Check back during the day for a possible additional post and helpful information and updates in the BMR comments section. Morning Musings returns tomorrow.
1. Gold is pushing slightly higher for the 2nd straight day, trading in a tight range between $1,249 and $1,255…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,251 while Silver has added 11 cents to $16.54…Zinc is above $1.20 a pound for the first time in more than 2 months while Cobalt has hit a fresh 9-year high at $26.54…holdings in SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, rose 0.04% yesterday to 853.98 tonnes…
2. Supply concerns are keeping Copper afloat near $2.60…world Copper mine production declined by around 3.5% in the 1st quarter, due in part to miners’ strikes in Chile, the world’s largest producer of the metal, according to the International Copper Study Group in a report earlier this week…more recent strikes include a work stoppage at Freeport-McMoRan’s Indonesian Grasberg mine which workers have voted to extend into July…meanwhile, stockpiles of Copper held at London Metal Exchange registered warehouses have fallen to their lowest levels since early May…
3. A proposed major consolidation of assets of 3 juniors with a combined market cap of $100 million has drawn fresh attention to the northern Ontario Cobalt-Silver Camp…Trent Mell’s First Cobalt (FCC, TSX-V) has taken the initiative, proposing to acquire CobalTech Mining (CSK, TSX-V) as well as Australian-listed Cobalt One (CO1, ASX) through a friendly “merger”…the combined entity would hold a large land position in the Camp, multiple past producing mines, a mill and a Cobalt refinery…FCC is up 4 pennies at 67 cents in early trading after a 7-cent jump late yesterday when trading resumed following a halt…Cobalt One remains halted on the ASX (until Monday) pending news of an equity raising transaction…meanwhile, ironically, the first company in the northern Ontario Cobalt region to release initial 2017 exploration results, the first company to have underground access, the first company to unveil a Cobalt/multiple metal recovery process, and the first company likely to get product to market is Castle Silver Resources (CSR, TSX-V) which is currently trading at one-third the market value of FCC and one-fifth the market value of Cobalt One…
4. How’s this for a price correction and “flash crash”: Ethereum plummeted as low as 10 cents from around $319 in about a second on the GDAX cryptocurrency exchange yesterday, which is being blamed on a “multi-million dollar market sell” order…Ethereum is an alternative digital currency to Bitcoin and had been trading as high as $352 yesterday until a huge market sell order around 12:30 pm Pacific resulted in a number of orders being filled from $317.81 to $224.48…as the price continued to fall, another 800 stop loss orders and margin funding liquidations caused Ethereum to briefly trade as low as 10 cents…Adam White, the Vice President of GDAX commented, “Our initial investigations show no indication of wrongdoing or account takeovers. We understand this event can be frustrating for our customers. Our matching engine operated as intended throughout this event and trading with advanced features like margin always carries inherent risk.”
5. The Venture is up 1 point at 773 as of 7:00 am Pacific as it hovers slightly above its rising 300-day moving average (SMA)…the TSX has added 50 points while the Dow is relatively unchanged through the first 30 minutes of trading…the TSX Gold Index is bouncing off strong support, up 1 point at 202 as it strives for its 3rd straight winning session after declining for 9 straight sessions from 219 to a low of 196…
6. Klondex Mines (KDX, TSX), continuing to recover from a 50% share price drop this year, climbed briefly above $5 for the first time since April yesterday when the company provided an initial mineral resource estimate for its Hollister mine in Nevada, incorporating results from drilling done prior to the company’s acquisition plus data generated from additional drilling performed by Klondex…Measured and Indicated resources are 217,000 Gold-equivalent ounces (428,600 tons grading 0.507 ounce per ton AuEq) while Inferred resources are 78,000 AuEq ounces (176,000 tons grading 0.445 ounce per ton AuEq)…approximately 74% of the total mineral resource estimate is in the M&I category and sits within both the newly discovered Gloria system that remains completely open to the west and in the Hollister main zone…results do not include any mineral resources from the Hatter Graben zone which Klondex started drilling this week…KDX is off 10 cents at $4.83 as of 7:00 am Pacific…
7. Atico Mining (ATY, TSX-V) reported this morning that it has discovered a surface exposure of a Copper-rich massive sulphide, cropping out about 130 m north of the El Roble mine mineralization in Colombia…channel samples graded 7.2% Cu, 9.5% Cu and 12.5% Cu…the area will be drill-tested later as part of an ongoing regional drill program…El Roble is a high-grade underground Copper and Gold mine with nominal processing plant capacity of 800 tonnes per day…ATY posted net income of $1.29 million (U.S.) for the 1st quarter and expects lower mining and milling costs per tonne through the balance of the year while maintaining production at steady levels in line with its annual guidance…ATY is up a nickel at 65 cents as of 7:00 am Pacific after beginning 2017 near the $1 level…
The most popular recent BMR articles/videos…
Hi Jon, Regarding CSR and GGM is it possible that Mr. Basa simply cannot find the best way to Market these stories to drive attention to them?
