Check back later this morning for today’s Morning Market Musings.
1. Gold has touched a fresh 5-week high of $1,191…a Donald Trump news conference tomorrow morning is a potential market mover, either up or down for bullion, the greenback and equities…meanwhile, the U.S. Mint started selling 2017-minted Gold and Silver coins yesterday and reported strong demand (up 15%) compared to last year’s first-day sales….
2. Crude Oil prices have steadied today after a more than 4% slide yesterday on doubts that OPEC and other key producers would cut output as promised to try to reduce a global oversupply…it would be a mistake for traders to underestimate the Saudis’ desire and ability to ensure the output restrictions are adhered to…WTI is up 19 cents a barrel at $52.15 as of 7:00 am Pacific…
3. The Venture has confirmed a breakout above key 784 resistance and is closing in on 800 in early trading today…as of 7:00 am Pacific, the Venture is up 3 points at 798 as it aims for its 11th winning session out of 12 following the December 20 intra-day correction low of 711…the TSX has added 58 points while the Dow has retreated 33 points as of 7:00 am Pacific…
4. Uranium stocks remain hot…Purepoint Uranium (PTU, TSX-V) is up 1.5 cents at 15.5 cents, a new 3-year high, while NexGen Energy (NXE, TSX) has just eclipsed last year’s high of $2.86…Anfield Resources (ARY, TSX-V) is up half a penny at 11 cents…meanwhile, the U.S. Bureau of Land Management (BLM) has issued a final environmental impact statement (EIS) and record of decision (ROD) for Energy Fuels’ (EFR, TSX) 100%-owned Sheep Mountain Project located in the Crooks Gap mining district of central Wyoming…EFR is 12 cents higher at $2.64 as of 7:00 am Pacific…
5. Goldquest Mining (GQC, TSX-V) has made a VMS discovery named Cachimbo from the latest 4-hole batch of drill results at its continuing 10,000-m program on its 100%-owned Tireo concessions in the Dominican Republic…importantly, the Cachimbo discovery hole displays a 60-m mineralized package from 51 m depth to 111 m depth with multiple significant horizons…the upper horizon returned 4.6 m grading 4.5 g/t Au and 73 g/t Ag with minor base metals from 56.4 m depth, and the main VMS horizon was discovered below with a 4.9 m interval grading 13.8 g/t Au, 74 g/t Ag, 11.8 % Zn and 1.1% Copper…a wider horizon returned 15 m grading 5.3 g/t Au, 31 g/t Ag, 4.2% Zn and 0.4% Cu from a depth of 70 m…GQC gapped up to 34 cents at the open and has held those gains so far, up a nickel at 36 cents as of 7:00 am Pacific…
6. GoldQuest neighbor Precipitate Gold (PRG, TSX-V) completed 4 holes at its Ginger Ridge prospect last month…results are pending and the program has been expanded beyond the originally planned 10–12 holes (2,000 m)…as PRG noted in its December 20 news release, “core observations confirm IP geophysics are proving to be an effective guide in defining zones with elevated sulphide and silica contents”…PRG is up a penny at 19 cents through the first 30 minutes of trading…
7. Pioneering Technology (PTE, TSX-V) announced this morning that it has received a follow-on purchase order from one of the largest suite-style hotel chains in North America to equip an additional 159 hotel properties (approximately 19,000 hotel rooms) with Pioneering’s SmartBurner…the purchase order is led by one of Pioneering’s new major channel partners…the purchase is for approximately 40,560 single SmartBurners (or 10,140 4-burner kits) to equip 159 hotel properties that have approximately 19,300 hotel rooms…this new purchase order represents the second phase of major installations for this hotel chain (138 of their hotels were equipped with SmartBurner in September 2016)…PTE is up a nickel at 99 cents as of 7:00 am Pacific…
GGI – crew mobilized to Toratora to twin a hole and some wide spaced drilling. no comment on how many holes or how deep
Comment by david — January 10, 2017 @ 8:04 am
https://@newswire/garibaldi-mobilizes-for-drilling-at-tora-tora
Comment by Dan1 — January 10, 2017 @ 8:18 am
What uranium stocks are still a buy here>?
Comment by Dennis — January 10, 2017 @ 8:23 am
Do u think PTU is not a buy simply because it has gone up 2-3 pennies, Dennis? John’s charts give quite a precise indication of where things are headed with PTU…I like ARY as well, it has been looking good the last couple of weeks as it gradually pushes higher…
Comment by Jon - BMR — January 10, 2017 @ 8:28 am
GGI a little history Tora Tora copper-gold-silver-PGE (platinum group element) prospect 15 miles north of the Copper Mountain mine near Princeton, B.C.
