BMR Morning Market Musings returns tomorrow (Wednesday) as part of a broader new overall format at BMR.
1. Gold is trying to stabilize above $1,250 after a volatile session yesterday when it reacted at its 200-day moving average (SMA) in the $1,260’s…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,256…Silver has added a dime to $18.34 while the U.S. Dollar Index has slipped one-fifth of a point to 100.97…President Trump addresses Congress tonight in a speech that’s expected to provide more clarity on economic reforms…yesterday, Trump said he would propose a budget that would ramp up military spending after years of cuts by the Obama administration, while seeking savings elsewhere without touching Social Security and Medicare…the formula ensures deficits for at least the next couple of years and a continuing increase in U.S. debt…
2. U.S. GDP slowed in the 4th quarter as previously reported, with robust consumer spending offset by downward revisions to business and government investment…GDP increased at a 1.9% annual rate, the Commerce Department said this morning in its second estimate for Q4, confirming the numbers published last month…output increased at a 3.5% clip in Q3…the economy grew just 1.6%, however, for all of 2016, its worst performance since 2011. “With the second estimate for the 4th quarter, the general picture of economic growth remains the same; the increase in personal consumption expenditures was larger and increases in state and local government spending and in nonresidential fixed investment were smaller than previously estimated,” the report said…
3. The Venture is up 1 point at 828 as of 7:00 am Pacific after the Index fell 9 points yesterday and touched its EMA(20) at 827 for the first time this year…exceptional Venture support ranges from the 780’s to the mid-820’s…meanwhile, the Dow ended yesterday’s trading with a 12th consecutive record high, matching the longest such streak first set in 1987…in Toronto, the TSX – despite a broad sell-off on Friday and a further 70-point drop yesterday – is on its own record run, on track to post a 13th consecutive positive monthly return today…the Dow is down slightly while the TSX is up slightly as of 7:00 am Pacific…
4. Agnico Eagle Mines’ (AEM, TSX) CEO Sean Boyd told Kitco News yesterday at the BMO Metals & Mining Conference that the company is prepared to spend $1.2 billion in Nunavut – the most Agnico Eagle has ever invested in a single district – where it’s continuing to develop assets and explore for new discoveries. “We see tremendous mineral potential (in Nunavut)…and a region that’s willing to do business,” Boyd stated…over the last decade, AEM has increased its land package 10-fold in Nunavut to 440,000 hectares…
5. CobalTech Mining (CSK, TSX-V) has hit a new high of 44.5 cents in early trading after recently announcing the signing of a Letter of Intent to acquire a fully permitted Cobalt processing facility in Cobalt, Ontario, strategically situated near the company’s current portfolio of Cobalt mineral properties…
6. Cruz Cobalt (CUZ, TSX-V), already established with a strategic land position in the burgeoning northern Ontario Greater Cobalt Camp, has added a new Cobalt property to its portfolio – the Chicken Hawk prospect covering 1,300 acres of claims on the western edge of the Boulder batholith and east of the Cordilleran fold and Thrust belt in southwestern Montana…CUZ has added half a penny to 27 cents through the first 30 minutes of trading…
7. Red Pine Exploration (RPX, TSX-V) has discovered a new shallow high-grade zone in the northern extension of its Sulranga deposit at its Wawa Gold Project in northern Ontario…drill hole SD-16–45 has interesected 14.6 g/t Au over 15.2 m (true thickness, un-cut) in the Jubilee shear zone…drilling continues with the program focused on expanding the deposit, defining the Gold structures of the Wawa Gold Corridor and quantifying the structures associated with the property’s historic mines…RPX is up half a penny at 15 cents as of 7:00 am Pacific…
The 3 most popular recent BMR articles…
Gold Will Flex Its Muscles, Push Higher
SJL – good news , but it looks like it wants to drop some and close that gap a little.
I read many posts about a ceo promising something or a lab giving a date of when results will be ready. What I am most amazed with is how people rely on these ceo’s to deliver by then or the stock is not good. I have mentioned many times that news or assay results are not on time 95% of the time.
GGI – Rather than focusing on the fact it is the last day of the month, you should be focusing that it is coming and every day that passes makes it one day closer. Your focus should be on the fundementals of what is coming, maybe some surprises along the way. And your focus should be on the fact that you could have bought more GGI at a discount, because if you put thought into this, you will realise that it is not staying at this price. If you bought at .20, it has to go to .40 for a double. If you bought at .15, it only has to go to .30. That is a .10 swing at the top for a .05 swing at the bottom.