Comment by Karim — June 22, 2017 @ 8:49 am
Hi Jon, I also wanted to ask. I noticed on Google Finance that there seems to be a reduction in GGM outstanding shares from 401M yesterday to 388M. The only thing I could think of would have been a options or warrant expiry but I did not think that would be included in the non diluted float. Is there any clarification you could provide. Love the site. Thanks.
Comment by Karim — June 22, 2017 @ 9:00 am
GGI – easy to manipulate a stock when a company takes this long to close a financing.
Comment by Dan1 — June 22, 2017 @ 10:29 am
Sure would be nice to get a NR from Regoci before the weekend.
Comment by pole — June 22, 2017 @ 10:53 am
CSR… Jon you mention above the market cap of CSR compared to the others and what CSR has accomplished so far.. why is it that the market cap is where it is considering their accomplishments and also the PR work that Frank has done, why is this not moving…
thanks
Comment by gregh — June 22, 2017 @ 12:53 pm
GGM… they go dark and leave everyone else in the dark too. any insight on your end?
Comment by Marc — June 22, 2017 @ 12:54 pm
Almost July and GGI sits at .125 … very doubtful that we are going to see any run up prior to or during drilling. Let’s hope they hit some good intercepts of nickel… the only thing that is going to move the stock. I’m doubtful that any further info on the VTEM is going to create any excitement.
Comment by Weatheritout80 — June 22, 2017 @ 2:58 pm
Funny well maybe not
As I was reading the above posts today it hit me that we are all just a bunch of dreamers, wishing and hoping and begging for something on our precious little stocks that we hope someday make us some money… When in reality it probably will never happen.. I am the worst of all as I said I would sell all of my GGI when I could get out with out a loss ,well that ship has sailed once again and I got sucked in once again with the E&L… When these stocks should move they do the opposite and it’s called a buying opportunity, and what do I do I keep hoping for that selling opportunity that never seems to happen, oh well….very depressing …..:)
Comment by Greg — June 22, 2017 @ 4:28 pm
To csr credit, focussing on bulk sample , drilling, and re ox pro cess and a future offake agreement should elevate them above the horse trading of claims that is occurring but i am a little envious of fcc’s audacity.
Comment by donald — June 22, 2017 @ 6:14 pm
Looks like CPO traded another 500k shares plus today. That big order at 9 cents seems to have almost disappeared finally! Any update on this one Jon? Also, are you guys following the old ones like DBV? ABN?
Comment by MERIDEX — June 22, 2017 @ 9:23 pm
I put the blame on Regoci for the languishing share price. This is his last chance – E&L
Comment by Dan1 — June 23, 2017 @ 5:41 am
Any update on DBV? Are u still holding Jon? Have you spoken to farshad? I have emailed him multiple times with no response. Very frustrating
Comment by Sameer — June 23, 2017 @ 5:52 am
Mr. Anthony Milewski reports
COBALT 27 CAPITAL CORP. ANNOUNCES COMPLETION OF $200 MILLION PUBLIC OFFERING, SHARE CONSOLIDATION, CHANGE OF BUSINESS AND RESUMPTION OF TRADING
Cobalt 27 Capital Corp. has closed its previously announced underwritten public offering of 22,222,225 postconsolidated common shares at a price of $9 per share. The $200-million offering consisted of 10.9 million shares being issued for gross cash proceeds of $98.3-million and 11.3 million shares being issued to acquire 1,205.6 tonnes of physical cobalt for a total cost of $101.7-million. At closing of the offering, the company used $59.2-million (U.S.) or approximately $78.4-million of the net cash proceeds to concurrently purchase an additional 953.0 tonnes of physical cobalt for an aggregate of 2,158.6 tonnes of physical cobalt.
