Check back later today for Daniel’s Den. BMR Morning Market Musings returns Friday.
1. Gold has traded between $1,235 and $1,245 so far today…as of 7:00 am Pacific, bullion is flat at $1,242 as it tries to gain traction past the critical $1,230’s while Silver has added 5 cents to $16.31…Copper and Nickel are both steady at $2.70 and $4.38, respectively…Crude Oil has jumped 23 cents to $46.63 while the U.S. Dollar Index is off slightly at 94.67 (nearest support at 94)…
2. Global Gold exchange-traded funds posted renewed outflows of 4.6 tonnes yesterday…UBS believes that buying in Gold is more likely to be short covering than fresh longs in the immediate future. “Positioning has been in Gold’s favor, with most recent data showing that net length is at the lowest level since January last year,” UBS says. “In addition, shorts have started to become more active in recent weeks, raising upside risks in the near-term (should those traders buy to cover).” In fact, the bank adds, the recovery from the low $1,200’s over the past week was likely short covering while longs are “likely taking their time and are in no rush to jump in for now.”
3. Volume remains light but Venture technical strength continues to improve with the Index finally pushing above its EMA(8) with that short-term exponential moving average also reversing to the upside…that typically indicates the early stages of a market turnaround…the Venture has completed 3 straight winning sessions and is up another point at 765 as of 7:00 am Pacific…Zecotek Photonics (ZMS, TSX-V) has arranged a non-brokered private placement of at a price of 30 cents per unit to raise gross proceeds of $1.55 million…funds raised will be used to complete the transfer of technology for the purpose of immediate commercialization, strengthening and maintaining patents of the company’s IP (intellectual property) portfolio…the TSX is 32 points higher at 15,181 while the Dow has added 11 points through the first 30 minutes of trading…
4. A Silver producer in Morocco continues to gradually build on solid gains over the past 2 months…Maya Gold & Silver (MAY, TSX-V) is up half a penny at 19 cents after announcing this morning that it has intersected 907 g/t Silver over 3.6 m adjacent to the highest grade intersection ever drilled by the company (reported last week) since it took 85% ownership of the Zgounder Property in Morocco…last week, drill hole 2000-T28–17–124 returned 3,809 g/t Ag over 18 m from 3.6 to 21.6 m (including 9,430 g/t over 7.2 m)…the company had monthly production of 31,942 ounces of Silver during the month of June at an average head grade of 338 g/t…meanwhile, on the topic of Silver, analysts at RBC Capital Markets in a report issued today said Pan American Silver (PAAS, TSX, NASDAQ), Wheaton Precious Metals (WPM, TSX, NYSE), Hochschild Mining (HCHDF, NASDAQ) and Coeur Mining (CDE, NYSE) are its favorite Silver stocks and offer the best upside in a rising price environment…
5. Osisko Mining (OSK, TSX) is higher in early trading after releasing fresh drill results from Windfall Lake including 24.9 g/t Au over 31 m (16.4 g/t Au over 31 m cut) including 145 g/t Au over 1 m and 319 g/t Au, also over 1 m…the hole hit multiple mineralized intercepts over a 100-m section of the FW1 zone…the current 400,000-m drill program combines definition drilling above the Red Dog intrusion, expansion drilling above and below Red Dog, and expansion/definition drilling in the Lynx deposit located immediately to the NE of Windfall…significant new assays from 28 intercepts in 13 drill holes focused on infill and expansion drilling in the Underdog zone of the Windfall deposit…
6. Otis Gold (OOO, TSX-V) has commenced an approximately 25-hole, 8,000-m drill program at its promising Kilgore Project in Idaho…the primary goal of the program is to follow up at depth on strong drill intercepts achieved in 2016 at the existing Kilgore deposit, primarily in the prospective Aspen formation host unit…drilling will continue through November…on a parallel basis, the company is implementing an approximately 250-line-km ground magnetometer survey to complement the magnetic survey work completed last year…this will give Otis ground magnetic coverage over its entire Kilgore land package…Agnico Eagle took a 9.5% ownership position in Otis earlier this year…
7. Canada was the clear leader when it came to mining exploration last year, reporting the biggest budget than any other country, PricewaterhouseCoopers (PwC) confirms in its Mine 2017 report…“Exploration dollars poured into Canada at a faster rate than anywhere else in the world last year,” the report said…overall, the country attracted 14% of the total global exploration budget, ahead of Australia with 13% and the U.S. with 7%…on the other hand, Africa suffered one of the biggest declines. “The entire continent absorbed only 13% of global spending in 2016,” according to PwC…the report is based on the financial performance analysis of the Top 40 mining companies ranked by market capitalization…
The most popular recent BMR articles/videos…
The Most Important Venture Development Since The New Bull Market Began
MTS news out. sounds lie field work is suggesting some size ! drilling in a few weeks. excerpt. “Phase 1 confirmed that mineralization, within the monzonite body from hole MD09-01 to Fewright Creek, is up to 250 metres wide, extends at least 1.4 kilometres along strike and was traced to 500 meters lower elevation to the bottom of the slope. Historical grab samples, at this elevation, have returned results up to 1.8% Cu and 4.3 g/t Au.”