My post is not intended to offend anyone, but rather to try and help some investors see the big picture. So I ask you to sit back and say to yourself. Do you really think GGI is going to stay at this price. This is all going to come together soon. In the meantime, take advantage of the sale. Cheers to all.
Comment by dave — February 28, 2017 @ 7:46 am
Jon, what do you think happened to GGI Feb news? Last release said 3d model in February.
Comment by Dan1 — February 28, 2017 @ 8:38 am
Now fidelity buying GGI. More U.S. buying.
Comment by dave — February 28, 2017 @ 8:49 am
PMA halted
Comment by dave — February 28, 2017 @ 9:23 am
The month is not over yet, Dan1 !! Nervous nellies will be sorry——extreme oversold RSI(2) conditions at the moment, support at the previous breakout point, and given all we know about the E&L—–today is a classic example of how some people allow fear and emotion to over-rule common sense. Love the sale – .13 please!
Comment by Jon - BMR — February 28, 2017 @ 9:49 am
So true Dave. No offense taken. You are correct regarding GGI. Smart investors are looking at the fundamentals as well as the chart. We know good news is on the way. I am one that took advantage of the lower share price the past few days. Now I want to see news! Lol
Comment by Dan1 — February 28, 2017 @ 10:04 am
Dave, sage advice my friend.
Comment by Foz1971 — February 28, 2017 @ 10:21 am
Who is the wise guy that just put up a big bid on GGI at .14 when Jon and I are at .13 waiting for the steal. You dirty dog.
Comment by dave — February 28, 2017 @ 10:22 am
I stand corrected – That is PMI halted not PMA.
Eyes on BCT – FDA decision any day. heavy U.S. buying today
Comment by dave — February 28, 2017 @ 10:31 am
Sorry Jon, I just bought a few at 14.5c then a big bid of 100k came in.
I think that may be the low for the day…
Comment by John - BMR — February 28, 2017 @ 10:40 am
What this looks like to a trained eye is pro manipulation yesterday and today in GGI.
Comment by Jon - BMR — February 28, 2017 @ 10:53 am
Thanks John, you snake,lol.
Dan1 – remember the paper rule putting it along the bottoms from .06 back in October. That would have been .135 absolute bottom. It hit .14. Guess I will have to buy higher, Should have had my bid in at .15, was hoping for that absolute bottom with a bid in at .13 for intraday, rats.
Comment by dave — February 28, 2017 @ 10:56 am
it was manipulation, I picked up on it when Merrill Lynch took out the first 100k today, then Fidelity started in. GGI
Comment by dave — February 28, 2017 @ 10:57 am
Ya,, gezz you guys are like a bunch of vultures, lol,,, I grabbed a bit more anyway!!
Comment by Laddy — February 28, 2017 @ 10:58 am
Dave – Darn it, I had a bit of cash waiting and just as I step out down she goes. Should have had a stink bid in! Oh well 🙁
Comment by Dan1 — February 28, 2017 @ 11:05 am
By the way, double bottom alet on RSI from when it was .12 – GGI
Comment by dave — February 28, 2017 @ 11:12 am
GGI – ya – broken record – has all the earmarks of financing but I’m assuming Jon would know? it not the only Triangle stock that has talked to brokers about $$ and now sees the SP under stress, But the brokers etc have their own idea of what the price is that they want to finance at and can usually push a stock around to get it unless some news comes out to counter it.
Comment by david — February 28, 2017 @ 12:05 pm
I wonder if we had some flippers in ggi thinking they could get in out on news before month end?
Comment by bcguy — February 28, 2017 @ 12:09 pm
Dave…you are right…I should be flogged for my dastardly deed. lol
Comment by John - BMR — February 28, 2017 @ 12:33 pm
PDAC curse in full effect. TSX Venture losing more ground.
Comment by tony t — February 28, 2017 @ 12:54 pm
At 16.5c/sh…GGI is still a beautiful buy….go for it Dave!!!!
Comment by John - BMR — February 28, 2017 @ 1:01 pm
John, lol, You are right, GGI at .165 is still a steal.
Comment by dave — February 28, 2017 @ 1:56 pm
GGI and DBV both look like same chart. both has RSI double bottom, DBV look more like a W.both has a hammer candle on the 50 day MA.
Comment by kelly — February 28, 2017 @ 2:03 pm
John – What is your take on SJL. Some poster on Stockhouse said that .17 was resistance, but I did not see that anywhere. I don’t know where he came up with this. The news is huge, and the volume got blown out today, but it did double and the rsi is scretching in the 90’s. Appreciate anything you can come up with.
Comment by dave — February 28, 2017 @ 2:04 pm
GGI must be readying the news. I get an error when clicking on the E&L presentation on their site
Comment by Dan1 — February 28, 2017 @ 2:10 pm
Yes GGI nr out.
