Check back during the day for a possible additional post and refer to our comments section for updates and helpful information.
1. Gold has traded in a tight range between $1,209 and $1,214 so far today…as of 7:00 am Pacific, bullion is off $3 an ounce at $1,211 while Silver is flat at $15.63…base metals are all slightly higher, led by Zinc with a gain of 1.2% to $1.28 a pound…holdings of physically backed Gold exchange-traded funds, at 54.61 million ounces, are down more than 1% since June 14 which accounts for some of the pressure on bullion…the U.S. Dollar Index is flat at 96.00 ahead of Fed Chair Janet Yellen’s semi-annual testimony before Congress tomorrow and Thursday…
2. UBS on the current Gold market: “Unsurprisingly, the pullback in Gold has coincided with the rise in U.S. real yields to the year’s highs as well as the sharp increase in real yields in Europe to the highest levels in more than a year…we maintain our view that Gold should recover from this latest pullback as the move higher in real rates is unlikely to be sustained and we see longer-term value around these levels.”
3. The Venture is off 2 points at 750 as of 7:00 am Pacific but volume remains light…Enforcer Gold (EGM, TSX-V) just reported that it has discovered high-grade mineralization in a new vein exposure at the Montalembert Gold Project in northern Quebec…in addition, the company says that preliminary IP results from surveying to the north of the Galena and No. 2 veins indicate that both structures continue for a considerable distance in this direction…Enforcer’s large-diameter core drilling program on the Galena and No. 2 began 1 week ago…the stock is up 1.5 cents at 22 cents as of 7:00 am Pacific…the TSX is off 37 points while the Dow is down 8 points through the first 30 minutes of trading…
4. Tower Resources (TWR, TSX-V) has intersected 247 m of 0.51% Cu and 0.34 g/t Au (0.75% CuEq) at its flagship Rabbit North Project near Kamloops, 14 km west of the New Afton mine and less than 30 east of Highland Valley…mineralization in RN17–015 begins at 208 m downhole and consists of chalcopyrite and lesser pyrite as fine-grained disseminations associated with intense, overprinting inner propylitic (chlorite, magnetite, epidote, carbonate) and sodic (albite) alteration of host Nicola Group volcaniclastic rocks…the drill hole was collared 180 m southeast of a 2016 drill hole that intersected 200 m of 0.30% Cu and 0.15 g/t Au which expands and upgrades the zone of known porphyry related mineralization at the Western Magnetite zone…drilling is ongoing at Rabbit North and Tower is awaiting remaining assays which are expected over the coming weeks…TWR is up a penny at 28 cents as of 7:00 am Pacific…
5. Klondike Gold (KG, TSX-V) has released encouraging initial assay results from the first 2 holes of 18 drilled so far at its Lone Star target in Yukon…LS17-81 returned 41.1 m grading 2.1 g/t Au…this drill hole was a new 50-m step-out to the west of LS16–58 drilled in 2016 which assayed 2.4 g/t Au over 37.0 m…meanwhile, LS17–82 assayed 2.4 g/t Au over 40.9 meters from 10 m downhole, a direct 25-m undercut of LS16–58…the Lone Star target strike length is now 750 mand remains open to east, west and down-dip…assays from a further 12 holes at Lone Star, and 4 from other targets, are pending from Phase 1 drilling…KG is unchanged at 33 cents in early trading…
6. Colorado Resources (CXO, TSX-V) has commenced diamond drilling at the Inel target at its KSP Project in the Eskay Heart of Gold Camp…a total of 7,500 m are expected to be completed by the end of next month which will satisfy the agreement requirements with Seabridge Gold (SEA, TSX) to earn an 80% interest in the propert…detailed reviews of the geological, geochemical and geophysical data in the context of last year’s important drill results have resulted in the selection of more than 20 drill sites at Inel (multiple holes could be drilled from each site)…many of this year’s drill holes will be longer (up to 350 m) in order to test downdip of the relatively shallow mineralization encountered in the 2016 drill program…meanwhile, at the company’s recently expanded North ROK Project near Red Chris, more than 10 new separate areas of Copper mineralization associated with the eastern contact of the Mabon stock and other intrusive dike rocks have been identified on the original ROK-Coyote Property through a a total of 2,208 soil samples and 159 rock samples…
7. Cartier Resources (ECR, TSX-V) has launched a 25,000-m drill program on the Chimo mine property near Val d’Or…the program is designed to increase the size of the known Gold zones and to highlight the potential for discovery of new Gold zones…the first phase of 20,000 m will explore the lateral and depth extensions (250 m to 650 m) of 24 Gold zones while a second phase of 5,000 m will explore the deep extension of the main Gold zone, 5M, of the old Chimo mine (1,050 m to 1,550 m)…historically, the Chimo mine produced 379,012 ounces of Gold of which two-thirds originated from the 5M zone…in total, 44 drill holes will potentially cut up to 177 times the extension of the known gold zones and up to 281 times the structures that host the Gold zones…Agnico Eagle (AEM, TSX) owns 19.9% of Cartier…
The most popular recent BMR articles/videos…
The Most Important Venture Development Since The New Bull Market Began
CSR
How many times now have we seen the volume and price go up on a Thursday /Friday and then no follow thru on the following Monday , at least 4-5 times this has happened someone or several are definately playing with this stock … Why and when will it stop?
