Check back later today for separate postings on BMR. Morning Market Musings returns tomorrow morning following Roundup in Vancouver.
1. Gold has traded between $1,185 and $1,200 so far today, touching a 2-week low…as of 7:00 Pacific, bullion is down $11 an ounce at $1,189…a stronger U.S. dollar this morning and reports of weak demand out of Asia have been contributing factors to Gold’s weakness, in addition to some technical pressures…strong support exists between $1,180 and $1,195, however…despite the greenback’s strong bounce higher today, overall technical conditions in the Dollar Index have deteriorated significantly since last month…
2. Crude Oil prices have jumped by more than $1 to nearly $54 a barrel this morning…there could be a shortage of Oil supply by 2020 if investment flows continue at their current rate, Saudi Arabia’s energy minister Khalid al-Falih warned this morning in an interview on CNBC…he said prices today are “comfortable” but he worries about future investment…
3. The 3 major U.S. indexes closed at all-time highs yesterday with the Dow breaking above 20,000 for the first time…that momentum has continued into this morning with the Dow up another 40 points to 20,108 as of 7:00 am Pacific…the TSX and Venture are both flat (Venture is showing resilience in the face of some weakness in Gold, always a good sign)…
4. A “game-changing” deal for Eskay Mining (ESK, TSX-V)…the company has signed a Letter of Intent with an unnamed “senior” mining company to option up to 60% of its SIB Property (48 sq. km) in the Heart of Gold Camp, contiguous to Eskay Creek, in exchange for a work commitment of $11.7 million over the next 3 years including $3.7 million in 2017 (plus $300,000 in a private placement at 20 cents)…the SIB represents just 9.1% of ESK’s total land package…the deal is subject to a number of conditions including St Andrew Goldfields, a wholly-owned subsidiary of Kirkland Lake Gold (KL, TSX), waiving its right of first refusal…previous drilling and recent work and studies carried out by ESK suggest the SIB is highly prospective for another Eskay Creek-type discovery…ESK is up 2 cents at 22 cents as of 7:00 am Pacific…
5. Benton Resources (BEX, TSX-V) hit a new multi-year high of 13 cents in early trading today…last week, the company reported that it has received all required permits for exploration work that that would include line cutting, geophysics, prospecting, geological mapping, trenching and diamond drilling for its newly-acquired Bedivere Lake Gold Project located 130 km west of Thunder Bay…sampling has shown that the property is prospective for high-grade Gold while recent follow-up to an airborne magnetic anomaly uncovered mineralized mafic to ultramafic rocks that could host Ni-Cu-PGE mineralization…
6. Arizona Mining (AZ, TSX) continues its strong push higher to begin 2017 after a December correction…the company reported additional assay results this morning from its 100%-owned Hermosa Project in Arizona and they included a 45-foot zone from a lower carbonate sequence (significant) which returned 12.7% Zn, 31.7% Pb and 10.4 opt Ag within a broader 124-foot interval grading 7.4% Zn, 14.8% Pb and 5.2 opt Ag…AZ is up 6 cents at $3.10 as of 7:00 am Pacific…
7. Wesdome Mining (WDO, TSX) is 22 cents higher at $2.67 through 30 minutes of trading after releasing wide, high-grade intersections from underground drilling at its Eagle River mine in Wawa, Ontario, including 28.7 g/t au (19 g/t cut) over 20.7 m true width in drill hole 844-E-27…Duncan Middlemiss, President and CEO, commented, “These results contain potential widths of up to 20 m and are unprecedented at Eagle River. The current proximity of these intercepts to mine infrastructure coupled with the sheer volume of high-grade mineralization will potentially have near to mid-term positive production implications. Furthermore, the presence of these structures give rise to the possibility of additional zones of similar size and grade, as well as bulk mining opportunities at Eagle River.”
ESK – if one looks at a map, the Eskay props are butted up tight to GGI (psp) and MTS (Kirkham)I think. A significant drill program should benefit all 3 companies
Comment by david — January 26, 2017 @ 7:47 am
Great point David. For Garibaldi’s sake, and that of close-ology, preferably that drilling will target Eskay’s property (which is massive) farthest north. Do we know what 9% of its total land package this deal relates too?
Comment by Daniel — January 26, 2017 @ 8:45 am
GGI
Sure not acting like a stock about to break out, which doesn’t surprise me considering all the negativity all over the other stock boards when it comes to Regoci and his past performance, I sure hope they have something big at the E&L….
