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1. Gold has traded between $1,413 and $1,427 so far today…as of 7:00 am Pacific, bullion is up $1 an ounce at $1,425…holdings of the largest Gold-backed ETF, the SPDR Gold Trust, rose 0.6% yesterday from Friday, while the largest Silver-backed ETF, the iShares Silver Trust, rose 2.6% during the same period…holdings in the Silver ETF have climbed about 10% so far this month…Silver, up another 15 cents at $16.48, continues to push higher following its best week since July 2016…the long-term Silver chart is pointing to a hugely significant breakout above a multi-year downtrend line…Nickel is up 4 pennies at $6.45…Copper is off slightly at $2.70 while Zinc is down a penny to $1.09…Crude Oil prices are flat at $56.25 despite increased tensions in the Persian Gulf while the U.S. Dollar Index has shot up nearly a half a point to 96.69…global stocks are getting support from expectations that the ECB and the Federal Reserve will soon cut interest rates…the ECB is seen cutting rates by 10 basis points on Thursday, with the U.S. central bank expected to lower rates by 25 basis points at the end of the month…Boris Johnson, one of the biggest voices in the Brexit movement, handily won the Conservative Party leadership race today and will become the U.K.’s next Prime Minister…President Trump, who publicly backed Johnson on several occasions during the leadership race, congratulated him via Twitter saying, “He will be great!“…Iran, which continues to stir up trouble, should be careful…
2. The International Monetary Fund has trimmed its forecast for global economic growth again as U.S.-China trade tensions continue, Brexit worries linger and inflation remains muted…the global economy is expected to expand by 3.2% in 2019, the fund said in a report released this morning…the revised figure is 0.1 percentage points lower than the IMF had forecast in April and is 0.3 percentage points below the fund’s growth estimate at the start of the year…“Risks to the forecast are mainly to the downside. They include further trade and technology tensions that dent sentiment and slow investment; a protracted increase in risk aversion that exposes the financial vulnerabilities continuing to accumulate after years of low interest rates; and mounting disinflationary pressures that increase debt service difficulties, constrain monetary policy space to counter downturns, and make adverse shocks more persistent than normal,” the fund said…
3. High-grade Silver in the Golden Triangle: Dolly Varden Silver (DV, TSX-V) has cut 26.5 m (24.9 m estimated true thickness) grading 385.4 g/t Ag (DV19–165) in the Chance target area of its Dolly Varden Property…within this intercept are 5 m (4.70 m estimated true thickness) grading 1,606 g/t…also at the Chance target, hole DV19–166 returned 20.65 m (10.33 m estimated true thickness) grading 233 g/t Ag…Gary Cope, President & CEO, says; “The high-grade Silver intercepts in the Chance Target area are very encouraging as they are outside of the current mineral resource estimate. In viewing the Dolly Varden Property as a whole, it should be noted that there are multiple Silver deposits and high-grade Silver targets within a 5 km radius”…the Chance target is in the same Hazelton Group stratigraphic rocks and along the same potassic alteration zone as the Torbrit mine deposit…Chance lies 4 km north of the Torbrit mine, 2.2 km NNE of the Wolf deposit and 1 km SE of the Ace-Galena target…DV is up 3 pennies at 35 cents as of 7:00 am Pacific…
4. Amex Exploration (AMX, TSX-V) has confirmed a 2nd high-grade Gold target, the Gratien Gold zone, just 1.5 km to the west of the Eastern Gold zone (EGZ) at its Perron Project near Rouyn-Noranda…to date, Amex has intersected visible coarse Gold grains in several drill holes from Gratien…results from the 1st hole (PEG-19–65) of this new zone were released this morning and were highlighted by 1.45 m grading 67.5 g/t Au (including 0.65 m @ 145.5 g/t) between 109.4 m and 110.85 m…“The Gratien Gold zone is 100% accretive to the Eastern Gold zone discovery,” commented Jacques Trottier, Amex Chairman…“By applying the same structural model that we used to discover the Eastern Gold zone, we have identified an additional high-grade Gold system at Perron. Having 2 drills give us flexibility to explore the Gratien target as well as other high priority targets that our model has generated while exploring and expanding the Eastern Gold zone”...meanwhile, fresh results also released this morning from the Eastern Gold zone featured 16.9 g/t Au over 10.1 m (including 260.2 g/t over 0.60 m) at a vertical depth of 260 m…“Drilling on the Eastern Gold zone continues to confirm our interpretation of a high-grade potentially underground minable system which is displaying remarkable continuity from surface down to at least the 475-m level. With these drill results we have increased the strike length of the HGZ of the Eastern Gold zone to 110 m of strike and down to a vertical depth of 475 m and both remain open,” stated Trottier…Amex had climbed for 6 straight sessions coming into this morning, so some profit-taking on the news was no surprise…AMX is off 9 cents at $1.11 through the first 30 minutes of trading…
