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7 @ 7:00 - BullMarketRun.com

August 12, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,487 and $1,509 so far todayas of 7:00 am Pacific, bullion is up $an ounce at $1,503 as it holds above the psychological $1,500 level amid concerns over slowing global economic growth…market focus is also on the Federal Reserve annual symposium at Jackson Hole later in the week, with investors seeking greater clarity on the future path of interest rates…at the moment, traders see better than a two-thirds chance of another 25 basis-point rate cut by the Fed in September…Gold is coming off its best week since 2016 as the metal holds onto gains that propelled it past $1,500 an ounce while Silver trades near a 14-month high…Silver is up slightly at $16.94…Nickel prices rose sharply in volatile Asian trade early today as speculation continued that key producer Indonesia is about to bring forward a ban on mineral ore exports that was previously set to start in 2022…Jakarta is discussing bringing forward the ban but no decision has been made on such a move, Indonesia trade minister Enggartiasto Lukita said on Friday…Nickel is currently 6 cents higher at $7.14…Copper and Zinc are both steady at $2.59 and $1.01, respectively…Crude Oil has added 56 cents a barrel to $55.06 while the U.S. Dollar Index is down one-tenth of a point at 97.37…increasingly violent protests in Hong Kong are catching the attention of the market…these protests, which today led to the shutting down of the Hong Kong International Airport, have plunged the Asian financial hub into its most serious crisis in decades and are one of the biggest popular challenges to Chinese leader Xi Jinping since he came to power in 2012…the U.S.-China trade battle is going to have a larger impact on U.S. growth than Goldman Sachs originally estimated, though their predictions this year have sometimes been wildly off the mark…the firm has just lowered its 4th-quarter growth forecast by 20 basis points to 1.8%, citing a larger than-expected impact of recent trade events…“We have increased our estimate of the growth impact of the trade war,” said Goldman Sachs chief economist Jan Hatzius in a note to clients yesterday…“The drivers of this modest change are that we now include an estimate of the sentiment and uncertainty effects and that financial markets have responded notably to recent trade news”

2. Black Monday in Argentina: Socialism appears ready to return to Argentina, and markets aren’t liking it this morning…the country’s currency is tumbling after opposition candidate Alberto Fernández’s win in primary elections over the weekend stoked concerns of a socialist comeback in Presidential elections that are just 2 months away…the strong showing by Fernández, whose running mate is former President Cristina Fernández de Kirchner, prompted speculation that conservative and market-friendly President Mauricio Macri will lose October’s election…the only chance Argentina has of becoming a normal country will be shot if socialists regain power…

3. Vancouver billionaire Jim Pattison, whose conglomerate owns businesses including supermarkets, fisheries and billboards, has offered to take lumber producer Canfor (CFP, TSX) private for about $981.6 million…Pattison’s Great Pacific Capital Corp., which already owns 51% of Canfor, proposed yesterday to buy out the remaining shares for $16 apiece, an 82% premium to the stock’s closing price on Friday…Vancouver-based Canfor said it has formed a special committee of independent directors to review the offer…the deal would give 90-year-old Pattison, who’s sometimes referred to as Canada’s Warren Buffett, full control over the maker of lumber, plywood, pulp and paper…the offer comes amid a slump in Canfor’s shares, which have plunged 69% during the past 12 months as the U.S. housing market slowed…CFP has jumped more than $6 a share to $15.08 in early trading…

