Check BMR during the day for possible additional postings and visit our comments section for updates and valuable tips. Morning Musings returns tomorrow.
1. Many analysts still don’t believe Gold’s move this year is for real which raises the possibility of some major scrambling and a potential short squeeze…Gold has hit a 7-week high today, fueled by technical momentum, geopolitical developments, and the possibility of a less aggressive Fed after a near-certain rate hike next week…the U.S. Dollar Index, meanwhile, continues to look dreadfully weak going into the 2nd half of 2017…it’s off one-fifth of a point at 96.59 as of 7:00 am Pacific…Reuters reported this morning that ECB policymakers are set to take a more benign view of the economy when they meet tomorrow and will even discuss dropping some of their pledges to ramp up stimulus…the outcome of tomorrow’s meeting could put additional pressure on the greenback…Gold is up $14 an ounce at $1,293 as of 7:00 am Pacific…it has traded as high as $1,295 today with key technical and psychological resistance at $1,300…Silver is up 14 cents at $17.66 as it tries to overcome resistance at its 200-day moving average (SMA)…
2. Bitcoin has surged to another new record high, eclipsing the $2,900 level for the first time this morning…the digital currency hit a high of $2,968 (U.S.) and is currently trading at $2,953, up 8% for the day…the cryptocurrency has enjoyed a stellar year, rising nearly 200%, easily outperforming stock market benchmarks like the S&P 500 and the NASDAQ in 2017…entering today’s session, the S&P and NASDAQ had risen 8.8% and 16.9% for the year, respectively…
3. The Venture has gained 3 points to 800 as of 7:00 am Pacific…the TSX is up very slightly while the Dow is off 32 points through the first 30 minutes of trading…Quantum Numbers (QNC, TSX-V) is one of the early volume leaders on the Venture, up 1.5 cents at 16 cents after bouncing off support at 14 cents…the company announced this morning that it has appointed Ted Colivas as director and Executive Chairman…Granada Gold (GGM, TSX-V) is showing signs of breaking out now that Secutor Capital appears to have exhausted its supply of flow-through paper from last fall’s financing while GGM is also now armed with updated NI-43–101 resource and Block Model estimates for its multi-million ounce deposit near Rouyn-Noranda…in addition, Gold in Canadian dollars is surging through $1,750…the TSX Gold Index has jumped nearly 5 points this morning to 213, putting it slightly above its 200-day SMA which has served as key resistance this year…
4. The onslaught of high-grade drill results from the continuing 130,000-m Phase 2 drilling program at Barkerville Gold’s (BGM, TSX-V) Cariboo Gold Project continues with 4 drill rigs revealing the richness of the Valley Zone…highlights from this morning’s news include 25.2 g/t Au over 2 m; 12.6 g/t Au over 5.5 m; 10.9 g/t Au over 7.85 m (hole #23); 12.4 g/t Au over 7.2 m (hole #23); 5.2 g/t Au over 19.55 m (hole #23); and 7.2 g/t Au over 9 m…deeper drilling at the Valley Zone, which has not been explored circa 1960, has again yielded new, previously unidentified veining corridors with drill hole #23 (CM-17–023) intersecting 3 separate veining occurrences at respective depths of 270 m, 310 m and 375 m vertically below surface…
5. Extraction has started at Castle Silver Resources’ (CSR, TSX-V) Castle mine in northern Ontario’s prolific Cobalt-Silver belt as confirmed by the company in a news release this morning…CSR is the only company with critical underground access in the district, and the game plan is to source mineralized material that is converted into value added, client-specific high purity Cobalt products (powders) through the company’s proprietary Re-2OX process for near-term battery sector end user evaluation…meanwhile, historic Silver values on the mine’s first level at 70 feet are as high as a staggering 1,750 oz/ton…underground drilling is slated to begin shortly to target high-grade Cobalt-Silver vein structures…meanwhile, CSR reports that a promising first stage of Re-2OX test work on a mixed sample of consumer electronic lithium-ion batteries has been completed by SGS Lakefield with results pending…Re-2OX achieves recovery through stripping the casing, leaching the cathode of the batteries, and forming a high purity precipitate containing the valuable metals…
