Gold has hit a 4-week low today, trading between $1,132 and $1,143…as of 8:30 am Pacific, bullion is down $7 an ounce at $1,135…Silver is off 21 cents to $15.32…Copper is flat at $2.32…Crude Oil has lost 48 cents to $46.11 while the U.S. Dollar Index is relatively unchanged at 96.83…
Speculators’ bullish bets on Gold jumped to an 8-and-a-half month high during the last half of October while the smart-money commercial traders were ramping up their short positions, a sign that a pullback in bullion was on the way…the yellow metal needs to hold support around $1,130 or a quick re-test of the $1,100 level could be on the way…
Baker Hughes Inc. has reported that the U.S. Oil-rig count dropped by 16 to 578 in the latest week, the 9th consecutive week of declines…the number of rigs, which is viewed as a proxy for activity in the Oil industry, has fallen sharply since Oil prices started collapsing last year…there are now 64% fewer rigs from a peak of 1,609 in October 2014…
Hard to figure out these central bankers…less than 2 weeks after signaling the ECB is ready to increase stimulus, President Mario Draghi took a step back in an intereview with Italy’s Il Sole 24 Ore, published on Saturday…in it he suggested further stimulus may not be needed when policy makers meet in December…the euro is up for the 3rd straight day against the dollar, its longest winning streak since the 1st half of September…
China’s Manufacturing Sector Still Contracting
China’s official manufacturing PMI remained unchanged at 49.8 in October from a month ago, according to data released over the weekend…this is its 3rd consecutive month below the 50 mark…the October PMI missed the median 50.0 forecast in a Wall Street Journal poll of 11 economists…a PMI reading above 50 indicates an expansion in manufacturing, while a reading below that points to a contraction…China’s official non-manufacturing PMI, which includes services and related sectors, declined to 53.1 in October from 53.4 in September, its slowest pace since the financial crisis…
Chinese factories continue to pump out too much steel, glass, cement and other items even as they battle mounting debt, slumping prices and weak demand…factories have suffered 43 consecutive months of deflation…and loan demand among manufacturers in Q3 turned negative for the first time since a central bank index started in 2004…
Meanwhile, the Caixin China manufacturing PMI rose to 48.3 in October from 47.2 in September, according to data released today by Caixin Media Co. and research firm Markit…their take is that the reading suggests the shrinkage in factory activity may be slowing, although it marked the 8th straight month of contraction. “The slight upswing shows the manufacturing industry’s overall weakening has slowed down, indicating that previous stimulating measures have begun to take effect,” said He Fan, chief economist at Caixin Insight Group. “Weak aggregate demand remained the biggest obstacle to economic growth, and the risk of deflation resulting from the continued fall in the prices of bulk commodities needs attention,” he added.
In today’s Morning Musings…
1. Integra Gold (ICG, TSX-V) hits a new 52-week high…
2. The “high” investors are getting from Canopy Growth (CGC, TSX-V)…
3. Discovery Ventures (DVN, TSX-V) and Nemaska Lithium (NMX, TSX-V) show continued strength…
4. Updated charts for Silver…
Plus more…to view the rest of today’s Morning Musings, login with your username and password, or click here to gain full access to this and other exclusive BMR content and features…
Hey guy. I brought to your attention $LTE.C Lite Access Technologies a few week back in the 70/.80 range. I suggest everyone do some quick DD on this low floater (28M outstanding with insider owning 40%!) With today’s great NR it’s only a matter of time before the market sees what is going on here and the huge upside. Contracts are staring to rapidly come in. New highs are coming quick with more big $ contracts in the works. LTE.C was on the front page of the Vancouver Sun business section on Saturday morning!
Comment by BigRig — November 2, 2015 @ 9:36 am
We need news from DBV to confirm what happened and that drilling will in fact resume very soon!
Comment by DDD4 — November 2, 2015 @ 9:54 am
My guess is news later this week and resumption of drilling next week….the sooner the better!
Comment by DDD4 — November 2, 2015 @ 9:55 am
Check out UMB.C news today. Last. 04 on 1M traded. US MJ play going into oils and edibles. Think GLH.
