Morning Musings returns tomorrow due to technical difficulties today.
1. Crude Oil prices have reversed from their early morning lows (up $1.03 a barrel to $47.09 as of 7:00 am Pacific) after a report said that Iraq will cooperate with other OPEC members to reach an agreement acceptable to all…yesterday, Saudi energy minister Khalid al-Falih reportedly said the Oil market will rebalance on its own and questioned the need for production cuts – perhaps just last-minute posturing on the part of the Saudis…how things play out with Saudi arch-rival Iran will be key heading into Wednesday’s meeting in Vienna…Iranian officials have said they want their country to be pumping about 4 million barrels a day before they would consider joining OPEC action on production – either as an agreement to hold output steady or cut it…independent sources put Iran’s current output at approximately 3.7 million barrels a day…
2. Copper prices climbed as high as $2.72 overnight before pulling back into the mid-$2.60’s for a modest gain from the end of last week…Nickel surged as high as $5.34 overnight (currently $5.30) while Zinc touched a new multi-year high of $1.32…
3. Canopy Growth (CGC, TSX) has entered into an agreement to acquire MedCann GmbH Pharma and Nutraceuticals, a German-based pharmaceutical distributor which has successfully placed Tweed-branded cannabis strains in German pharmacies…meanwhile, a Canadian task force on marijuana legalization will release its findings to cabinet on Wednesday…task force chairperson Anne McLellan says her 9-person group has authored a responsible, fair and balanced report that will “engender a lot of interest”…CGC is up 35 cents at $10.95 as of 7:00 am Pacific…
4. Nemaska Lithium (NMX, TSX) released final results this morning from a 4,000-m drill program covering a new discovery parallel to its Whabouchi deposit…the Doris zone, which has yielded drill holes with similar widths and grades to the Main zone, contains 5 interconnected dykes and has now been confirmed on 420 m of lateral extension and up to a maximum depth of 440 m where it joins the main dyke…Doris starts in the southwest and is open along strike to the northeast, running parallel to the Main zone which extends for 1.2 km… “It will immediately impact the Whabouchi project as we intend to add it to the resource estimate and possibly the reserves of the mine,” states Guy Bourassa, President and CEO of Nemaska. “Doris is open towards the northeast, with excellent potential to add additional tonnage to the Whabouchi project, as we consider a drill program during the winter to expand and confirm its extension”…results from Doris included 23 m grading 1.74 % Li2O (114.9 m to 137.9 m, 20.9 m true width) in WHA-16–146, and 80.7 m @ 1.4% Li2O (300.3 m to 381 m, 33 m true width) in WHA-16–184…NMX is up 4 cents at $1.33 through the first 30 minutes of trading…
5. Doubleview Capital (DBV, TSX-V) has closed the second tranche of its financing and has also increased the amount of its previously announced PP to a total of $7 million ($1.25 million non-flow-through and $450,000 flow-through)…that’s going to mean more drill holes at the Hat Gold-Copper Porphyry Project after a very promising start to the current program with exceptional-looking core from H-26…samples are already in the lab as drilling continues…
6. Emerging Zinc producer Morumbi Resources (MOC, TSX-V), anticipating final approvals by the end of next month for its acquisition of the El Mochito mine in Honduras, is trading at a 3-year high of 18 cents…
7. Pasinex Resources (PSE, CSE) reported Q3 earnings this morning of $355,000 thanks to higher Zinc prices and improving production (5.3 million pounds in Q3 vs. 6.6 million pounds for the entire first half of 2016) from the company’s 50%-owned Horzum AS Joint Venture for the Pinargozu mine in Turkey…
yea its back:) comments are gone but hey
Comment by Patricia — November 28, 2016 @ 10:56 am
DBV ready to rock now
Hearing latest drill results will surprise many.
Comment by Blue beryl — November 28, 2016 @ 11:02 am
Good news and bad news…GoGaddy fixed the problem but had to go back in time and that has erased all of today’s Morning Musings which was just about to be published, in addition to all comments since yesterday…there’s a first time for everything…never had this happen in 7 years…thought Morning Musings had been saved but it wasn’t…we apologize…we’ll try to come up with a separate post to replace that…
Comment by Jon - BMR — November 28, 2016 @ 11:03 am
DBV: any reason to believe that this financing will hold us back (in price)? I am hearing the same thing Blue (in fact best results to date) so have to think this will not be an issue. In fact, as stated by BMR this means more drilling and more drilling should maintain interest in the stock and drive price up in anticipation of results. I suspect waiting for the PP to close was holding us back…..we should be all systems go I would think….
Cheers
Foz
Comment by Foz1971 — November 28, 2016 @ 11:18 am
Just a quick site update: We’ve opened yesterday’s Sunday Sizzler to all subscribers due to this morning’s technical glitches from the server end that have pre-empted our regular Morning Musings…
Comment by Jon - BMR — November 28, 2016 @ 11:55 am
The fact they’ve upped the financing, Fox1971, tells me there’s probably a new strategic investor who may have stepped in, and that can only be a good thing…$1.7 million gets a lot more holes at the Hat, so the bias is clearly to the upside here…
Comment by Jon - BMR — November 28, 2016 @ 12:36 pm
What is the most $ you will risk on a single stock?
Comment by DavidW — November 28, 2016 @ 3:26 pm
Jon, thank you for you response. Much appreciated.
Comment by Foz1971 — November 28, 2016 @ 5:35 pm
DavidW
I think it is best to think of the size of a single investment in terms of a % of your total portfolio amount.
For me, mine varies between 10 and 20%.
Comment by John - BMR — November 28, 2016 @ 8:44 pm