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 $1,219 and $1,211 so far today…as of 7:00 am Pacific, bullion is off $10 an ounce at $1,213…Gold has yet to confirm a breakout above critical resistance at $1,230…Silver has lost 16 cents to $14.28…Copper is up a penny at $2.77…Nickel has eased off another 5 cents to $5.25…Cobalt is steady at $27.22 while Zinc is unchanged at $1.17…Crude Oil has weakened another 32 cents a barrel to $65.86 while the U.S. Dollar Index has added one-tenth of a point to 97.12…the greenback, which will post its 7th straight month of gains, has hit a fresh 16-month high against a basket of currencies on the back of continued U.S. economic strength…
2. The red-hot U.S. private sector added 227,000 jobs in October, according to the ADP report released this morning, largely driven by employment growth at larger businesses…economists polled by The Wall Street Journal were expecting 180,000 jobs to be added…large businesses, or those that have at least 500 employees, added 102,000 in October while medium-size businesses, or those with between 50 and 499 employees, added 96,000 jobs…the 227,000 new jobs are the most the private sector has added since February of this year…
3. Monetary policy in Canada is still stimulative despite an increase in interest rates last week and more hikes will be needed to achieve the Bank of Canada’s inflation target, the central bank’s chief said yesterday…“The appropriate pace of increases will depend on our assessment at each fixed announcement date of how the outlook for inflation and related risks are evolving,” Governor Stephen Poloz told the House of Commons Finance Committee…the Bank of Canada raised interest rates as expected last week – the 5th hike in 15 months – and said it might speed up the pace of tightening given that the economy was running at almost full capacity (a very strange assertion) and did not need any stimulus…“Even with last week’s increase in the policy rate…monetary policy remains stimulative. In fact, the policy rate today is still negative in real terms, that is, once you adjust for inflation,” said Poloz…“The policy rate will need to rise to neutral to achieve our inflation target,” he added…the fact the central bank could refer to the Canadian economy as having “outstanding momentum”, as it did last week, is very hard to fathom…the facts are that over-taxed and over-regulated Canada is facing a myriad of problems, not the least of which is a rapidly deteriorating competitive position vs. the United States…meanwhile, Canadian consumers are increasingly tapped out with household credit growth falling to its slowest pace in 35 years…in September, home sales fell for the first time in 5 months, dropping 8.9% since last year…another significant component of GDP is the energy sector, but there was barely any acknowledgement by the Bank of Canada regarding the ridiculous made-in-Canada energy crisis that is currently plaguing the Western provinces with record-setting discounts to global pricing…it’s like the Bank of Canada is operating in a parallel universe, not unlike the federal government…
4. Westhaven Ventures (WHN, TSX-V) has drilled into more impressive high-grade Gold at its 155 sq. km Shovelnose Property within the Spences Bridge Gold Belt near Merritt in B.C.’s southern interior…drill hole SN18–15 returned 46.2 m of 8.95 g/t Gold and 65.5 g/t Silver, including 5 m of 14.7 g/t Au and 215.00 g/t Ag…SN18–15 is 100 m southeast of hole SN18–14 which returned 17.8 m of 24.5 g/t Au and 107.9 g/t Ag…the strike length of the South Zone is 700 m and is open to the east and southeast…meanwhile, Westhaven has commenced an airborne geophysical survey over the entire property package to help uncover favorable new structures…the stock was halted pre-market and trading resumes at 8 am Pacific…new highs are on the way after this morning’s latest numbers (refer to latest Sunday Sizzler for next resistance area)…a fresh phase of drillings begins in November…
5. Sable Resources (SAE, TSX-V), which holds 2,000 sq. km of the Spences Bridge Gold Belt, has commenced maiden drilling at the Heaven Hill high-grade Gold target in San Juan Province, Argentina…Heaven Hill is one of 5 active targets at the Don Julio Project, an extensive 5 km by 5 km Miocene lithocap located in Argentina’s Cordillera Frontal…a minimum of 6 diamond drill holes of up to 450 m depth are planned at Heaven Hill to test a 2 km by 500 m coincident alteration and Gold in rock geochemical target…an additional 4 holes to the same depth will test the adjacent Esperanza target, a 2 km by 2 km coincident Gold and alteration target…Sable is up 2.5 cents at 27.5 cents through the first 30 minutes of trading…
