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

1. Gold has traded between $1,228 and $1,238 so far today…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,235…Gold is getting help from sharply higher Oil prices this morning in addition to a weaker U.S. dollar…media-hyped U.S. political turmoil, a successful missile test by North Korea, a worldwide cyber attack and some weaker-than-expected U.S. economic data have all combined to boost Gold’s safe haven status to begin the new week…Silver is bouncing back sharply after last week’s extreme readings, up 26 cents at $16.72…

2. Crude Oil prices have climbed back above $48 a barrel after Russia got on board with Saudi Arabia to push for a longer extension than expected to the current deal among OPEC members and certain non-OPEC producers…speaking in Beijing today, Saudi Arabia’s energy minister, Khalid al-Falih, and Russia’s Alexander Novak said they want the current agreement to continue holding back around 1.8 million barrels of Oil from the market each day until the 1st quarter of 2018 through a 9-month extension… 

3. Another major swoops in to acquire a junior…Integra Gold (ICG, TSX-V) is up sharply this morning on the announcement that Eldorado Gold (ELD, TSX) is acquiring Integra for $1.21 per share through a combination of shares and cash…the deal values ICG at around $600 million…upon completion of the transaction and based on the maximum number of shares issuable under the arrangement, current Eldorado and Integra shareholders would hold approximately 90% and 10% of the combined company, respectively…Integra’s principal asset is the Lamaque Project near Val-d’Or which hosts an NI-43–101 Indicated resource of 5.1 million tonnes at a grade of 9.13 g/t Au and an Inferred resource of 3.5 million tonnes at a grade of 7.94 g/t Au, at a cut-off of 5 g/t Au…a Preliminary Economic Assessment was completed in February 2017 that envisions a high-grade underground operation producing 123,000 ounces of Gold per year at all-in sustaining costs of $634 U.S. per ounce over 10 years…Integra is currently in the process of advancing underground ramp development to facilitate underground exploration and completion of a bulk sample…George Burns, President and CEO of Eldorado Gold, stated, “The Company has been following Integra’s progress at Lamaque over the last 18 months and commend their team for the accomplishments to date. From previous experience of building and operating Gold mines in Canada, I am excited about Eldorado’s entry into the Eastern Abitibi region of Canada. With our current balance sheet strength post the sale of our Chinese assets, this acquisition represents a use of the proceeds complementing our existing portfolio of high quality, low cost assets.”

4.  If Integra was undervalued at a market cap of $400 million, what does that make Granada Gold (GGM, TSX-V) just down the Golden Highway near Rouyn-Noranda, Quebec?…GGM is expected to release an updated resource estimate very soon for its Granada deposit which has multi-million potential in addition to indications of a significant high-grade discovery at depth immediately north of the LONG Bars Zone open-pit resource around 1 g/t Au…GGM is trading at 6.5 cents for a market cap of $25 million…

5. Salazar Resources (SRL, TSX-V) has intersected 16 m (15.6 m true width) of massive and semi-massive chalcopyrite-sphalerite-pyrite grading 3.7 g/t Au, 117.4 g/t Ag, 4.9% Cu and 5.4% Zn in the northeast section of its El Domo resource in Ecuador (drill hole CURI-224), mineralization that is thicker and of higher grade than any previous results from this area…the intercept in CURI-224 is Gold-rich with the top of the mineralization grading 7.7 g/t Au over 6.3 m from 225.4 m to 231.7 m…this hole represents new exploratory drilling in an attempt to expand and upgrade the latest El Domo resource estimate released January 16, 2005…drilling continues at Salazar’s 100%-owned Curipamba VMS Project with just over half of the 10,000-m program completed to date…Fredy Salazar, President and CEO, commented:  “This new intersection indicates significant potential for finding thicker mineralization in the northeast area of El Domo resource which will increase the size and quality of the resource“…SRL is up a penny at 15.5 cents as of 7:00 am Pacific and has the potential to accelerate to the upside based on the impressive intersection in hole #224…

6. The Venture snapped a 3-week losing skid last week and has started the 2nd half of May with a bang, up 12 points at 806 through the first 30 minutes of trading this morning…our latest Venture charts provide ample evidence that the nearly 8% mini-correction in the Index that started immediately after Easter was yet another “head fake” in the ongoing bull market and ended last Tuesday at 772…the TSX is up strongly in early trading as are U.S. markets…

7.  White Gold (WGO, TSX-V) is up 3 cents at $2.08 as of 7:00 am Pacific after announcing this morning that it has commenced its 2017 exploration program on its portfolio of projects in the Yukon’s White Gold district…the focus of the company’s program is to drill test new and previously defined high priority Gold-in-soil trends and to further define and advance its other targets to drill ready status…200 RAB drill holes consisting of 20,000 m will test a minimum of 6 target areas on the Loonie, Dime, IND, Nolan and Black Hills properties…exploration activities including soil sampling, geologic mapping/prospecting, drone surveys, DC IP-Resistivity surveys, GT Probe sampling and/or RAB drilling to be conducted on 24 of the company’s 25 properties…very busy summer coming up for WGO…

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