Gold has traded between $1,244 and $1,256 so far today…as of 11:30 am Pacific, bullion is up $11 an ounce at $1,255…Silver has added 17 cents to $16.48…Copper is up 3 pennies to $2.71…Nickel is 3 cents higher at $4.31…Crude Oil, at $45.87, has retreated by more than $1 a barrel while the U.S. Dollar Index has tumbled nearly half a point to 93.90…
Gold pushed above its 50-day moving average (SMA) today for the first time since June 15…the metal is set to post its biggest weekly gain since May thanks to continued weakness in the U.S. Dollar Index…the technical outlook for the greenback only gets worse as the quarter continues…any rallies will be sold into…meanwhile, the euro surged to its highest levels since August 2015 after comments from ECB President Mario Draghi yesterday…
More upheaval in the White House, which doesn’t help the dollar, as Sean Spicer has announced his resignation as Press Secretary after opposing President Trump’s appointment of Anthony Scaramucci as communications director…named “Wall Streeter of the Year” by Yahoo Finance in 2016, Scaramucci founded and co-managed SkyBridge Capital, a fund of hedge funds with a reported $11.8 billion in assets…he’s also hosted a variety of financial conferences and programs, including Fox Business Network’s “Wall Street Week” and the glitzy SALT Conference, an annual gathering of prominent financiers and politicians…
Keep Sending Us Your Millionaires, China
Half of Chinese millionaires are considering moving overseas, and the U.S. and Canada remain their favorite destinations, according to a new survey…among Chinese millionaires with a net worth of more than $1.5 million, half either plan to or are considering moving abroad, according to a survey from Hurun Report in association with Visas Consulting Group…the survey suggests that the flow of wealthy Chinese and Chinese fortunes into U.S. and Canadian homes and buildings is likely to continue, helping demand and prices in certain real estate markets…the U.S. remains the most popular destination for wealthy Chinese moving their families and fortunes abroad, according to the report…Canada ranks second, overtaking the U.K., which had ranked second but now sits third…Australia comes in at fourth…
NASDAQ On A Roll
The NASDAQ may have climbed for 10 straight sessions to new all-time highs but there’s still plenty of room for additional gains over the summer…
Going back more than 6 years, the NASDAQ has remained in an upsloping channel that’s showing no signs of breaking down…while there could be some temporary resistance around 6,400, the ultimate target is in the mid-7600’s (measured Fib. resistance) which would also correlate with the top of the channel late this year or early next year…
Some of our favorite tech stocks like Kopin (KOPN, NASDAQ) and Mitek Systems (MITK, NASDAQ) likely have much further to run during this cycle…
Mitek Systems Inc. (MITK, NASDAQ) Update
Speaking of Mitek, it’s in full breakout mode after a push through chart resistance at $9.50…hard to imagine this stock not reaching measured Fib. resistance at $13.50 (U.S.) during the 2nd half of this year…
MITK is up another dime in late trading to $10.40…
In today’s Morning Musings…
1. Venture getting teed up for a much better August than July…
2. Important week coming up for Crude Oil…
3. More “power” to come from Cobalt Power…
4. Daniel’s Den – Mason Resources‘ pick (MNR, TSX) jumps 42% in 1 day…
Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMRTop 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
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Did you know that for as little as just over $2 a day, you can be a BMR subscriber and tap into the best analysis and picks for the junior resource sector that you’ll find anywhere? Last year’s BMRTop 50 List returned a whopping 118% and we are delivering market-trouncing returns again in 2017. BMR was the first to call the new bull market in the Venture in early 2016, and our coverage of the commodities space gives you valuable daily insights into price movements and critical trends. BMR is daily information that puts you ahead of the crowd!
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29 Comments
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Jon
Do you think GGI starts drilling next week?
