Check back later today for an additional post and visit the comments section throughout the day for updates and helpful information.
1. Gold is trading at a 6-week high, hovering between $1,260 and $1,265 so far today after yesterday’s boost following a Fed statement that was interpreted to be more dovish than expected…the FOMC indicated that it would keep to a slow path of monetary tightening while also starting to wind down its massive holdings of bonds “relatively soon”, timing language that’s not as certain as before…the U.S. Dollar Index, as a result, has fallen to 13-month lows…as of 7:00 am Pacific, Gold is up $3 an ounce at $1,263…Silver has added 12 cents to $16.75…Copper is up another 2 pennies to $2.87…Nickel leads the base metals today with a gain of 8 cents to $4.60… Crude Oil is up another 6 cents to $48.81 while the Dollar Index has rallied one-quarter of a point to 93.72…
2. Oil prices are sitting just below 8-week highs but near stiff technical resistance, buoyed by hopes that a steeper-than-expected decline in U.S. Crude inventories will reduce global oversupply…Crude stocks fell sharply last week as refineries increased output and imports declined, while gasoline stocks decreased and distillate inventories fell, the Energy Information Administration (EIA) reported yesterday…the 7.2 million barrel decline in Crude inventories in the week ending July 21 was well above the 2.6 million barrel forecast…firmer Oil prices and significant moves in precious and base metals are helping to lift the Venture out of its early summer doldrums…
3. The Venture is starting to gain momentum, now trading above its EMA(8) and EMA(20) exponential moving averages while both EMA’s have also reversed to the upside which is critical in terms of confirming the start of a new uptrend…the Venture is up 2 points at 772 as of 7:00 am Pacific…GT Gold (GTT, TSX-V), which has made a significant new high-grade Gold discovery through drilling in the Saddle zone of its Tatogga Property in the Red Chris area, has arranged a $5 million financing at 85 cents (hard dollars and no warrant) through a syndicate of agents co-led by Haywood Securities, M Partners and PI Financial…GTT is up a penny at 91 cents through the first 30 minutes of trading, looking strong…Colorado Resources (CXO, TSX-V), currently drilling at KSP in the Eskay Heart of Gold Camp, holds prospective ground contiguous to Totogga…Gold-Copper mineralization at CXO’s Castle Property property is open, and potentially strengthening to the east, over a distance of 4.4 km to the property boundary toward the Saddle zone discovery…
4. Constantine Metals (CEM, TSX-V) has drilled 45.4 m grading 2.5% Cu, 7.4% Zinc, 39 g/t Ag and 0.30 g/t Au, including 6.2% Cu and 13.8% Zn over 10.9 m, in resource expansion drilling (South Wall) at its Palmer VMS Project in Alaska…this impressive intercept from drill hole CMR17–82, along with intercepts from 2 other holes that also cut massive sulphides in an area poorly tested by previous drilling, dramatically increases the width and grade of mineralization in the South Wall and also indicates excellent potential for further expansion to the west…the intersections occur in a gap between 2 historic holes which had partial intercepts and passed immediately above and below the zone…additional drilling in this area and to the west is in progress…meanwhile, CEM has also made a high-grade Silver discovery in its first-ever drill hole to test the Nunatek prospect, 3 km from the South Wall resource…that hole returned 9.2 m grading 312 g/t (9.1 opt) Silver and nearly 1 g/t Au hole CMR17–89…approximately 20 to 25 drill holes are expected to be completed at Palmer in a 7,000-m program that started last month…CEM has traded as high as 24 cents and is up 2 pennies at 22 cents as of 7:00 am Pacific…
