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1. Gold remains under mild pressure, trading between $1,261 and $1,267 so far today…as of 7:00 am Pacific, bullion is off $3 an ounce at $1,265…Silver is up a penny at $16.26…Nickel is the leader today among the base metals, up 4 cents at $6.78…Copper and Zinc are both flat at $3.08 and $1.37, respectively, while Cobalt has eased off 11 cents to $36.40…Crude Oil is down slightly but holding above $65 a barrel while the U.S. Dollar Index has added one-tenth of a point to 95.12…the greenback is at an 11-month high while the euro hit another low today as investors increased their bets on a prolonged period of monetary policy divergence between the U.S. and European central banks..also weighing on the euro today was the Italian government’s appointment of two eurosceptics to head key finance committees, reigniting worries about anti-euro voices in the euro zone’s 3rd-largest economy…concerns over an escalation in a U.S.-China trade conflict, underlined by comments from top central bankers on Wednesday, have also strengthened the dollar as traders reckon a more serious dispute would be inflationary for the U.S. economy, forcing the Federal Reserve to tighten rates further…trade tensions are looming over all financial markets but that hasn’t prevented the NASDAQ and the TSX from hitting new record highs…
2. Saudi Arabia’s Energy Minister Khalid al-Falih said today that as the world is likely to face a large Oil supply deficit in the 2nd half of 2018, a substantial production increase from OPEC would be required to prevent a market squeeze…speaking in Vienna, where OPEC members and Russia meet tomorrow, al-Falih said: “We will release supply…1 million (bpd) sounds like a good target to work with”…Crude Oil has backed off to strong support in the mid-$60’s in anticipation of OPEC ramping up production to make up for significant shortfalls from Venezuela and potentially Iran, so the Oil market could very well start strengthening again as soon as the OPEC meeting has concluded and the news is out…global Oil demand has been increasing steadily this year…in the U.S., refineries processed a seasonal record of 17.7 million bpd last week according to the latest data from the Energy Information Administration (EIA)…meanwhile, in a rare display of fresh foreign direct investment to Canada’s Oilsands, Nexen Energy – the Calgary-based subsidiary of China’s state-owned Oil company – will begin work on a newly announced $400 million expansion of its Long Lake Project that will add 26,000 barrels of Oil production per day…
3. The Dow has fallen another 101 points in early trading, with Boeing and Caterpillar among the worst-performing stocks…strange equity markets…the Dow is on a 7-session losing skid…it hasn’t dropped 8 days in a row since March 2017…however, the NASDAQ raced to another record high yesterday as Netflix shares continued their rip-roaring rally…in Toronto, the red-hot TSX has retreated 15 points as of 7:00 am Pacific…shares of Royal Bank of Canada are losing ground to its biggest rival, Toronto-Dominion Bank, which rose to a new record high yesterday…Toronto-Dominion’s returns more than doubled its Canadian competitor in the past year, eliminating the premium Royal Bank shares enjoyed for the better part of a decade…on the CSE, Cannabix Technologies (BLO, CSE), which came out with news earlier this week, has crossed the $2 level for the first time since April as it regains momentum and stages a fresh technical breakout in the wake of the passage of Bill C-45 which will legalize recreational marijuana in Canada…BLO, a leader in the development of a marijuana breathalyzer for law enforcement and the workplace, is up 36 cents at $2.15 as of 7:00 am Pacific…Tidal Royalty Corp. (RLTY, CSE) has been approved for listing on the CSE and trading is scheduled to commence Monday…Tidal Royalty is a provider of royalty financing to the U.S. regulated cannabis industry and has already raised in excess of $40 million…the Venture has rebounded 4 points to 755 through the first 30 minutes of trading…
4. The federal government is delaying the legalizing of pot until October 17…Prime Minister Trudeau said provinces asked for more time to prepare their retail cannabis outlets, on-line mail-delivery systems and production regimes before marijuana can officially be legalized in Canada…Ottawa had initially aimed to open up the market for legal cannabis within 12 weeks of the adoption of Bill C-45, which the Senate passed Tuesday evening, but the new target date gives the provinces and producers 17 weeks to get ready…Trudeau stated, “This is something that we want to get right. It is our expectation that…by giving the provinces more time to ensure that they are fully ready for the day of coming into force of this legislation, it will be a smooth success in all the ways that we can hope for”…Trudeau also said it would be “illogical” to launch any process to pardon those with criminal records for possession of cannabis while the act remains a criminal offence…“Once the law comes into force, we will start looking at the issue of pardons and criminal records”…