Sampling results
1992-11-26 13:32 ET – News Release
Ms Dorothy Dennis reports
A composite bulk sample, comprised of several core samples, taken intermittently from the 550 ft diamond drill hole (92-01), on the Princeton property, Similkameen mining division, BC, was prepared by Rossbacker Laboratories, the acting governor of the core. The 160 pound composite was prepared by rolling and mixing the crushed material until thoroughly homogenized, then split into two 60 pound samples and one 40 pound sample. The 40 pound sample was retained by Rossbacker Laboratories and the 60 pound samples were then sent to two different assay laboratories for analysis.
Assay results received to date are as follows:
Chauncey Assay Laboratories Ltd (Toronto, Ontario)
A homogeneous, two kilogram subsample (-100 mesh), which was prepared from the 25.8 kilogram composite, was used to conduct several analytical tests.
Several samples were then taken from the subsample and prepared for analysis, the results are as follows:
1.. In dealing with this complex ore it was found a standard fire assay and wet chemical analysis was not effective in the extraction of the gold, the result was less than 0.001 ounces of gold per ton.
2.. A second test using prolonged Aqua Regia attack gave a result of 0.057 ounces of gold per ton.
3.. HCL pretreatment followed by chlorination of the residue returned a result of 0.076 ounces of gold per ton.
4.. Starting chlorination at a specific ph level (acid level) gave a result of 0.15 ounces of gold per ton.
All of the above tests were completed on duplicate, 30 gram samples (one assay ton). Gold was extracted in MIBK, acid wash with an AA finish. The acid wash eliminated the iron content before the AA finish.
As reported to the company, some of the factors to watch for in the analysis of this complex ore are: temperature, ph (acid factor), dissolved oxygen and Eh (electrical chemical potential), and most of all timing, as it was noted that each reaction has its own time frame at which the gold could be separated. Reportedly, some procedures bring the gold in solution, others precipitate it with the residue, so that all fractions have to be tested. As noted the most consistent results were obtained from their bulk sample tests.
Two 500 gram bulk sample duplicates from the composite subsample returned the following results:
Bulk Test No. 1 (1.1 lb) – 1.67 oz/ton Au
Bulk Test No. 2 (1.1 lb) – 0.83 oz/ton Au
To check that no contamination had occurred, a 500 gram blank sample was run coincidently with bulk sample No. 2. This blank sample assayed 0.040 ounces of gold per ton. The bulk test No. 2 result consists of an initial result of 0.87 ounces of gold per ton minus the blank sample result.
Chauncey Laboratories has confined its testing, at present, to gold extraction only.
Vortex Industries Inc (Idaho, USA)
An initial 30 gram sample was taken from the 50 pound composite sample and fire assayed, giving a result of 0.301 ounces of gold per ton, 0.019 ounces of platinum per ton, 0.017 ounces of palladium per ton and 0.005 ounces of rhodium per ton.
The composite sample was then separated into two crushed subsamples (-100 mesh). The two subsamples were then subjected to leach testing to produce a gold bead. Subsequent assaying of the tails was then performed.
Leach Test Test No. 1 Test No. 2
(38.5 lb ore) (11.5 lb ore)
(PGM-combined .228 oz/t Au .234 oz/t Au
platinum group .028 oz PGM .228 oz PGM
metals)
Fire assay of
tails .080 oz/t Au .078 oz/t Au
.007 oz/t Pt .009 oz/t Pt
.005 oz/t Pd .005 oz/t Pd
.005 oz/t Rh .004 oz/t Rh
The variations in the results from different analytical techniques used and sample sizes, in addition to the apparent complexity of the ore indicates a need for continued metallurgical testing. Additional work is presently being carried out by Chauncey Laboratories on the composite bulk sample and further results are expected.
Mr Rex Pegg, (BASc, PEng) will be working with the company on all future exploration programs. Mr Pegg, a geological engineer, has had over 17 years experience in the Canadian cordillera. His work has encompassed extensive exploration for economic precious metal orebodies.
Comment by TheSkipper — January 10, 2017 @ 8:46 am
PMA does not have the volume or movement that I thought it would have after the news. Be careful with it.
Comment by dave — January 10, 2017 @ 9:09 am
I will look at back at PTU.V chart. thanks
Dave – I sold out of PMA.V yesterday at $0.09. They have have a split on proceeds of shares, and they have lots of debt.
Comment by Dennis — January 10, 2017 @ 9:59 am
What day did John post the PTU.v chart? thx
Comment by omega — January 10, 2017 @ 10:01 am
Refer to the December 20 Morning Musings, omega, for the most recent chart, and the Jan. 2 story for further details…we’ll update the PTU chart tomorrow…
Comment by Jon - BMR — January 10, 2017 @ 10:08 am
Breathtech on the CSE… up 50% in a week.. associated with BLO with technology I think… some of the same players:)
BTH.CN
Comment by Jeremy — January 10, 2017 @ 10:32 am