Comment by Gregh — July 21, 2017 @ 5:44 pm
CXO has been drilling for a couple weeks and still nothing but selling, not sure what’s going on in the juniors world of interest right now, but I have a feeling something huge is coming down the pipe…
Comment by Greg — July 22, 2017 @ 5:42 am
Greg, I expect we’ll get news on mobilization for drilling during this last week of the month, and we’ll see some fresh bullishness in the stock as well. Several important points:
1. Not sure everyone has picked up on the fact that the furthest historical step-out hole to the east at the E&L, albeit shallow, showed increasing grades at depth (1% Nickel and strong Copper at the bottom of the hole is what we hear) though it wasn’t in the conductor (0.69% Nickel and 0.48% Copper over the full 30.5 m with grades increasing at depth as per GGI’s latest news).
2. That easternmost hole was 175 m to the east of the northwest zone, also not part of the conductor, where DDH-4-1966 returned 37.8 m grading 1.3% Nickel and 0.79% Copper from 38.7 m to the end of hole at 76.5 m including a stunning 5.9% Ni and 1.7% Cu over 2.74 m near the bottom of the hole.
3. The VTEM conductor begins at 140 m, has not been delimited at depth and is at least 260 m long, below the northwest zone and on the inside of the eastern step-out hole.
4. The way I look at this, and how the geos and geophysicists are interpreting this I suspect, is how can that strong and broad conductive response starting at 140 m not be high grades of Nickel and Copper (i.e., massive sulphides, with grades perhaps even richer than what were seen in the NW zone and the eastern step-out hole – both outside that conductive response?).
5. Within that VTEM conductor, you can easily have a world class mine – more than enough room for that as Dr. Lightfoot has explained, thanks to what could be very efficient magma highways. In a district context, Eskay Creek and Snip had very small footprints (the dip length for the reserve at Eskay Creek was 200 m, strike length 600 m, thickness of 2 m to 8 m).
6. In these Venture resource stocks, you typically have a situation where the market is either ahead of developments on the ground in a particular stock (and the stock will ultimately correct), or the market is behind events on the ground (and will catch up and ultimately move ahead). In the case of GGI, it’s the latter which is a very good thing in terms of risk-reward ratio at the moment. The market has lots of catching up to do which means pressure is going to be to the upside.
The other key thing I would be watching for is Anomaly A. I would like to think that by now the Garibaldi crews have had a chance to check out this conductor 6 km north-northeast of the E&L deposit. Results from that would be significant for 2 reasons: a) Anomaly A could suggest that there might be a cluster of E&L deposits along a trend; b) evidence of strong sulphide mineralization would validate the VTEM, making it even likelier that the conductor beneath the historic mineralized zones at the E&L is indeed massive sulphides and a continuation and enrichment of that deposit.
My instincts tell me we’re in for something really, really big here that’s going to shock a lot of people.
Comment by Jon - BMR — July 22, 2017 @ 6:27 am
Jon
Wow I don’t think I realized before that the historic holes were not in the conductor? That’s crazy …. Re:stock price appears someone is still playing games … Hopefully that ends soon
Thanks for all the research you have been doing this past week
Exciting times ahead ..:
Comment by Gregh — July 22, 2017 @ 8:14 am
Hi Jon,
They only were able to start drilling in July. Is there truck access or only helicopter? thank you.
Comment by donald — July 22, 2017 @ 10:21 am
Donald, this is the Eskay Camp – your exploration season is essentially 5 months, second half of May into the first half of October, though winter drilling is a possibility depending on the circumstances. Pezim drilled all winter at Eskay Creek – of course, you make a discovery of that size and you’ve got the money and all the reasons to keep drilling. In terms of access, many of the properties including Nickel Mountain require helicopter support but overall access into the district has improved dramatically with the Eskay mine road and the AltaGas extension…AltaGas completed a large hydroelectric project that also extended the Eskay mine road. The original discovery at the E&L in the 1960’s led to an airstrip, bridges and some limited road building at the time…access was good enough for the oldtimers to drive a 1,500 foot adit into the side of the mountain.
At least 8 companies drilling in this district by August. When you have such rich mineralization, world class discoveries that lead to mines such as Eskay Creek, Snip and now Brucejack which is one of the highest grade Gold mines in the entire world, producing half a million ounces per year, you overcome access challenges without much difficulty.
Look at what has developed in the Eskay Camp vs. the disaster of the Ring of Fire in Ontario. I predict there will be a high-grade Nickel-Copper massive sulphide deposit put into production in the Eskay Camp before Noront’s discovery ever gets developed.