5. Emboldened by an important new surface discovery at its Smith Property near the town of Cobalt, and potentially strong results from 9 recently drilled holes, Cobalt Power Group (CPO, TSX-V) announced this morning that it has signed a non-binding LOI to acquire 74 sq. km of very prospective claims south of Smith in the Silver Center area of the Greater Cobalt Camp…this would quadruple the size of CPO’s total land package…the transaction involves the acquisition of all the issued and outstanding shares of privately held Canadian Cobalt Projects Inc. in exchange for 35 million shares of CPO…Canadian Cobalt Projects would become a wholly owned subsidiary of Cobalt Power Group…CPO will now initiate a 30-day due diligence period. “Expanding our contiguous parcels into the core of the historic Silver Center bodes well for continued exploration, increases our opportunity for discovery and turns us into one of the dominant players in the region,” stated Dr. Andreas Rompel, President and CEO of Cobalt Power…meanwhile, as BMR sees it, shareholders of Canadian Cobalt Projects get strategically positioned in a low market cap junior with exciting prospects based on recent developments at the Smith Property which adjoins the past producing Deer Horn mine…CPO was halted prior to market open and has not resumed trading yet…
6. Jaxon Minerals (JAX, TSX-V), trading at new multi-year highs, has finished channel sampling of massive sulphide lenses, veins and breccias at 3 separate elevation zones – mainly the 742, 685 and 550 elevations on the Max target hillside – at its Hazelton VMS Property near Smithers…a total of 213 1-m channel samples and 94 grab samples have been collected and submitted for lab analysis…the first batch of assays are expected shortly…Jaxon has identified 7 other areas of interest from 2017 field observations, historical soil samples and the recent interpretation of the VTEM (versatile time domain electromagnetic) geophysics at Hazelton project which has been expanded to 338 sq. km…the company now has 4 prospecting teams investigating and sampling these areas (outside of the Max target) for outcrop and mineralization…
7. Kirkland Lake Gold (KL, TSX) announced this morning a big jump in mineral reserves and resources as of June 30, 2017, at its Fosterville Gold mine in Australia, including a 110% increase in underground Proven and Probable reserves to 1.03 million ounces of Gold as of June 30, 2017…the main factor contributing to the significant growth in ounces is an 83% increase in the underground reserve grade to 17.9 g/t Au (1.79 million tonnes) from 9.8 g/t Au (1.56 million tonnes) as per the previous estimate at the end of last year…this is due to down-plunge extensions of the high-grade, visible Gold-bearing Lower Phoenix system…the high-grade Phoenix and Lower Phoenix Gold systems, where Kirkland is currently mining, has been traced by development and drilling for over 2 km along trend and remains open for further expansion…Fosterville is truly emerging as one of the world’s premier underground Gold mines. Kirkland Lake President and CEO Tony Makuch stated, “Within our company, we have district-scale exploration targets in prolific mining camps throughout our portfolio, through which there is considerable potential for continued growth and expansion. We remain focused on delivering superior shareholder value by targeting organic growth opportunities, supported by our aggressive 2017 exploration program, with estimated expenditures of $45 million (U.S.) to $55 million (U.S.). Ongoing drilling continues to enhance the geological understanding of our assets, providing confidence in the ability to delineate and expand our current mineral resource and reserve base.”
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Comment by Daniel — July 27, 2017 @ 8:05 am
CPO – will those 35 million shares be newly issued; on top of the current 54 million shares out?
Comment by Charles — July 27, 2017 @ 8:10 am
Yes, Charles, but obviously subject to a hold period; we’ll see how the Exchange interprets all this.
With almost everyone tied up in deals in the Camp, CSR keeps plowing ahead full steam on the ground and with Re-2OX – their runway is clear…
Comment by Jon - BMR — July 27, 2017 @ 8:18 am
VTEM CONDUCTOR LEADS TO LARGE NEW SURFACE DISCOVERY AT GARIBALDI’S E&L PROJECT AS DRILLING NEARS
Crews at Garibaldi Resources Corp.’s 100-per-cent-owned E&L project at Nickel Mountain in the heart of the Eskay camp have made an important new surface discovery following up on the first of four major VTEM (versatile time-domain electromagnetic) conductor targets.
Widespread pyrrhotite-chalcopyrite mineralization has been identified on surface in gabbroic rocks that outcrop over a broad area at previously unexplored “Anomaly A”, approximately 6 km north-northeast of the historic E&L nickel-copper-rich mineralized zones where drilling commences shortly.
