BullMarketRun.ca

Gold shot up over $1,240 overnight but has retreated and is now down $8 on the day to $1,231 as of 8:30 am Pacific time…the CDNX, which was looking very strong heading into this week, is off 1 point this morning to 1457…it’s possible the CDNX could be in the process of putting in a double bottom at 1440, an important technical level it really must hold…Gold Bullion Development (GBB, TSX-V) is up another nickel to 67 cents…Jordan Capital was a strong buyer right out of the gate this morning which is a positive sign…we’ve had quite a few inquiries at BMR regarding Golden Hope Mines (GNH, TSX-V) which is also exploring property in Quebec…from a technical standpoint, GNH is currently extremely overbought which increases the risk substantially for buyers at current levels…the stock reacted this morning after jumping as high as 73 cents…it’s now trading at 67 cents, up 1 penny from yesterday…we believe it’s best to wait for drill results from GNH and assess from there…Fire River Gold (FAU, TSX-V) has increased its proposed financing from $3 million to $5.5 million…FAU is seizing the opportunity to raise additional capital and further strengthen its treasury which makes a lot of sense in the current environment…their Nixon gold mine project has excellent potential…FAU is off 3 pennies to 61 cents…Richfield Ventures (RVC, TSX-V) came out with more drill results this morning…312 metres grading 0.76 g/t Au at Blackwater in the 4th hole of its planned 70-hole, 25,000 metre program…that’s a solid result but the stock is quiet, down 4 cents to $1.03…drilling has proceeded slowly at Blackwater since it started in April and Richfield’s second drill rig is not scheduled to arrive on the property until mid-July…we remain very bullish on the prospects for Blackwater but the slowness of the drilling and the lack of any spectacular results to date have put downward pressure on the stock…it could be a couple of months yet before Richfield can regain some serious momentum…Seafield Resources (SFF, TSX-V) approved a bunch of stock options and made an IR hiring yesterday, further signs this stock could be close to making a move…if you look at what has developed with Seafield over the last 6 weeks or so, it seems all the ducks have been lined up nicely in a row…we expect news very soon from Seafield on its Quinchia gold properties in Colombia where drilling is likely almost ready to commence…technically, the stock has formed a nice base from which to power higher once again…Seafield is unchanged this morning at 17 cents as it continues to rest just above its rising 300-day moving average…we’re continuing to keep a close eye on Manitou Gold (MTU, TSX-V) which should have drill results coming out soon from its drilling at the former Big Master Mine in northwestern Ontario…Manitou was just listed on the CDNX in March…it has $5 million in the bank and is conducting a very aggressive drill program in the highly prospective Gold Rock mining camp…Goldcorp Inc. (G, TSX) owns over 10% of Manitou which is in a bid-ask range of .44 to .47 this morning…it has just under 27 million outstanding shares…MTU is a light trader but that could change dramatically on drill results…