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Gold has traded between $1,264 and $1,279 today…as of 11:55 am Pacific, bullion is up $16 an ounce at $1,277…Silver has surged 43 cents to $16.87…Copper is flat at $2.91…Nickel has added 6 cents to $4.86…Crude Oil has jumped 37 cents to $49.54 a barrel while the U.S. Dollar Index is relatively unchanged at 93.63…

Check back later this morning for today’s BMR Morning Market Musings.

1. Escalating tensions over North Korea have given a fresh spark to Gold after last week’s minor pullback in the metal…bullion has traded between $1,264 and $1,277 so far today…as of 7:00 am Pacific, bullion is up $11 an ounce at $1,272…Silver has added 34 cents to $16.77…base metals are following through on yesterday’s strength…Copper, at its highest levels in more than 2 years, is up slightly at $2.93…Nickel has gained another 6 cents to $4.86 while Zinc is up 2 pennies at $1.34…Crude Oil is 23 cents higher at $49.23 while the U.S. Dollar Index has rallied one-fifth of a point to 93.79…North Korea, which 3 successive American administrations have failed to effectively address, stated that it’s considering an attack on the U.S. Pacific territory of Guam just hours after President Trump warned Pyongyang that any threat to the U.S. would be met with “fire and fury”…reports indicate North Korea may have succeeded in building a nuclear warhead that can fit atop an ICBM…the West, hopefully with some help from China, must find a way to confront the evil of North Korea…the naivety of the last couple of decades has brought us to this point…

2. Crude Oil is holding gains after a just-released report from the EIA showed a larger than expected drop in U.S. Crude stockpiles, but a surprise rise in gasoline inventories…commercial Crude inventories fell by 6.5 million barrels last week, much more than expected, but the bullish news was tempered by a 3.4 million barrel rise in gasoline stocks vs. a forecast drop of 1.5 million barrels…

3. The Dow’s streak of record closes was snapped at 9 yesterday with the index down another 40 points through the first 30 minutes of trading this morning after Disney exceeded earnings expectations but missed on sales…the TSX is up 8 points while the Venture has added 1 point to 767 as of 7:00 am Pacific…a key band of resistance for the Venture stretches from 770 through the 780’s…once that is overcome, the Index could accelerate rapidly…more high-grade from northwest B.C. as Dolly Varden Silver (DV, TSX-V) intersected 12.55 m grading 514 g/t Ag in the Torbrit deposit area at its Dolly Varden Silver Project near Stewart…3 well-mineralized holes, including that one, were located on the southeastern edge of Torbrit and filled a gap in the drilling…DV is up 6 cents at 57 cents, albeit on light volume…the 5,000-m drill program continues…two-thirds of the drilling is allocated to resource validation and expansion and one-third will focus on targets beyond the current resource estimates…

4. Jaxon Minerals (JAX, TSX-V) is pushing higher on news this morning with the company announcing some high-grade results from its just-completed first phase of fieldwork at its Silver-Zinc-Gold Hazelton VMS Project near Smithers…channel widths of up to 5 m from 9 exposures were recorded over a 700-m surface extent and almost 200 m of elevation at the Max zone…assay results released this morning were highlighted by 3 m grading 694 g/t Ag, 6.8% Zn, 4% Pb and 1.1 g/t Au in channel sample 742S-807…meanwhile, Jaxon’s prospecting teams have expanded their knowledge of the area outside the immediate focus of the Max massive sulphide zones…the previous extensive soil grid of 2,800 samples spread over a 1 x 3 km grid and the recently obtained magnetic-VTEM Survey produced significant anomalous targets which had never before been identified…Jason Cubitt, President and CEO, stated:  “We acquired a property with spectacularly high grades of Silver and Zinc in outcrop at surface, but little in the way of geological mapping, structural modelling or data continuity necessary to infer mineral potential at scale.  Now we’re confident that with this first phase of field operations we’ve taken a significant step toward that end.”