Comment by Jon - BMR — July 22, 2017 @ 10:41 am
Yes, Greg, that’s one of the keys here – the historical holes are not part of the conductor. Deepest hole drilled went to 122 m with massive sulphides in the bottom of the hole. The probability that the conductive response represents massive sulphides is extremely high. The thinking is that the original discovery, down to a maximum 122 m depth and stretching east-west across a distance of 175 m, morphs into even richer zones giving a strong conductive response beginning at the top of the conductor at 140 m. Hello, everyone—-is the light bulb going off yet??????
So many people are going to be kicking themselves very shortly for passing up on the opportunity to accumulate this play at this ridiculous valuation so close to what’s increasingly looking like the Nickel discovery of a decade in Canada.
Comment by Jon - BMR — July 22, 2017 @ 10:51 am
Lots of great comments Jon. Just wondering if you are saving the best for the Sunday Sizzler Report in regards to the E&L. I can hardly wait for the drill to start turning!
Comment by pole — July 22, 2017 @ 12:05 pm
Of course, pole…exciting week coming up. Can taste it!
Comment by Jon - BMR — July 22, 2017 @ 12:21 pm
Sure hope so Jon. Thanks.
Comment by pole — July 22, 2017 @ 12:24 pm
What gets you intrigued regarding your visit to Cobalt Power, jon?
Comment by STEVEN1 — July 22, 2017 @ 2:29 pm
Great comments, Jon. Thanks! Will ggi drill the ovoid this summer?
Comment by Johnz — July 22, 2017 @ 2:43 pm
As in the q anomaly?
Comment by Johnz — July 22, 2017 @ 2:44 pm
That’s obviously next for investigation, Johnz…a lot of area to cover…a pleasant surprise for the geos and geophysicists is the strong and broad conductor less than 50 meters below the deepest hole drilled in the 1960’s…automatically makes it the #1 choice in terms of where to start drilling, a bull’s eye massive sulphide target as they say as the first holes go thru the known zones, delivering predictable intercepts, and then into the conductor where theoretically the mineralization should be even juicier…curious about conductor “A” 6 km to the north because if ground truthing found an abundance of sulphide mineralization at surface at that target (never previously explored), the VTEM survey would certainly be validated, further raising the possibility of a big hit at conductor “D”…
Comment by Jon - BMR — July 22, 2017 @ 3:35 pm
The structure that CPO found under overburden on the Smith Property is amazing, Steven1, and we have pictures coming up to demonstrate that; crews power stripped it, you can see swarms of veins and a major fault that cuts right through the Archean volcanics…all the right indications for mineralization…how many more of these are hiding under cover?…before they discovered the full extent of this structure, they channel sampled part of 1 narrow vein (the first they saw) and got over 12% Cobalt, 5 g/t Au and 80+ g/t Ag…automatic drill targets but critical first to really go at this systematically with further sampling and analysis to learn as much as possible…it’s a very important new find for the area, shows also how much upside potential there is throughout the district (First Cobalt’s idea of open-pits may make a lot of sense)…..looked also at the areas drilled by CPO and I’m expecting some more positive surprises…the interflow sediments and vein structures follow right in from the Deer Horn mine…muck pile alongside a hill down from the shaft that’s pregnant with Cobalt bloom…really impressed with the potential of the Smith Property, they are definitely onto something there and they have the right geological crew to figure things out…only about 3 km away at CSR’s Beaver, where Silver was mined at 170 ounces per tonne in the early 1900’s, I took multiple rock samples that appear to be full of Cobalt…this has all the ingredients to develop into a huge Canadian area play with mining operations…
Comment by Jon - BMR — July 22, 2017 @ 4:00 pm
Can you find map showing deer horn mine, Cpo land and beaver mine ? If beaver is only 3km away could they share the same faulting etc?
