Check the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,281 and $1,291 so far today…as of 7:00 am Pacific, bullion is down $9 an ounce at $1,282…Silver has retreated 8 cents to $16.92…base metals are mostly slightly higher today, led by Lead and Nickel…Crude Oil has added 39 cents to $47.76…U.S. Crude stocks have been falling consistently in recent weeks…a fresh roll-out of data on inventories starts later today with a report from the American Petroleum Institute…the U.S. Dollar Index has rallied one-third of a point to 93.45…
2. Standard Chartered still looks for Gold to average $1,300 an ounce in the final 3 months of 2017. “Rising geopolitical and political tensions have been a key driver of upward price risk for Gold this year, and we believe $1,300/oz remains a likely possibility in coming weeks and continue to expect prices to average $1,300/oz in Q4 2017 as the market prices in a less hawkish Fed for 2018–19. Amid a weak physical market, Gold continues to take its cue from a weaker U.S. dollar and real yields but before the next Fed meeting on 20 September, the market will turn its focus to the annual Jackson Hole symposium on 24–26 August. Despite the July Fed minutes raising concerns over downside risks to inflation, our economists believe definitive messages about the next policy move are unlikely.”
3. Palladium hit a 16-year high this morning, touching $940 an ounce before pulling back slightly…the precious metal is getting a strong push from speculative funds…Palladium is used in gasoline engines but has been ignoring the recent downturn in U.S. light vehicle and passenger car sales…
4. Copper prices hit their highest level in nearly 3 years yesterday, and Zinc sits at its highest price in a decade… Aluminum climbed to 3-year peaks last week, and Iron Ore has rallied 35% since the end of May…Nickel, meanwhile, has hit a new 52-week high and is threatening to break out to levels not seen in 2-and-a-half years…driving the gains are expectations that this year’s nascent rebound in global growth will continue, with major economies around the world shifting into higher gear after a long period of lackluster performance…many investors are also betting that reduced supplies and a selloff in the dollar will continue boosting prices…net bets by hedge funds and other speculative investors on a higher Copper price stood at 120,175 contracts for the week ended August 15, the highest level since the Commodity Futures Trading Commission began recording the data in 2006…
5. Investors are looking ahead to an annual meeting of central bankers in Jackson Hole this week, with European Central Bank President Mario Draghi and U.S. Federal Reserve Chair Janet Yellen to speak on Friday…the Dow has jumped 117 points through the first 30 minutes of trading…the TSX has gained 21 points while the Venture has slipped 2 points to 767 as it backs off again from a resistance band that begins at 770…
6. Noront Resources (NOT, TSX-V) is steady in early trading at 41.5 cents (Venture’s 2nd most active stock as of 7:00 Pacific) after jumping more than 30% yesterday on news that the Ontario government and the chiefs of Marten Falls, Webequie and Nibiminik First Nations formally committed provincial funding to two First Nation road proposals that will provide community and industrial access to the Ring of Fire mining district…an environmental assessment of both road projects is expected to begin by January, 2018, followed by construction in 2019 pending all necessary approvals…Noront says this time frame allows the company to advance its pre-development work and ready itself for the 3-year construction of its Eagle’s Nest Nickel/Copper/PGE mine…
7. Northern Ontario Cobalt plays CobalTech (CSK, TSX-V) and Cobalt Power (CPO, TSX-V) firmed up yesterday on news, while an update from Castle Silver Resources (CSR, TSX-V) is due soon with the company having launched its drill program at the Castle mine in mid-July as well as an initial work program at the Beaver Property…CSK pushed above resistance at 16 cents and is unchanged at 18 cents through the first 30 minutes of trading…CobalTech and First Cobalt (FCC, TSX-V), which remains halted, have signed a definitive merger agreement – CSK shareholders will receive 0.2632 of a First Cobalt share for each of their CSK shares…meanwhile, Cobalt Power has found a partner in Hochschild Mining Holdings Ltd. which is completing a private placement in CPO at 13 cents…
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GGI
Jon, since I understood your are with GGI on site, can you add some colours on the drilling timeline. Did they start drilling or not yet?
also how much time do we expect each drill hole will take?
thx George
Comment by George — August 22, 2017 @ 9:03 am
Jon, glad to hear you made it safely and looking forward to hearing updates. Are you able to determine whether or not the drilling equipment has been mobilized to the Anomaly D site?
