Check back later this morning for today’s BMR Morning Market Musings.
1. Gold has traded between $1,204 and $1,216 so far today…as of 7:00 am Pacific, bullion is off $1 an ounce to $1,211 while Silver has retreated another 18 cents to $15.39 after last week’s 6% tumble…holdings at SPDR Gold Trust, the world’s largest Gold-backed exchange-traded fund, fell 0.63% to 835.35 tonnes on Friday from 840.67 tonnes Thursday…meanwhile, hedge funds and money managers in the week to July 3 reduced their net long positions in COMEX Gold and Silver for a 4th straight week, according to Friday’s U.S. Commodity Futures Trading Commission (CFTC) data…
2. A bright spot for bullion: India’s Gold demand surged during the 1st half of 2017 as imports came in at 521 tonnes, beating the totals from the entire previous year…reasons for the climb were more attractive Gold prices and preparations ahead of the new 3% goods and services tax that is now being rolled out…India imported 521 tonnes of Gold during the first 6 months of this year, which is higher than the 510 tonnes imported during all of 2016…Gold imported by India on an annual basis during the past 5 years averaged around 709 tonnes…if the demand for Gold in India holds up for the rest of 2017, the annual total imported could beat 900 tonnes or $40 billion which would mark the best results since 2012 according to Business Standard…
3. The Venture is off 1 point at 754 as of 7:00 am Pacific as volume remains light…Ryan Kalt’s Clean Commodities (CLE, TSX-V) is again a volume leader this morning with the stock up another 4.5 cents to 11 cents on news the company has expanded by 7-fold the tenure base of its newly-acquired Ogilvie Quarry Zeolite Project in Nova Scotia…meanwhile, Canadian Zeolite (CNZ, TSX-V) has just announced that it has signed a non-exclusive distribution agreement with Ross Enterprises Ltd. for distribution in Eastern Canada with a primary focus in Ontario and Quebec…with the 2017 shipping season now underway, CNZ says that securing additional distributors has been a primary objective for the company…the TSX is 34 points higher at 15,061 while the Dow has retreated 12 points through the first 30 minutes of trading…
4. Golden Predator (GPY, TSX-V) is up modestly in early trading after releasing more assay results (23 RC drill holes) from its 3 Aces Project in southeast Yukon, highlighted by 6.9 m grading 20.1 g/t Au from a depth of 19 m (hole 3A17-100), and 6.1 m of 22.3 g/t Au from a depth of 12.9 m (hole 3A17–127) in the Spades zone…this has expanded mineralization in a southeasterly direction (down dip) and along strike with mineralization remaining open…43 RC holes were drilled in the first round of the 2017 program, completed on May 15, from an area measuring over 450 m x 700 m in the Spades zone (results from 4 more holes from the first round are pending)…since June 1, an additional 13 RC holes for 718 m and 20 PQ diamond core holes for 1,906 m have been drilled in the Spades zone to complete the second round, results pending…the fully-funded 40,000-m drill program will continue throughout 2017…
5. Kirkland Gold Gold (KL, TSX) this morning reported record quarterly Gold production…consolidated Gold production in Q2 2017 totaled 160,156 ounces, a 24% increase from Q2 2016 and 23% higher than the previous quarter…production at the Fosterville mine in Australia was a record 77,069 ounces, more than double the 37,245 ounces production in Q2 2016…the record results at Fosterville in Q2 2017 mainly reflected a significant improvement in the mill grade, which averaged 17.2 g/t Au in Q2 2017 versus 7.5 g/t Au a year earlier, as well as record recoveries of 94.7% compared to 90.8% in Q2 2016…the Macassa mine in Ontario produced 45,699 ounces of Gold in Q2 2017 based on mill throughput of 105,084 tonnes at a mill grade of 13.9 g/t Au and recoveries of 97.0%…Q2 2017 production at Macassa increased 17% from the same period a year earlier, when production totaled 38,929 ounces based on 103,052 tonnes milled at an average grade of 12.2 g/t Au and recoveries of 97.3%…