Comment by BigRig — November 2, 2015 @ 10:22 am
FAS .06 bottom play
MZI .18 nice support on L2
CRS .18 and EXX .095 (flow rates under 1 week)
Also ones to watch….
Good Luck
Comment by BigRig — November 2, 2015 @ 10:24 am
DDD4 , yes , news is imperative and soon or DBV will resume it’s sell off.
Comment by Les — November 2, 2015 @ 10:26 am
Completely agree DDD4 time for a news, time for result, time to show what the hat has in the belly ! Time for an hole of 1000 meters !
Comment by Guy Delisle — November 2, 2015 @ 10:33 am
I don’t think GGI will do any additional drilling into the winter. After doing a few holes to use up the money they need to spend, they will be back to the drawing board. The way the market is, that isn’t necessarily a bad move
Comment by PaulH — November 2, 2015 @ 11:29 am
It would appear GGI has lost its momentum.
Comment by tony T — November 2, 2015 @ 11:35 am
Hopefully, GGI is just catching its’ breath. Who knows what the drill rig will come up with and perhaps they will surprise you.
If one wants to compare a similar company, check out V.CDB (Cordoba Minerals) as the maker caps are just about the same but CDB controls 220,000 hectares plus. An historical resource of 37 Million Tons of .97% CU/EQ. Of course Robert Friedland is involved as well.
Drilling starts in 2 weeks and there is no winter to slow them down.
Comment by Andrew — November 2, 2015 @ 12:03 pm
Correction to my earlier post. That should read “An in-house historical inferred resource calculation was previously made by OMNI of 37.0 million tonnes at 0.62 per cent Cu and 0.40 g/t Au (0.9 per cent copper equivalent (CuEq)) is interpreted by Cordoba’s management to be representative of the drilling completed to date.”
Comment by Andrew — November 2, 2015 @ 12:09 pm
LTE.C golf clap. Hitting $1.10. Do your DD quickly.
FAS .06 now facing .075 today.
UMB hitting .045
MZI and MSD holding steady before next leg
EXX and CRS holdin as well
Comment by BigRig — November 2, 2015 @ 12:15 pm
A pullback like today on GGI on very low volume – nothing more than an impatient trader who will likely look silly this week, IMHO.
Comment by Jon - BMR — November 2, 2015 @ 12:18 pm
PaulH , because GGI must spend those funds before year end and they would also have to winterize their camp , I also suspect there will not be much activity on the grizzly until spring. JMO
Comment by Les — November 2, 2015 @ 12:38 pm
The problem and lack of excitement for GGI is because for a very long time the CEO has been saying that they would drill Grizzly and it seems like the only reason they are finally doing it is to spend the flow through money before they lose it….started late fall, no winterized camps and once they are done it’s a minimum 5 months before the drill again…..assuming they actual put priority on it!
If there’s any excitement it will be short lived after results due to a long break of no drilling at Grizzly! Could be a selling on the last drill results.
GGI’s property at the Sheslay has huge potential….I’m just not a fan of the CEO due to lack of action on broken promises…..it’s almost as if he plans on retiring in 20 years and is in no hurry to get things done imo. I’m a small shareholder as I believe in its Grizzly property potential.
Comment by DDD4 — November 2, 2015 @ 1:07 pm
More pics just posted on the GGI (Garibaldi Resources) Website
Comment by Dan1 — November 2, 2015 @ 1:11 pm
New photos on GGI’s site
Comment by weatheritout — November 2, 2015 @ 1:14 pm
Kinda odd that they keep posting photo’s without a news release…….comments?
Comment by weatheritout — November 2, 2015 @ 1:15 pm
Just noticed it after the close, Dan. News later today perhaps? Would be nice. What I find particularly intriguing is the dark pyrite/magnetite core – that’s the kind of core that can deliver high-grade gold kicks. They are clearly onto something. We need an update and then we can figure out for sure what may be happening.
Comment by Jon - BMR — November 2, 2015 @ 1:20 pm
Additional photos posted but investors want an update. We know they are drilling but the announcement wasn’t made that drilling started and no update since. That is the only beef I have with GGI management, slow to inform investors. Give the market something to chew on.