5. In the Eskay Camp, Aben Resources (ABN, TSX-V) has mobilized field crews to its 230 sq. km Forrest Kerr Gold Project to begin the company’s 2018 exploration campaign…Aben is planning to drill 5,000 m in approximately 18 drill holes at Forrest Kerr…drill pad construction is underway and mobilization of the drill rig will follow when pads are ready…the initial focus for the drill program will be to expand the high-grade precious metal mineralization discovered last year at the Boundary North Zone, located near the center of the Forrest Kerr Property…3 separate drill holes, collared from the same drill pad, pierced a near-surface high-grade zone of Gold-Silver-Copper mineralization, in addition to broad intercepts containing Gold bearing quartz veins…local geology is complex, but this area of the Forrest Kerr Property hosts Gold-Silver-Copper in rock and soil anomalies that span in excess of 2 km by 4 km and remain relatively under-explored…
6. Cornerstone Metals (CCC, TSX-V) continues to hit new highs following release of additional preliminary results of metallurgical testwork being conducted on its Carlin Vanadium Project in Nevada…the 3rd round of testing has achieved Vanadium extraction levels of 95.5%…“Our testing has very quickly moved the needle from the low 80’s, which were strong, to outstanding numbers, far exceeding even our metallurgists’ expectations,” said Cornerstone President and CEO Paul Cowley. “These numbers show a clear sign of a major technical breakthrough for our project”…testwork continues on a sample composite generated from an 18.9-m drill core intercept from the company’s recent diamond drilling verification program on the deposit…the latest results employed a roast/leach/pressure oxidation approach…continuing testwork is optimizing various parameters with the aim of developing a conceptual flowsheet…once a conceptual flowsheet has been defined, tests will be run across the deposit on a full range of samples…metallurgical testwork continues at Sherritt Technologies in Fort Saskatchewan, Alberta…Sherritt is a leader in the development and commercialization of pressure hydrometallurgical processes…
7. NexGen Energy (NXE, TSX) has commenced a 20,000-m summer drill program at its 100%-owned Rook 1 Property in the Athabasca basin…the program is budgeted at $8.3 million (NexGen has $145 million cash on hand) and has 3 main objectives: 1) Test the newly identified area 160 m northwest of the A0 shear zone where hole AR-18–208c1, the last hole of the winter 2018 drill program, intersected 10.5 m of total composite mineralization including 0.2 m of off-scale radioactivity (>10,000 to 32,800 cps), identifying a potentially entirely new zone of mineralization; 2) Test near-Arrow deposit targets, with systematic wide spaced step-outs from known mineralization; 3) determine locations for potential shafts including footwall characterization holes…results from this program, which will utilize 4 rigs, will be incorporated into the maiden Pre-Feasibility Study to be released late Q3/early Q4…CEO Leigh Curyer stated, “The team is looking forward to boldly testing the newly discovered zones at Arrow. The conclusion of the 2018 winter drill program left many zones to test. This program focuses on continued exploration to determine the yet to be defined global nature of mineralization at Arrow, whilst advancing project characterization for future development. Further, the new state of the art core logging facility was recently commissioned on time and budget in readiness for summer. The facility is considered one of the most leading edge facilities world-wide for geological core analysis and is a credit to the entire NexGen team for its concept and construction”…
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Guys, you have a typo in paragraph 6, the symbol for Cornerstone metals is wrong, should be CCC and not CCW. No need to print this and thanks for all you guys do!
Jon (not BMR Jon LOL!)
Comment by AFchief — June 21, 2018 @ 8:54 am
That was a Freudian slip, AFchief! Thank you, typo fixed. By the way, CCC has been looking great, a play we first recommended when it was at 10 cents last year (better than a 10-bagger). Nice recoveries on Vanadium and an exciting deposit coming together. Market cap is $50 million for CCC, which certainly illustrates how cheap CCW still is at $30 million and a process that recovers 99% of Cobalt and removes 99% of the arsenic.
Comment by John - BMR — June 21, 2018 @ 10:31 am
US big stocks on target for biggest year ever for buybacks. that money freed up by corp tax reductions is not going to new capex as much as reducing the shr float, allowing execs to get bigger bonuses as they hit shr price targets . Extract TECH from the DOW (per Rosenberg) and you get a flat stock mkt. Add in the highest repo mkt in the US ever for cars because of the $1.2T in car loans (subprime loans found a new game) and the pic of who is getting rich , is murky it seems. So an off DOW , IMO, with talk of tariffs, isn’t unexpected as it could be the unravelling of the mkt which has some soft spots
Comment by David — June 21, 2018 @ 10:48 am
SGZ.V Sego resources news:
https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2086-tsx-venture/sgz/48578-sego-resources-commences-2018-exploration-program.html
Comment by Large — June 21, 2018 @ 12:41 pm