Check the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,315 and $1,328 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,325…Silver is off 3 pennies at $17.91…Copper has slid 2 more cents to $2.93…Nickel has retreated 4 cents to $5.09…Crude Oil has climbed 69 cents to $49.99 while the U.S. Dollar Index is relatively unchanged around 92.35…more bluster from North Korea today…a North Korean state agency threatened to use nuclear weapons to “sink” Japan and reduce the United States to “ashes and darkness” for supporting a U.N. Security Council resolution and sanctions over its latest nuclear test…the Korea Asia-Pacific “Peace Committee”, which handles the North’s external ties and propaganda, also called for the breakup of the Security Council, which it called “a tool of evil” made up of “money-bribed” countries that move at the order of the United States…
2. U.S. Crude topped $50 a barrel for the first time in 5 weeks today, building on recent gains after forecasts for stronger Oil demand by the International Energy Agency (IEA)…today’s gains follow an increase in the IEA’s estimate for global demand growth…the IEA sees the global Oil surplus beginning to shrink…Saudi Arabia is clearly determined to keep price pressure to the upside and is closely monitoring not just Oil output among OPEC members but exports ahead of a meeting in Vienna September 22…
3. The Dow is up 17 points through the first 30 minutes of trading, hitting a new record high…September is set to be the 11th straight month in which the S&P 500 has either risen or has fallen by less than 0.1%…if stocks continue to perform well over the rest of the month, that will make the longest such streak for the S&P 500 in 58 years…the TSX is up 28 points while the Venture has added 1 point to 772 as of 7:00 am Pacific…Garibaldi Resources (GGI, TSX-V) is an early volume leader, down 14 cents at $1.07 and within a strong zone of support…neighbor Metallis Resources (MTS, TSX-V) has also dipped to new support just above 60 cents…Dolly Varden Silver (DV, TSX-V) has closed a $5.7 million financing and has increased its 2017 exploration program budget from $3.5 million to $6 million (5,000 m of drilling to approximately 12,000 m)…Mission Ready Services (MRS, TSX-V) continues to trade robustly, pushing through resistance at 25 cents…
4. Barkerville Gold Mines (BGM, TSX-V) continues to expand a veining corridor at depth in the Shaft zone at its flagship Cariboo Gold Project…Phase II step-out drill hole IM-17–143 has intersected 7.1 g/t Au over 34.3 m at a vertical depth of 425 m below surface…this occurrence is located 50 m downdip of recently reported IM-17–131 which averaged 53.3 g/t Au over 11.5 m, 390 m vertically below surface and represents an area at depth open for immediate expansion…meanwhile, located in the southeastern portion of the Shaft Zone at a vertical depth of 300 m below surface, IM-17–146 has discovered another new occurrence of high tenor veining grading 17.5 g/t Au over 8.6 m…this new area is also open for expansion along vein strike and to depth due to the scarcity of drilling in this area…Paul Geddes, BGM’s VP-Exploration, commented: “The Phase II drilling program at Island Mountain continues to yield strong results with respect to expanding upon the sizeable, high tenor vein corridors that are potentially amenable to bulk underground mining methods. As we continue to infill the Shaft Zone and expand the known corridors, we are not only demonstrating the continuity but the size of this impressive Gold system.”
5. Effective next Monday, September 18, former Venture star Nemaska Lithium (NMX, TSX) will be added to S&P/TSX Canadian indices including the S&P/TSX SmallCap Index, S&P/TSX Global Mining Index, S&P/TSX Global Base Metals Index and the S&P/TSX Equal Weight Global Base Metals Index…NMX is up 3 pennies to $1.41 on the news. Guy Bourassa, President and CEO of Nemaska Lithium, commented, “Our inclusion in the S&P Dow Jones Indices is a clear recognition of the evolution of Nemaska Lithium as it transitions from exploration into development and Lithium production. Assets around the globe are invested products based on these indices and we look forward to the increased market visibility that membership in the S&P/TSX Canadian Indices provides.”
