Check back later today for Daniel’s Den and visit the comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,284 and $1,294 so far today…as of 7:00 am Pacific, bullion is up $8 an ounce at $1,292…the metal surged to its highest since November on Friday when political and security concerns in the United States and Spain jangled investors’ nerves and stoked demand…speculators hiked their net-long positions in COMEX Gold futures and options for a 5th straight week ending August 15, U.S. Commodity Futures Trading Commission data showed on Friday…Silver has added 12 cents to $17.06…base metals are robust again today with Nickel leading the way and testing its early 2017 highs just above $5 a pound…Crude Oil has slipped 31 cents to $48.30 while the U.S. Dollar Index has fallen one-fifth of a point to 93.28…
2. U.S. hedge funds and money managers cut bullish bets on U.S. Crude for a 2nd straight week but there are nonetheless some positive signs on the Oil front…the U.S. rig count suffered its biggest fall since January with drillers slashing 5 rigs in the week to August 18, reducing the count to 763…in addition, U.S. commercial Crude inventories have fallen almost 13% from their March peaks…meanwhile, investors are awaiting the results of an OPEC technical meeting in Vienna today focused on compliance levels…compliance with the production cut agreement last December fell to its lowest level this year at 75% in July due to higher output from Iran, Equatorial Guinea, Gabon, Algeria and the United Arab Emirates, according to the International Energy Agency’s latest monthly report…
3. Investors are looking ahead to an annual meeting of central bankers in Jackson Hole this week, with European Central Bank President Mario Draghi and U.S. Federal Reserve Chair Janet Yellen to speak on Friday…watch for potential impacts on both Gold and the U.S. dollar in addition to equity markets…the Dow is off 42 points in early trading while the TSX has slipped 28 points…the Venture is bucking the trend, however, thanks to strength in metals and exploration excitement in parts of B.C. and elsewhere…the Venture has gained 4 points to 774 on strength in precious metals and encouraging exploration developments on various fronts including of course northwest British Columbia…Garibaldi Resources (GGI, TSX-V), up 3 pennies at 72 cents as of 7:00 am Pacific, is threatening to break out to new highs as drilling gets set to begin at Nickel Mountain, 11 miles southwest of Eskay Creek, where there’s a bull’s-eye near-surface massive sulphide target immediately below known Nickel-Copper-rich mineralized zones…Aben Resources (ABN, TSX-V), which started drilling at its Forrest Kerr Project in the northern part of the Eskay Heart of Gold Camp at the beginning of the month, is pushing higher on strong volume but no news in early trading…
4. More high-grade results from Dolly Varden Silver (DV, TSX-V) this morning from the company’s ongoing drill program at its Dolly Varden Property south of Stewart…holes DV17–044 to 048 were drilled from the north side of the Dolly Varden deposit area, one of 4 deposits and over 50 exploration targets on the property…best results came from hole DV17–048 which intersected 3 mineralized structures including the Upper Zone where a 13.2-m intersection returned 702 g/t Ag including 2.6 m grading 2,356 g/t Ag, 2.9% Zn and 1.1% Pb…DV is up 9 cents at 69 cents as of 7:00 am Pacific…
5. Klondike Gold (KG, TSX-V) was halted shortly after the open, pending company contact by the Exchange, after a 12-cent price increase to 47 cents on heavy volume of over 1 million shares through the first 17 minutes of trading…the company has been delivering positive results from its promising Lone Star target within its 527-sq. km Klondike district land package in the Yukon…
6. It was announced this morning that First Cobalt (FCC, TSX-V) and Cobaltech (CSK, TSX-V) have entered into a definitive merger agreement following the signing of a binding LOI June 23, 2017…under the terms of the deal, First Cobalt will acquire all issued and outstanding common shares of CobalTech by way of a court approved plan of arrangement…CobalTech shareholders will receive 0.2632 of a First Cobalt share for each CobalTech share, representing the equivalent of 20 cents per CobalTech common share based on FCC’s most recent closing price of 76 cents before it was halted June 23…Trent Mell, FCC President and CEO, commented: “I am pleased to see our two companies coming together. The Cobalt Camp has been under-explored for its Cobalt potential and has never seen the meaningful land consolidation achieved through this merger and the proposed merger between First Cobalt and Cobalt One. These transactions are expected to create the largest pure play Cobalt explorer in the world and offers an opportunity to revisit this Camp on a district scale for open-pit mining potential.” Completion of the transaction is subject to a number of conditions including approval by the shareholders of CobalTech and receipt of all required regulatory approvals, including the approval of the Venture Exchange…
7. Cobalt Power Group (CPO, TSX-V) and Hochschild Mining Holdings Ltd. are forming an “alliance”, CPO announced this morning, with Hochschild initially investing $500,000 (U.S.) in the company through a private placement at 13 cents (CDN) per unit…Hochschild will also appoint a director to the Board of CPO and also receives additional rights including the right to option and joint venture one of CPO’s properties…Dr. Andreas Rompel, President and CEO, stated: “We are delighted to become associated with a reputable mining house like Hochschild and welcome them as our strategic partner in Cobalt, Ontario. Hochschild’s extensive experience in mining and treatment of steeply dipping, narrow epithermal veins will be of paramount importance in the development of the Smith Cobalt Project and adjoining lands.”
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NOT – Noront finally will benefit from the all season road… the ring of fire will happen …. still a timing thing,… but, and a big but, it only happens if Wynne doesnt screw it up… 3 of 9 FN’s are on board!!
Comment by Jeremy — August 21, 2017 @ 11:22 am
So what Nickel values are we hoping for or more importantly the market is looking for???
2% or more say over 50m?
Comment by diesel — August 22, 2017 @ 5:25 am
It’s not hard to do the math, diesel – with Nickel tenor of 4.8% to 8% in 100% sulphides, that’s the anticipated grade range in massive sulphides…even in 40% to 50% sulphides, very high values in excess of 2%…how extensive are the sulphides?…that will be key but the conductor and the model are both very promising with regard to that…of course it’s not just Nickel that’s important here…the tenor of the sulphide gives a range of 2.1% Copper to 10.9% Copper in 100% sulphides…plus of course potential PGE, Gold, Silver and Cobalt values…grade is King, and the E&L is an historic deposit with plenty of evidence that it continues to depth and gets richer at depth…5.9% Nickel and 1.7% Copper over 2.74 m at the bottom of DDH-4-1966 (1.3% Nickel and 0.79% Copper over 37.8 m) should tell you something (that was in the “disseminated halo”)…this is a Camp that has certainly proven its incredible high-grade potential with Eskay Creek, Brucejack and Snip…
Comment by Jon - BMR — August 22, 2017 @ 6:25 am
Yes I fully understand jon.
I will reword my Question:
What do we need to see to get the market really excited?
Outside of the obvious–Yes the science and potential could be 4-8%,no doubt about that.
But until we see some drill results what is a low end of a still world class Find?
Comment by diesel — August 22, 2017 @ 6:58 am
It’s great that you are gettіng thoughts from
this article as well as from our discussion made here.
Comment by code — August 23, 2017 @ 1:36 pm