6. Continued resource development drilling at Bonterra Resources’ (BTR, TSX-V) Gladiator Project in Quebec, near Osisko Mining’s (OSK, TSX) Windfall deposit, has uncovered an additional parallel Gold zone to the south and west of the main deposit…the new zone lies within the Rivage Gap and has been intersected by 4 drill holes so far, including BA-17-12 reported this morning (the most westerly hole) which returned 3 m of 8.8 g/t…BTR is well-financed with over $20 million recently raised…the Gladiator deposit has a strike length of 1.2 km and mineralization has been outlined to a depth of 800 m…BTR is up a penny at 50 cents through the first 30 minutes of trading…
7. Probe Metals (PRB, TSX-V) released fresh assays this morning from its Val d’Or East Project in northwest Quebec…Probe has outlined include 2 new shallow discoveries of 7.4 g/t Au over 12.4 m and 7.8 g/t Au over 2.5 m, located 1,200 m and 600 m south of the former Beliveau mine, respectively…these are the farthest stepouts from the New Beliveau deposit to date…the intervals are also associated with new geophysical targets generated along the interpreted mineralized trend and suggest the potential for a much more extensive Gold mineralized system than previously thought…in addition to the new zones, drilling has also intersected numerous high-grade intervals within the New Beliveau deposit, including 12.3 g/t Au over 8.9 m, as well as thick, near-surface Gold intervals…PRB is up 8 cents at $1.45 as of 7:00 am Pacific...
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Talked with Benton / Stephen Stares this morning. He just got back from Newfoundland yesterday and he’s flying to Toronto tomorrow for meetings (perhaps relating to the Staghorn project). I will elaborate on the situation tomorrow.
Comment by Daniel — June 6, 2017 @ 10:51 am
Ggm share price is probing nine cents –
Comment by donald — June 6, 2017 @ 12:00 pm
Yes, with Gold running above $1,750 CDN, Secutor finally out of the picture, and the new 43-101 generating interest, pressure is increasing to the upside on GGM.
Good day for BCK as it starts to garner more attention with Zn-Ag in Yukon and exceptionally high-grade Engineer gold mine (recent acquisition).
Comment by Jon - BMR — June 6, 2017 @ 1:13 pm
GGI/CSR
Like watching paint dry, wish I could take a long summer vacation and come back in October snd hopefully retire… Lol
Comment by Greg — June 6, 2017 @ 2:11 pm
High Volume Alert(s)! …BMG +1000% …ORG +800% …OCN +300% …ANZ +300% …GGM +250%
Comment by Daniel — June 6, 2017 @ 2:59 pm
The BCK is impressive, it reached new highs on modest volume, the share structure is tight. Imagine how things will heat up for the company once they start working on 2 projects with a historical resource for two of the hotter resource commodities… Gold and zinc.
Comment by maxwell — June 6, 2017 @ 3:02 pm
What BGM is sitting on is unbelievable, as their news today further confirmed. Funny, the retail investors who are not buying it now because they think it has to be overvalued simply because of the market cap will be the ones chasing it when the market cap shoots north of $600 million based on the extent of the high-grade Gold that’s there. BGM has more than ICG and look how much ICG got taken out for.
There has been a growing recognition since its resource update that GGM can’t stay at its ridiculously low valuation for much longer, so the gradual uptrend continues with volume now picking up.
Comment by Jon - BMR — June 6, 2017 @ 4:44 pm
Daniel, I’d say they are only just putting on the second coat – will have to wait for that to dry as well. All joking aside, it does seem like ages since GGI had a nice run.
Comment by Dan1 — June 6, 2017 @ 6:05 pm
When you examine the long-term GGI chart, Dan1, it shows a stock with a habit of “paint drying” periods but also explosive moves (multiples of 3, 4, 5, 6, etc.) over very short time frames, often just a few months. What’s especially intriguing now is the change in the 1,000-day SMA which has reversed to the upside, currently at 14 cents which helps explain the superb support at that level. Prepare for that “multiple” off the 14-cent low.
Comment by Jon - BMR — June 6, 2017 @ 6:28 pm
Hope the chart repeats that explosive move again Jon. We should move up after the PP closes, and hopefully more details are released on the VTEM.
Comment by Dan1 — June 6, 2017 @ 7:08 pm