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7 @ 7:00 - BullMarketRun.com

April 11, 2018

7 @ 7:00

Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.

1. Gold has traded between $1,340 and $1,356 so far today as tensions mount in Syria…as of 7:00 am Pacific, bullion is up $13 an ounce at $1,352…Silver has added 13 cents to $16.68…Copper, Nickel and Zinc are steady at $3.12, $6.16 and $1.46, respectively…Cobalt is unchanged at $41.50…Crude Oil, near 3-year highs, has jumped another 53 cents a barrel to $66.04, thanks to Middle East tensions, while the struggling U.S. Dollar Index has slipped slightly to 89.49President Trump warned this morning that U.S. missiles “will be coming” to Syria, signaling a willingness to challenge Russia directly in launching a military strike over a chemical weapons attack carried out by Syria against its own citizens over the weekend…

2. U.S. consumer prices fell for the first time in 10 months in March, weighed down by a decline in the cost of gasoline, but underlying inflation continued to firm amid rising prices for healthcare and rental accommodation…the CPI slipped 0.1% last month, the first and largest drop since May 2017, after climbing 0.2% in February…in the 12-month period through March, however, the CPI increased 2.4%, the largest annual gain in a year…annual inflation is rising as the weak readings from last year drop from the calculation…

3. As we expected, Pretium Resources (PVG, TSX) is making strong progress in ramping up production and improving the mill feed grade at the Brucejack mine in the Eskay Heart of Gold Camp33,000 ounces were produced in March with a 96.7% Gold recovery rate and a 10.9 g/t mill feed grade for the month…for the quarter, the numbers were 75,689, 96.8% and 9.1 g/t…President and CEO Joseph Ovsenek stated, Gold production improved steadily through the 1st quarter…this result is attributed to the successful implementation of a number of operational improvement initiatives.  Our grade control program has now been fully integrated into our mining process and the rate of underground development has increased to provide for additional stopes in our inventory.  We are focused on continuing to increase grade to the mill in Q2, and we remain on track to deliver on our H1 2018 production guidance of 150,000 to 200,000 ounces of Gold at AISC of $900-$700 per ounce of Gold sold.  We are building on our healthy cash position, and expect to achieve steady-state production by mid-to-late 2018.”  Aided as well by rising Gold prices, PVG is up $1.57 per share at $10.30 through the first 30 minutes of trading…

4. Speaking to reporters after Scotiabank’s annual meeting yesterday, CEO Brian Porter reiterated the bank’s support for “thoughtful energy development”,  stressing, “I think that it’s important to look at the cost of not doing these things for the Canadian economy in terms of GDP and what it means for per-capita income of people in Canada.  And we’re going to lose our competitive advantage on a number of things. Canada has a productivity issue; it has a competitiveness issue…I’m concerned about the resource-based economy.”  The question is, how many politicians in this country share the same concerns?…and if they do, what are they prepared to do about it?…Alberta’s Rachel Notley, the ardent socialist she is, and a Premier who has skyrocketed the province’s debt 7-fold to nearly $100 billion, is now musing about the the possibility of the government (Alberta) buying the Kinder Morgan pipeline project outright from Kinder Morgan, but what message does that send to international investors about doing business in Canada?…what kind of a country are we turning into?…

5. U.S. markets are bouncing off their opening lows, now down just 99 points as of 7:00 am Pacific…in Toronto, the TSX is up 34 points thanks to firmer Gold and Oil prices…B2Gold (BTO, TSX) is pushing higher after reporting record quarterly consolidated Gold production of 239,684 ounces, an increase of 81% or 107,000 ounces over the same period last year, and 7% above budget, due to the continued strong performances of the Fekola mine in Mali, Masbate mine in the Philippines and the Otjikoto mine in Nambia…the Venture has added 5 points to 781ML Gold (MLG, TSX-V) has recommenced diamond drilling program at the Stars Property in central British Columbia…the current drilling will test magnetic targets within the recently identified central target area and expand the newly discovered zone where hole #4 in Phase 1 intersected 204 m at 0.50% Copper equivalent from surface as announced in late February…

6. Underground drilling continues to reinforce the current resource and expand the mineralized zones at Pure Gold Mining’s (PGM, TSX-V) 100%-owned Madsen Gold Project…recent drilling, designed to test the resource in close proximity to the Madsen ramp, continues to exceed expectations with several drill holes intersecting multiple lenses of high-grade Gold mineralization…notably, underground drilling continues to enhance and better define proposed stope shapes targeted for the first years of production…several drill holes have expanded the known mineralization outside of the current resource (10 g/t over 5 m; 28.6 g/t over 2 m; 17.9 g/t over 5.1 m; 10.8 g/t over 3 m) while infill drilling has confirmed planned stope shapes and indicates the presence of higher than expected grades in these areas including 14.6 g/t over 3.5 m, 12.2 g/t over 5.5 m, and 28.2 g/t over 7 m in drill holes 59, 60 and 61, respectively.  “Underground drilling continues to demonstrate the strength of the Gold system at Madsen,” said Darin Labrenz, President and CEO of Pure Gold“As with our previously released underground drill results from the Madsen ramp area, these latest results have surpassed our expectations, with multiple drill holes returning exceptional widths and grades.  In addition to expanding and enhancing the resource, these results will be used to finalize stoping areas that will form part of our test mining program scheduled to commence in the 2nd quarter of 2018.  Significantly, these stope shapes are designed to provide simple ramp accessible production in the early years of operation when capital payback is most important.”  PGM, up 2 pennies at 68 cents as of 7:00 am Pacific, has been one of the better-performing Gold stocks since early March…

