Check back tomorrow for additional posts including another 7 @ 7:00 and Daniel’s Den.
1. Gold pushed higher again today, nearly touching the $1,300 level…as of 7:00 pm Pacific, bullion is up $1 an ounce at $1,294…Silver is unchanged at $17.23…Copper and Nickel, performing exceptionally well in recent sessions, are steady at $3.09 and $5.15, respectively…the “China factor” is benefiting both…Crude Oil is up 21 cents at $50.81 while the U.S. Dollar Index has recovered one-fifth of a point to 93.10…plenty of analysts are skeptical about Gold’s chances in this 4th quarter but contrarians will interpret that as a bullish sign…the latest bearish call came from RBC Capital Markets‘ commodity analyst today who wrote, “Overall, for the rest of 2017 we are not bullish on prices, especially with a rate hike still expected this year.” He added, however, that “we are looking more towards 2018 for strength.”
2. Markets will be honing in on U.S. inflation figures tomorrow which are expected to give more clues with regard to monetary policy…minutes from the Fed’s September meeting showed policymakers had a prolonged debate about the prospects of a pick-up in inflation and slowing the path of future interest rate rises if inflationary pressures fail to materialize…this has stalled the recent rally in the greenback…several policymakers said they would focus on upcoming inflation data over the next few months when deciding on the central bank’s future rate hike path…
3. As strength continues in Copper, Nickel and Zinc, many participants in the metals markets are awaiting the outcome of China’s Communist Party Congress next week for an indication of broader policy initiatives and their implications for demand across the metals sector…the premium of cash Zinc over the 3-month contract has hit a decade high of $80 a tonne, indicating shortages in immediately available supply…that ‘backwardation” in Zinc is keeping a firm bid under prices…
4. Oil prices pared losses today after the Energy Department reported a larger-than-expected decline in U.S. inventories and a drop in weekly production…that was a relief to the bulls…however, the market is still digesting a bearish report from the International Energy Agency which lowered its forecast for Oil demand in 2018…the IEA said today that demand for OPEC Oil would be 32.5 million bpd next year, around 150,000 bpd lower than the group pumped last month…the cartel will surely have to extend its production cut beyond Q1 next year…meanwhile, U.S. Crude inventories are still 13% above 5-year averages headed into the busy winter season…
5. Reality has finally sunk in for the socialists in Alberta -the NDP’s energy minister, Marg McCuaig-Boyd, is now warning about the dangers of “the pendelum swinging too far” against Oil and gas, albeit her British Columbia counterpart stuck to her guns in opposing the Trans Mountain Oil pipeline while her province pivots toward a “green” economy. “Looking forward, it’s important to not let the pendulum swing the other way, overburdening industry, creating uncertainty,” McCuaig-Boyd said during a panel discussion at a conference convened by Jim Carr, the federal natural resources minister…climate change extremists have hijacked the economic agenda in Canada…
6. U.S. equity markets finished slightly lower today after hitting intra-day record highs…the Dow was off 32 points at the closing bell…in Toronto, the TSX slipped 58 points while the Venture dipped for the 2nd straight session but lost less than a point to finish at 790.64…Garibaldi Resources (GGI, TSX-V) soared to a new high of $2.78 on indications Eric Sprott added to his holdings yesterday while an exploration update from Nickel Mountain draws near…continued aggressive drilling well into October suggests the Golden Triangle’s first-ever Nickel-Copper-rich sulphide discovery, with unusually high tenor, has tremendous momentum…Hive Blockchain Technologies (HIVE, TSX-V) also hit a new high today of $2.50 on the heels of the closing of the company’s $30 million private placement…concurrently, Hive announced yesterday that it has also completed a non-brokered private placement, also at $1.50 per share, for gross proceeds of $7 million in accordance with the terms of an investor rights agreement between the company and Genesis Mining Ltd., the leading cryptocurrency mining hashpower provider with over a million customers…
7. It has been a great week for Pretium Resources (PVG, TSX) which has climbed 24% to $15.17 after reporting that it has successfully ramped up operations at Brucejack, one of the world’s highest grade new mines in the Eskay Camp…it also helps that SSR Mining (SSRM, TSX), formerly Silver Standard, has unloaded nearly half of its shares in Pretium, removing a temporary overhang from the market…SSR reported tonight that during the 3rd quarter and subsequent to September 30, 2017, it sold 7.9 million common shares of Pretium for pre-tax net cash proceeds of $85.4 million, of which $70.8 million will be recognized in the 3rd quarter…SSR currently holds 9.04 million common shares of PVG, representing approximately 4.99% of the company…Pretium began commercial production over the summer at Brucejack and the ramp-up is progressing very well…mill feed grade and Gold recoveries averaged 12.36 g/t and 96.92%, respectively, during the last 2 months of the quarter when 65,321 ounces of Gold were produced…the mill feed grade should continue to improve…
The Template For The Next 10% Move In Garibaldi Resources
The Nickel Mountain Magma Highway
Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember
How To Bring A Junior Resource Market To Life!
Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies
The Most Important Venture Development Since The New Bull Market Began
GARIBALDI BUILDS ON NICKEL MOUNTAIN DISCOVERY
VANCOUVER, Oct. 13, 2017 /CNW/ – Garibaldi Resources (TSX.V: GGI) (the “Company” or “Garibaldi”) is pleased to report that an ongoing drill program utilizing two rigs continues to expand northwest British Columbia’s first nickel-copper rich sulphide system at the Company’s 100%-owned Nickel Mountain Project near Eskay Creek.
Highlights:
•All 11 additional holes completed since EL-17-01 (see September 1, 2017 news release) have returned broad sections of disseminated to blebby net textured sulphides (pyrrhotite-pentlandite-chalcopyrite), hosted in olivine gabbro, consistent with a much larger scale mineralizing event than ever previously suspected at Nickel Mountain;
•XRF analysis of drill core supports the very high tenor of the sulphide at Nickel Mountain as previously disclosed by the Company (photos of representative sulphide-bearing core from the new discovery zone are available for viewing at GaribaldiResources.com);
•Assaying of drill core is being carried out by SGS in Vancouver and Garibaldi eagerly anticipates reporting initial results as they become available during the second half of this month.
Dr. Peter Lightfoot, an internationally recognized nickel sulphide expert and a technical adviser for Garibaldi, commented: “The host rocks at Nickel Mountain comprise a differentiated sequence of variable-textured and orbicular-textured gabbros and olivine gabbro with abundant disseminated interstitial sulphide. The exceptional tenor of the sulphide is a compelling feature of Nickel Mountain.
“When viewed in a global context,” Dr. Lightfoot continued, “Nickel Mountain is a classic example of an intrusion produced by open system emplacement of silicate and sulphide magma through a dynamic magma tube within a differentiated gabbroic complex. This intrusion represents an open system magma highway along which successive batches of silicate and sulphide magma were emplaced.”
New Discovery Zone
Two drill rigs have completed 12 holes so far, totaling just over 3,000 meters at Nickel Mountain. Current drilling, aided by SJ Geophysics Volterra borehole EM technology, is focused on a new discovery area beginning approximately 100 meters east-southeast of the historic northwest zone highlighted by Silver Standard’s 37.8-meter intercept grading 1.3% nickel and 0.79% copper (DDH-04-1966) in a disseminated halo. Borehole data and visual analysis of highly mineralized intersections from this new discovery zone are vectoring geologists toward an interpreted massive sulphide core.
While the nickel-copper-rich system remains open in all directions at Nickel Mountain, at least two km of prospective ground exists to the east-southeast while a northeast trend of geophysical anomalies and surface mineralization continues for at least 6 km.
Steve Regoci, President and CEO of Garibaldi, stated: “Both the scale and the grade potential of Nickel Mountain fit the profile of the rich Eskay district. Shallow drilling half a century ago that discovered the northwest zone literally just scratched the surface of Nickel Mountain.”
Qualified Person
Mr. Everett F. Makela, P.Geo., Director and VP Exploration Canada for the Company, a Qualified Person as defined NI-43-101, has reviewed and approved the scientific and technical disclosure in this news release.
