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April 17, 2017

7 @ 7:00

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

1. Gold has traded between $1,285 and $1,293 so far today…as of 7:00 am Pacific, bullion is flat at $1,288…any minor dips in Gold will be eagerly embraced by astute traders given bullion’s bullish technical posture following last week’s breakout and the likelihood of additional near-term gains as geopolitical concerns remain in focus…from ongoing tensions in North Korea to French elections next Sunday, there’s no shortage of catalysts to fuel a continued advance in Gold…holdings in New York-listed SPDR Gold Shares ETF rose more than 6 tonnes on Thursday, the biggest 1-day inflow in a month…the U.S. dollar hit a 5-month low against the yen this morning…

2.  China’s 1st quarter GDP came in slightly above expectations at a 6.9% annual growth rate, the strongest pace in nearly 2 years…other Chinese data was similarly upbeat, with March industrial output accelerating 7.6% on year, the fastest pace of growth since December 2014, while March fixed asset investment grew a robust 9.2%…

3. U.S. Crude output is now at an 86-week high at 9.24 million barrels a day while the Oil rig count rose for the 13th straight week to 683, the highest in 2 years…however, WTI prices remain firm on strong global demand and expectations that OPEC will extend its production cut, potentially leading to a significant drop in global inventories during the last half of the year…

4. Despite a slow start this morning, the Venture is well-positioned for a 4th straight week of gains after pushing through resistance in the mid 820’s last week…next target is 850, the high from last summer which also provided resistance in February…the Index is off 1 point at 834 as of 7:00 am PacificBarkerville Gold Mines (BGM, TSX-V), which climbed 26% last week to a new multi-year high, was halted shortly before the market open, pending news…the company then announced that it has made a new discovery from the continuing 130,000-m Phase 2 Island Mountain and Valley zone drill program at its Cariboo Gold Project…Island Mountain Shaft zone drill hole IM-17072 intersected a previously unidentified wide network of high-tenor veining grading 19.2 g/t Au 54.4 m, including 32 g/t Au over 30.7 m…the hole included several narrow intervals of exceptionally high Gold grades including 760 g/t Au over 0.85 m…meanwhile, 180 m vertically below drill hole IM-17072, in drill hole IM-17078, Barkerville has discovered another broad occurrence of sandstone-hosted stockwork veining averaging 11.42 g/t Au over 28.55 m…BGM resumes trading at 7:45 am Pacific and should respond bullishly…

5.  Drilling is expected to resume this week with 2 rigs at EnGold Mines’ (EGM, TSX-V) discovery at Lac La Hache…one of the drills will be deployed to test the previously reported new, highly intense gravity anomaly to the northwest of the discovery hole…the other drill will step out to the south of the discovery hole, where new gravity data indicate increasing potential for high-grade Copper mineralization…last Thursday, EGM announced the closing of a non-brokered private placement of 4 million flow-through units at 50 cents per unit for gross proceeds of $2 million

6. Garibaldi Resources (GGI, TSX-V) announced late in Thursday’s trading session that it’s ready to launch a heliborne electromagnetic survey during this last half of April at its E&L Project 11 miles southwest of Eskay Creek where the company has outlined the district’s first Nickel-Copper-rich massive sulphide system…modern geophysics have never been carried out at the E&L where sulphide mineralization is believed to extend well beyond the boundaries of the near-surface deposit that was delineated through a series of drill holes half a century ago…

7. RJK Explorations (RJX.A, TSX-V) is expected to resume drilling imminently at its 100%-owned Maude Lake Gold Property after closing the first tranche of a financing last week, raising gross proceeds of just under $300,00o (1.6 million non-flow-through units @ 18 cents per unit)…with less than 20 million shares outstanding and a current market cap of only $2.7 million, RJK is a situation to watch closely…a first phase of drilling returned multiple near-surface high-grade intercepts including 14 m @ 5.37 g/t Au…the property contains an historic high-grade resource and holds exciting potential at depth below 300 m where historic results returned such intersections as 19.5 g/t Au over 8 m at the 375-m level and 12.3 g/t Au over 2.5 m at the 475-m level…RJX.A is unchanged at 16 cents in early trading…

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1 Comment

  1. BGM! wow! any area play there?

    Comment by STEVEN1 — April 17, 2017 @ 9:32 am

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