4. It’s obvious who’s really running GT Gold (GTT, TSX-V)…the company announced this morning that Paul Harbidge has been appointed President and CEO, effective September 3, with Steve Burleton deciding to step down from that position…Burleton will, however, continue to serve as a consultant to the company and support GT Gold as it advances its Tatogga Project featuring the Saddle North and Saddle South discoveries in Northwest British Columbia…“I am pleased that we have accomplished a great deal over the last year,” Burleton…“The discovery of Saddle North, with the recent investment by Newmont Goldcorp, means we are well funded to further advance our exciting exploration programs.  The next steps for GT Gold will be to continue delivering strong exploration results under the technical guidance of Paul Harbidge to further define and maximize the value of the Tatogga Project for all stakeholders.  I firmly believe that Paul’s experience will allow GT Gold to achieve our next milestones at this pivotal time in our history”…Harbidge is a geologist with over 20 years of experience in mining exploration and development, which of course(?) makes him uniquely qualified to run a junior exploration company…notably, he most recently served as senior VP/Exploration at Goldcorp from 2016 until its acquisition by Newmont…before that he successfully led the exploration team at Randgold, resulting in the discoveries of the Yalea Deeps Project, the Gara Deeps Project, Loulo 3 and more recently the 5 million+ ounce Gounkoto deposit in the Loulo area of Mali and the 4 million+ ounce Massawa deposit in Senegal…GTT, looking strong technically and fundamentally, is up a penny at $1.24 as of 7:00 am Pacific

5. The Dow has lost 173 points through the first 30 minutes of tradingthe intensified Hong Kong protests soured investor sentiment already aggravated by the trade dispute between Washington and Beijing…investors keep rushing to traditional safe havens like Gold and Treasurys amid the geopolitical uncertainties…the benchmark 10-year Treasury yield, which fell to its lowest since 2016, continued its slide this morning, dipping to about 1.66%…in Toronto, the TSX is off 37 points with gains in the Gold Index offsetting losses elsewhere…Barrick Gold (ABX, TSX; GOLD, NYSE) posted net earnings of $142 million (U.S) in Q2 (11 cents per share) with production of 1,353,000 ounces of Gold, in line with the solid base (1,367,000 ounces) set in Q1 and driven by strong performances at Loulo-Gounkoto in Mali and Veladero in Argentina…President and CEO Mark Bristow said at this halfway mark of the year, annual Gold production is expected to be at the upper end of the 2019 guidance range with cost metrics at the lower end of the ranges…the Venture is up 5 points at 598Garibaldi Resources (GGI, TSX-V) opened higher again this morning after news Friday of a spectacular drill hole (EL-1953) at Nickel Mountain with assays pending…drilling continues to build out the 5 known zones and it appears an entirely new olivine gabbro chamber has been located below the Lower Discovery Zone…elsewhere in Northwest B.C., Brixton Metals (BBB, TSX-V) has added another 3 pennies to 42 cents as it closes in on a 2-year high…Nevada Gold junior American Pacific (USGD, CSE) is off half a penny at 18 cents after a strong run last week that took the stock to its best levels since April on a big jump in volume…Canopy Rivers (RIV, TSX-V) has received conditional approval from the Toronto Stock Exchange to graduate from the Venture and list its Class A subordinated voting shares on the TSX…

6. A.I.S. Resources (AIS, TSX-V) has announced that the company has signed a contract with an agricultural product manufacturer to supply 1,000 tonnes of Manganese every 2 weeks for 12 months based on the weekly benchmark price…at the current grade and benchmark price, this contract has an estimated gross revenue of $274,400 (U.S.) every 2 weeks (~$9 million per year CDN) based on $274.40 per tonne (U.S.)…meanwhile, the company has been working closely with its contract miner to open the Victor mine that shares the same Manganese body as the San Jorge mine…this will enable AIS to move toward its short-term target of producing 10,000 tonnes a month…AIS President and CEO, Phillip Thomas stated, “I am delighted we have signed a long term contract with a substantial buyer on very competitive terms.  Our logistics team is working very efficiently and we have improved our loading process eliminating the cost of tuff bags.  We have engaged Impala/Trafigura to provide our shipping and export services resulting in substantial savings.  This contract will underpin our expansion plans.  As soon as we reach 5,000 tonne shipments we will revert to break-bulk Handymax shipping and realize further savings”