6. The Dow, trying to break out of its October blues, has jumped another 295 points in early trading…a brutal October sell-off across stocks and bonds has tested investors’ resolve in a way not seen since the financial crisis…stocks around the world have lost more than $5 trillion in value in October, entering this last day of the month, according to S&P Dow Jones Indices…that puts shares in the U.S., Europe and Asia on pace for one of their worst months in years…adding to the stock market’s anxieties has been a rare simultaneous drop in bond prices that has pushed yields to their highest levels in years…174 U.S. fund managers overseeing $518 billion are, on average, holding cash balances of 5.1%, well above the 10-year average of 4.5%, according to statistics from Bank of America…in Toronto, the TSX is up 165 points while the Venture has rebounded 6 points to 633 as of 7:00 am Pacific…marijuana stocks are bouncing back today…Evrim Resources (EVM, TSX-V) has signed a 3-year exploration alliance agreement with Meridian Gold, a wholly-owned subsidiary of Yamana Gold (YRI, TSX)…the alliance allows Evrim royalty-free access to Yamana’s dataset in the Western United States for Gold and base metal project generation…the dataset contains information from more than 7,000 locations ranging from early stage exploration to advanced projects and represents approximately 30 years of exploration work completed by Meridian and predecessor FMC Gold…the dataset covers a large portion of the western United States with a particular focus on Nevada…
7. Kirkland Lake Gold (KL, TSX) has reported a jump in Q3 profit and has also upped output guidance for the full year…Q3 net income totalled $55.9 million, or 27 cents per share, compared to $43.7 million, or 21 cents, in the same period of 2017…3rd quarter production of 180,155 ounces was a quarterly record, increasing 30% from 139,091 ounces in the 3rd quarter of 2017 and 9% from 164,685 ounces in the 2nd quarter of this year…the increase was driven by Fosterville, which produced a quarterly record 90,618 ounces…Tony Makuch, President and CEO, commented, “Based on our performance year to date, we have been able to announce significant improvements to our 2018 consolidated production and unit cost guidance for a second time during the year. In addition, Q3 2018 provided a clear demonstration of our company’s ability to internally fund the growth projects needed to reach our goal of a million ounces per year of production”…consolidated production guidance for 2018 has increased to between 655,000 and 670,000 ounces from over 635,000 ounces previously while guidance for all-in sustaining costs has fallen to $735-$760 from $750-$800…
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Here is an interesting discussion on GGI even if it is a bit long. Quite good on a lot of technical stuff that I wasn’t up to speed on and very conservative in my opinion. No discussion on all those boulders of massive sulphide all along the glacier though which is one area that is of interest to me. Put the kettle on before you start listening because this is over two hours long.
https://www.ftmig.com/portfolio-view/sunday-night-live-hoover-engineer-ggi/
Comment by Patrick — October 31, 2018 @ 9:27 am
GGI – beautiful NEW core photos on website!
Comment by Foz1971 — October 31, 2018 @ 1:39 pm
More pics, Jon , I’m liking this, massives massives and on and on, like it.
Comment by Laddy — October 31, 2018 @ 1:43 pm
VANCOUVER, Oct. 31, 2018 /CNW/ – Garibaldi Resources (TSX.V: GGI) (the “Company” or “Garibaldi”) is pleased to announce that assay results for an additional two drill holes at Nickel Mountain have expanded the Discovery Zone to the northwest and southeast.
Highlights:
– Drill hole EL-18-24 has cut two mineralized zones, including 4.5 meters grading 8% nickel and 2.9% copper within a broader interval of 10.5 meters grading 3.7% nickel and 1.6% copper, approximately 64 meters southeast of the EL-17-14 intercept;
– Drill hole EL-18-23, collared on the edge of the icefield and drilled toward the west-southwest, has cut two shallow mineralized zones including a massive sulphide intercept of 5.6 meters grading 7.6% nickel and 3.4% copper, approximately 30 meters northwest of the EL-17-14 intercept and 35 meters above it in elevation;
– The EL-18-24 and EL-18-23 nickel-copper-rich massive sulphide intersections, like others at Nickel Mountain, are significant not only for their grades and widths but such intercepts represent highly prospective new target areas along the “magma highway” to vector into additional massive and disseminated sulphide mineralization.
The Golden Triangle’s first magmatic Nickel sulphide system, featuring the Discovery, Central and Northwest Zones, remains open in all directions and drilling continues as Garibaldi crews push further into the fall season than last year.
Dr. Peter Lightfoot, Technical Advisor for Garibaldi, commented: “When compared to magmatic nickel sulphide deposits around the world, massive sulphides at Nickel Mountain have unusually high grades of nickel, copper, cobalt and precious metals.
“The Discovery Zone massive sulphides in the footwall at E&L form a continuous wide sheet of mineralization that appears, despite structural modification, to have been injected as a significant pulse of primary magmatic sulphide,” Dr. Lightfoot concluded.