Geologists have not yet sampled the “hot zone” of the conductor, where it is strongest, but initial field examinations covering ground on the periphery of the conductor are extremely encouraging:
– Gabbro outcrops extend at least 300 meters east-west and 700 meters north-south and contain disseminated, vein-style and breccia sulphides intruding Hazelton Group sediments;
– A boulder field featuring strong sulphide mineralization (up to 30% in many instances) was traced for approximately 1.3 km downslope from outcrop; The abundance, size and shape of the boulders suggests they did not travel far and the source is “Anomaly A”;
– 50 rock samples (approximately 30 chip and grab samples from outcrop and 20 grab samples from the boulder field) have been submitted for rush assaying and lithochemistry;
– The mineralized gabbros at “Anomaly A” are visually identical to the mineralized gabbros at the E&L.
Steve Regoci, Garibaldi President and CEO, commented: “Most importantly, this exciting new sulphide discovery at Nickel Mountain, located at the exact coordinates of strong VTEM conductor ‘A’, validates the VTEM survey as we prepare for imminent drilling into ‘Anomaly D’ immediately below the historic mineralized zones at the E&L.”
The top of the strong, broad conductor beneath E&L “Anomaly D” is estimated to be at a depth of 140 meters, approximately 20 meters below the deepest hole drilled by Silver Standard in the 1960’s. A total of 12 shallow holes defined a nickel-copper-rich massive sulphide system extending 175 m east-west, highlighted by DDH-4-1966 which returned 37.8 meters grading 1.3% nickel and 0.79% copper with 5.9% nickel and 1.7% copper over 2.74 meters near the bottom of the hole (see July 17 GGI news release).
Regoci adds, “The ‘Anomaly A’ surface discovery featuring mineralized gabbro is extremely exciting and we look forward to much more mapping and sampling there. Successful ground-truthing of that VTEM target also suggests that the E&L nickel-copper-rich magmatic massive sulphide occurrence is indeed part of a much larger system than originally outlined from the only surface drill program ever carried out at the property in the 1960’s. We’re eagerly anticipating the start of drilling at the E&L as this has all the earmarks of a game-changing discovery for our shareholders.” Anomalies “B” and “C” are also being investigated. The north-northeast alignment of the four major anomalies (“A” through “D”) indicates a potential corridor prospective for a cluster of deposits.
Qualified Person
Mr. Everett F. Makela, P.Geo., Director and VP Exploration Canada for the Company, a Qualified Person as defined by NI-43-101, has reviewed and approved the scientific and technical disclosure in this news release.
About Garibaldi
Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in Mexico and British Columbia.
Comment by John - BMR — July 27, 2017 @ 8:37 am
Jon, seems like dilution has thrown a pretty heavy punch on that one…. maybe I’m wrong? I hold both cpo and csr (bought csr after that last pullback) – I liked both for their low shares.
Comment by Charles — July 27, 2017 @ 8:37 am
GGI – I like it!!
Comment by Charles — July 27, 2017 @ 8:44 am
Maybe now the smart money will start taking out the dumb ones on Ggi.
Comment by Laddy — July 27, 2017 @ 8:52 am
Going to take all that GGI @19 cents see if that sparks anything. By the end of the day it will be gone.
Comment by 123car — July 27, 2017 @ 8:53 am
That’s a huge hit for GGI at Anomaly A, and I’m hearing there are some spectacular photos on the way…I’m sure the geos had their XRF gun with them to confirm some high-grade numbers…and to think this is just on the periphery of the conductor…Anomaly A is where no man has ever gone before…never previously explored…strong VTEM conductor is confirmed bang-on…an E&L look-a-like…how many of these are there?…incredible volume of magma from deep underground…
So…since Conductor A has been confirmed at surface…99% in my opinion that Conductor D is indeed massive sulphides beginning around 140 m, right underneath the historic zones…
The fact we’re seeing what looks like another E&L 6 km away tells you how powerful and juiced up things are in this area…like I’ve always maintained, this is one of the most mineralized parts of the entire planet…nothing is small in this Camp…either massive tonnages like KSM or incredible grades and world class mines like Eskay Creek and Brucejack…
What could be found at Nickel Mountain could be absolutely spectacular beyond anything anyone could have imagined…the checklist keeps growing, nothing is restraining this or slowing it down…
Comment by Jon - BMR — July 27, 2017 @ 9:13 am
Here comes my buy @ 19 for 600 k
Comment by 123car — July 27, 2017 @ 9:25 am
Wow! Nicely done 123car!!!