Comment by Dan1 — November 2, 2015 @ 1:21 pm
I agree, Dan. Time to start the show if they’re seeing the goods.
Comment by Jon - BMR — November 2, 2015 @ 1:24 pm
Again….I’m no geologist but they must be seeing something if they are posting pictures of the core. You would figure they would post nothing if they were not encouraged by what they are seeing.
Comment by weatheritout — November 2, 2015 @ 1:28 pm
The only nice core on that page is the second one from the left (broken up core). Ore is extremely brittle and seeing that core broken up with dark chunks is nice to see. The smoother/perfectly round the core, the less ore and more rock in it.
Comment by tony T — November 2, 2015 @ 1:31 pm
Totally agree Dan.
Comment by PaulH — November 2, 2015 @ 1:32 pm
Found this quote
“Gold bearing magnetite may be found in massive deposits where the gold is often invisible to the naked eye with the gold often being disseminated throughout the entire deposit of magnetite. If gold is present in one of these deposits it is not to be disseminated through the body of the rock and quantities that are so small much of the gold is invisible to the naked eye, or there may be small specks of gold that are visible. The usual tenor of this sort can vary from that measured in grams to about 4 ounces per ton.”
Jon maybe you can bounce this one off some of your geologist connections?
Comment by weatheritout — November 2, 2015 @ 1:43 pm
And for those who think im talking out of my butt when it comes to ore, check out my work place; Vale’s Coleman Mine (the Flagship of Vale’s Sudbury Operations). We just discovered a copper vein in the 153-170 ore body where grades are 28% copper!
Comment by tony T — November 2, 2015 @ 1:50 pm
Posting these good looking core pics just ahead of NEWS!!! Expected anytime now!!
Comment by Jeff — November 2, 2015 @ 1:53 pm
Hey Tony….grew up in Sudbury. Live on Manitoulin Island now. Keep us informed on what you think of core pics.
Comment by weatheritout — November 2, 2015 @ 1:57 pm
Fair enough, Tony, but a bunch of geologists very familiar with the Sheslay district, including Farshad himself, would take issue with you on your previous comment. Those who understand Sheslay Red Stock and the cooked up Stuhini group rocks that are driving the Hat and the Sheslay district in general are in agreement that GGI could be into a significant system, just based on these core photos – albeit investors need more details to go on. The dark pyrite/magnetite, while also generally known to host high-grade Gold, has also been observed at the Hat in some of the best Gold content intersections. I’ve also seen it for my own eyes during last year’s site visit – all the core from Hat discovery holes 8 and 11 through the first 300 meters or so. Every district has its own drill core signatures. I’m no geo, but knowing the Sheslay district well, I’m very encouraged by what I’m seeing in these photos – and so are geos we’re getting feedback from. What GGI needs to do now is provide some details.
Comment by Jon - BMR — November 2, 2015 @ 2:01 pm
Tony I worked for Falconbridge copper at Opemiska and lots a stope has more than 30% copper
Comment by Guy Delisle — November 2, 2015 @ 2:27 pm
And how was the ore Guy? Was it nice and rigid or extremely brittle?
Assays will tell the story, but based on the looks of the cores and the fact they’ve held their shape extremely well, my guess is that the grades in all but one of the pictures are low. If GGI can pump out more cores like the one I mentioned (second from the left) then they’re hitting high grade stuff. But again, assays will tell the story. Just an FYI I’m still holding my ggi shares.
Comment by tony T — November 2, 2015 @ 2:56 pm
Tony we mined in massve sulphid it is a color of silver yellow !
Comment by Guy Delisle — November 2, 2015 @ 3:14 pm
They are in a different type of deposit Tony than you have at Vale. These as you are aware are porphyry style….so the core will definitely look different.
Comment by weatheritout — November 2, 2015 @ 3:20 pm
It ain’t so easy, Tony. On eye-balling infamous hole 23 at the Hat, Farshad thought he had virtually nothing thru the first 200 m. And look what it assayed. Mineralization can be so fine in some cases, right in the body of the rock, that you just can’t even see it. Classic alteration patterns, the right geological mix, evidence of key mineral types – if that’s what GGI is seeing, if that’s what they’re into, they will find a deposit. This district is pregnant. And weatheritout’s point is correct, we’re dealing with an entirely different beast in this particular part of the country as far as deposits and systems go.