7. Health Canada has found fault with cannabis production at a second CannTrust Holdings (TRST, TSX) facility, a month after the regulator froze sales of several tonnes of marijuana grown at another one of its Ontario operations…CannTrust announced this morning that after trading hours on Friday, a strange day for the stock as it soared $1.32 a share to close at $4.21, the company received a report from Health Canada notifying it that that its manufacturing facility in Vaughan, Ontario, has been rated non-compliant with certain regulations…CannTrust has accepted Health Canada’s findings and remedial actions are underway…Heath Canada’s rating was based on observations made during an inspection completed during the period July 1016, 2019, which noted: 1) The conversion of 5 rooms from operational areas to storage areas, which were used for storage since June 2018 without prior approval of Health Canada; 2) The construction of 2 new areas without prior approval of Health Canada, one of which was used to store cannabis since November 2018; 3) Insufficient security controls at the manufacturing facility; 4) Inadequate quality assurance investigations and controls; 5) Standard operating procedures that did not meet the requirements under regulations; and 6) Documents or information that were not retained in a way to enable Health Canada to complete its audit in a timely manner…as previously announced, the company implemented a voluntary hold on the sale and shipment of all cannabis products while Health Canada reviewed its Vaughan manufacturing facility…CannTrust continues to work closely with Health Canada and says it will provide further details of the hold and other developments as they become available…under the direction of the recently constituted independent Special Committee of the board of directors of the Company and newly-appointed interim CEO, Robert Marcovitch, the company says it has already started the process of investigating and remediating the root causes of any non-compliance and expects to propose a robust remediation plan to Health Canada…TRST has tumbled nearly $1 a share to $3.25 in early trading…

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3 Comments

  1. CLM still has lots of share overhang being absorbed. Going to need some good assays to push this thing above resistance.

    Comment by Weatheritout80 — August 12, 2019 @ 11:58 am

  2. Keep in mind, weatheritout80, that what we’ve seen on the ANON side in recent sessions comes almost exclusively from 1 (experienced) trader…you can tell by the nature of how those offers are coming in…there are ways to quickly find out the house behind that, hard to hide behind anonymity these days, so I suspect that paper is rapidly drying up after more than 2 million ANON shares since July 29…75% of that CLM PP in March went into very tight hands that have no interest in selling at these prices, so that means about 4.5 million would come out…half of that was sold early based on the patterns we saw since late June…so what we’re seeing now is drying up…makes it the best time to be accumulating, actually…great things happening on the ground, as we saw today, and that will translate into a big run for this stock…

    Comment by Jon - BMR — August 12, 2019 @ 6:35 pm

  3. Good start for SunMetals at Stardust…

    SUN METALS REPORTS 58.01 METRES GRADING 2.49% COPPER, 2.61 G/T GOLD AND 44.3 G/T SILVER OR 4.54% COPPER EQUIVALENT IN 421 ZONE AT STARDUST PROJECT

    Sun Metals Corp. has released the initial results from stepout drilling in the 421 zone at its 100-per-cent-owned Stardust project in north-central British Columbia. The first three holes reported from Stardust have all intersected significant copper gold mineralization. Sun Metals believes the results confirm continuity of mineralization down dip and to the south from drill hole DDH18-SD-421, the initial discovery hole in the 421 zone.

    Drill hole DDH19-SD-428D was drilled on section 2125N and returned 142.35 metres(1) of 1.22 percent (%) copper, 1.28 grams per tonne (g/t) gold, 21.8 g/t silver and 0.41% zinc. In metal equivalent terms, this polymetallic interval is 2.39% copper equivalent. There were several higher-grade intervals within the zone including 32.20 metres of 5.06% CuEq or 8.09 g/t AuEq, and another of 14.10 metres grading 6.72% CuEq or 10.76 g/t AuEq.