Thank you
Comment by Foz1971 — August 22, 2017 @ 9:21 am
GGI
Jon, also a question regarding the size of anomaly D.
GGI mentions that the conductor is 260 M long and depth extent was not delimited. since the VTEM covers up to 300 m in depth and it starts at 140 M below surface I think we can assume that it is minimum 150 m thick at least. my question is how large is it ? we know it is 260 m long, but do you have any idea how large it is?
the reason I am asking this is because you mentioned in one of your previous articles that Dr.Lightfoot thinks 5 to 10 m Ton of massive sulfide would be economical.
cheers George
Comment by George — August 22, 2017 @ 9:34 am
Seems like the GGI Nickel Mine will be up and running long before the Noront mess is sorted out.
Comment by Marshall — August 22, 2017 @ 11:11 am
Marshall, if they can ever get the drill in the ground at E&L. It’s been several days now it seems forever. They keep saying several days. Time is running out to drill at E&L. Why don’t they just come clean and announce a date?
Comment by Dan1 — August 22, 2017 @ 12:14 pm
drill date delay. weather! Jon may be sitting in a tent twiddling finges
Comment by david — August 22, 2017 @ 3:15 pm
The silence today in any GGI news is deafening. Thought we would have heard something by tonite. I hate it when the comment section is dead.
Comment by pole — August 22, 2017 @ 4:58 pm
Well, perhaps I can help out, pole…it’s 7:30 pm here and what I do know from a short helicopter flyover is that the Metallis drill has started to turn, which is good news…every company up here, including Seabridge, has had challenges with weather over the past week…a nice clearing trend is on the way by the weekend and September could very well be fantastic, as it sometimes is, but right now it’s not so pretty…the Garibaldi rig is on the drill pad at the top of Nickel Mountain, so they must be ready to commence drilling, perhaps within hours…within a day?…they’ll news release that as they stated last Friday…busy day at the AltaGas Camp and just completed an interview at the staging area with CXO’s Adam Travis…
Comment by Jon - BMR — August 22, 2017 @ 7:50 pm
You’re a good man Jon. Thanks for the update
Comment by Johnz — August 22, 2017 @ 8:54 pm
Jon
Heard from another poster today that claims he spoke with Regoci today and Regoci says he will not be putting out the VTEM or assay results from anomaly A, in the July 27th NR ” he says the 50 rock samples and grab samples have been sent to the lab for rush assaying and lithochemistry, he doesn’t say he will announce those results but it makes you assume he would, don’t you think that would be information that the market would like to know? and also help promote the story and the stock?
Your thoughts if this is true?
thanks
Comment by Gregh — August 22, 2017 @ 8:57 pm
Jon
also glad to hear you made it to camp safely too! Cant wait to hear more of what is going on with all of the companies up there, hope the weather clears soon too!
thanks again for all the time you are putting in for your readers as well..
Comment by Gregh — August 22, 2017 @ 9:01 pm
Gregh, “heard from another poster today that claims he spoke with Regoci…” – that comment from that poster doesn’t make sense, simply fake news IMHO…independent geos and geophysicists I’ve spoken with are very excited about that NE structural trend, but there’s much more involved here than just simple assay results from rock samples…GGI will have some great data to release from Anomaly “A” – and more on the way after the “hot zone” is sampled – given the information that was released July 27th…including data from lithochemistry analysis, that’s a lot of work to complete, and in the middle of a critical drill program…be patient and we’re going to learn much more about areas A, B and C…those are the “highest priority” anomalies along of course with Anomaly “D” under the historic zone, meaning there are more…perhaps 2 or 3 dozen or more, others more subtle but perhaps significant…they whittled down to 4 based, I suspect, on very strict criteria that good geophysicists/geologists would normally apply to conductors…
Comment by Jon - BMR — August 22, 2017 @ 9:29 pm
Thanks Jon
it didn’t make sense to me that at some point GGI would not report their findings at A B and C.