Comment by Laddy — February 28, 2017 @ 2:48 pm
The news is huge on SJL, read the review on technologymarketwatch.com, they are talking a billion dollar valuation. You can throw out the technical analysis on this one. I couldn’t resist and took a position today.
Comment by Danny — February 28, 2017 @ 2:51 pm
I see an updated presentation but no news. Don’t see a 3D model on their site yet either.
Comment by Dan1 — February 28, 2017 @ 3:07 pm
I saw that too Danny on SJL, but I also realize they are talking long term. My interest is short term as in next couple days. It is bound to correct by weeks end. The article is interesting but many things will have to come into play to get it there, mainly a big increase in tonnage.
Comment by dave — February 28, 2017 @ 3:10 pm
News is out on GGI, yummy, just hit newswire, should show up on stockwatch shortly.
Comment by dave — February 28, 2017 @ 3:12 pm
GGI news just out Dan1, though not yet on Stockwatch but some other services. Nickel-Copper-rich intrusion defined over 4 km in length. 1.5 km in width—large tonnage, high-grade target. Commencing with heli-borne EM. Gotta like it!
Comment by Jon - BMR — February 28, 2017 @ 3:13 pm
Jon
GGI wouldn’t be doing a financing at these low levels would they?
Comment by GREGH — February 28, 2017 @ 3:27 pm
GGI
7 days or so before the actual 3D model is out and on the website.
Comment by GREGH — February 28, 2017 @ 3:28 pm
The fact GGI is moving fwd immediately on the VTEM, Greg, could be part of a strategy to do the “Big Raise” at a much higher price. Keep in mind, Northern Shield ran to a $60 million market cap last year on intriguing VTEM results from Labrador and some surface samples – the E&L is in a FAR MORE advanced state with a known deposit, known tenor, known sulphur source, known gravity anomalies and more including of course the “Q” magnetic anomaly, and all of that in a proven district. VTEM for GGI is the final confirming piece of the puzzle. They get the big conductor targets, and there’s no reason they shouldn’t given what is all now known about the E&L and the area, it is game over for any brokers hoping to do a financing anywhere near current levels. That’s Regoci’s Royal Flush. Today’s news reinforces GGI’s position as the company with the best nickel sulphide prospect in Canada, rich in Copper and with important precious metal and Cobalt values.
Comment by Jon - BMR — February 28, 2017 @ 3:38 pm
Yes Jon, larger than previously thought and could be more than 1 deposit, that will be the kicker, get that chopper flying!!! Nice.
Comment by Laddy — February 28, 2017 @ 3:41 pm
Yes, 7 days before it is on website. But the news is out now. People will go to the website later to view the E&L. Meantime, it is the news that will catch peoples eyes.
Comment by dave — February 28, 2017 @ 3:47 pm
GGI- without a new map, have to guess that the intrusion is from the bottom of PSP to the bottom of the E+L claims and is half the width of the combined E+L claims. Have to assume it starts from the lower west corner of the map, since this is where they sampled. MTS, to the south and CXO on the west have to be interesting based on the size of the GGI target, which appears to be pushing up on its boundaries.
Comment by david — February 28, 2017 @ 3:53 pm
GGI – Also, the 1960 drilling reported, “Massive sulfides”.
Comment by dave — February 28, 2017 @ 3:55 pm
SJL – be ready for the Secutor onslaught from the past 5 cent FT in Dec. not free trading till april, but that doesnt bother them. Combined the last financing had 40MM shrs placed + 12MM wts. may allow for buying at this level for a bit
Comment by david — February 28, 2017 @ 3:58 pm
David – I have heard that they don’t really have to wait the 4 months to manipulate those warrants. I personally do not know how true this is, otherwise why the 4 month hold policy. You may know better than me and I welcome you or anyones else input. Anon was a big seller today on SJL, so I wonder. It is great news and probably will go higher tomorrow, but everything corrects until there is another news catalyst to move it back up again. I think it has a shot at .30 tomorrow, then correcting down to .20 as new support. Just a guess.
Comment by dave — February 28, 2017 @ 4:14 pm
Just read the GGI NR. Very impressive!
Comment by Dan1 — February 28, 2017 @ 4:29 pm
February 28, 2017
Garibaldi’s Nickel-Copper-Rich E&L Intrusion Extends 4 Km Long, 1.5-Km Wide
Vancouver, British Columbia, February 28, 2017 – Garibaldi Resources (TSX: GGI) (the “Company” or “Garibaldi”) is pleased to report that further compilation and interpretation, including 3D modeling, of historic and current data for its 100%-owned E&L deposit has revealed that the first magmatic nickel-copper-rich massive sulphide system in the heart of northwest British Columbia’s prolific Eskay mining camp reflects a much larger scale intrusive event than ever previously envisioned.