5. Sun Metals (SUNM, TSX-V) reported this morning that it has completed 3,671 m of diamond drilling at its 100%-owned Stardust Project in north-central British Columbia…the 2019 program also includes surface electromagnetic (EM) and borehole electromagnetic geophysical surveys (BHEM) and continued geological studies with a budget of $5.4 million…diamond drilling was initiated in late May with 2 drills…to date, the drills have completed 9 holes with #10 and #11 in progress…the primary focus is to explore around the mineralization identified in drill hole DDH18-SD-421 which returned a 100-m interval of 2.5% Copper, 3 g/t Au, 52.5 g/t Ag and 5% Copper…diamond drilling to date has tested areas on section with DDH18-SD-421 and areas to the south where a BHEM survey completed at the end of the 2018 program identified an EM conductor…a total of 1,527 samples have been selected from the 9 completed holes and 1,264 samples have been shipped to the lab…in conjunction with the diamond drilling, large loop ground EM surveys are being conducted along strike of the phyllite/carbonate contact in the Canyon Creek skarn zone…a large loop grid has been completed over the Canyon Creek skarn zone with 25.3 line km of surveying completed and the crew is now working in the area to the south…BHEM surveys have also been conducted on 5 holes in this program…SUNM is up a penny at 56 cents in early trading…
6. The Dow has added 59 points through the first 30 minutes of trading…stocks rose this morning as investors cheered strong quarterly numbers from companies like Coca-Cola and United Technologies…more than 18% of S&P 500 companies have posted quarterly numbers this earnings season…of those companies more than 78% have reported better-than-expected profits, according to FactSet data…those companies have also seen their earnings grow by an aggregate of 3.6%…shares of Beyond Meat (BYND, NASDAQ) are sizzling again…they hit another record high this morning, days before the plant-based meat maker’s earnings report…the stock is up an incredible 720% since its initial public offering in May…in Toronto, the TSX has gained 51 points…SNC-Lavalin (SNC, TSX) has plunged to a 14-year low…the Venture, on a 6-session winning streak, has retreated 1 point to 593…as action in the Eskay Camp heats up, watch for a special BMR update by tomorrow morning…Barkerville Gold Mines (BGM, TSX-V) has cut 45.9 g/t Au over 5.2 m including 399 g/t over 0.50 m in exploration hole IM-19–043 located on the Island Mountain Mosquito Creek deposit and 95 m down plunge from an existing vein corridor…meanwhile, infill hole IM-19–029 intersected multiple vein corridors at Shaft Zone that assayed 14.9 g/t Au over 4.4 m including a sample of 55.9 g/t Au over 0.80 m…results released this morning demonstrate continuity of grade and widths within the modelled vein corridors, expansion of mineralization at depth and anomalous mineralization between the vein corridors…a total of 20,000 m in 47 holes were drilled at Shaft Zone and Mosquito Creek on Island Mountain in 2019…BGM is up half a penny at 38 cents on good volume in early trading…the stock’s 200-day SMA, currently 37.5 cents, is beginning to reverse to the upside…this, plus higher Gold prices, makes BGM a likely strong performer during the balance of the year…A.I.S. Resources (AIS, TSX-V) is up a penny to 7 cents on news that its initial trial run of 150 tonnes of manganese ore has arrived in Lima, Peru, and has been loaded into 6 containers for shipping next week…another 350 tonnes has been bagged at the mine site in Peru…the company’s short-term target is 10,000 tonnes per month…analysis of the 150 tonnes showed an average assay of 49.4% Mn…manganese ore has recently sold in the range of $233 – $250 per tonne (U.S.) per tonne for 44% Mn content…
7. Patterson Lake South update: Further to its successful Prefeasibility Study (PFS) outlining a hybrid (open-pit plus underground) mining option for the Triple R deposit on its Patterson Lake South (PLS) Property, Fission Uranium (FCU, TSX) has commenced a PFS to fully analyze an underground-only mining approach…with an estimated low OPEX of just $6.77 per pound (U.S.) and an IRR (pre-tax) of 29%, the existing open- pit/underground hybrid PFS has clearly highlighted the potential for highly economic and flexible production at PLS, according to Fission, as well as outlining significant mine growth opportunities…potential benefits of an underground-only approach include further-improved economics, even lower CAPEX and a reduced construction time…Roscoe Postle Associates has been engaged to complete the new PFS on the same resource as used for the original PFS (as reported April 15, 2019) and the company anticipates receiving the results of the study within a couple of months…Ross McElroy, President, COO, and Chief Geologist for Fission, commented, “With the only large-scale, near-surface, high-grade deposit in the Athabasca Basin, PLS has the rare advantage of flexibility when it comes to conventional mining methods. There is the obvious potential to mine it via a combination of open-pit and underground, and the considerable benefits of that approach have been clearly outlined in our recent Prefeasibility Study. However, as outlined in the PFS report, it may also be possible to develop a low operating cost underground-only mine – an approach which has its own strong advantages. By completing an underground PFS, we can evaluate the two approaches on equal terms and select the optimal path of advancement towards feasibility stage”…
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Comment by Dwight — July 23, 2019 @ 9:37 am
Any thoughts on a bottom for BLO? Market not liking the slow progress of the company it seems.
Comment by goose90 — July 23, 2019 @ 9:46 am
It’s the truth Dwight, everyone should listen to him.
Comment by Laddy — July 23, 2019 @ 11:36 am
Breakout day for AIS.V
Comment by Bryan — July 23, 2019 @ 1:03 pm
Well, that was a nice 100% gain in AIS today. I think the manganese deal is really going to get us out of this very low price…
Comment by rgiroux — July 23, 2019 @ 1:10 pm
BLO is in serious trouble….
Comment by Jean — July 23, 2019 @ 1:29 pm