5. Barkerville Gold Mines (BGM, TSX-V) has intersected 18.8 g/t Au over 30.85 m at its Cariboo Gold Project…the intensely veined and silica altered sandstone hosted zone occurs 20 m vertically below previously reported drill hole IM-17–078 which cut 11.4 g/t Au over 28.5 m at a vertical depth of 450 m below surface…the geometry and true width of the mineralized zone is not known at this time…
the company is currently exploring and delineating the Valley and Shaft zones with 7 drill rigs while an 8th drill rig is testing a broad Gold in soil anomaly on Barkerville Mountain…given the continued drilling success at the project, the company has ordered 2 additional drill rigs to bring the total number of operating rigs to 10…BGM is up 6 pennies at 88 cents as of 7:00 am Pacific…

6. First Cobalt (FCC, TSX-V) has commenced drilling at the past producing Keeley-Frontier mine near Cobalt, Ontario…a total of 7,000 m are planned at Keeley-Frontier as well as some nearby targets on the adjoining exploration claims…the initial drill program is based on a 3D geological model compiled from historic information and detailed field mapping conducted over the past 3 months…drill targets over a 2-km strike length, including the Haileybury and the Bellellen systems, are testing known Cobalt-rich areas of the Keeley-Frontier vein system that were not historically mined…Trent Mell, President and CEO, stated:  “Through our acquisitions over the past few months, we now find ourselves with a target-rich environment, evidenced in the number of historic Silver mining operations in the Cobalt, Ontario Camp that have never been assessed for their Cobalt potential. Our proposed mergers with Cobalt One and CobalTech Mining are progressing well and on completion First Cobalt will be the largest Cobalt exploration company in the world. Controlling over 10,000 hectares of property and covering almost half of the prospective land in the Camp, we look forward to announcing additional exploration targets once this consolidation is completed.”  FCC remains halted but the company expects trading will resume later this month…

7. eCobalt Solutions (ECS, TSX), which is closing in on a new high, providing an update this morning on its Feasibility Study and recently initiated pre-construction activities for its 100%-owned Idaho Cobalt Project (ICP) in anticipation of final FS receipt expected later in September…the ICP is the only near-term, environmentally permitted and primary Cobalt project located in the United States…Paul Farquharson, President & CEO of eCobalt, stated: “We are encouraged by the recent progress and preliminary results of the Feasibility Study. As we anticipate results to be filed in September, we are fast tracking key pre-construction activities at the mine site this fall in preparation for the expected recommencement of construction in 2018 after project financing is completed.”

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Visit the BMR comments section throughout the day for updates and helpful information. BMR Morning Market Musings returns tomorrow.

1. Gold has traded between $1,259 and $1,266 so far today…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,262…Silver has added 17 cents to $16.43…Copper is flat at $2.89…Nickel is off slightly at $4.68…Crude Oil, up earlier in the session, has retreated 40 cents to $48.99 while the U.S. Dollar Index is relatively flat at 93.35 after Friday’s big jump…holdings at the SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, fell to 786.87 tonnes yesterday…BNP Paribas has upwardly revised its outlook for Gold on scaled-back expectations for Federal Reserve monetary tightening, although it’s not forecasting a big rally from current levels until the 2nd quarter of next year…in a research report today, BNP Paribas hiked its Q4 Gold forecast by $90 – compared to the end of March – to $1,255 an ounce…

