Check back later this morning for today’s BMR Morning Market Musings.
1. Gold has traded in a narrow range between $1,230 and $1,236 so far today…key resistance is $1,235…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,232 while Silver has slipped 2 cents to $17.35…Commerzbank noted this morning how Fed rhetoric has not gotten ahead of the pace of future rate hikes, though several Fed officials are speaking today: “The dovish outlook painted by Fed Chair Yellen at the press conference following last Wednesday’s Fed meeting is clearly still having an impact. This is likely to lure a number of speculative financial investors back into Gold after this group of investors massively reduced their net-long positions in the run-up to the FOMC meeting, thereby contributing to the slide that saw the price dip for a time to below $1,200 per troy ounce.” The U.S. Dollar Index is down slightly at 100.24 as of 7:00 am Pacific while Oil prices have fallen 60 cents to $48.18…very strong support for WTI around $46 a barrel…
2. The Dollar Index hit a 6-week low this morning after the G20 weekend summit failed to agree on a joint communication that supported free and open trade…G-20 officials warned the U.S. risks starting a tit-for-tat trade war if it acts too aggressively, but Treasury Secretary Steve Mnuchin pointed out that Washington wants to avoid trade wars while seeking to rebalance off-kilter economic relationships…
3. North American equity markets are in the green to begin the new week…the Venture, which rebounded 12 points last week after its worst 2 weeks of the year, has added 4 points to 815 as of 7:00 am Pacific…the last band of resistance the Index must overcome before a potentially strong new uptrend gains traction is between 817 and 824…the TSX and Dow are up slightly in early trading…
4. Enforcer Gold (VEIN, TSV-V) has contracted Geotech Ltd. to carry out a high resolution aeromagnetic survey over the entire high-grade Montalembert Gold Project in northern Quebec in the coming days…the new high resolution magnetic plus VLF EM data will be a key tool used by VEIN’s exploration team to map out folding, shearing and faulting in detail at this structurally-controlled Gold project…VEIN is up half a penny at 23 cents on light volume through the first 30 minutes of trading…
5. Southern Silver (SSV, TSX-V) continues to release encouraging drill results from its Cerro Las Minitas Project in Durango State, Mexico…this morning the company reported intersections of heavily disseminated to massive sulphide mineralization at the Blind Shoulder zone with highlights including 7.3 m (6.5 m true thickness) averaging 737 g/t Ag, 21.8% Zn and 8.6% Pb in drill hole 17CLM-094 at a depth between 693 m and 700.3 m…exploration at Cerro Las Minitas is being funded by Electrum Global Holdings L.P. which has earned a 60% interest in the project through a $5 million (U.S.) earn-in on the property with Southern Silver acting as operator…with approximately 4,280 m now completed of the planned 10,000 m program, further drilling with 2 core rigs will focus on continuing the systematic expansion of the Blind Shoulder mineralized zone…Cerro Las Minitas contains significant Inferred and Indicated resources…SSV is up 2 pennies at 53 cents as of 7:00 am Pacific…
6. Macarthur Minerals (MMS, TSX-V) has opened its Australian Securities Exchange (ASX) IPO of Macarthur Australia Ltd. to raise up to $10 million (Australian)…MMS will retain 66% to 76% ownership of Macarthur Australia…the IPO is scheduled to close on May 2, 2017, and begin trading on the ASX May 17…David Taplin, President & CEO of Macarthur Minerals, stated: “We believe that an ASX IPO of our Australian Iron Ore and Lithium projects will provide improved price realization for those projects more consistent with our ASX listed peers.” MMS is unchanged at 13 cents as of 7:00 am Pacific…
7. TAG Oil (TAO, TSX) announced this morning that it has successfully completed a previously announced $15 million offering, issuing 23 million units at 65 cents per unit…TAG is a development-stage international Oil and Gas producer with established high-netback production, development and exploration assets, including production infrastructure in New Zealand and Australia…the company is poised for significant reserve and production growth with several Oil and Gas fields under development and high-impact exploration opportunities in proven Oil and Gas fairways…
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My thoughts on BLO…
when it got taken down to 60ish the last time a NR came out the next day and it just went back up. Leak?? anticipation?? I prefer the former..
so that NR stated that probably by the end of March the field trial would be done, the same actors that took the stock down the first time did it again…
they want to own the stock but not at 80… I think that all is very fine!!!
orchestrated to say the least!
Comment by Jeremy — March 20, 2017 @ 9:49 am
Jon, In the Sunday Sizzler report you mentioned that the snow pack in the district was well below normal, and if that continues and the VTEM survey shows some big conductors for GGI to chase, is there a chance that GGI would want to get boots on the ground a little earlier than planned. That would sure shed some positive light on the district.
Comment by pole — March 20, 2017 @ 10:26 am
Buy IP FINANCING AT .46 NO RISK NOW THIS WILL TRADE IN THE DOLLARS $$ GEN ALSO READY TO MOVE !
Comment by Bernie — March 20, 2017 @ 10:39 am
What’s the word on Silver Spruce SSE. I see it’s halted. Anyone hear anything?
Comment by Bert — March 20, 2017 @ 11:43 am
What’s the word on Silver Spruce SSE. I see it’s halted. Anyone hear anything?
Comment by Bert — March 20, 2017 @ 11:43 am
Jon, any chance you can contact Regoci about the VTEM and if they have an expected timeline on completion? I know it’s weather dependent but it’s been over two weeks since it was stated immediate VTEM planned. I tried but no luck in getting in contact with him. I hope he doesn’t pull the same stunt as he did last year with no updates for months. Seems to be the same happening with Tora Tora as did with Mexico results – still nothing. He said Tora Tora results expected in February and here we are – March coming to a close.
Comment by Dan1 — March 20, 2017 @ 1:25 pm
Just spoke with him, Dan1…he’s busy on multiple fronts and only had a few minutes to chat…weather is still an issue at the moment, but one piece of good news is that they’ve secured the Barrick camp at mile 45, just off the Eskay mine road about 12 k from E&L…it’s the size of about 2 football fields…great location for a camp, and of course very close to PSP as well…will save a lot of money vs. the AltaGas facility option…
Comment by Jon - BMR — March 21, 2017 @ 11:11 am
Thanks Jon. That’s really good news regarding the camp.
Comment by Dan1 — March 21, 2017 @ 12:04 pm