The offering was completed through a syndicate of underwriters led by Scotiabank, Canaccord Genuity Corp., and TD Securities Inc., and includes BMO Nesbitt Burns Inc., GMP Securities LP, Haywood Securities Inc., Cormark Securities Inc., Eight Capital, PI Financial Corp., Sprott Private Wealth Inc. and Numis Securities Inc. In addition, the company has granted the underwriters an option, exercisable in whole or in part at any time until 30 days following the closing of the offering, to purchase from the company at the offering price up to an additional 15 per cent of the number of shares sold under the offering.
In conjunction with closing of the offering, the company advises:
Consolidation — As a condition of undertaking the offering, the company’s common shares were consolidated on the basis of one new share for every 20 shares previously outstanding immediately prior to closing. There is no change of name or trading symbol for the company. The company’s new Cusip number is 19075M309. Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated shares will be mailed shortly to registered shareholders.
Change of business — The company has received TSX Venture Exchange approval to its change of business to be a pure-play cobalt company.
Tier change — The company is now a Tier 1 issuer on the TSX Venture Exchange.
Resumption of trading — Trading of the company’s shares will resume trading at the open on Friday, June 23, 2017, under the symbol KBLT.
Following the closing of the offering and the share consolidation, Cobalt 27 has a total of 23,881,394 shares outstanding.
About Cobalt 27 Capital Corp.
Cobalt 27 Capital is an investment company that offers pure-play exposure to cobalt, an integral element in key technologies of the electric vehicle and battery energy storage markets. The company intends to acquire and hold physical cobalt, as well as manage and grow a cobalt-focused portfolio of streams, royalties and direct interests in mineral properties containing cobalt.
We seek Safe Harbor.
Comment by Jon - BMR — June 23, 2017 @ 6:04 am
Update from GGI on website just out…exploration program at E&L starts the week of June 26, drilling starts soon. Should see news release on this shortly? VTEM identifies large area to expand mineralized zones, Anomaly A looks amazing.
http://www.garibaldiresources.com/i/pdf/GGI-Nickel-Mountain-Fact-Sheet-June-23.pdf
Comment by Maxwell — June 23, 2017 @ 6:42 am
Ggi- looking forward to some type of excitement. Will any be generated? Hope promo will be real and effective across multiple and large groups of investors
Comment by Johnz — June 23, 2017 @ 7:00 am
Greg, it’s called greed and we are all guilty of this to varying degrees, that’s why discipline is so important and not believing the hype too much. Buying right is so important. I still have shares of GGI but my holdings have been reduced. It just doesn’t appear there will be any sort of speculative premium built into the price as some have suggested on this board or we would have seen it by now. Everyone knows they are going to drill, just announcing will do little for the price in my opinion. Not trying to be negative but that’s just the way I see it. Looks like good results are the only thing that will move the price and that is hardly a sure thing.
Comment by Danny — June 23, 2017 @ 7:06 am
Interesting, if you look at the image of the first drill target area, you could probably fit 20 E&L deposits into that space…and VTEM confirms the prospectivity of it…unbelievable that wasn’t previously drilled…the Japanese made some horrendous mistakes when they drove the adit into the side of the mountain from 1200 feet or so below and then drilled to try to intercept the ore zones from depth…they were actually drilling horizontal, out toward the west…talking with Lightfoot about this would shed some light…
Comment by Jon - BMR — June 23, 2017 @ 7:10 am
Ok Jon, but where is the NR of the PP closing and plans for drilling? Updating a fact sheet just doesn’t cut it these days. Regoci sure has a poor way of promoting.
Comment by Dan1 — June 23, 2017 @ 7:23 am
FCC & CSK HALTED AGAIN THIS MORNING!
Comment by STEVEN1 — June 23, 2017 @ 7:27 am
Jon, are you still going to release the research tidbits you have about the E&L later today? Would like to hear that.
Comment by pole — June 23, 2017 @ 7:29 am
In our Sunday report, pole.
Comment by Jon - BMR — June 23, 2017 @ 7:35 am
Dan1, I suspect it may have something to do with “unusual” trading in the stock over the past 10 days and who’s believed to be behind that. Be patient. Very positive obviously on the ground.
Comment by Jon - BMR — June 23, 2017 @ 7:37 am
Whatever is up Jon, 12.5 is bargain, added yesterday and today, one has to think why someone would sink approx 1.2 mill into a guess? To lose money, I think not! Patience.
Comment by Laddy — June 23, 2017 @ 7:45 am
UMB-V.. huge trading volume this morning! 5 million in the first hour of trading!
Comment by GregJ. — June 23, 2017 @ 7:51 am
Thanks Jon. Looking forward to it.