Thanks
Comment by Gregh — August 22, 2017 @ 10:00 pm
Glad to hear from you Jon. Thanks for that update. Really great to have a pair of eyes up there to keep us all informed.
Comment by pole — August 22, 2017 @ 10:00 pm
Appreciate the update Jon. Keep up the excellent work and stay safe.
Comment by Dan1 — August 23, 2017 @ 3:18 am
Thanks, Dan…we have a series of reports beginning later today, Dan1- stay tuned…
Comment by Jon - BMR — August 23, 2017 @ 5:35 am
Jon
Will you know if the drill is turning at GGI before they release an NR saying it is? MTS announced this morning but you knew that last night? Will you let us know if it is?
Thanks
Comment by Gregh — August 23, 2017 @ 6:45 am
MTS has commenced drilling, according to NR out this morning, confirming Jon’s helo recce yesterday.
Comment by dermo63 — August 23, 2017 @ 6:50 am
Jon
What’s your take on the NR from MTS that the drillers are taking shares instead of pay? Pretty confident eh?
Comment by Gregh — August 23, 2017 @ 6:57 am
MTS. now that they have a drill turning, is there anything you can add to their story, which hasn’t really been discussed much here other than nice share structure and good targets? Kinda like GGI, their targets have had some drilling that also ended in grades that were getting better as well.
Comment by david — August 23, 2017 @ 7:10 am
I love that, Gregh…smart move on their part, and Metallis’ part…
Comment by Jon - BMR — August 23, 2017 @ 8:21 am
Would be great timing to get a NR from Steve later today.
Comment by pole — August 23, 2017 @ 9:13 am
GGI
if drilling start today or tomorrow, we could know by mid next week if we have a project or not. hitting this massive sulfide is the name of the game here, and one hole would be enough.
Jon,
do you think they will halt the stock if they hit massive sulfide? coz I am sure this Genie will not stay in the bottle for long
Comment by George — August 23, 2017 @ 9:46 am
Jon
do you have any ideas if they are planning to drill test anomaly A too during this campaign? at least one hole
thx
Comment by George — August 23, 2017 @ 9:48 am
Jon
will you let us know if the drill starts turning at GGI? Before they announce it in an NR?
Comment by Gregh — August 23, 2017 @ 10:15 am
Jon
Did you guys know there is a 2 nd interview clip out there on you tube that you guys haven’t released to your subsribers yet? Unless I missed it somehow?
Comment by Gregh — August 23, 2017 @ 10:57 am
I’m at the AltaGas camp at the moment, Gregh, GGI camp is to the east and Nickel Mountain is to the south and I’m not up in a helicopter this afternoon…so I’m like you, waiting for news, but the weather in this location is better today than yesterday…my best guess is that the drill starts turning today but we’ll have to wait for official confirmation from GGI…
Comment by Jon - BMR — August 23, 2017 @ 11:09 am
You haven’t missed anything, Gregh…I’m working on more material I expect to begin putting out later today into tomorrow including Lightfoot on Nickel Mountain’s amazing tenor, Adam Travis on CXO, Metallis, Seabridge and other Eskay Camp developments, plus an update on northern Ontario Cobalt Camp…getting it all as quickly as possible…
Comment by Jon - BMR — August 23, 2017 @ 11:15 am
Awesome! Thanks Jon
I’m sure we see all driving you crazy, lol
Comment by Gregh — August 23, 2017 @ 12:44 pm
Jon, I am still wondering how your interview with Dr.Lightfoot dated for today was posted on SH before BMR subscribers have even viewed it. Am I missing something?
Comment by pole — August 23, 2017 @ 2:22 pm
We are including it as part of a subscriber-only ALERT post we’re urgently trying to prepare for sometime this evening, pole, around 8 pm Pacific approximately…the BMR youtube channel is open…we haven’t figured out a way around that yet…
Comment by Jon - BMR — August 23, 2017 @ 4:21 pm
Thanks Jon.
Comment by pole — August 23, 2017 @ 4:56 pm