Comment by donald — July 22, 2017 @ 8:52 pm
Same faulting, yes, Donald…the Cross Lake Fault cuts through both…Archean volcanics above the Nipissing Diabase…the Beaver and adjoining Timiskaming mine featured the deepest shafts in the region, they connected at about the 1,600 ft. level…high-grade Silver also found below the Diabase…
Comment by Jon - BMR — July 23, 2017 @ 1:37 am
Jon
Am I understanding this correctly that all of the historical holes at E&L do not show up on the VTEM
That GGI completed?
Comment by Gregh — July 23, 2017 @ 11:57 am
The VTEM lights up intensely underneath the historical holes, Gregh…I’m not a geophysicist, but I believe this is due to what’s called “electrical connectivity”….there’s a lot of it from 140 m and below….bullish implications for what’s there…..despite the massive sulphides and the nice zones from the 12 holes drilled from near-surface, there’s not the same “electrical connectivity” as you have at 140 m and below…so it could be quite special at depth (below 140) in terms of total area and sulphides…
Comment by Jon - BMR — July 23, 2017 @ 1:12 pm
Hopefully it’s not magnesium special
Comment by Weatheritout80 — July 23, 2017 @ 1:20 pm
Sulphides is all it can be, weatheritout, given what is now known about the E&L at this point including the source of the sulphur.
The VTEM also says there are sulphides at Anomaly “A”, 6 km to the north-northeast, which would be another game-changer as that ground has never been previously explored.
If “Anomaly A” is pregnant with sulphides at surface, upon ground truthing, that would certainly validate the VTEM Survey and the conductor underneath the historic zones, would it not?
Comment by Jon - BMR — July 23, 2017 @ 2:40 pm
Any plans to visit CSR? If, also to talk about GGM?
Comment by Arjan — July 23, 2017 @ 3:18 pm
Jon
I am really ignorant on these VTEM’s and what they are supposed to show, what else could make it light up? the historic holes were not high enough grade to show up on the VTEM?
Comment by GREGH — July 23, 2017 @ 3:35 pm
Jon, going along with the whole idea of clusters of deposits on the e&l, what kind of evidence is there for mineralization/deposit at Triple Faults? Or is it too early to say?
Comment by Johnz — July 23, 2017 @ 4:29 pm
Triple Faults looks intriguing, Johnz, but GGI hasn’t reported on it yet – I don’t know much about it other than I believe there has been significant glacial retreat in that area which has exposed mineralization never previously seen. Probably a VMS target but not 100% sure.
Comment by Jon - BMR — July 23, 2017 @ 4:49 pm
Have just visited Castle again, Arjan…and some pictures posted. Much more to come. If the Gold reported underground is widespread, what a game changer. Optimistic regarding GGM going into August-September, patience will pay off there.
Comment by Jon - BMR — July 23, 2017 @ 4:53 pm
Graphite has been ruled out, Greg, so when you look at the totality of information on the E&L, and that’s crucial, there’s really nothing else at this stage that can explain the VTEM conductor beginning at 140 m other than the strong presence of sulphides over a broad area. Why is there such an intense signal starting at 140 m than in the upper 122 m even though all those holes hit? As I said, I believe it’s related to what geophysicists call “electrical connectivity”. Think about Christmas decorations with traditional Christmas lights – when one bulb blows, the entire line goes out. There’s just a certain “connectivity” from 140 m and below that doesn’t exist closer to surface. This helps explain the interpretation that the near-surface mineralization is the edge of a system that transitions into something much more significant. That’s why Anomaly A 6 km to the NE is so important. If ground truthing there confirms the VTEM conductor (i.e., strong presence of sulphides at surface), then I would say you can take it to the bank that what is causing the conductor below the E&L historic zones is indeed sulphides.
Comment by Jon - BMR — July 23, 2017 @ 5:13 pm
Jon
thanks for all of your explanations… this whole VTEM thing is really fascinating and sort of mind blowing to me, to think that the historical holes with the strong grades and high tenor do not show up with modern day technology on the VTEM but that there is a conductor under the historical holes that does show up very strongly is just crazy… trying to stay calm, lol
Comment by Gregh — July 23, 2017 @ 5:44 pm
GGM’s optimistic forecast includes DRA’s involvement? FS study need? And if in the make?
Comment by Arjan — July 23, 2017 @ 9:32 pm