Comment by pole — June 23, 2017 @ 8:03 am
I agree, Laddy…Lightfoot is fascinating – one of the world’s foremost Nickel experts – and him speaking out for the first time is going to bring a lot of clarity to things…
Comment by Jon - BMR — June 23, 2017 @ 8:08 am
Guessing we won’t hear from lightfoot until all VTEM data is analyzed? They have had the data for a while now but the presentation seems to suggest not all data has been received from Geotech. Regarding the unusual trading the past two weeks, could it be a disgruntled shareholder who wanted in on the PP?
Comment by Dan1 — June 23, 2017 @ 8:30 am
Jon, am I missing something in regards to Lightfoot talking about the E&L for the first time.
Comment by pole — June 23, 2017 @ 8:41 am
He’s one of the world’s top Nickel experts, pole – he’s written the only textbook on the Sudbury Camp, was chief geologist with Inco and Vale for 20 years – and his only public comment to date on the E&L was March 10 in a GGI NR when he stated: “The opportunity at E&L comprises mineralization with unusually high nickel tenor of the sulphide and value-added copper in a mafic intrusion that has seen minimal previous exploration. The combination of structural geology, petrology and geochemistry offer a pathway to focus the nickel-copper exploration effort. It’s a pleasure to join the team at Garibaldi, and I look forward to helping advance this exciting project.” He knows a lot more now than he did March 10.
Comment by Jon - BMR — June 23, 2017 @ 9:02 am
Thanks Jon. I knew about Lightfoot’s March 10th comments. I thought I had missed something recently.
Comment by pole — June 23, 2017 @ 9:13 am
GGI – anomaly A – is 6 km North from E+L discovery. The Drill pad is sited. Other than VTEM, any other data to suggest that this is ‘the’ spot? or its drill to kill?
If you triangulate Redgold, Brass Hill + E+L, Anon A, is approx. the center of these 3. Am I correct in thinking Anon A is moving away from the Q and closer to the most northern edge of the purple model in the Q diagram posted on the site?
Comment by david — June 23, 2017 @ 9:30 am
Have a feeling that Jon and company can’t comment too much on GGM. Hummmmm…….
Comment by Frank — June 23, 2017 @ 9:36 am
There simply isn’t much to say there at the moment, Frank, as you have a situation where GGM has put out a very intriguing resource, there are probably discussions going on related to that behind the scenes, the market is waiting for an update on DRA, and no exploration is occurring right now…stock continues to look very good on the charts with strong new support at 7 cents following the breakout above that level…if we see a big move in Gold during Q3, GGM will clearly benefit…very undervalued given the resources in the ground…
Comment by Jon - BMR — June 23, 2017 @ 10:01 am
What’s different, David, is that the interpretation of the extent of the system(s) has expanded from the Q anomaly well to the north-northeast…ground truthing beginning shortly will confirm a lot in terms of those areas to the northeast…first order of priority on the drilling front is to cut right thru the known mineralized zones past 150 m into what could be even richer mineralization given conductivity levels…what was hit historically near-surface, which was quite impressive, may simply be a halo of something much larger and even richer in grade…you can fit a lot of E&L deposits into that target area which mysteriously went completely undrilled…
Comment by Jon - BMR — June 23, 2017 @ 10:17 am
Ggi – I’m a buyer again today. Too difficult to pass up.
Comment by Charles — June 23, 2017 @ 11:45 am
GGI is about to drop a MOADH on the Eskay Camp—The Mother of All Drill Holes into the guts of the district’s only nickel-copper massive sulphide system, so the boys who have been playing with this stock are about to get burned big-time…
Comment by Jon - BMR — June 23, 2017 @ 11:49 am
Couldn’t have said it better myself Jon, still a bargain!! The big kaboom is coming.
Comment by Laddy — June 23, 2017 @ 12:19 pm
It’ll be wake-up time for a lot of people, Laddy…
CSR trading strong into the close, best volume in 2 months and half of the big block at .265 taken out…looks like more news coming. Does Trent Mell want CSR, too? – he might when he sees what comes out of the Castle mine…
Comment by Jon - BMR — June 23, 2017 @ 12:39 pm
North Bay news today…from Nugget.ca
Forget Ring of Fire: As much attention as the Ring of Fire has garnered, the expected resurgence of the Cobalt Camp is a bigger story.
http://www.nugget.ca/2017/06/23/cobalt-mining-camp-is-ready-to-roll
Comment by Jon - BMR — June 23, 2017 @ 6:06 pm