Garibaldi geologists are now viewing the E&L as a large-tonnage, high-grade exploration target within an intrusion defined over a length of 4 kilometers and a width of 1.5 kilometers.
Given the compelling data, including indications the E&L Intrusion may host more than one nickel-copper-cobalt sulphide deposit with associated precious metals and high tenors, the Company is immediately proceeding with a full-scale heli-borne electromagnetic (EM) survey that can detect conductive sulphide bodies up to 350 meters in depth (survey to be carried out as soon as weather conditions permit).
The EM survey will add to a wealth of information on the E&L and will greatly assist Garibaldi geologists in targeting drill holes for a planned major 2017 drill program as outlined in a Notice of Work filed with the British Columbia Ministry of Energy & Mines.
Dr. Raymond Goldie, Garibaldi director and mining analyst, commented: “Geological, geophysical and geochemical studies have demonstrated that the property that hosts the E&L deposit could contain economic concentrations of nickel-copper-cobalt-precious metal sulphides. Garibaldi’s plans for an EM survey, followed by a drilling campaign, are an appropriate and exciting response to uncover this potential.”
Highlights of the E&L modelling are as follows:
Using inversion analysis for the aeromagnetics, outcrop maps, diamond drilling and trenching information, a model has been created of the E&L as an irregular lobate body with chambers and bulges connected by conduit dykes and pipes. Mineralized zones encountered through historic drilling occur at the southern margin of the largest chamber, up-plunge of an interpreted pipe connecting to the “Q” magnetic anomaly area to the south. Overall, the interpreted morphology features very encouraging distinctive forms, suggesting numerous possible traps and depositional sites for massive sulphide accumulation.
The E&L Intrusion features a younger sulphide mineralized olivine gabbro phase that has intruded a barren gabbro-diorite phase. As reported in the Company’s November 10, 2016, news release, continuous channel sampling across the widest part of a 12-meter mineralized zone at the E&L gave a tenor range of 4.8% to 8% nickel and 2.1% to 10.9% copper for the E&L in 100% sulphide based on a six-meter section of semi-massive and massive sulphides.
Rocks hosting the E&L Intrusion include Hazleton Group black shales, an abundant source of sulphur for the mineralizing process. A review of the abbreviated drill information available suggests that there may have been significant incorporation of country rocks during the E&L intrusive events.
At a regional scale, massive gravity signatures (see January 30, 2017, news release) suggest that a deep seated crustal structure focused intrusion and emplacement of a large mafic parent for the E&L system. These are fundamental characteristics of numerous nickel camps worldwide, including Voisey’s Bay, Norils’k, Raglan and others.
Everett Makela, Garibaldi VP Exploration Canada, commented: “The Garibaldi team, in collaboration with industry leading consultants including geophysicist Alan King, have arrived at an E&L model with observations and interpretations that provide powerful encouragement for a nickel-copper-rich sulphide deposit, or series of deposits, in the center of a prolific mining camp that includes the past producing Eskay Creek and Snip mines, Seabridge’s massive KSM copper-gold porphyry deposit, and Pretium’s high-grade Brucejack gold deposit on schedule to commence production this year.”
Images of the E&L 3D geologic model will be released and added to the Garibaldi web site within the next seven days.
E&L Fact Sheet
To view an updated E&L Fact Sheet, please visit the company’s homepage or the following URL:
http://www.garibaldiresources.com/i/front/GGI_E-L_Project_Fact_Sheet_2017.pdf
Qualified Person
Mr. Everett Makela, P.Geo., director and VP Exploration Canada for the Company, a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical disclosure in this news release.
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain “forward-looking statements” which do not comprise historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information.
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.
Comment by Dan1 — February 28, 2017 @ 4:33 pm
Tomorrow will be interesting for SJL, I am betting it opens higher as the news has a chance to spread. I think the news is a game changer for the company.
Comment by Danny — February 28, 2017 @ 4:37 pm
REALLY impressive, Dan1…it’s becoming increasingly apparent that something VERY big has formed at the E&L…in many ways not a surprise when you consider that this district has produced an Eskay Creek, a Snip, a KSM, a Brucejack….a major high-grade Nickel-Copper event in the middle of it all, why not?….just like Kambalda in western Australia as Ray Goldie pointed out…
Comment by Jon - BMR — February 28, 2017 @ 4:57 pm