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June 19, 2018

7 @ 7:00

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1. Gold has bounced off its lows of the morning with equity markets taking a hitas of 7:00 am Pacific, bullion is off just $2 an ounce at $1,276 after dipping to $1,270Silver is 13 cents lower at $16.31Copper has retreated for a 4th straight session, slipping 5 cents to $3.12…Nickel is off 9 cents at $6.70, Zinc is down 2 pennies at $1.40 while Cobalt is relatively unchanged at $36.73…Crude Oil remains under pressure, trading just below $65 a barrel, with WTI dented by expectations that OPEC and partner Russia will gradually increase output in order to make up for involuntary losses in Venezuela and potential shortfalls from Iran…the U.S. Dollar Index is showing fresh strength, up half a point at 95.14…the greenback was given another boost when European Central Bank President Mario Draghi told reporters today the ECB could opt to extend its bond-buying program (quantitative easing) beyond its now-scheduled ending date of December, if the euro zone shows further economic weakness…

2. Alarm bells rang across global markets today as the trade dispute between the United States and China ratcheted up another notch, though this is President Trump’s “art of the deal” strategy to forge better trade agreements…Asian stocks were one of the casualties, falling to a 4-month low after Trump’s threat to impose a 10% tariff on another $200 billion (U.S.) of Chinese goods drew warnings from Beijing about retaliation (this in turn has caused soybean futures to drop to a 9-year low – the Chinese love American soybeans)…Trump’s move followed tariffs announced last week on $50 billion in Chinese imports to the U.S., scheduled to take effect July 6 and designed to punish China for unfair trade practices…the new duties will go into effect “if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced,” the President said in a statement late yesterday…China is limited somewhat on the amount of retaliatory tariffs it can apply, simply because it doesn’t import nearly as much in American goods compared to what the U.S. takes of Chinese products…China imported just $129.9 billion from the U.S. in 2016, compared to $505.5 billion in exports, according to the Census Bureau…the trade flap also comes at a time when Beijing is aiming to reduce the country’s high debt load and leverage in financial markets…China’s total debt could reach 250% of its GDP by the end of this year, according to S&P Global Ratings, up from 170% in 2012…China is simply not in a favorable position to win a trade war against the Americans…

3China’s benchmark equity gauge sank almost 5% at one point today and by the close, the escalating tensions with the U.S. had sent 1,023 stocks down by the daily 10% limit – or more than 1 in 4…greasing the losses was the Shanghai Composite Index’s slide below 3,000, a level previously breached during market crashes in 2015 and 2016…Trump’s tariffs have dealt a blow to a market that’s yet to recover from a $5 trillion (U.S.) collapse that began almost exactly 3 years ago…the Shanghai Composite is among the world’s worst performing benchmarks this year – only a handful of emerging markets have fared as bad…almost 80% of the Chinese index’s stocks closed at fresh 4-week lows today…

4. The Dow has fallen 350 points through the first 30 minutes of trading, wiping out its gains for the year, with Boeing and Caterpillar as the worst-performing stocks in the index this morning…materials, industrials and tech all fell by more than 1% at the open on the S&P 500…in Toronto, the TSX has declined 91 points while the Venture has backed off 2 points to 750Pascal Biosciences (PAS, TSX-V) is one of the most active Venture stocks in early trading…the company has engaged CFN Media to conduct a 3-month investor and market visibility program after announcing yesterday that the U.S. Drug Enforcement Agency (DEA) has granted Pascal a Schedule 1 license for cannabinoid development…PAS is up 3 pennies at 50 cents as of 7:00 am Pacific…drilling in the Caballito Copper-Gold zone at Orla Mining’s (OLA, TSX-V) wholly-owned Cerro Quema Project in Panama continues to intersect near-surface mineralization with greater than 1% Copper and associated Gold values…diamond drill hole CQDH18163 intersected 147.7 m @ 1.25% Copper and 0.28 g/t Gold from 42.5 m to 190.2 m…this includes a 42-m interval grading 3.1% Cu…still no news from Doubleview Capital (DBV, TSX-V) which was halted late Friday morning…