Comment by david — July 19, 2017 @ 8:25 am
MTS. NR on field work. Traced mineralization from hole 09-01 to Fewright creek. 250M wide and a strike of 1.4km+ and then 500M down to the bottom of the slope. Mapping is confirming the VTEM which has a strong conductive anomaly there. Drilling is next
Comment by david — July 19, 2017 @ 11:43 am
CSR. finding some gold to add to the mix in the last bulk
Comment by david — July 19, 2017 @ 1:54 pm
CSR- unexpected high gold values in bulk sample!!
Castle Silver expands Castle drilling to 2,000 m
2017-07-19 16:42 ET – News Release
CSR UNDERGROUND COMPOSITE SAMPLE RETURNS HIGH-GRADE COBALT AND GOLD, PHASE 1 DRILLING EXPANDED
Castle Silver Resources Inc. has provided an exploration and corporate update as the company ramps up drilling at its 100-per-cent-owned Castle property in the prolific Northern Ontario cobalt-silver camp.
Highlights:
– In a demonstration of CSR’s underground advantage, an 82-kilogram sample of vein material from the first level of the Castle mine at Gowganda was crushed to -10 mesh, blended and assayed, returning 1.48% cobalt, 5.7 g/t gold and 46.3 g/t Ag (nickel results pending);
– Phase 1 drilling at the Castle Property, currently in progress, has been expanded to 2,000 meters;
– Initial work program commences at the Beaver Property near the town of Cobalt.
Frank J. Basa, CSR President and CEO, commented: “The high cobalt and gold values from the underground bulk sample support our thesis from the beginning that there is much more to this past producing mine than just silver. At this point, we do not know what the gold mineralization is associated with and our crews have taken an additional large sample from the same area to be tested by another lab in order to verify these stunning gold assays.”
With regard to the underground assay results reported above, CSR cautions investors that samples are selective and should not be considered representative of mineralization underground or elsewhere on the property. Chip samples reported by the Company last month (see June 12 CSR news release) were not assayed for gold. They are now being re-checked for possible gold content.
Exploration Update
Phase 1 drilling from surface at the Castle Property, which began about 10 days ago, is proceeding very well and has been expanded to 2,000 meters from 1,500 meters with approximately 20 drill holes expected to be completed. Drilling includes testing of unmined areas below the first and second levels.
Meanwhile, multiple surface samples have been collected from the Beaver Property where a work program has just started on these patented claims. The Beaver is another CSR 100%-owned former high-grade silver producer with untapped cobalt potential.
CSR Closes Private Placement For $882,500
As reported by the Company July 14, CSR has further strengthened its balance sheet with the closing of an $882,500 private placement with strategic investors at 20 cents per unit. Since March, CSR has raised nearly $2.6 million in hard dollars, providing the Company with ample financial resources to successfully advance its key strategies with regard to its properties and the battery sector through its 100%-owned Re-2OX process.
Quality Assurance/Quality Control
An 82 kilogram sample of vein material that was recently taken from the first level of the Castle mine was crushed to -10 mesh and blended by SGS Laboratories in Lakefield, Ontario, from which a representative sample was submitted for analysis by lead fusion fire assay for silver and gold. Other metals are assayed by ICP after multi-acid digestion.
CSR relies on internal SGS laboratory independent QA/QC which allows the disclosure of the results provided.
Qualified Person
Claude Duplessis, PEng, of Goldminds Geoservices Inc., a geological, environmental and mining consultant, is an independent qualified person in accordance with National Instrument 43-101, and has reviewed and approved the contents of this news release.
About Castle Silver Resources Inc.
Castle Silver Resources Inc. (formerly Takara Resources Inc.) is a TSX Venture-listed junior natural resource company focusing on the exploration and development of former silver and cobalt mine properties in northern Ontario including the Castle Silver mine near Gowganda and the Beaver and Violet mines near Cobalt. Additional information on the Company’s properties is available by visiting its website at http://www.CastleSilverResources.com.
© 2017 Canjex Publishing Ltd. All rights reserved.
Comment by Bob — July 19, 2017 @ 2:01 pm
Ok so I’m pretty positive Jon is in Cobalt checking out CSR and this new gold discovery.. Can’t wait to hear from Jon hopefully very soon?
Comment by Gregh — July 19, 2017 @ 6:11 pm