2. Oil traders got news today of lower Crude supplies from Saudi Arabia but that offset higher output from other large producers, including the United States…Saudi state Oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day, according to a report from Reuters…officials from a joint OPEC and non-OPEC technical committee are meeting in Abu Dhabi today to discuss ways to increase compliance with the deal to cut 1.8 million bpd in production…traders will be paying close attention to fresh data tomorrow from the U.S. Energy Information Administration which will release its weekly petroleum status report, giving details on stockpiles and refinery runs…meanwhile, final hearings on the Keystone XL pipeline began in Lincoln, Nebraska, yesterday, with testy exchanges between a lawyer for Nebraska landowners who oppose the project and a company executive and a local economist whose studies support the benefits of the venture…the Nebraska Public Service Commission hearings are expected to last 5 days and pose the last major regulatory hurdle for proponent TransCanada Corp. in its 9-year quest to build the $8 billion (U.S.) pipeline which would deliver Oil from Alberta to Texas…

3. China’s exports and imports grew much less than expected in July, though analysts caution about placing too much emphasis on 1 month of data from that country…in addition, the numbers are still significant…China’s export growth slowed to 7.2% in July from a year earlier, the weakest pace since February and cooling from an 11.3% rise in June…China’s imports rose 11%, the slowest growth since December and down from a 17.2% advance in the previous month…Oil imports increased robustly, however…on the metals front, year-over-year growth in Chinese imports of Copper concentrate slowed from June’s pace, while imports of iron ore and coal declined outright compared with both a month and a year earlier…reports of capacity cuts and planned curbs on scrap imports by the world’s largest metals consumer have driven Copper prices up 7% and iron ore prices up more than 20% since the end of June…

4. The Dow, pushing for its 9th straight record close, is off 15 points through the first 30 minutes of trading…large caps are getting a tailwind from a declining U.S. dollar and they’re also getting strong growth outside the U.S., pushing profit growth to 12% in Q2…the TSX is up 17 points in early trading while the Venture has added 2 points to 768…a key band of resistance for the Venture stretches from 770 through the 780’s…once that is overcome, the Index could accelerate rapidly…

5. Kirkland Lake Gold (KL, TSX) this morning released very impressive high-grade drill results from its Fosterville mine in Australia where underground definition drilling continues to infill and target down-plunge extensions of the rich Swan Zone of the Lower Phoenix Gold system…continuity of high-grade visible Gold mineralization in the Swan Zone has now been defined over a strike extent of 300 m and vertical extent of 200 m…today’s fresh results from 6 underground holes totaling 2,652 m into existing mineral resources and extensions of the Swan Zone include 338 g/t Au over 33.6 m, including 4,177 g/t Au over 0.95 m, in UDH2081A; 42.9 g/t Au over 49.5 m in UDH2084D; and 11.4 g/t Au over 18.65 m UDE138…Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “The Swan Zone is the highest-grade area of the Fosterville mine, with a recently released Mineral Reserve including 532,000 ounces at an average grade of 58.8 g/t Au. Today’s results include 2 intercepts that are located between 70 and 90 m down plunge of the current Swan Zone Mineral Reserve, with additional high-grade mineralization being intersected to the south and at depth of the Zone. The results we are seeing from the ongoing drilling program are increasing our confidence in the geological controls and continuity of grade within the Swan Zone. They are also supporting our view that the potential exists to significantly grow the Swan Zone Mineral Reserve, where the average grade is well in excess of Fosterville’s overall underground Mineral Reserve, which includes 1,030,000 ounces at an average grade of 17.9 g/t Au.”  Keep in mind that AuRico Metals (AMI, TSX) holds a 2% NSR on the Fosterville mine which is 100% owned by Kirkland…separate from the mine, Kirkland also holds exploration licenses covering an area over 500 sq. km, encompassing the known strike extent of the Fosterville Goldfield…AuRico’s 2% NSR also covers that large land package…

6. Copper Mountain Mining (CMMC, TSX) is up modestly in early trading after reporting Q2 net earnings of $10.11 million, or 5 cents per share, on revenues of $67.1-million from the sale of 21.1 million pounds of Copper equivalent, including 17.6 million pounds of Copper, 6,300 ounces of Gold and 62,700 ounces of Silver…total cash cost for the quarter ended June 30, 2017 was $1.74 per pound of Copper sold, net of precious metals credits…Jim O’Rourke, President and CEO, commented:  “We remain bullish on global Copper markets and with our production on target we are well positioned to benefit from an upswing in the Copper price. We will continue to focus on cost control and operational improvements to further strengthen the company’s balance sheet.”