Comment by GREGH — July 11, 2017 @ 8:45 am
QNC
Keep an eye on V.QNC……Canaccord is buying 50k blocks….someone knows something. When they announce sales, watch out this could move up fast.
Comment by John - BMR — July 11, 2017 @ 10:34 am
CSR news just out…
CSR DRILLING TARGETS COBALT-RICH SYSTEM AT CASTLE MINE
An aggressive 2017 diamond drilling program has commenced at Castle Silver Resources Inc.’s Castle property near Gowganda, Ont., mined historically only for its very high-grade silver. Investors can look forward to regular updates throughout the summer.
Highlights:
Phase 1 drilling this month will consist of 1,500 metres and is being carried out from surface within 200 metres of the portal.
Initial phase 1 drilling will focus on potential extensions to significant vein structures identified on the first level of the mine, including one structure that returned average chip sample grades of 1.06 per cent cobalt, 5.3 per cent nickel and 17.5 grams per tonne silver (see the June 12, 2017, news release).
A cavity monitoring survey (CMS) of the first-level workings totalling approximately 1,700 metres has provided valuable new information in 3-D to aid in drilling from surface immediately around the Castle mine.
Frank J. Basa, Castle Silver Resources president and chief executive officer, stated: “We’re executing at Castle on multiple fronts in order to fully leverage the exploration and development opportunities for this exciting asset with cobalt prices at nine-year highs.
“The start of multiphase drilling, 100-per-cent ownership of two important past-producing mines, combined with the unique opportunities we have in the battery sector through our proprietary Re-20X process, positions CSR as a leader in the prolific Northern Ontario cobalt-silver camp,” Mr. Basa concluded.
The drill program at Castle is under the supervision of GoldMinds Geoservices’ geological team led by Claude Duplessis, PEng, in collaboration with Doug Robinson, PEng, geologist for Castle Silver Resources. The drilling contract was awarded to Laframbroise Drilling based in Earlton, Ont.
Qualified person
Mr. Duplessis of Goldminds Geoservices Inc., a geological, environmental and mining consultant, is an independent qualified person in accordance with National Instrument 43-101, and has reviewed and approved the contents of this news release.
About Castle Silver Resources Inc.
Castle Silver Resources (formerly Takara Resources Inc.) is a TSX Venture Exchange-listed junior natural resource company focusing on the exploration and development of past-producing silver and cobalt mines in Northern Ontario, including the Castle silver-cobalt project near Gowganda and the Beaver and Violet mines near Cobalt. Additional information on the company’s properties and the strategies related to the battery sector is available by visiting the company’s website.
Comment by Jon - BMR — July 11, 2017 @ 5:18 pm
Jon
curious in your talks with Frank Basa any talk of name change to identify more with Cobalt instead of silver?
the CSR corporate presentation on their website is also very informative if you haven’t read it I suggest you check it out…
one single investor holds approx. 4 million shares wonder who that could be?
http://www.castlesilverresources.com/wp-content/uploads/2013/08/CSR-Corporate-Presentation-June-16-2017-1.pdf
Comment by GREGH — July 11, 2017 @ 9:47 pm
Gregh, you raise an interesting point and it’s one I did mention to Frank a while back. I honestly don’t know what his thoughts are on that at this moment, though you’ll notice Castle has been using “CSR” a lot in its communications (the stock symbol plus “C” for Cobalt, “S” for Silver?). On the one hand, a strictly all-Cobalt name to me ignores the importance of Silver to the district and the economics of these Cobalt deposits. Perhaps something unique that incorporates both is the answer. Maybe some of our readers have some suggestions?
Comment by Jon - BMR — July 12, 2017 @ 2:04 am