Comment by Jon - BMR — November 2, 2015 @ 3:22 pm
It’s November, haven’t had any updates for months. No idea what’s going on except for what I read on BMR. Cmon farshad, give your shareholders an update as to what is going on with the company. Getting ridiculous, this is very frustrating! Hopefully hear something this week.
Comment by Sameer — November 2, 2015 @ 3:47 pm
We have learned that we will steep out 250M to the north, better that nothing lol.
Comment by Martin — November 2, 2015 @ 4:26 pm
So different how eqt and ggi management or going back drilling. EQT drilled and sent assays to lab. GI drilling and sending photos. Lol.
Comment by 02charoc — November 2, 2015 @ 6:59 pm
Regoci is keeping keen followers informed by releasing photos. Assuming there are no problems with the drill, my guess is that they are well in to the 2nd hole, or maybe even just started the 3rd hole. Will Regoci’s next NR actually be the result of the 1st hole?
Comment by Tom UK — November 2, 2015 @ 8:33 pm
Regoci is not just putting up photos to prove that they are drilling.His photos are saying we are showing mineralized core samples.If you look at the Rododero and LA Patilla sites,he did the same thing,then released outstanding results from the lab tests.
This is his way of saying they have hit.This is his M.O.,as seen in his other property plays in Mexico.They have most likely been using some type of XRF Analyzers,but he won’t say a word until they get lab results confirming what they have.
He is telling investors they have hit mineralization without saying it.
This play badly needs Farshad back,because he has learned how to promote properly using halts.speaking directly to shareholders and pushing the right buttons to push the stock.
GGI will benefit greatly from Farshad’s style if he gets DBV on the ground again.Of course,his style of promotion comes from necessity,as he is always trying to raise cash.But,it has also taught him the importance of promotion.Regoci clearly lacks this ability,and only speaks when there is news to release.
If/once Farshad gets back wheeling and dealing again and providing halts with news and having GGI releasing PRs also,both companies will move.
In the meantime,Regoci has provided those cores,saying he has hit on the Grizzly.Results will be interesting.
Comment by robinandthe7hoods — November 2, 2015 @ 10:47 pm
robin, I agree with everything you say apart from 1 thing and that is Regoci’s ability to pump the stock. So far this has not been tested as he has not had to raise cash since last year. My guess is he will release results of the 1st hole at Grizzly quickly followed by 2 or 3 NRs from Mexico. Then he will do a PP. Just my guess but he seems to be keeping all his powder dry for the time being.
Comment by Tom UK — November 3, 2015 @ 2:18 am
If you look at photos from both DBV and GGI websites,the core samples are an exact copy.They have hit for sure.Regoci wouldn’t have put those photos on the site if it were otherwise.
This he has shown to be consistent with.
The holes will be deep in this area so it will most likely take 6 weeks to get results from the time they send the cores to the lab.Jmo on that.
Comment by robinandthe7hoods — November 3, 2015 @ 3:49 am
Now we need DBV back in the game.Hopefully we hear something soon.
Comment by robinandthe7hoods — November 3, 2015 @ 3:52 am
FYI Robin, I spoke with the IR company a couple of weeks who told me that the holes would be between 150 – 450m long. I think that these 7 holes they have planned will use up the remaining FT funding.
I have no idea whether Regoci will release the results from 1 or 2 holes in a months time, or whether he will wait until the new year and release all the results. Either way, I am staying invested. NRs by way of photos is fine by me and the people who will lose out are those who do not due thorough due diligence.
Comment by Tom UK — November 3, 2015 @ 4:09 am
Totally wrong footed me – NR out by GGI.
Comment by Tom UK — November 3, 2015 @ 4:12 am
Wow…Game On at Grizzly, Tom, GGI has hit.
Comment by Jon - BMR — November 3, 2015 @ 4:14 am
Funny how they issued the NR after the second crop of photos was released. U know, the one with the broken up core of obvious ore. Great news, let’s see what the market thinks.