    Drill hole DDH19-SD-430D was drilled lower on the same section and returned two separate mineralized intervals. The upper interval contained 22.00 metres of 1.53% copper, 1.02 g/t gold and 24.6 g/t silver. The lower interval started 34 metres lower and contained 107.00 metres of 1.64% copper, 1.77 g/t gold and 28.6 g/t silver for a CuEq value of 3.02% or 4.82 g/t AuEq.

    On section 2075N, 50 metres to the south of the mineralized intercept in drill hole DDH18-SD-421, DDH19-SD-429M returned 90.05 metres of 1.08% copper, 1.40 g/t gold, 21.6 g/t silver and 0.22% zinc which equates to 2.24% CuEq or 3.58 g/t AuEq.

    The drilling reported here has provided Sun Metals with positive confirmation on the continuity and strength of mineralization. In the current environment of strengthening gold price, Sun Metals is particularly encouraged to see the continued tenor of gold values and have expressed the equivalency values in terms of both copper equivalence and gold equivalence to emphasize the precious metals strength in the 421 zone.]

    Steve Robertson, President & CEO of Sun Metals stated “the initial step-out drilling was very important to establish the continuity this recently discovered mineralization in the 421 zone. It particularly encouraging to see the continued strong precious metals content within this skarn altered zone. The gold content makes this discovery even more captivating.”

    The precious metal value of the intercepted mineralization has comparable weighting to the copper value highlighting the strong gold component in the 421 zone. The elevated gold to copper ratio observed in the higher-grade intervals in DDH19-SD-429M indicate that metal zonation may be starting to be revealed. This drill hole is on section 2075N which is 50 metres to the south of the other reported drill holes (See Figure 3).

    Diamond drilling at Stardust was initiated in late May with two drills. To date, the drills have completed 5,220 metres over 11 drill holes and drill holes 12 and 13 are in progress. The primary focus of the diamond drill program is to explore around the mineralization identified in drill hole DDH18-SD-421 (see press release at https://sunmetals.ca/news/2018/) which returned a 100.00 metre interval of 2.51% copper, 3.03 g/t gold, and 52.5 g/t silver for a 5.05% CuEq or a 8.00 g/t AuEq(1,2).

    Directional diamond drilling has been used in all the 2019 drilling at Stardust to increase the accuracy of drilling step-outs. The directional drilling incorporates the use of pilot holes which has resulted in a 33% reduction in metres drilled to this point in the program. Progress has been slower than scheduled using the directional drilling, however the ability to hit the target areas as planned has made the use of this technology worthwhile. Both drills will continue to explore 421 zone along strike, up dip and down dip for the remainder of the exploration season.

    The Company will host a telephone conference call and live webcast on Tuesday, August 13, 2019 at 10:00 a.m. Pacific Time (1:00 p.m. Eastern) to discuss these results. After opening remarks by management, there will be a question and answer session open to analysts and investors.

    (1)True widths of the reported mineralized intervals are not yet known (2)Assumptions used in USD for the copper equivalent calculation were metal prices of $3.00/lb Copper, $1,300/oz Gold, $18/oz Silver, $1.25/lb Zinc and recovery is assumed to be 100% as no metallurgical test data is available. The following equation was used to calculate copper equivalence: CuEq = Copper (%) + (Gold (g/t) x 0.6319) + (Silver (g/t) x 0.0087) + (Zinc (%) x 0.4167). The following equation was used to calculate gold equivalence: AuEq = (Copper (%) x 1.5824 + Gold (g/t) + (Silver (g/t) x 0.01385) + (Zinc (%) x 0.6593).

    The conference call may be accessed by dialing (888) 319-4610 in Canada and the United States, or (604) 638-5340 internationally.

    The conference call will be archived for later playback until September 13, 2019 and can be accessed by dialing International Toll: 1-604-638-9010; Canada/USA TF: 1-800-319-6413; Replay Access Code: 3568; Canada and the United States.

    Comment by Jon - BMR — August 13, 2019 @ 4:51 am

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