Comment by greg — January 26, 2017 @ 9:05 am
ESK – SIB is close to GGI’s PSP I think. The same PSP that had some work program back in June 2016. But that’s not reported yet. no rush
Comment by david — January 26, 2017 @ 11:51 am
CXO-
HOME CORPORATE PROJECTS INVESTORS CONTACT
January 26, 2017
News Release
COLORADO ENTERS INTO A COMMUNICATIONS AGREEMENT WITH
TAHLTAN CENTRAL GOVERNMENT
COLORADO RESOURCES LTD. (TSX-V: CXO) (“Colorado” or the “Company”) advises it has entered into an agreement with the Tahltan Central Government (“TCG”) to establish a formal relationship to share information on the Company’s projects in the Tahltan traditional territory with the TCG and its members (the “Communications Agreement”). The Communications Agreement will assist in developing communication protocols to form a working arrangement for communication between the Company, the TCG and its members regarding Colorado’s activities in the Tahltan territory.
About Colorado
Colorado Resources Ltd. is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and Nevada and is also seeking opportunities in Southwest USA and Latin America. Colorado’s current exploration focus is to continue to advance: the KSP property currently under option with Seabridge Gold Inc., located 15 km’s along strike to the southeast of the past producing Snip Mine2; its 100% owned Kingpin property; its 100% owned North ROK property, located 15 km’s northwest of the Red Chris2 mine development, both located in northern central British Columbia; the Green Springs Property (Nevada) currently under option from Ely Gold & Minerals Inc.
About Tahltan Central Government
The Tahltan Central Government is the administrative body of the Tahltan Nation, located in northwest British Columbia. The TCG protects Tahltan Aboriginal rights and title, the ecosystems and natural resources of the Tahltan traditional territory by managing sustainable economic development, and strengthens the cultural wellness of the Tahltan community. For more information, visit http://www.tahltan.org.
On behalf of the Board of Directors of Colorado Resources Ltd. and Tahltan Central Government
“Adam Travis” “Chad Norman Day”
Adam Travis Chad Norman Day
President and Chief Executive Officer President
Colorado Resources Ltd. Tahltan Central Government
For more information, please contact:
Colorado Resources Ltd. Alex Blanchard, VP Corporate Development
T: (250) 768-1511
TF (855) 768-1511
W: http://www.coloradoresources.com
Tahltan Central Government
Calvin Carlick, Executive Director
Box 69, Tatl’ah Dease Lake, B.C. V0C 1L0
Tel: (250) 771-3274 Email: Executivedirector@Tahltan.org
NR 17-02
Cautionary Note
*This news release contains information about adjacent properties on which Colorado has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.
Comment by John - BMR — January 26, 2017 @ 12:44 pm
SCG continued its torrid pace today.
EGT made a nice move today. drawing a line from its angled high’s last August it was clearly on a downtrend. Just goes to show ya how a NR will abort all TA at times.
GGI – one can only wonder. I own it, so I wonder.
Comment by dave — January 26, 2017 @ 2:21 pm
Guess Chad Norman Day is not suspended after all.
Comment by Dan1 — January 26, 2017 @ 2:35 pm
greg, I agree. I thought Makela was in Vancouver this week for the Conference/Round up? If he was it appears he didn’t generate any excitement.
Comment by Danny — January 26, 2017 @ 2:46 pm
What happened to the planned interview with Makela? Did he change his mind?
Comment by Dan1 — January 26, 2017 @ 6:14 pm
Interviews just completed, Dan1, with both Makela and Ray Goldie. We’ll provide a further update on that situation for our subscribers in Morning Musings tomorrow. I’ll say this now, though—there is a very big and dramatic picture unfolding in this camp at the moment, evidenced in part by today’s news, and everyone very soon is going to have a “light bulb” moment. A senior producer, a newcomer to the district BMR has learned, did the $12 million deal with Eskay Mining that was announced today. Huge implications with that, speaks volumes. Stay tuned and keep the faith or you’ll be sorry – more fascinating developments yet to come in the days ahead, we predict.
Comment by Jon - BMR — January 26, 2017 @ 8:03 pm
Jon
Welcome back
I have to say you are the best handholder I know lol
I mean that in a good way
Comment by Greg — January 26, 2017 @ 9:04 pm