Maps and Photos
Updated schematic cross-section and plan view maps, plus core photos, will be available on the Garibaldi web site (GaribaldiResources.com), or visit the following URL’s:
http://www.marketsmartnewsletter.com/Garibaldi/NickelMountainZonesPlanView.jpg
http://www.marketsmartnewsletter.com/Garibaldi/Oct31PlanViewCrossSectionMaps.jpg
Quality Assurance/Quality Control (QA/QC)
Garibaldi Resources has applied a rigorous quality assurance/quality control program at the E&L Nickel Mountain Project using best industry practice. All core was logged by a professional geoscientist and selected intervals were sampled. NQ2 drill core was sawn in half and each sample half was placed in a marked sample bag with a corresponding sample tag then sealed. The remaining half core is retained in core boxes that are stored at a secure facility in Smithers, British Columbia. Chain of custody of samples was recorded and maintained for all samples from the drill to the laboratory. All diamond drilling sample batches included 5% QA/QC samples consisting of certified blanks, standards and field duplicates. Two certified ore assay laboratory standards and one blank standard were used in the process and were supplied by CDN Resource Laboratories Ltd., an independent laboratory located in Langley, British Columbia. Samples were submitted to SGS Canada Inc. in Vancouver, British Columbia, an ISO 9001: 2008 certified lab, for base metal, sulphur and precious metal analysis using Inductivity Coupled Plasma (ICP), Fire Assay (FA) and Leco methods.
Samples were prepared by crushing the entire sample to 75% passing 2mm, riffle splitting 250g and pulverizing the split to better than 85% passing 75 microns. Gold, Platinum and Palladium were analyzed using a 30-gram fire assay and ICP-AES. Total sulfur and total carbon were analyzed using a Leco method. Nickel, copper, cobalt, silver and base metals were analyzed by sodium peroxide fusion and ICP-MS.
The performance on the blind standards, blanks and duplicates achieved high levels of accuracy and reproducibility and has been verified by Everett Makela, a Qualified Person as defined by NI-43-101.
Qualified Person Data Verification
Mr. Everett F. Makela, P.Geo., Director/VP Exploration Canada for the Company, and a Qualified Person as defined by NI-43-101, has supervised the preparation of, reviewed and approved of, the disclosure of information in this news release. Mr. Makela has verified the data, including drilling, sampling, test and recovery data by supervising all of such procedures. There are no known factors that could materially affect the reliability of data collected and verified under his supervision. No quality assurance/quality control issues have been identified to date.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in Mexico and British Columbia.
We seek safe harbor.
GARIBALDI RESOURCES CORP.
Per: “Steve Regoci” Steve Regoci, President
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.
Cision View original content:http://www.prnewswire.com/news-releases/garibaldi-drills-into-nickel-copper-rich-massive-sulphides-northwest-and-southeast-of-discovery-zone-300741759.html
Comment by goose90 — October 31, 2018 @ 4:50 pm
Very nice how this is building, and more 8% Nickel…new map tells it all – wow…best sign yet that this is turning into a mine…huge amount of room to build very significant tonnage…
http://www.marketsmartnewsletter.com/Garibaldi/NickelMountainZonesPlanView.jpg
New massive sulphide hits to the southeast and northwest of EL-17-14…
The hit to the NW is particularly interesting and significant as it follows the trend from the southeast to the Central zone and the crevasse showing where massive sulphides are popping up through the receding ice…follow-up drilling in the area of EL-18-23, with tighter drill spacing, could really produce something spectacular…following the trail of massive sulphides leads to more massive sulphides and rich disseminated mineralization to expand the footprint…like rabbits producing bunnies…
Comment by Jon - BMR — October 31, 2018 @ 4:56 pm
Fingers crossed CCW comes out with huge news soon now, too.
Comment by Silverhook — October 31, 2018 @ 5:50 pm
And GGI continues to drill ….. awesome
Comment by Weatheritout80 — October 31, 2018 @ 6:16 pm
Jon.. in your estimation what effect might this have on MTS?? the southeast reference is exciting yes??
Comment by Jeremy — October 31, 2018 @ 6:28 pm
MTS goes as GGI goes, Jeremy, but beyond the nickel dynamic MTS has growing prospects regarding the Hawilson porphyry and the Cole and Nina targets (high-grade Gold + porphyry) to the north…
Comment by Jon - BMR — October 31, 2018 @ 6:51 pm
IMETAL RESOURCES INC. CLOSES $676,000 PRIVATE PLACEMENT
iMetal Resources Inc. has closed a non-brokered hard-dollar private placement with strategic investors for gross proceeds of $676,000, subject to TSX Venture Exchange approval.
The company will issue 8.45 million units at a price of eight cents per unit. Each unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share, exercisable at a price of 10 cents per share for a period of 24 months from the date of issue.
All securities issued under the private placement are subject to a mandatory hold period of four months plus one day following the closing of the private placement.
The proceeds of this private placement will be used for working capital and property development.
iMetal has recently ramped up exploration at its flagship 105 square-kilometre Gowganda West project, with more results from channel sampling of high-grade gold areas expected shortly in advance of coming first-ever drilling.
Comment by robtr31 — October 31, 2018 @ 6:55 pm