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7 @ 7:00 - BullMarketRun.com

April 12, 2017

7 @ 7:00

Check back later this morning for today’s Morning Market Musings.

1. Gold is aiming for its 2nd straight close above strong resistance in the low-to-mid $1,260’sas of 7:00 am Pacific, bullion is up $1 an ounce at $1,275 while Silver has added a couple of pennies to $18.34…early today, Gold hit a new 5-month high in U.S. dollar terms and an 8-month euro high…in addition to speculative buying, physical buying interest in Gold has also picked up…Gold ETFs have seen 7.6 tonnes of inflows in the last 2 days…MKS (Switzerland) S.A. reports that ETF holdings rose by around 180,000 ounces yesterday for the largest increase in 2 months…geopolitical tensions are keeping a firm bid under Gold while upcoming elections in France have traders on edge with the latest opinion polls showing a very congested race and an unpredictable outcome…

2. The Venture is holding steady at 829 through the first 30 minutes of trading after briefly topping 830…the Venture’s climb from a low last month of 788, 3 points above strong support, has been mostly a daily grind with investors looking for reasons to get more aggressive…however, the chart pattern remains convincingly bullish and suggests a looming challenge of key resistance around 850…the TSX and Dow are both down slightly in early trading…

3. Gold Standard Ventures (GSV, TSX-V) is acquiring Battle Mountain Gold (BMG, TSX-V) for a combination of shares and cash valued at 59 cents per BMG share, a nearly 50% premium to yesterday’s closing price…the deal will further enhance GSV’s leverage in Nevada where it will now have district scale opportunities on both the Carlin Trend and the Battle Mountain Trend, the most productive Gold trends in the state…BMG’s 100% owned and controlled Lewis Gold Project is adjacent to one of Newmont’s largest and most profitable Gold mines and could be a continuation of the Phoenix deposit…BMG is up 14.5 cents at 56 cents while GSV is off 4 pennies at $2.76

4. Kirkland Lake Gold (KL, TSX), one of our favorite producers, has reported Q1 consolidated production of 130,425 ounces of Gold, putting the company on track to meet 2017 production guidance of 500,000 to 525,000 ounces…the solid 1st quarter performance was driven by 48,723 ounces at the Macassa mine, based on mill grade of 17.1 g/t Au and recovery of 97.1%, and record production of 46,083 ounces at the Fosterville mine, based on mill grade of 11.1 g/t and recovery of 93.7%…KL announced a considerable increase in Reserves at Fosterville by 66% and Macassa by 37% at the end of March…the company also increased its cash balance by $45 million to $280 million at the end of March, largely due to positive cash flow from operations…

5.  Almaden Minerals (AMM, TSX), which we most recently highlighted in Monday’s Morning Musings, has made a significant jump this morning, climbing 33 cents to $2.14 as of 7:00 am Pacific…last week, the company released a robust Pre-Feasibility Study for its Ixtaca Project in Mexico that included an after-tax NPV (5%) of $310 million and an IRR of 41% with an after-tax payback of initial capital ($117 million) in 2.2 years…average annual production over the first 9 years would be 89,000 ounces of Gold and 5.5 million ounces of Silver (168,100 Gold equivalent ounces)…technically, the stock broke out above a downsloping flag last week as well as Fib. resistance at $1.71

6. Lion One Metals (LIO, TSX-V) has appointed Ian Chang as Chief Development Officer…significantly, from 2011 until 2016, Chang was Vice-President, Project Development for Pretium Resources (PVG, TSX) where he managed the feasibility study and subsequent development of Brucejack…Chang will lead the advance of Lion One’s fully permitted high-grade underground Tuvato Gold Project in Fiji…

7. Constantine Metal Resources (CEM, TSX-V) announced plans this morning for $7 million (U.S.) of work this year, beginning later this quarter, at its Palmer VMS Project in Alaska…Palmer is a joint venture between CEM and Japan’s Dowa Metals & Mining which has earned a 49% interest…the majority of the 7,000 m of planned drilling this year will focus on discovering new resources across the district-scale property…Palmer has a current Inferred Copper-Zinc polymetallic resource of 8.1 million tonnes grades 12.6% ZnEq…we’ll  have an updated CEM chart in today’s Morning Musings following Monday’s breakout…the stock is off half a penny at 16 cents as of 7:00 am Pacific

The most popular recent BMR articles…

Special Report: Key Catalysts Emerge For Near-Term Double In This Stock

Compelling Zinc-Copper Play With High-Grade Bonus

BMR Morning Market Musings:  Gold Is Showing That It May Soon Take Many Traders By Surprise

Update:  Who’s Who In The Northern Ontario


  1. BGM has been killing it. I love it

    Comment by Sameer — April 12, 2017 @ 7:53 am

  2. Excellent numbers for BGM again this morning, Sameer – looking very good.

    Comment by Jon - BMR — April 12, 2017 @ 8:05 am

  3. Jon
    Any comments/concerns re CPO and recent trading?
    Thank you

    Comment by Foz1971 — April 12, 2017 @ 8:37 am

  4. It looks fine to me, Foz1971…the overall valuation is still very attractive with the company cashed up and preparing for a drill program…support at 12 cents is strong, 100-day is at 10.5 so the potential downside is really limited IMHO…it’s hard to imagine that Cobalt is not going to power quite a bit higher this year, so I anticipate another big leg up in the Cobalt plays…

    Comment by Jon - BMR — April 12, 2017 @ 8:55 am

  5. Thank you for the validation Jon. I see strong support in 10.5 to 0.11 range so you’re right limited downside. Cobalt price increase is very positive and there should be some catalysts to move this forward soon (ip survey and drill plan, drilling contractor determined, etc.) Incidentally, when you were in Cobalt, ON last did you happen to get some wastepile samples from CPO property as you did for CSR?


    Comment by Foz1971 — April 12, 2017 @ 9:02 am

  6. CSR – Why all the anon selling. WOW

    Comment by dave — April 12, 2017 @ 10:49 am

  7. Unusual trading in CSR today, Dave, and when you see bids pop in for 150,000 shares, something’s up…looks to me like new participants in the market given the buyers and sellers today, and I would argue that’s a very bullish sign…

    Comment by Jon - BMR — April 12, 2017 @ 11:14 am

  8. lets see what tomorrow brings. those could be fake bids. I have seen that a lot lately. Time will tell.

    Comment by dave — April 12, 2017 @ 11:46 am

  9. CSR – yep, six figure bid at .22 gone

    Comment by dave — April 12, 2017 @ 11:50 am

  10. They’re moving up, Dave…now .25 on the offer…gotta love that action! Definitely some new players in the CSR market today…anytime I see that, bullish consequences, plus we know the company is cashed up, fundamentals on the ground are exciting, and there’s a technology angle here that could really build out…

    Comment by Jon - BMR — April 12, 2017 @ 11:55 am

  11. CSR trading like it’s ready for big breakout.

    Comment by Jon - BMR — April 12, 2017 @ 12:47 pm

  12. Yep Jon, crazy day for sure on csr

    Comment by dave — April 12, 2017 @ 12:55 pm

  13. Foz1971/Jon: i believe there are warrants expiring on CPO by May 1st, 2017 (7.5 cent warrants from a previous financing), that appears to be the overhang the last little while. They should be getting through them and moving up as we get closer to expiration date which is not too far away. The old symbol used to be ICU.

    Comment by STEVEN1 — April 12, 2017 @ 6:57 pm

  14. STEVEN1 – thanks mate. Missed this – makes sense.

    Comment by Foz1971 — April 13, 2017 @ 7:14 am

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