Comment by tony T — November 3, 2015 @ 4:19 am
Yes Jon, you said they would do it within 4 holes. Actually taken them 1, as the phrase you used ”straight off the bat”. No wasted money on dud holes, this is what good preparation work and best technology can achieve. I will sit back and enjoy the ride over the next few weeks/months.
Comment by Tom UK — November 3, 2015 @ 4:19 am
GGI news….
VANCOUVER, Nov. 3, 2015 /CNW/ – Garibaldi Resources Corp. (TSX.V: GGI) (the “Company” or “Garibaldi”) is pleased to report that ongoing first-ever drilling at the company’s 100%-owned Grizzly Project has intersected key alteration and mineralogical features associated with alkalic copper-gold porphyry deposits defined on adjoining properties in northwest British Columbia’s emerging Sheslay district.
Garibaldi geologists report that visual analysis completed of drill core from the first two holes along the western, fault-bounded side of Grizzly Central has revealed the following under an overburden cover of less than 30 meters:
— A robust and widespread hydrothermal system with abundant pyrite, finely disseminated chalcopyrite, and magnetite
— Alteration zoning that is indicative of a copper-gold porphyry environment
— K-feldspar and hydrothermal biotite forming potassic zones in both diorite and quartz monzodiorite, commonly accompanied by quartz veining,
intense pervasive epidote alteration, and widespread sericite
— The quartz monzodiorite commonly contains fine-grained chalcopyrite disseminated and along select veinlets
Initial core samples are immediately being sent to a lab for analysis. The system is open in all directions and appears to be trending southwestward along the margin of the Kaketsa pluton, 2 km northwest of the first drill hole (GC-15-01).
In addition, while most of Grizzly Central is covered by a thin to variable layer of glacial till, geologists have outlined a newly mapped mineralized outcrop along trend up to 800 meters southwest of current drilling. This area features intense potassic alteration associated with quartz-chalcopyrite +/- bornite veinlets within the Stuhini group volcanics and sediments, and is expected to be drill-tested shortly. This zone is related to an intermediate magnetic anomaly and correlates with a 30-40 mv chargeability high (the highest IP reading along the western side of Grizzly Central is 70 mv).
Steve Regoci, Garibaldi President and CEO, commented: “Ahead of assay results, it’s very encouraging to see the anticipated geological profile indicating a potential new porphyry system within a sizable coincident geophysical and geochemical anomaly. “We’re extremely excited about what our geologists have modelled for these buried targets at Grizzly Central based on their appraisal of the 30-km long Sheslay mineralized corridor. We look forward to providing additional updates as this first phase of drilling continues,” Regoci concluded.
Comment by LAJ — November 3, 2015 @ 4:21 am
Tony, you may have a good point there. They have hit very wide intersections of this stuff, using words like “abundant”, “widespread”, and “robust”.
Comment by Jon - BMR — November 3, 2015 @ 4:24 am
I’ll even go out on a limb here and state that that second picture from the left looks like it has a little purple/blue in it (like the chunk I have at home). That folks is what you call bornite. Lets see if my visuals are correct (unfortunately we have to wait a few months to confirm)
Comment by Tony T — November 3, 2015 @ 4:30 am
You could be right, Tony, bornite has also been found at surface as well – interesting info regarding the outcrop discovery 800 m to the southwest of GC-15-01. Sounds like core is being rushed to lab.
Comment by Jon - BMR — November 3, 2015 @ 4:32 am
That ore looks really sweet. YOu can definately see the separation from the low grade stuff to the high grade stuff. Excited I didn’t sell!!
Comment by Tony T — November 3, 2015 @ 4:34 am
GGI – Wow. impressed by findings to date. Moving southwest 800 m to another exciting area it seems close to a fault structure. My contacts in the industry would generally tell me not to go by visuals but coupled with the description of findings I have never seen them so excited. Great for those who have stayed the course – company and investors…I have been in since near the beginning…since BMR brought this to my attention. Things looking up
Comment by FrankNS — November 3, 2015 @ 5:14 am
GGI – I expect to see evidence of setting up for continued drilling in winter
Comment by FrankNS — November 3, 2015 @ 5:21 am