BullMarketRun.ca

Gold has pulled back modestly after hitting a new all-time high this morning of $1,446…as of 8:20 am Pacific, the yellow metal is up $1 an ounce at $1,434…Silver climbed to a new 31-year high and is currently 60 cents higher at $36.27…crude oil is firmer again today, up over $1 a barrel to $105.58, as fighting intensifies in Libya…the U.S. Dollar Index is essentially unchanged at 76.37…Canadian provinces occupy three of the top four rankings for mining exploration and investment in the latest version of the Fraser Institute’s Survey of Mining Companies…Alberta is ranked first followed by Nevada and Saskatchewan…Quebec, which once held the top ranking for three consecutive years, has fallen to fourth from third…the CDNX gapped up this morning to 2461 but is shedding some of those early gains…the Index is currently just 9 points higher at 2449…a decisive move on strong volume through 2450 this week would be a bullish sign from a technical standpoint…Seafield Resources (SFF, TSX-V) has released results from the first three holes of its Dos Quebradas drill program at Quinchia in Colombia…hole #2 intersected an impressive 511 metres of 0.58 g/t Au, very comparable to Batero’s (BAT, TSX-V) ninth hole that returned 0.70 g/t Au over a 460-metre core length…Seafield’s second hole terminated in mineralization and included an interval of 200 metres grading 0.98 g/t Au…hole #1 at Dos Quebradas returned 269 metres grading 0.37 g/t Au while the third hole, drilled to define the eastern limit of the mineralization, showed no significant results…a total of nine holes in the 11-hole program have been completed…this is an excellent start for Seafield at Dos Quebradas…the company is rebuilding momentum and more intersections like hole #2 will demonstrate that Dos Quebradas does indeed have multi-million ounce potential…Seafield is currently off a penny at 40.5 cents…Richmont Mines (RIC, TSX), which we’ve been mentioning often at BMR due to its growing Wasamac deposit west of Rouyn-Noranda, is up another 29 cents this morning to $6.30 , its highest price in eight years…the Wasamac deposit plunges to the north toward the “Wasa” claims held by Cadillac Mining (CQX, TSX-V) which is currently preparing a drill program for that strategic land package…there are also some highly prospective VMS targets on those claims…Cadillac is off 1.5 cents at 31 cents this morning…Trueclaim Exploration (TRM, TSX-V) is making significant progress at its Scadding Gold Property near Sudbury as demonstrated by Friday’s initial drill results which included a near-surface intersection of 15.78 metres grading 5.36 g/t Au…the company believes it has connected the South Zone with the Central Zone where historical mining operations took place…there are three other zones at Scadding…this is definitely an exploration story to watch closely as we believe Trueclaim is gaining a much better understanding of the Scadding geological model and even better results could emerge as the 8,000 metre drill program continues…the stock is currently off a penny to 18 cents, its rising 100-day moving average (SMA)…very strong technical support exists between 16 and 18 cents, so the downside risk on TRM at current levels appears very limited…Gold Bullion Development (GBB, TSX-V) is unchanged at 53 cents…John has prepared a new chart for GBB which we’ll be posting shortly…