Comment by John - BMR — October 13, 2017 @ 4:17 am
Hello John, You’re an early bird ! I read the GGI update….seems good to me….what are your thoughts ?
Comment by Sylvain — October 13, 2017 @ 4:29 am
How come they don’t tell us just how many meters of blebby they hit?
Comment by Ivan — October 13, 2017 @ 4:31 am
The description in the images of the cores on the GGI site state massive Ni-Cu sulphides on a few of the samples. Would they be waiting for the assays that are coming back in the 2nd half of October before confirming? Visuals are up, but no mention those visuals.
Comment by SMJS — October 13, 2017 @ 4:33 am
Slight correction, no mention of MS in the visuals – there is a link to the core samples in the NR.
Comment by SMJS — October 13, 2017 @ 4:36 am
Some of the holes, perhaps many, contain massive sulphides, SMJS – what GGI stated is that each and every hole has hit broad sections of disseminated to net textured sulphides, which is remarkable…
Comment by Jon - BMR — October 13, 2017 @ 4:41 am
That is quite a mouth full. Now Ggi just need a major to buy 10% to mimick diamond fields path then wait for Spring.
Comment by Donald — October 13, 2017 @ 4:42 am
Grade is King, and GGI has it at Nickel Mountain…
XRF analysis confirms the VERY HIGH TENOR of the sulphide – obviously they have onsite testing…
Pentlandite is the key nickel-bearing mineral – there is plenty of it at Nickel Mountain, and you can see it in the drill core photos…the nature of this pentlandite is a key to what makes Nickel Mountain such an amazing discovery…we should see some spectacular grades…
Lots of room to push discovery to both the east-southeast and the northeast…open in all directions…
A drill hole right down the throat of this monster could deliver one of the most spectacular Nickel sulphide intersections in Canadian exploration history given the world class Nickel tenor…
Two rigs keep turning – Eric Sprott’s appetite for GGI is going to grow…
Comment by Jon - BMR — October 13, 2017 @ 4:45 am
Thanks Jon, appreciate the insight. According to the NR there is about 2000m left of drill permit to shove down that monster.
Comment by SMJS — October 13, 2017 @ 4:53 am
They have a multi-year permit, SMJS, which can easily be adjusted to expand the meters…
Comment by Jon - BMR — October 13, 2017 @ 5:04 am
Thx Jon.. any comments on CSR?? thanks in advance…
Comment by Jeremy — October 13, 2017 @ 5:11 am
Yes, Jeremy, sorry – I’ve been meaning to get to that…no worries at all…technically, acting very normally – has retraced exactly to the rising 300-day SMA…fundamentally, nothing has changed – a leader in the northern Ontario Cobalt district…upside momentum will return…still up more than 100% for the year…
Comment by Jon - BMR — October 13, 2017 @ 5:21 am
Jon Dr Lightfoot’s comments look particularly interesting. He seems convinced that his theory of a “magma highway” with a succession of deposits is what’s in play here. The “string of pearls” theory looks to be correct. This could be very very big?
Comment by Patrick — October 13, 2017 @ 5:38 am
Jon
Why do you think the NR makes no mention of MS if it clearly shows MS in the photos and why no mention of length of intercepts like they mentioned in the sept 1 NR? Seems like they are holding out on us a little for some reason? Any thoughts? Thanks
Comment by Gregh — October 13, 2017 @ 5:52 am
Could be strategy on the part of Regoci, Gregh – however, the NR did note a vectoring toward a massive sulphide core in the new discovery area to the east…
Comment by Jon - BMR — October 13, 2017 @ 6:07 am
To the East. BUY ESK!
Comment by david — October 13, 2017 @ 6:20 am
Well, immediately to the east – due east of current Nickel Mountain drilling – is MTS and Thunder North…
Comment by Jon - BMR — October 13, 2017 @ 6:23 am
thanks Jon. I shifted all my CXO into MTS 2 weeks ago. Holding tight both GGI and MTS.
Comment by theobserver — October 13, 2017 @ 7:27 am