6. Jaxon Mining (JAX, TSX-V) has found high-grade Gold in prospecting at its 390 sq. km Hazleton Project, 17 km from the advanced Max Silver-Zinc-Gold massive sulphide target in central British Columbia…6 of 31 Gold samples at “Cirque-Ridge-Tarn” ranged from 10.8 g/t Au to 18.4 g/t Au while 18 samples had Gold content in excess of 1 g/t…the newly discovered zone covers an area 600 m x 600 m…approximately 2 km east of CRT, a 500 m x 300 wide area of pyritic sulphide mineralization has been outlined at the RS zone…the rusty-gossanous RS area may have undergone considerable surface leaching of sulphides as the springs and creek water contain significant sulphur, manganese and iron…despite this, 1 sample returned 284 g/t Silver and 4.1 % Zinc, and a number of the RS samples have anomalous Copper results…Jason Cubitt, President and CEO of Jaxon commented, “The discovery of a high-grade Gold system at the Hazelton Property is hugely exciting, given that it was always predicted by our model. These new discoveries in outcrop reinforce for us the truly district scale high-grade Gold, Silver and Zinc potential.”
7. Eldorado Gold (ELD, TSX) continues to battle an incompetent Greek socialist government that has clearly branded itself as an unfriendly mining jurisdiction while Prime Minister Alexis Tsipras ironically tries to lure more foreign investment into the country…while ELD has received 2 new permits, an arbitration notice alleges that the technical study for the Madem Lakkos metallurgical plant for treating Olympias and Skouries concentrates in the Stratoni Valley, submitted in December, 2014, is deficient and therefore in violation of the transfer contract and the environmental terms of the project. George Burns, President and CEO of Eldorado Gold, stated: “Eldorado has always sought a constructive relationship and dialogue with all levels of the Greek government. Despite the Greek government’s refusal to engage with Eldorado, we believe that this matter could still be resolved through good faith negotiations. We again invite the ministry to engage with us for such purpose. Nevertheless, we will vigorously defend our rights and employ all legal means at our disposal. We are confident in the completeness of our efforts in Greece, the rigour of our engineering and the vast potential benefit of these projects for regional and national stakeholders.” Eldorado’s decision on Monday to suspend all its operations in Greece, citing delays in acquiring routine permits, is putting the screws to Prime Minister Tsipras…Eldorado is the largest foreign investor in Greece, employing 2,400 people there…
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Hi Jon: Re: CPO. Is it all unusual that they have 2/3 of the samples returned but are waiting on all before reporting? Better to wait and present the full picture? Results from first 2/3 not good enough/worth reporting? Appreciate your insight.
Thanks
Comment by Foz1971 — September 15, 2017 @ 5:31 am
Hard to say, Fox1971. Normally, most companies would report if they had just two-thirds of samples in and had some very good values in those samples. It could be that the missing samples include 1 or more key holes they are very encouraged about, and therefore they want to wait until those assays are in. CPO has taken a very systematic approach to all of its exploration over the past year, and they’re certainly not over-promotional, so one could give them the benefit of the doubt here if they’re extending that systematic approach to the release of results. Their new outcrop discovery is very interesting – I walked on that ground over the summer – so I’m encouraged about the possibilities from the drilling that started this week. Hopefully it won’t take so long to get results back. Labs have been slow.
Comment by Jon - BMR — September 15, 2017 @ 5:45 am
Thank you Jon. That is a good perspective. They have been very systematic in their approach. I also take it as a very positive sign that they have initiated Phase 2 of their drilling program.
We’ll wait and see. Cheers
Comment by Foz1971 — September 15, 2017 @ 6:47 am
Foz & Jon, With regards to CPO. There has been wall of 650k to 700k at .145 cents that has been added and taken away from on the bid for the past couple of days. (Disappears and reappears).
My thinking is that market makers are wanting peoples shares at .14 cents and trying to flush out shares getting ready for a run up on news. Your thoughts on this guys?
Comment by vepper — September 15, 2017 @ 7:36 am
Vepper: I noticed as well and that is how I see it. Some shakeouts recently. Good support here. I anticipate a move up past 15.5 cents fib resistance once results are closer.
Comment by Foz1971 — September 15, 2017 @ 8:41 am