Check back later this morning for today’s BMR Morning Market Musings.
1. Gold has traded between $1,217 and $1,229 so far today following light trading yesterday on the 4th of July…as of 7:00 am Pacific, bullion is down $3 an ounce at $1,220 while Silver has retreated 18 cents to $15.93…Gold’s nearest support ranges from $1,215, the May low, to $1,200…geopolitical tensions are ramping up which should help maintain bullion’s floor at $1,200…North Korean leader Kim Jong Un went ballistic yesterday, delighting in the global furor created by his nation’s first launch of an ICBM as Americans celebrated the 4th of July…the dictator vowed today that North Korea will never abandon nuclear weapons and will keep sending Washington more “gift packages” of missile and atomic tests…on the domestic front, Fed minutes will be released at 11:00 am Pacific and should reveal some details about the Fed’s plan to begin the unwind of its $4.5 trillion balance sheet…
2. Oil prices are backing off today after posting their longest winning streak – 9 straight sessions – in more than 5 years…WTI is down 93 cents a barrel at $46.14 as of 7:00 am Pacific…the market was looking for an excuse to digest strong recent gains and found one after data compiled by Thomson Reuters Oil Research showed that Oil exports by OPEC climbed for a 2nd straight month in June…OPEC exported 25.92 million barrels per day (bpd) in June, up 450,000 bpd from May and 1.9 million bpd more than a year earlier…the rise in exports comes despite OPEC’s vow to rein in production until March 2018 and follows hot on the heels of Reuters’ monthly OPEC production survey which found output jumped to a 2017 high last month as members Nigeria and Libya (not part of the production cut deal) continued to pump more…however, with OPEC’s jaw-boning to prop prices back up, a possible slowdown in global supply growth and seasonally firming demand, Q3 should see a stabilization in prices with the possibility of an upside surprise…
3. The Venture is flat at 764 as of 7:00 am Pacific as volume remains light…Cornerstone Capital (CGP, TSX-V), just a few pennies shy of a new multi-year high, announced this morning that it has mobilized a 5th drill rig to its Cascabel Copper-Gold porphyry JV exploration project in northern Ecuador…2 more rigs will be active by the end of next month…Hole 23R-D1 (Rig 1 Alpala Central) is at a current depth of 988 m, following deviation from the parent hole (Hole 23R) at 710 m depth…hole 23R-D1 is a “daughter” hole testing for extensions to the high grade early quartz diorite intrusion intersected in Hole 23R, which recently returned 1,030 m @ 1.16 % CuEq (0.59% Cu, 0.90 g/t Au, true width of 824 m)…Granada Gold (GGM, TSX-V) has released a Technical Report on its updated Granada Gold Property resource estimate that outlines 5 million ounces of Gold in a revised Block Model and states the case for strong potential for the discovery of new high-grade resources at depth immediately north of the LONG Bars Zone pit-constrained Measured and Indicated near-surface resource…one of the best undeveloped opportunities on the Cadillac Trend, trading at support at 6.5 cents…the TSX is off 58 points through the first 30 minutes of trading while the Dow has retreated 47 points…
4. The Venture’s early trading leader is Zecotek Photonics (ZMS, TSX-V), up 3.5 cents at 29 cents, which announced this morning that it has signed a joint development agreement with one of Germany’s leading automobile manufacturers, to develop a brand-specific, 3-D head-up display (HUD) and entertainment console. “We have signed a contract to develop the world’s first 3-D HUD system with a highly respected automobile manufacturer with a clear path to commercialization and widespread adoption,” said Dr. A.F. Zerrouk, Chairman, President and CEO of Zecotek. “The co-operation agreement with a major German automobile manufacturer is a major milestone for our company and our 3-D display program. Our patented 3-D display technology has significant competitive advantages over systems in operation today.”
5. Barkerville Gold Mines (BGM, TSX-V) released additional high-grade drill results this morning from its continuing 130,000 m Phase 2 Island Mountain program at the company’s flagship Cariboo Gold project..the Company is currently exploring and delineating the Valley and Shaft Zones with 7 drill rigs, while an 8th drill rig is conducting exploratory drilling at Barkerville Mountain…the Valley Zone continues to corroborate veining corridors as demonstrated by drill hole CM-17–057 which intersected a broad network of veining averaging an impressive 17.3 g/t Au over 7.5 m at vertical depth of 170 m below surface…at the same elevation 130 m along vein strike to the southwest, drillhole CM-17–048 delineated additional veining grading 12.3 g/t Au over 4.5 m…in a previously unexplored portion of the Valley Zone, another new veining occurrence averaging 11.3 g/t Au over 3 m was discovered by drill hole CM-17–053 at a vertical depth of 140 m…because of the wide hole spacings and scarcity of historical drilling in these areas, all occurrences are open for expansion…BGM is off 2 pennies at 88 cents as of 7:00 am Pacific…
6. Enforcer Gold (VEIN, TSX-V) has commenced diamond drilling at the Montalembert Gold Project in northern Quebec…the company has budgeted for 5,000 m to 8,000 m of during this 2nd half of 2017. “We are very excited to get drilling on the Galena and No. 2 veins and test the continuity and grade of the mineralized structures at depth,” stated President and CEO Stephen Roebuck. “This will be the first ever large-diameter core drilling on the veins, which from our experience will be key to assessing their potential. The Galena and No. 2 veins are currently the most advanced drill targets on the property, but there are several other high-priority targets that we will be advancing to drill-ready stage in the coming months.”
7. Goldstrike Resources (GSR, TSX-V) has commenced the largest drill campaign to date on its flagship Plateau Property in the Yukon, backed by Newmont which has an option to earn up to a 75% interest in the project which hosts a newly-discovered Gold system that extends for 50 km in the Yukon…prior to the start of drilling, a 10,000 line km airborne magnetic survey and a district-scale geochemical program were completed at Plateau utilizing Newmont’s exploration team and equipment in addition to its proprietary techniques and technologies…
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yeah,the games are still going on with ggi….
Comment by Laddy — July 5, 2017 @ 11:21 am