5. In the Eskay Camp, where temperatures have soared since the weekend to aid crews at Nickel Mountain and elsewhere, Pretium Resources (PVG, TSX) has reported that 2 long underground drill holes east from the Valley of the Kings intersected Brucejack-style mineralization throughout, with assay results also showing anomalous Copper and Molybdenum mineralization which suggests proximity to porphyry-style mineralization at depth…a follow-up surface geophysical program will be initiated utilizing the data from the downhole in situ electrode…the drill results along with the geophysics will be compiled to refine targeting of this zone for subsequent drilling…mineral chemistry evaluation for porphyry vectoring and geochronology of porphyritic material at depth are currently under way…Pretium jumped 46 cents on the news yesterday to close at $9.88

6. Bonterra Resources (BTR, TSX-V), focused on building out an already solid position in the Urban Barry Gold Camp in Quebec, is acquiring Metanor Resources (MTO, TSX-V) in all-stock transaction…the combined entity will have one of the largest contiguous land packages in the Camp as well as control of 3 advanced high-grade deposits (Gladiator, Bachelor, Barry) and significant regional priority targets with resource upside potential…in addition, the new Bonterra will be the operator with 100% control of the only permitted Gold mill in the region, providing an expandable centralized production facility surrounded by more than 15 known Gold deposits within a 100-km radius…Bonterra will acquire all of the issued and outstanding common shares of Metanor for 73 cents in equity consideration, at an exchange ratio of 1.6039 Bonterra shares for each Metanor share…immediately prior to the completion of the Metanor acquisition, Bonterra will spin out its Larder Lake assets in Ontario and a specified amount of cash, in order to create a well-capitalized and exciting new exploration opportunity for shareholders…

7.  Choom Holdings (CHOO, CSE) has advanced the buildout of its cannabis retail store network in Alberta and British Columbia…Choom has secured the rights to an additional 7 retail locations in Alberta…Choom has 25 leases in highly strategic and secure locations in Alberta with 24 applications submitted…the company has also secured 3 additional B.C. retail leases, combined with the existing 7, for a total of 10 retail opportunities on the West Coast (in all cases, the retail opportunities are subject to all necessary governmental and municipal approvals being granted)…this number is expected to grow over the coming months as Choom is currently negotiating additional leases with the intention of submitting applications for retail licences.  “This is a significant step towards establishing Choom’s strategy to be a leading private cannabis retailer in Canada,” stated Choom President and CEO Chris Bogart.  “Market share and customer acquisition in the upcoming recreational landscape will be very difficult to come by, these applications are key to Choom’s retail strategy.  Choom’s brand was created exclusively for the recreational market, core to our values is cultivating a great experience for the consumer and part of this strategy is retail distribution. We are committed to pursuing retail licensing opportunities across the country and remain focused on cultivating good time with good friends.”

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9 Comments

  1. Notice the very last trade on ggi today, one of ric rules buddies maybe?

    Comment by Laddy — June 19, 2018 @ 2:09 pm

  2. Dbv and Hudbay sign jv agreement.

    Comment by Laddy — June 19, 2018 @ 2:18 pm

  3. BMR, any thoughts on JUGR? I reviewed their presentation and it looks like they have some very impressive targets with widespread Pollymetallic mineralization on not just one Anomaly, but several. Very impressive samples and trench assays.

    Comment by Dan1 — June 19, 2018 @ 2:21 pm

  4. Doubleview and Hudbay Sign Definitive Option Agreement to Advance the Hat Copper-Gold Porphyry Project

    Comment by Sameer — June 19, 2018 @ 2:26 pm

  5. Thoughts/comments on DBV news?

    Comment by Sameer — June 19, 2018 @ 2:45 pm

  6. The best thing Farshad could do to advance the Project, Sameer…Farshad and Chad Day are like oil and water; I’m confident Hubday can get him and the Tahltan on board…DBV will now have 2 properties being advanced simultaneously as they’ll step things up at Red Springs…

    Comment by Jon - BMR — June 19, 2018 @ 3:41 pm

  7. Hi BMR, do you have any coverage of CME and their news today? Market seemed to enjoy the rush

    Comment by Danny7 — June 19, 2018 @ 3:58 pm

  8. 50-day moving average close to 80 for GTT and drilling has started Jon. Should be a fun summer.

    Comment by BigBid — June 19, 2018 @ 4:01 pm

  9. Oh I thought that somehow Farshad and day had worked things out, hum, well we’ll have to see what happens then.

    Comment by Laddy — June 19, 2018 @ 5:52 pm

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