Check back later this morning for today’s Morning Musings.
1. Crude Oil prices have exploded to the upside today, hitting a 5-week high, as OPEC has apparently agreed to its first Oil output cuts since 2008…the deal is reported to match or even exceed an accord reached in Algiers in September, where OPEC aimed for a new production ceiling at 32.5 million to 33 million barrels per day, down from current levels of 33.6 million…we’ll have fresh analysis and an updated Oil chart in today’s Morning Musings…WTI is up more than $3 a barrel (7%) at $48.45 as of 7:00 am Pacific…the Saudis were desperate for a deal and it appears they got it…
2. The Oil sector in Canada has been given a boost with federal approval yesterday for 2 pipelines…the Trans Mountain pipeline expansion, from Alberta to Burnaby, B.C., and Enbridge’s $7.5-billion Line 3 pipeline replacement, from Alberta to Wisconsin, would increase Alberta’s pipeline capacity by more than 1.1 million barrels per day and create thousands of jobs…Green Party leader Elizabeth wants nothing of it as she and others continue their war against Oil and Canadian resource workers, saying she’s prepared to “go to jail” to stop Kinder Morgan’s Trans Mountain Project…
3. Buoyed by an OPEC deal, equity markets are strong in early trading with the Dow hitting a new record high…Gold has softened but base metal prices have firmed after profit-taking yesterday…the Venture is flat at 735 but really appears to have found its bottom in the low 700’s…
4. Garibaldi Resources (GGI, TSX-V) is building a team of Nickel experts and market communicators who will shine a big new light on the company and northwest B.C.’s Heart of Gold Camp in general as GGI ramps up efforts to exploit this prolific district’s only magmatic Ni-Cu-PGE-Au-Co system at the E&L…the deposit and 63 sq. km project is 11 miles southwest of Eskay Creek and 20 miles west of Pretium’s high-grade Brucejack Gold mine which is slated to commence commercial production in the 2nd half of next year…Everett Makela and Ray Goldie, who were both intimately involved with the Voisey’s Bay discovery, were named to the Garibaldi Advisory Board this morning…the company says Makela and Goldie will lay the foundation for a systematic and aggressive exploration and development program of tasks, objectives and milestones at the E&L where recent testing returned high-grade Ni and Cu with Nickel tenors of 4% to 8% and Cu tenors of 2.1% to 10.9% in 100% sulphide…a broad magnetic anomaly featuring a 600-m long conduit-shaped “keel” has been identified approximately 800 m south and 400 m below the original discovery at the top of Nickel Mountain…parallel to the east, in volcanic rocks, the E&L also features a VMS target with astonishing high-grade Zinc values up to 56% at Brass Hill…a confirmed breakout above a long-term downtrend line has occurred in GGI which is up half a penny at 11.5 cents through the first 30 minutes of trading…
5. Tinka Resources (TK, TSX-V), which completed an $11 million financing earlier this month while also receiving Peruvian government approvals for extensive new drilling at its Ayawilca Zinc Project, has also broken out above a long-term downtrend line…TK is up half a penny at 23 cents as of 7:00 am Pacific, and is the latest Zinc junior to see a rush of buying…Ayawilca has considerable exploration upside with Indicated and Inferred resources totaling 18 million tonnes at a ZnEq grade of 8.2% (5% ZnEq cut-off)…
6. Vendetta Mining (VTT, TSX-V), reviewed in yesterday’s Daniel’s Den, is flying out of the gate this morning after releasing fresh results from its Pegmont Lead-Zinc project in Queensland, Australia, including 14.8 m grading 11.9% Pb-Zn…as Daniel reported yesterday, VTT has a relationship with NYSE-listed Solitario Exploration & Royalty (XPL, NYSE), a company with a great eye for quality early stage exploration projects…Solitario grabbed a 10% equity stake in Vendetta earlier this year…VTT is up 2 cents at 15 cents as of 7:00 am Pacific…
7. Nevada Zinc (NZN, TSX-V) has outlined a significant Gold exploration target on its VIP Project located in the Yukon, west of Goldcorp’s Coffee Gold Project…the 700-m-long East Big Creek Gold target at VIP remains open along strike and is unexplored for several km along the trend of the existing anomalous data points…meanwhile, the company is continuing to drill on its Lone Mountain Zinc Project in Nevada where its most recent drilling intersected significant intervals of near-surface high-grade Zinc mineralization including holes that collared in subcropping mineralization assaying up to 5.8% Zinc over 41.1 m…NZN is up 4 pennies at 52 cents as of 7:00 am Pacific…
JON: PE IS FINALLY MOVING! THIS COULD BE GREAT FOR LITHIUM PLAYS AGAIN! LAST TWO DAYS GONE UP ALOT AND VOLUME TOO!
Comment by STEVEN1 — November 30, 2016 @ 7:52 am
Yes, PE is looking good with a nice jump in volume as well…technically, it has risen to its 200-day SMA where some resistance can be expected, but could overcome…
Only a fool would sell DBV right now at 7 cents…keep accumulating as this will play out very well…
Comment by Jon - BMR — November 30, 2016 @ 8:20 am
GGI – twas nice to add 2 more names, big names, to the board, but this doesn’t address the OCT 14 NR that said we would see updates on ” PSP, King and eagerly anticipates reporting on progress at these properties in the coming weeks, along with updates on other promising projects in BC and Mexico “. Given that the Oct 14 NR was written before it was released, Steve has had almost 2 months to figure out how to write 4 to 5 NR’s that might start to encompass what has been done. A little more (ok a lot) on the update front would likely add to the buying spree as well
Comment by david — November 30, 2016 @ 9:04 am