Check back later this morning for today’s BMR Morning Musings.
1. Gold, aiming for its 5th straight weekly advance, traded as high as $1,218 overnight and is up $2 an ounce at $1,212 as of 7:00 am Pacific…HSBC commented this morning, “On balance, we believe the Trump Administration is bullish for Gold. But the market needs either words or deeds from the team before it can move decisively one way or another. This may take time, but if Gold hangs on every word from the administration, prices could be volatile.”
2. Oil prices are down nearly $1 a barrel to $52.34 as of 7:00 am Pacific as signs of a strong recovery in U.S. Oil drilling activity outweighed news that OPEC and non-OPEC producers were on track to meet output reduction goals set in December, having already taken 1.5 million barrels per day out of the market…
3. The Venture has pushed past 800 in early trading to its highest level since October 1…the Index, enjoying its 6th-best January on record so far, is up 7 points to 804 as of 7:00 am Pacific…in Toronto, the TSX has retreated 21 points while the Dow has slipped 8 points…
4. Cordoba Minerals (CDB, TSX-V), the best-performing stock on the BMR Top Opportunities List for 2016 with a gain of 461%, has hit a new multi-year high this morning after intersecting a bonanza Gold vein at its San Matias Project in Colombia…drill hole ACD036 at Alacran returned a 0.90 m section of 4,440 g/t Au plus 10.25% Cu, 24.70% Zn and 347 g/t Ag…the intersection is hosted in a late-stage, chalcopyrite-sphalerite-carbonate-coarse Gold vein that overprints earlier chalcopyrite-pyrrhotite Copper-Gold mineralization…the high-grade vein is similar to carbonate base metal (CBM) vein systems found globally, including Barrick Gold’s Porgera Gold mine and also Continental Gold’s Buritica deposit, located south of Cordoba’s licences along the Mid-Cauca belt in Colombia…CDB is up 15 cents at $1.08 as of 7:00 am Pacific…
5. Gold Standard Ventures (GSV, TSX-V) has extended the North Bullion Gold system 180 m to the north of previous drill holes at its Railroad-Pinion Project in Nevada’s…results from 4 more core holes from the 2016 program at North Bullion were released this morning…drill hole RR16–05 returned 19.8 m of 4.40 g/t Au which includes a higher grade interval of 5.3 m of 7.02 g Au/t…this result follows RR16–01 (announced on August 30, 2016) which intersected 65.6 m of 3.17 g/t Au located west-northwest of previous drilling…GSV is up 8 cents at $3.05 through the first 30 minutes of trading…
6. NexGen Energy (NXE, TSX) has started its winter drill program its 100%-owned Rook I Property in the Athabasca basin, Saskatchewan…the program will consist of a minimum 35,000 m of diamond drilling using 7 drill rigs…4 rigs are now fully operational on the Arrow deposit, directed at continued expansion as well as delineation drilling…the remaining 3 drill rigs are on site and will commence drilling this week…the program is budgeted at $14 million (CDN) and is fully funded with cash on hand of approximately $70 million…NXE is up 2 pennies at $3.29 as of 7:00 am Pacific…
7. MGX Minerals (XMG, CSE) announced this morning that it has formed PetroLithium Corp. of America, a 100%-owned U.S. subsidiary of the company…MGX has mandated PetroLithium Corp. to acquire Oil field assets, including brine-bearing Lithium resources, Oil wells, and existing Oil and gas infrastructure…staking and Oil well acquisition activities in Lithium-brine-bearing areas of Utah have already commenced…additionally, acquisition and exploration activities are expected to commence shortly in Colorado, Texas and Arkansas…all states are host to significant current and past-producing Oil production associated with areas of enriched minerals including Lithium…XMG is up 8 cents at 77 cents, 11 cents off its all-time high set earlier this month…
