabbroic units begin at Thunder South where they outcrop intermittently over a distance of 800 meters. The gabbro is more intensely altered at Thunder North where it’s exposed over 200 meters. The gabbroic units in both areas occur along a northeast-trending fault and include sections with disseminated sulphides.
Multiple samples have been collected and are being sent for assaying and petrographic studies. The Thunder North gabbro showings are approximately 4 km southeast of Nickel Mountain drilling.
The structural setting at Thunder North and Thunder South extends into Garibaldi’s E&L Nickel Mountain Property with this 10 sq. km part of Kirkham considered highly prospective for intrusion-hosted nickel-copper, VMS base metal and copper-gold porphyry mineralization.
King
Upcoming drilling at the King target will test a geophysical anomaly that could be produced by an intrusion-related gold-pyrrhotite vein-type system categorized by the British Columbia Geological Survey. This type of system is typically high-grade (15 – 30 g/t gold). The Snip mine is one of the outstanding gold deposits of this type.
Cliff
Initial drilling at the Cliff target has concluded after three drill holes totaling 1,048 meters. The consistently mineralized holes with zones of potassic alteration featuring abundant chalcopyrite demonstrate that the gold-copper porphyry system extends well beyond the depths of historical drilling over a considerable strike length. Assay results are expected early in Q4.
Cautionary Statement
Metallis management cautions that past results or discoveries on adjacent properties may not be indicative of potential mineralization at Kirkham.
Qualified Person
Technical aspects of this news release have been reviewed and approved by David Dupre, P.Geo., designated as a qualified person under National Instrument 43-101.
About the Kirkham Property
The 10,600 hectare Kirkham Property is located about 65 km north of Stewart within the prolific Golden Triangle. The northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 to 20 km of Seabridge Gold’s KSM deposit and Pretium Resources’ Brucejack mine which is now in production.
About Metallis
Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper and silver at its 100% owned Kirkham Property situated in northwest British Columbia’s Golden Triangle. Metallis trades under the symbol MTS on the TSX Venture Exchange and currently has 23,428,617 shares issued and outstanding.
On behalf of the Board of Directors:
/s/ “Fiore Aliperti”
Chief Executive Officer, President and Director
Comment by John - BMR — September 12, 2017 @ 6:56 am
“4km southeast”….expands the known corridor for sure. Wow.
Comment by Foz1971 — September 12, 2017 @ 7:55 am
Jon/John
what does the MTS news really mean for GGI’s ground in the big picture? Does Lightfoot et al have any idea yet how big this really is? The suspense is killing me, trying to be patient but this news this morning re: MTS seems really big to me? Thanks
Comment by Gregh — September 12, 2017 @ 8:45 am
Gregh, we’re working on all of this, while I’m also trying to catch my breath, as if we don’t enough to deal with at Nickel Mountain! GGI has its own thing going at Nickel Mountain – I’m sure they’re curious about developments on their border, and pleased with any success MTS may have. The two companies could even be comparing notes, who knows. What this does show is how extensive the gabbro might be in the immediate area surrounding Nickel Mountain as the Thunder North showings are 4 km southeast of current GGI drilling. Of course gabbro is one thing, mineralized gabbro is another. Within the gabbro at the E&L, you can have long sections of strong mineralization followed by a barren phase. My general comment at this point about the gabbro at Thunder North and Thunder South is that while massive sulphides aren’t outcropping as they are at the top of Nickel Mountain, sulphides are evident (disseminated) and perhaps at depth there are parts of the gabbro that are really juiced up. Lower elevations at Thunder North and Thunder South (about 1,000 feet below the top of Nickel Mountain), so they are already deeper in the system – not sure about the implications of that. A drill hole, of course, would be the best way to gauge possibilities and gain a greater understanding of the system in this northeastern section of Kirkham. Let’s see what unfolds. Murray Pezim would say, fascinating developments, let’s drill, boys!
Comment by Jon - BMR — September 12, 2017 @ 9:09 am
Great job guys!! Thank you for all of your insights. GGI and MTS are doing great! Would appreciate an update on CXO as well.
Comment by toro — September 12, 2017 @ 9:50 am
Thanks Jon
I bet your like a kid in a candy store up there , lol
Comment by Gregh — September 12, 2017 @ 9:55 am
CXO news just out, post-market…best grades yet from CXO drilling at Inel…
Colorado Intercepts 4,470 g/t Gold Over 0.5m at KSP, Makes 3 New Discoveries and Initiates Phase 2 Drill Program
Nice VG pics from hole INDDH-081, 33.5 m to 36 m…
http://www.coloradoresources.com/s/KSP.asp?ReportID=725788&_Type=KSP-Property&_Title=Photo-Gallery
Significantly, 6 drill holes (assays pending) were spaced approximately 50 m apart immediately to the north of hole #81…
2.6 m grading 31.6 g/t Au at top of Inel Ridge in drill hole #55 – more holes being poked into Inel Ridge.
Comment by Jon - BMR — September 12, 2017 @ 2:19 pm
Beautiful results Cxo…..we should see some nice buying tomorrow….their still waiting for 20 more holes any day now and are still drilling till the weather chases them away! Chunks of visible gold is a very nice way to end my day. Goodnight everyone hope everyone wakes up early tomorrow
Comment by Greg — September 12, 2017 @ 5:24 pm
Jon
Was re reading the above posts and i noticed you said above ” that massive sulfides aren’t outcropping like they are at Nickel mountain” and I thought to myself hmm I don’t remember that GGI has specifically confirmed that anywhere? Did I miss that ?
Thanks
Comment by Gregh — September 13, 2017 @ 12:02 am
Gregh, yes, check GGI’s news from November 10, 2016…that’s how the original E&L discovery was made in the 1960’s, from the massive sulphide showing at surface…
Looks like a gap up for CXO this morning on yesterday’s post-market news…
Comment by Jon - BMR — September 13, 2017 @ 4:39 am
Thanks Jon
Comment by Gregh — September 13, 2017 @ 5:34 am