Check back later this morning for today’s BMR Morning Market Musings.
1. Gold touched $1,236 overnight and bargain hunters continue to step in on any pullbacks, limiting any downside action…as of 7:00 am Pacific bullion is off $5 an ounce at $1,230…holdings of Gold by physically backed exchange-traded funds rose again yesterday…ETFs are picking up the slack left by lackluster Chinese and Indian physical demand, adding a further +150,000 ounces yesterday on the heels of a similar increase Friday…
2. China’s Gold reserves were unchanged for a 3rd straight month in January at 59.24 million ounces, the central bank said today…that represents the longest period China has gone without adding to holdings since it started regularly updating its reserves data in mid-2015…meanwhile, China’s foreign exchange reserves unexpectedly fell below the closely watched $3 trillion level in January for the first time in nearly 6 years…concerns are swirling in global financial markets over the speed at which the country is depleting its ammunition to defend its currency and staunch capital outflows…
3. The Dow has hit a new record high while the Venture is quiet in early trading after a 7-point jump on strong volume yesterday, its 5th straight winning session…volume leaders as of 7:00 am Pacific include Reliq Health Technologies (RHT, TSX-V), which announced this morning that it has entered into an MOU with Invictus MD Strategies to develop a mobile application for cannabis patients and consumers and their clinical care teams, and Calibre Mining (CXB, TSX-V) which equaled last summer’s multi-year high at 27 cents…
4. Nighthawk Gold (NHK, TSX-V) announced this morning that it has discovered a new mineralized quartz diorite intrusion similar to the Colomac and Goldcrest sills at its Colomac Project in the Northwest Territories…exploration activities focused on prospecting geophysical targets outlined from recent airborne and ground magnetic surveys, and culminated in the discovery of the Nice Lake sill located just 1.5 km east of the Colomac resource…the Nice Lake sill is a minimum of 4 km long with anomalous Gold mineralization over much of its length, lies parallel to the other 2 sills, and shares the same magnetic intensity and anomaly shape…
5. Evrim Resources (EVM, TSX-V) has signed an exclusivity agreement with Antofagasta on the 500+ sq. km Ball Creek Project in the Golden Triangle, east of Galore Creek and 60 km directly north of Eskay Creek…Antofagasta will have the exclusive right to complete due diligence and negotiate a definitive agreement to acquire up to a 70% interest in Ball Creek by spending up to $31 million (U.S.)…the project features Copper-Gold porphyry and epithermal Gold-Silver targets…meanwhile, more results are pending from Evrim’s Ermitano Gold Project in Sonora state, Mexico, where partner First Majestic Silver (AG, NYSE) drilled 18 m grading 11.4 g/t Au and 86 g/t Ag as reported January 17…
6. LiCo Energy Metals (LIC, TSX-V) is on the verge of a new high…the company is preparing to start an exploration program at its newly-acquired Lithium Project in Chile while LIC is also anchored by the Teledyne Cobalt Property near Cobalt, Ontario…Teledyne adjoins the past producing Agaunico mine (4.3 million pounds of Cobalt and 980,000 ounces of Silver between 1905 and 1961)…a significant portion of the Cobalt that was produced at Agaunico was located along structures that extended southward onto Teledyne…
7. What’s Frank Basa up to?…Granada Gold Mine (GGM, TSX-V) has signed an LOI with the Temagami First Nation (TFN) and Teme-Augama Anishnabai (TAA) that would provide GGM the opportunity to evaluate brownfield sites on TFN/TAA’s traditional territory for the potential of redevelopment…the LOI will “allow the company to assess the technical, operation and financial feasibility of installing a mill for processing precious-metal-bearing ores within an existing brownfield site in close proximity to Temagami First Nation and Teme-Augama Anishnabai,” according to a news release issued by GGM this morning…the stock is up half a penny to 7 cents through the first 30 minutes of trading…
MTS – NR out , plans to drill this summer on 2 of 5 targets – 1 a porphyry(KSM) and 1 a shear-vein(Snip). MTS, ESK , GGI CXO all drilling in a few months
Comment by david — February 7, 2017 @ 7:27 am
GGM – procrastinating? I thought the gig was to get approval ( given quite a while ago) and start bulking off to a mill and take cash to move things along. Now its a year + away from setting up his own mill on property. Save trucking costs, but delays the process how long?
Comment by david — February 7, 2017 @ 7:29 am
Jon: CNZ is getting towards support, isn’t it? Any catalyst in the short-term you think?
Comment by rgiroux — February 7, 2017 @ 7:51 am
Definitely rgiroux…the consolidation since early December has built strong new support at $1 and the rising 100-day SMA is now approaching that in the upper 80’s…not sure exactly what a short-term catalyst would be, but there could very well be one out there…
Comment by Jon - BMR — February 7, 2017 @ 8:25 am
Nice near-surface numbers just put out by RJX.A from Maude Gold Property (14.5 m @ 5.3 g/t) optioned from Globex…historic resource, could do quite well considering only 15 million shares O/S, trading at 24.5 cents.
Comment by Jon - BMR — February 7, 2017 @ 11:18 am
Wonder when Garibaldi gives US Some blow out Numbers.
Been wAiting for a very long time now.
Comment by Tran — February 7, 2017 @ 11:59 am