7. EnGold Mines‘ (EGM, TSX-V) latest drill hole, G17–23, located 112 m west-southwest from discovery hole G16–01, has intersected 18.75 m grading 1.13% Cu, 0.14 g/t Au, 5.55 g/t Ag and 26.3% iron…although the geometry of the mineralization has yet to be determined, this hole extends the zone to 250 m from recently announced G17–16 (43.45 m grading 1.31% Copper, 0.20 g/t Au, 4.06 g/t Ag and 31.14% iron)…drill holes G17–18 through G017–23, also released this morning, returned no significant intercepts…the company has also been notified that exploration activities at the Lac La Hache Property in the southern B.C. interior may not resume until further notice due to the extreme fire danger rating within the project area…although no fires are burning on or close to the property, and evacuation orders have recently been lifted for nearby communities such as Williams Lake and 100 Mile House, the reported fire danger level remains at the highest level within the project area, requiring EnGold to cease field work…

The most popular recent BMR articles/videos…

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Exclusive to BMR Subscribers – Not for Public Distribution.

TSX Venture Exchange and Gold

The right strategy over the coming weeks could make you fortunes in the junior exploration sector – find out how to benefit from the “market within a market” and the extraordinary situation emerging in northwest British Columbia…

Check back later this morning for today’s BMR Morning Market Musings.

1. Gold has traded between $1,255 and $1,271 so far today…as of 7:00 am Pacific, bullion is down $12 an ounce at $1,256…Silver has fallen 35 cents to $16.30…Copper is flat at $2.86…Nickel has retreated 4 cents to $4.65…Crude Oil has slipped 13 cents to $48.90 while the U.S. Dollar Index has rallied out of temporarily oversold conditions by two-thirds of a point to 93.36…market expectations for interest rate hikes remain relatively unchanged…CME 30-Day Fed Fund futures are pricing in a 45% chance of a 25 basis-point hike by December…traditionally, the U.S. central bank does not raise interest rates when expectations are below 50%…

2. The U.S. economy added 209,000 jobs in July, modestly more than expected, and the unemployment rate was 4.3%, according to this morning’s report from the Labor Department…the number of employed Americans also hit a fresh new high at 153.5 million…the employment-to-population ratio moved up to 60.2%, its highest level since February 2009…average hourly earnings matched expectations by rising 0.3% from the previous month…the year-over-year gain in earnings is 2.5%, essentially in line with what most analysts had expected…today’s numbers aren’t enough, however, to make investors especially concerned about inflation but they did give a boost to the dollar and prevented a drop in Treasury yields that could have followed a weaker reading….hence, Gold is under mild pressure…

3. Canada’s jobless rate fell last month to 6.3%, the lowest since October 2008, as the nation’s labor market enjoyed its 8th straight employment increase…the country added 10,900 jobs in July, according to Statistics Canada data, though that figure was below expectations…the decline in the jobless rate was also due in part to a lower participation rate which fell to 65.7% from 65.9% as people left the labor force…a separate trade report showed a pullback in June for exports, down 4.3% during the month and a trade deficit of $3.6 billion that was the widest since September 2016…