Comment by Johnz — July 27, 2017 @ 9:28 am
123CAR – WELL DONE!
Comment by david — July 27, 2017 @ 9:29 am
GGI breakout above 25-year downtrend line…this could go nuts.
Comment by Jon - BMR — July 27, 2017 @ 9:35 am
lets hope it gets this ball moving .
Comment by 123car — July 27, 2017 @ 9:40 am
Hi Jon,
TUD Tudor Gold is up a further $.04 to $.75. It continues to rise on no news. Also Dec Decade Resources is up $.025 to $.145 on heavy volume over 2.2 million shares. Fidelity has bought a boatload of shares since July 5 news, usually
several hundreds of thousands per day.
Comment by Bishkek — July 27, 2017 @ 10:18 am
All I have to say is WOW! WOW! WOW!
Comment by Dan1 — July 27, 2017 @ 10:36 am
Couldn’t have said it better myself Dan1. I can hardly wait for the photos Jon mentioned.
Comment by pole — July 27, 2017 @ 10:45 am
This has all the earmarks of a major discovery or multiple discoveries. Nobody prying my shares from me.
Comment by Dan1 — July 27, 2017 @ 10:45 am
123car, very smart money!! Popcorn is tasteing just GREAT!! Jon.
Comment by Laddy — July 27, 2017 @ 10:48 am
Jon, are you planning on an interview with Dr. Lightfoot soon. Sure would be great to hear his thoughts on Anomaly A. Thanks.
Comment by pole — July 27, 2017 @ 10:57 am
Working on it, pole. Remember 1989 and the Eskay Creek mania? That’s what could erupt here. The significance of the discovery of a major Nickel-Copper-rich massive sulphide deposit in the heart of this high-grade Gold Camp would be an incredible find and that’s what this is increasingly looking like. Hang on to your hats (and your paper), ladies and gents.
Comment by Jon - BMR — July 27, 2017 @ 11:07 am
Hope I made that Trader / House eat some crow for lunch / plus the extra 30 k on top of the entry works for me .
Comment by 123car — July 27, 2017 @ 11:11 am
Thanks Jon. This could be mind blowing.
Comment by pole — July 27, 2017 @ 11:17 am
The benefits of “climate change”, pole…some of this is being uncovered now I’m sure because of receding glaciers exposing mineralization the oldtimers could never see…a geo I just communicated with now says he can’t imagine how Conductor D is not a major extension of the E&L massive sulphide system, and the situation with Anomaly A raises the distinct possibility of a corridor of these deposits as GGI alluded to in this morning’s news…market cap $17 million…peanuts!
When you have a drill hole like 38 m grading 1.3% Nickel and 0.79% Copper, with 5.9% Nickel and 1.7% Copper near the very bottom of the hole over 9 feet, and you’ve got a strong and broad conductor immediately below that…what does that tell you?????????
When the institutional buying starts kicking in, watch out. That’s when the fun will really begin.
Comment by Jon - BMR — July 27, 2017 @ 11:40 am
GGI. he’s back. CIBC has another 438K offered at 23. looks like a nice # for a cleanout and the end
Comment by david — July 27, 2017 @ 12:31 pm
That’s all be gone soon enough, David…don’t fear any offers at this point, I’m adding more myself in this last half hour.
Comment by Jon - BMR — July 27, 2017 @ 12:36 pm
GGI from the NR
“The north-northeast alignment of the four major anomalies (“A” through “D”) indicates a potential corridor prospective for a cluster of deposits.”
that is very exciting, If I remember correctly Dr Lightfoot mentioned that possibility in Jon’s Interview.. hopefully we see some follow thru tomorrow with more people digesting todays news and drilling imminent..
Comment by Gregh — July 27, 2017 @ 2:43 pm
That was a good day… and another piece of the puzzle.
Comment by Weatheritout80 — July 27, 2017 @ 3:11 pm