6. CSE-listed Friday Night (TGIF, CSE) was halted pre-market with the company reporting that its 91%-owned asset, Alternative Medicine Association LC (AMA), continues to achieve record sales in Las Vegas…AMA earned $902,000 in gross revenues for the month of June, a $611,000 or 210% increase over the prior month’s sales…this was due to retail demand leading up to the July 1 roll-out of adult-use cannabis sales…the first 4 days of legal cannabis sales in the state brought in $3 million (U.S.) which generated $500,000 (U.S.) in tax revenue…the company says it expects this strong demand to continue and it’s planning accordingly…due to this expected increase in demand for dried cannabis and derivative products, the company is currently evaluating real estate options in Las Vegas, with the goal of finding a larger footprint for the AMA facility to take full advantage of the current landscape…
7. Aurora Cannabis (ACB, TSX), which started on the CSE last year, has received conditional approval from the Toronto Stock Exchange to graduate from the Venture and list its common shares on the TSX…upon receiving final approval, Aurora shares will continue to trade under the symbol “ACB“. “Aurora’s graduation to the TSX, for which we anticipate receiving final approval imminently, is another exciting milestone, reflecting our remarkable pace of growth and expansion, both across Canada and internationally,” said Terry Booth, CEO. “Since we began commercial operations 18 months ago, Aurora has established itself as a driving force, with one of the strongest brands in the cannabis industry, due to constant innovation and consistent execution. Tangible developments, such as the construction of Aurora Sky, our 100,000 kg per year cannabis production facility, the acquisitions in Quebec and Germany, as well as our strategic investments in Cann Group in Australia, and Radient Technologies in Alberta, reflect how Aurora continues to set new standards in the industry.”
The most popular recent BMR articles/videos…
The Most Important Venture Development Since The New Bull Market Began
Oh Jon, now really. Over a million for sale at .18 GGI.
Comment by dave — July 10, 2017 @ 9:42 am
Love it, Dave!…
Comment by Jon - BMR — July 10, 2017 @ 10:03 am
Thx Dave – that allows me to pull my 50K bis at 14.5 … unless there is a dam good reason for a 1 million ask..????
Comment by Jeremy — July 10, 2017 @ 10:07 am
No more than a continuation of the games we’ve seen the last several weeks, Jeremy…asks appear, disappear, or get eaten through as we just recently saw. The real action begins very soon.
By the way, look back on what the results were from the first hole at Eagle’s Nest in 2007…
Comment by Jon - BMR — July 10, 2017 @ 10:15 am
HERE IS THE NR FROM NORONT BACK IN 2007
NORONT’S NEW NICKEL/COPPER DISCOVERY
DOUBLE EAGLE PROJECT, JAMES BAY LOWLANDS, ONTARIO
TORONTO, ONTARIO September 10 , 2007 Noront Resources Ltd. (“Noront”)(TSX Venture: NOT) is pleased to announce partial assay results from the first hole of the diamond drilling program started on August 24, 2007 on recently optioned claims where Noront is earning a 100 % interest, subject to royalties, on the Company’s Double Eagle project located in James Bay Lowlands, northeastern Ontario. (See press release dated May 27, 2007 for details of this agreement.)
HIGHLIGHTS
• Hole NOT-07-01 partial assay results, 36 meters averaging 1.84% nickel, 1.53% copper, more results
to follow
• Hole NOT-07-05 encounters massive chalcopyrite (copper sulphide), pyrrhotite (iron +/- nickel
sulphide) and pentlandite (nickel sulphide) over 65.2 meters
As reported on August 28, 2007, the first hole of drill program NOT-07-01 intersected visible copper sulphide mineralization (chalcopyrite) in a peridotite geological setting. Management also alluded to nickelin a magmatic setting; the presence of significant nickel in this mineralizing system has been confirmed, along with significant copper. The initial hole was drilled at -45 degrees and intersected the main part of the mineralization between 56 meters to 82 meters. The tenor of mineralization slowly waned beyond 82 meters to 122 meters downhole. Assays have been received for the first 26 samples from this hole that were selected between 55 meters and 92 meters, with additional sample results to follow. The hole averages 1.53 % copper and 1.84 % nickel over 36 meters between 56 and 92 meters downhole, being only the upper portion of the observed mineralized section. As stated in the earlier release, the observed mineralization continued beyond this “RUSH” sample interval to 122 meters, assays are pending for the remainder of this hole.