4. The Venture is off 1 point at 765 as of 7:00 am Pacific…2 of this week’s big gainers are up again in early trading as Garibaldi Resources (GGI, TSX-V) has added a penny to 39.5 cents while neighbor Metallis Resources (MTS, TSX-V) has gained a penny-and-a-half to 27 cents…Metallis, which has only about 20 million shares outstanding, adjoins the southern border of GGI’s E&L Nickel Mountain Project with its 100 sq. km Kirkham Property…drilling begins in about 10 days at Kirkham which features a high-grade Gold target (King) with a plate-like conductor 3 x the size of the Snip deposit to the northwest…King is also adjacent to a known 6-km long mineralized monzonite porphyry at Kirkham which will also be drilled below historic intercepts (Gold and Copper grades increased at depth in 5 shallow holes in 2009)…Tudor Gold (TUD, TSX-V), meanwhile, continues to inch higher with volume picking up as well this morning as Tudor continues its drilling in the Camp…the TSX is up 11 points through the first 30 minutes of trading while the Dow remains above 22,000 with a gain of 23 points as of 7:00 am Pacific…

5. Goldcorp (G, TSX) is acquiring a 14.25% interest in Colorado Resources (CXO, TSX-V) through a strategic equity investment that will raise just over $7 million for the Eskay Heart of Gold Camp junior…in addition, and this is also very significant, CXO is acquiring 100% ownership of its flagship KSP Project in a deal with Seabridge Gold (SEA, TSX)…Seabridge will receive $1 million in cash, 2 million CXO shares and a 2% NSR on the property, half of which can be repurchased at any time for $2 million…Adam Travis, President and CEO of Colorado, stated “This is one of the most important milestones in Colorado’s 8-year history. The company’s 2016 exploration focused on the Inel zone at KSP and highlighted significant results (see news release December 19, 2016). Goldcorp’s investment will not only allow us to increase our ownership of KSP to 100%, it will also provide additional funding to expand our 2017 exploration program and drill-test targets we would not otherwise be able to explore this year. We look forward to welcoming both Goldcorp and Seabridge as shareholders and now have the opportunity to advance KSP with significant support on all levels.” CXO is off half a penny at 33 cents…Goldcorp’s financing is at 26 cents (hard dollar) and 36.5 cents (flow-through)…

6. Osisko Gold Royalties (OR, TSX, NYSE) is hiking its dividend after a profitable 2nd quarter in which the company expanded its Gold streaming and royalty business…a quarterly dividend of 5 Canadian cents per share will be payable on October 16 for shareholders of record as of the close on September 30, representing a 25% increase from the previous quarter, the company reported late yesterday…net Q2 earnings were $11 million (CDN) or 10 cents, compared to $15.7 million (CDN) or 15 cents, a year ago…the company enjoyed record quarterly revenues of $18.4 million, a 16% increase compared with the 2nd quarter of 2016…on July 31, Osisko closed the acquisition of a precious metals portfolio of assets from Orion Mine Finance Group consisting of 74 royalties, streams and offtakes, including a 9.6% diamond stream on the Renard diamond mine and a 4% Gold and Silver stream on the Brucejack mine in the Eskay Camp, all of which are new mines in Canada, in addition to a 100% Silver stream on the Mantos Blancos Copper mine in Chile…

7. Junex (JNX, TSX-V) was halted pre-market as it announced the signing of a partnership agreement with Ressources Quebec Inc., acting as mandatary for the government of Quebec, and Gestion Bernard Lemaire Inc., which will lead to investments estimated at $14 million for the Galt Oil and Gas Project on the Gaspe peninsula…under this new partnership, Ressources Quebec will invest $8.4 million, representing approximately 60% of the anticipated expenditures for the upcoming exploration campaign…in return, Ressources Quebec will acquire from Junex an undivided interest of 17.13% in the joint properties comprising the Galt Project…Junex will retain an interest of 52.87% in the project and will invest 10% of the anticipated expenditures for the exploration program ($1.4 million)…Gestion Bernard Lemaire will maintain its 30% interest in the Galt Project…drilling commences in the coming weeks with the Galt No. 6 horizontal well…JNX has jumped 11.5 cents to 52 cents after 30 minutes of trading…

The most popular recent BMR articles/videos…

Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember

How To Bring A Junior Resource Market To Life!

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began

CSR Builds Momentum At Castle Mine