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March 3, 2017

7 @ 7:00

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

1. Gold has traded between $1,225 and $1,235 so far today…as of 7:00 am Pacific, bullion is down $7 an ounce at $1,227 while Silver is flat at $17.70…Fed Chair Janet Yellen is set to speak at the Executives Club of Chicago at 10:00 am Pacific in her last scheduled public remarks before the central bank’s March 14-15 policy meeting…Fed Vice Chairman Stanley Fischer, Fed governor Jerome Powell, Richmond Fed President Jeffrey Lacker and Chicago Fed President Charles Evans are also speaking today…in recent days, a slew of top Fed officials indicated that tighter monetary policy may be coming soon which has contributed to a pullback in precious metal prices…we all know what happened after the last 2 rate hikes, the only ones of the past decade – Gold and Gold stocks went up…

2. Randgold Resources (GOLD, NASDAQ) CEO Mark Bristow says although Gold is experiencing a bumpy ride at the moment, the metal will turn the corner in a major way:  “I don’t think, in my 20 years, I’ve ever seen the stars so aligned for a better Gold price,” he told Kitco News at the annual BMO Metals & Mining conference…

3. The Venture is flat at 810 as of 7:00 am Pacific…yesterday’s high-flier, Ventripoint Diagnostics (VPT, TSX-V), is off 9 cents at 60 cents through the first 30 minutes of trading (chart from John in today’s Morning Musings) while Saint Jean Carbon (SJL, TSX-V), which soared earlier this week, has slipped 6 pennies to 19 cents after clarifying news from Tuesday…exceptional Venture support ranges from 800 to the 780’sthe Dow and TSX are relatively unchanged in early trading…

4. Castle Silver Resources (CSR, TSX-V) has positioned itself as a leader in the prolific northern Ontario Cobalt-Silver Camp with a corporate update this morning that included news of a $750,000 private placement at 15 cents expected to close shortly…CSR also confirmed it has a work program in progress at its Castle Property which will be accelerated through this financing while a fresh work program will start soon at the Beaver Property near the town of Cobalt…both properties were very significant past producers…results are pending from a recently completed IPower3D (induced polarization) survey at the Castle to identify potential new Silver-Cobalt drill targets…importantly, the company enjoys full access to the underground workings in the Castle main adit after a closure plan accepted by the Ontario government and an agreement with local First Nations…CSR is unchanged at 18 cents as of 7:00 am Pacific and its market cap remains well below that of the dozen or so Venture-listed companies on our coverage list in this burgeoning district…

5. It has been a solid week for Deveron UAS (DVR, CSE) which is up nearly 50%…could be one of the next high-fliers given the sector that it’s in and how it’s providing a niche service to a potentially massive market…DVR, with just 17 million shares outstanding, is building momentum, now threatening to push past resistance at 40 cents…the company reported earlier this week that it completed over 500 commercial drone flights (incident free) in 2016, clearly establishing DVR as North America’s leading drone-based data provider to the agricultural industry…Deveron, which started operations in Ontario, has secured some important partnerships and is now expanding aggressively into Western Canada…it will be able to provide drone data solutions throughout the 2017 grow season to customers in Alberta, Saskatchewan and Manitoba – a potential market of 50 million acres…the company is also making inroads into the critical U.S. market…according to PwC, the commercial drone industry is reported to be $127 billion, with agriculture making up $32.4 billionDVR is up 3 cents at 42.5 cents as of 7:00 am Pacific for a market cap of only $7 million

6.  Aurvista Gold (AVA, TSX-V) is up half a penny at 42.5 cents after a nice jump yesterday following the release of an updated mineral resource estimate for its Douay Project in Quebec – 4.4 million ounces Inferred (129,979,000 tonnes @ 1.06 g/t Au using a 0.5 g/t cut-off)…the resource is valued at approximately $13 an ounce based on AVA’s current market cap…

7.  Orex Exploration (OX, TSX-V) is being acquired by Anaconda Mining (ANX, TSX-V) in an all-stock transaction with Orex shareholders to receive 0.85 of a common share of Anaconda for each common share they hold in OXOrex shareholders aren’t thrilled with the transaction as OX has slipped a penny-and-a-half to 6 cents through the first 30 minutes of trading…surely, Orex management could have done better than handing itself over to a company that has gone nowhere for nearly 7 years…

The 3 most popular recent BMR articles…

The Drone Revolution:  Deveron UAS Carves A Niche In The Booming AgTech Sector

BMR Evening Alert!

An Investor’s Guide To Who’s Who In The Greater Cobalt Camp

1 Comment

  1. Wonder what happened to drill results from Tora Tora maybe on the back burner for now

    Comment by bcguy — March 3, 2017 @ 8:28 am

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