Three additional holes have been completed on the Double Eagle project. Hole NOT-07-02 as previously announced (August 29, 2007) was drilled from the same drill collar location as hole NOT-07-01 with an initial dip of -65 degrees. This hole entered the mineralized zone at 91.3 meters core length, undercutting hole NOT-07-01. The hole intersected 72.9 meters of mineralization, the overall tenor of mineralization in the second hole is similar to that of the first hole, however a massive section of pyrrhotite and chalcopyrite
over 1.93 meters (104.67 to 106.6) has been observed in the second hole and was not seen in the first hole.
Hole NOT-07-03 was positioned 100 meters to the northeast of the first two holes. The hole failed to intersect the mineralized zone and was in granodiorite for the entire length. The hole was designed to test the northeastern extension of the anomaly to the southwest. It is now interpreted that this hole undercut the mineralized zone observed in the first two holes.
Hole NOT-07-04 was positioned 100 meters to the southwest of the first two holes, this hole also failed to intersect the mineralized zone and was in granodiorite for the entire length. The electromagnetic and magnetic anomaly location that this hole was based upon was interpreted as the southwestern extension of the anomalies associated with Holes NOT-07-01 and 02. It is now interpreted that this particular hole overcut the sulphide mineralization.
Hole NOT-04-05, observed to be the most significant hole to date, was positioned 50 meters to the northeast of Holes NOT-07-01 and 02 and was drilled vertically at the peak of a magnetic anomaly to ascertain the magnetic body’s more precise location. After 6 meters of overburden and one meter of limestone, peridotite with interstitial chalcopyrite, pyrrhotite and pentlandite was encountered to a core depth of 47.4 meters. Between 47.4 and 112.6 meters massive chalcopyrite, pyrrhotite and pentlandite was observed. Then from 112.6 to 123.3 meters peridotite with interstitial chalcopyrite and pyrrhotite was observed. Between 123.3 and 124.4 meters, another massive section of chalcopyrite, pyrrhotite and pentlandite was observed.
The hole then remained in peridotite until 127.4 meters core length, then entered granodiorite until the end of the hole at 143.4 meters. True width of the latter intersection is not yet known. Hole NOT-07-05 was drilled down dip, returning core length intersections not representing true width. The positioning of the first 5 drill holes completed to date, was based upon the ground magnetic and horizontal loop electromagnetic geophysical surveying completed during 2004 and early 2006, as required for assessment filing purposes by the previous owner of the subject property. In light of a recent site visit by Noront management, where the overall project was reviewed and the core underwent thorough examination, the observed geological features in the core combined with additional ground magnetic surveying completed on the existing lines, have resulted in a possible newinterpretation of the attitude of the sulphide occurrence, that is currently being tested. Geophysical survey will continue on existing and new grid lines to facilitate a more detailed interpretation of the sulphide target.
Comment by GREGH — July 10, 2017 @ 10:51 am
Well there’s one way of ending the game playing, yup you guessed it, any day now Steve.
Comment by Laddy — July 10, 2017 @ 12:17 pm
Regarding GGI, Jon you always talked about how easy it would be for them to raise money, like a slam dunk. Well the PP hasn’t closed it and we will be in the middle of July soon. Makes you wonder.
Comment by Danny — July 10, 2017 @ 2:05 pm
They have it, Danny, and they’re about to drill…and on schedule…so what’s the issue? There’s a lot of strategy going on behind closed doors, Danny, that you’re not seeing, and investors just aren’t privy too, so it’s wise to be careful with assumptions. What a valuable lesson in patience this will turn out to be. You’re in a much more fortunate position right now than you can even begin to imagine, IMHO. We all are, and I’m grateful for that.
Comment by Jon - BMR — July 10, 2017 @ 2:42 pm
Mr. Adam Travis reports
COLORADO COMMENCES DRILLING AT KSP AND PROVIDES EXPLORATION UPDATE
Colorado Resources Ltd. has commenced its phase I 7,500-metre drill program on the KSP property, which will focus on the Inel target, and provided an exploration update on the North ROK and Green Springs projects.
Adam Travis, Colorado President and CEO states, “Although we remain keenly focused on the drill program on the Inel Target at KSP and earning an 80% interest in the project, we have also been actively developing and expanding the technical data base on our other projects. Earning an 80% interest in KSP will significantly expand our options for advancing this great district in the most beneficial manner to our shareholders. North ROK continues to be one of BC’s best new porphyry discoveries in the last decade and our acquisition of the surrounding ROK-Coyote Property has significantly expanded the prospective trends between North ROK and the Red Chris Mine*. Our work at Green Springs continues to refine our drill targets as part of the follow up of the positive Phase I RC drill results reported this spring. It’s going to be another exciting exploration season and anticipated productive year for Colorado.”
