Check back later this morning for today’s BMR Morning Market Musings.
1. Gold is off just $1 an ounce at $1,234 as of 7:00 am Pacific after trading as low as $1,226…hedge funds took profits in Gold for the first time in 3 weeks as prices hit nearly a 3-month high, according to the latest trade data from the Commodity Futures Trading Commission…Silver is up slightly at $17.97 while base metals are under some minor pressure across the board…
2. Gold has been resilient this morning while Crude Oil has surged $1 a barrel to $54.40 despite a strong U.S. Dollar Index which has gained half a point to 101.47 ahead of tomorrow’s release of Fed minutes…
3. The Venture this week will once again attempt to break out above key resistance, the 2016 high of 848 achieved in August prior to the market’s 16% correction…the Venture is flat at 844 after 30 minutes of trading…Cobalt plays are among the early gainers and volume leaders, including Cruz Capital (CUZ, TSX-V) which has hit a new high, while CobalTech Mining (CSK, TSX-V) has added to the intrigue as it has been halted pending news…Cobalt Power (CPO, TSX-V) is up half a penny at 14.5 cents while LiCo Energy Metals (LIC, TSX-V) has also added half a penny to 18.5 cents…
4. Based on our boots-on-the-ground research, Castle Silver Mines (CSR, TSX-V) is one of the most compelling opportunities in the Greater Cobalt Camp with a market cap of only $6.5 million at 21.5 cents…more money ($4 million) has been invested in CSR’s past producing properties over the last 6 years than any properties in the district…just 3 weeks ago, CSR reported Silver and Cobalt recoveries of 98.5% and 70.5%, respectively, and an extremely high concentrate grade of 11,876 g/t Ag and 10.5% Cobalt, using a simple flotation process…historically, over 7 million ounces of Silver at a staggering 171 oz/ton and 140,000 pounds of high-grade Cobalt were pulled from what is now the Beaver Property (contiguous to the prolific Temiskaming) which consists of 20 acres of patented claims that took several years to acquire…meanwhile, CSR has immediate access to the extensive underground workings at the Castle Silver-Cobalt mine in Gowganda which was an Agnico Eagle significant producer until 1990 when Silver prices plunged…
5. Marathon Gold (MOZ, TSX) has announced a big increase in resources at its Valentine Lake Property in central Newfoundland…Measured and Indicated resources have jumped by 31% to 1.4 million ounces at a grade of 1.9 g/t Au while Inferred resources have tripled to 766,000 ounces at a grade of 2.2 g/t Au…93% of the Measured and Indicated resource occurs in the open-pit category…the significant growth in resources at Valentine Lake is attributed to the success of recent drilling at the Marathon deposit where a 40 to 100-m wide, near vertical corridor of alteration and mineralization is open along strike and to depth…this corridor hosts flat laying, en-echelon quartz-tourmaline-pyrite-Gold bearing vein arrays which will continue to be the focus of the 2017 drilling campaign to further increase tonnage…MOZ is off 3 pennies at $1.00 as of 7:00 am Pacific…
6. Richmont Mines (RIC, TSX) has achieved record company-wide production of 104,500 ounces of Gold for 2016, leading to net earnings of $12.5 million CDN or 20 cents per share, an 84% increase over 2015…the solid performance was driven by production from the cornerstone Island Gold Mine of 24,000 ounces for the 4th quarter and 83,300 ounces for 2016, a 51% increase over 2015, exceeding revised production guidance for the year…Richmont ended 2016 with a strong cash balance of $75.1 million CDN which is expected to fully support the company’s organic growth strategy…RIC has slipped 47 cents to $11.70 on this morning’s news with Gold producers under some minor pressure…
7. Uranium play Anfield Resources (ARY, TSX-V) is boosting its balance sheet, announcing this morning that it has arranged a fully subscribed, non-brokered private placement for 15 million units at 10 cents per unit for a total equity raise of $1.5 million…we’ll have an updated ARY chart in today’s Morning Musings…
The 3 most popular recent BMR articles…
From Cobalt, Ontario: The Venture Week In Review And A Look Ahead
well the trump bump is here, and the trump dump is coming soon…
Comment by Laddy — February 21, 2017 @ 8:46 am
News Release today about ABI
“2,462 meters of surface diamond drilling was done on the Abcourt-Barvue property in December 2016 and January 2017 and in most cases, excellent results were obtained”
Your thoughts on Abcourt a company making some significant moves over the last year.
Comment by Paul — February 21, 2017 @ 9:12 am
Laddy – please explain what the Trump Bump is?
Comment by Vepper — February 21, 2017 @ 9:16 am
News Release today about ABI
“2,462 meters of surface diamond drilling was done on the Abcourt-Barvue property in December 2016 and January 2017 and in most cases, excellent results were obtained”
Your thoughts on Abcourt a company making some significant moves over the last year.
Comment by Paul — February 21, 2017 @ 9:19 am
Sure, since the election, rising US dollar and record highs in the us markets, expectations that trump will change everything in two or three months?? Don’t think so. Waiting for the next tweet that the dollar is to high and is killing us.(US TRADE) . Does that help…
Comment by Laddy — February 21, 2017 @ 9:37 am
rgiroux – I use stockta religiously. I have found them to be more accurate then stockcharts too.
I think the U.S. dollar and markets are setting up for a huge correction very soon. also, hearing of a housing correction, at least in some markets where it has gotten ahead of itself, Atlanta is one such market whre pricing is back to or higher than the 2006 standard.
Comment by dave — February 21, 2017 @ 10:27 am