7. Blind Creek Resources (BCK, TSX-V) has released a maiden open-pit constrained NI-43101 resource estimate for its 100%-owned Blende Zinc-Lead-Silver Project in the Yukon, 64 km northeast of Keno Hill… using a 2.0% Zn cut-off, the base case Inferred resource is 33 million tonnes grading 5.03% ZnEq (2.01% Zn, 1.88% Pb and 32 g/t Ag) while the Indicated resource stands at 3.65 million tonnes @ 5.18% ZnEq.  “While a direct comparison with the historic 1991 Billiton resource estimate is not possible owing to differences in the drill hole database, cut-off grade, metal prices, estimated metal recoveries, payables and resource classification, it is clear that subsequent infill and extensional drilling by Blind Creek, coupled with recent metallurgical results and have had a very positive effect on the Blende Mineral Resource.  The Blende Project is a potential bulk tonnage, open-pit approach that offers some distinct cost advantages to other advanced Pb/Zn projects in Canada, which are typically underground.  Blende Resource mineralization outcrops at surface, is confined to 2 pit shapes approximately 2 km apart and remains open in areas northwest, southeast and below the ‘reasonable prospects of economic extraction’ open-pit shapes”  Blind Creek will carry out a drill program this year to test potential open-pit extensions…further metallurgical testing and sampling will also be undertaken to provide for a near-term PEA…they should also focus on delineating a high-grade starter area…

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  1. BMR, Canaccord bought 143k shares at 34 cents for AIS. Other decent sized purchases today. Nice to see.

    Comment by BigBid — April 11, 2018 @ 11:36 am

  2. BMR gents, any comment on the slide today in BCK? seems like the news was good – $5 billion resource est… time to load up or hold or? Thanks

    Comment by Phil — April 11, 2018 @ 12:29 pm

  3. Jon, anon still unloading a decent chunk of paper to Canaccord at 35…still had some at the end. Think this person is finally done?

    Comment by BigBid — April 11, 2018 @ 1:01 pm

  4. Thoughts on BCK news and the selling today?

    Comment by Sameer — April 11, 2018 @ 1:03 pm

  5. Anyone also relieved to see that ” Power Half Hour ” on PAS this aft ??? Looked earlier like the Shorts were setting up for another downer at the Close, but other’s had other thoughts !!! Temptation was there to sell but luckily the GGI didn’t get swamped at the end of the day ! Farmer T

    Comment by farmer — April 11, 2018 @ 1:16 pm

  6. Grade is King, Sameer, and as we pointed out in 7 @ 7:00, they need to focus on developing a high-grade starter area…I believe it’s there…tonnage is nice but they need to show better grade…a lot to this story, so stock will come around…

    Comment by Jon - BMR — April 11, 2018 @ 3:56 pm

  7. Nice report on GGM
    Very under valued

    Comment by Silverhook — April 11, 2018 @ 4:48 pm

  8. Interesting John Boehner jumping into MJ. https://www.marketwatch.com/story/john-boehner-is-joining-a-marijuana-company-2018-04-11

    Comment by BigBid — April 11, 2018 @ 6:00 pm

  9. Jon , what a complete gong show with Cxo news………if adam was going to win, why would he make a deal? Something very fishy going on 2 days before end of vote……..maybe a huge lawsuit was in the mix and adam threw in the towel

    Comment by Gregory — April 11, 2018 @ 7:23 pm

  10. Travis certainly had the votes to carry the day, Gregory; however, keep in mind that a lot of power still resides in the existing board…politics at play…looks like a lot of back and forth discussions resulted in a compromise…Travis still ended up moving the needle significantly, it appears, so his efforts did not go to waste…unfortunate for the company and shareholders that this all had to occur…

    Comment by Jon - BMR — April 11, 2018 @ 7:34 pm

  11. I guess I don’t get it Jon, if the yellow proxy prevailed, he would of had who he wanted in the whole board…..I think there is something bigger here that we don’t know about

    Comment by Gregory — April 11, 2018 @ 7:44 pm

  12. This feels like the bc election, vote liberals and the greenndp win🙄

    Comment by Gregory — April 11, 2018 @ 7:46 pm

  13. Has anyone spoken with Adam today?

    Comment by DavidW — April 12, 2018 @ 6:50 am

  14. i tried yesterday… its seems when he wants your support he picks up the phone right away at any time, but when he doesnt need you GOODLUCK!!

    Comment by Gregory — April 12, 2018 @ 7:20 am

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