KSP Property (Golden Triangle, B.C) – 2017 Phase I 7,500m Drill Program Commenced
Diamond drilling has commenced on the Inel target on the KSP Property which is anticipated to be completed by the end of August and satisfy the agreement requirements with SnipGold Corp. (a wholly owned subsidiary of Seabridge Gold Inc.) to earn an 80% interest in the KSP Property.
Detailed reviews of the geological, geochemical and geophysical data in the context of last year’s significant drill results have resulted in the selection of more than 20 drill sites at Inel of which multiple holes may be drilled from each site. Many of this year’s drillholes will be longer (up to 350 m) in order to test down dip of the relatively shallow mineralization encountered in the 2016 drill program (see News Release dated May 11, 2017).
North ROK (Golden Triangle, B.C ) – Targeted Sampling and Discovery of New Mineralization
Field crews were mobilized in June at the expanded North ROK Property to complete a targeted soil survey, prospecting and geological mapping. Colorado’s technical group is using the invaluable experience gained from the North ROK porphyry discovery to further guide and assess the potential of the adjacent and newly acquired ROK-Coyote property. The acquisition of the ROK-Coyote Property has increased the prospective area at North ROK from approximately 1,000 hectares to over 4,000 hectares and provides Colorado control over the majority of the prospective ground between Imperial Metals Red Chris Mine* and the North ROK porphyry discovery (see News Release dated March 13, 2017).
A total of 2,208 soil samples and 159 rock samples were collected during this program and geologic mapping not only increased the known size of the Mabon intrusion but also identified more than ten separate areas of copper mineralization associated with the eastern contact of the Mabon stock and other intrusive dyke rocks which were not previously recognized on the original ROK-Coyote Property.
Assay results from this sampling program are anticipated within the next month.
Green Springs (Nevada) – Expansion of Anomalies, Geophysical Survey, Future Drilling Proposed
A total of 1,067 soil samples were collected along with 6.3 line kilometres of IP Chargeability and Resistivity Geophysical Surveys and 15 km2 of geological mapping were completed at Green Springs during the month of May (see Figure 2). The revised and improved technical data will be used to facilitate the siting of future drilling (see News Release dated April 4, 2017).
The geophysical survey was conducted over the E Zone area to follow up on the results of RC Drillhole GSC17-01 (25 feet of 9.75 g/t Au**) to help determine possible geophysical signatures to the known mineralization located under cover. Interestingly, the known mineralization appears to correlate with a north-northwest trending >300 m long resistivity break and >500 m long silver in soil anomaly.
Geological mapping and further soil sampling was also focused in the A Zone and A Zone North areas.
Previous RC drill results in the A Zone include GSC17-05 with 130 feet of 1.07 g/t Au, GSC17-06 with 80 feet of 1.75 g/t Au and GSC17-08 with 125 feet of 1.37 g/t Au**. These drillholes targeted the underlying Pilot shale (as opposed to the Chainman shale which was mined by previous operators) with 12 BLEG (bulk leachable extractable gold) samples from the Pilot shale indicating variable gold recoveries in the Pilot shale in this area which will require further investigation.
A large area (200m x 800m) of Chainman shale is also noted in the A Zone area associated with jasperiod bodies and soil geochemical anomalies and has only been tested by two previous historical drillholes and will form the priority target in this area.
In the A Zone North area a large prospective zone (350m x 500m) of Pilot shale has been outlined by geological mapping and anomalous gold and silver in soil geochemistry and this target has never been drill tested.
This updated work will form the basis for the selection and subsequent permitting of future drilling.
Comment by Jon - BMR — July 10, 2017 @ 3:06 pm
Obviously GGI can’t release details of the VTEM until Geotech released all data. I’m sure GGI geo team is chomping at the bit to finalize and get that NR out so that the investing world can make their own judgement call on what they think Nickel mountain holds.
I just wish they get that drill up their as soon as possible. I’m sure they have enough information to drill and if they have to tweak a little after the fact then it should be no problem.
Comment by Dan1 — July 10, 2017 @ 7:11 pm