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October 3, 2017

The Template For The Next 10% Stake In Garibaldi Resources

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November 13, 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 $1,196 and $1,206 so far todayas of 7:00 am Pacific, bullion is up $an ounce at $1,201…a support band stretches from $1,204 to $1,194…Silver is flat at $14.00…Copper is up 2 pennies at $2.77 while Nickel and Zinc are unchanged at $5.14 and $1.16, respectively…hurting Nickel is the fact that Shanghai rebar steel prices have tumbled to their lowest since late July, pressured by worries over slowing demand in top consumer China over the seasonally weak winter period…Crude Oil is down for the 12th straight session as a record breaking losing streak continues…OPEC has cut its forecast for Oil demand growth in 2019 for the 4th consecutive month…the producer group said increased supply from non-OPEC countries would outpace growth in demand, “leading to widening excess supply in the market”…President Trump chimed in, “Hopefully, Saudi Arabia and OPEC will not be cutting Oil production.  Oil prices should be much lower based on supply!”the Dollar Index, meanwhile, continues to push above 97…the strong U.S. economy’s continued success in the coming years will depend largely on infrastructure, Commerce Secretary Wilbur Ross said today…“Corporate earnings certainly have been very, very strong, there’s no question about that.  And it’s also no question that market’s job is to look ahead,” Ross said…“I think a lot will have to do with whether infrastructure gets the kind of treatment that it really deserves”

2. Kudlow slams Navarro:  President Trump’s top economic advisor, Larry Kudlow, has disavowed comments from White House trade adviser Peter Navarro who last week lambasted Wall Street influence in U.S.-China trade negotiations in comments that helped weaken equity markets…“He was not speaking for the President, nor was he speaking for the administration,” Kudlow told CNBC this morning.  “His remarks were way off base.  They were not authorized by anybody.  I actually think he did the President a great disservice”…Navarro, known for his hawkish economic views toward China, has encouraged President Trump’s tough talk with Beijing as trade tensions have escalated between the two countries…he doubled down on his aggressive tone last week, saying any agreement between the U.S. and China will be on Trump’s terms and not subject to Wall Street intervention…

3. Gold could face further pressure if the metal falls below the $1,190 level, according to TD Securities“Messy European politics, along with a Fed which is set to remain on its tightening trajectory, have kept the Dollar Index above 97, which continues to add to downside pressure on Gold, as we expected,” TDS says. “While CTAs (Commodity Trading Advisers) have now pared back much of their record-setting shorts, we suspect that a break below $1,190/oz would prompt the algos to once again increase their short positioning as downside momentum firms”…meanwhile, the Gold/Silver ratio has risen to its highest level in roughly a quarter century, with Silver suffering from both weakness in precious metals lately but also dragged down by pessimism about base metals…“The Silver price has been very weak in recent days – in both absolute and relative terms….the Gold/Silver ratio has risen to 86, its highest level in 25 years,” said a research note from analysts at Commerzbank

4. Even as local production cuts help alleviate pipeline bottlenecks, Canadian heavy Crude prices plunged below $18 (U.S.) a barrel yesterday for the first time in nearly 3 years – dragged down by global Oil prices…Oilsands producers including Canadian Natural Resource, Devon Energy, Cenovus Energy and Athabasca Oil have announced curtailments that may total 140,000 barrels a day or more, after a localized glut sent heavy Western Canadian Select Crude plunging to a $50 (U.S.) discount to West Texas Intermediate futures, the widest in Bloomberg data going back a decade…since then, WCS’s discount has narrowed to about $42 (U.S.) a barrel, but the absolute price has plunged along with world Crude benchmarks amid concerns of oversupply…the U.S. has granted 8 nations waivers to continue buying Iranian Oil, OPEC and Russia have boosted production while U.S. shale production also continues to ramp up…in the midst of all of this, President Trump has made clear his desire for low Oil prices to keep overall economic growth on track…

5. Why aren’t Canada’s national political leaders standing up for Canada as this country’s economy loses at least $50 million a day due to a lack of Oil pipeline capacity?…production gains at Western Canada’s Oil companies have not been matched, of course, by export pipeline capacity gains, and the cost to the Canadian economy is staggering…Oil producers have filled storage facilities to bursting while they wait for a solution to appear (they’ll have to keep waiting)…the price discounts or “differentials” that had mainly affected heavy Oil have now spread to light Oil and upgraded synthetic Oilsands Crude as pipeline space tightens…estimates on the cost to the economy vary wildly, but the Canadian Association of Petroleum Producers officially estimates the impact as at least $13 billion in the first 10 months of 2018…it estimates the cost at about $50 million per day in October, though some economists are saying that figure is much higher…CAPP boss Tim McMillan says, “The differential has blown out to such an extreme level for two reasons, the lack of access to markets and the fact we really have only one customer, the United States”…the Trudeau Liberals, who are obviously much more interested in getting pot to market than Oil to market, overturned the approval for the Northern Gateway Pipeline in 2016 which would have greatly improved Canada’s access to Asia…recently, of course, they bungled the TransMountain Pipeline regulatory process so badly the government now actually owns the pipeline because the private sector wanted out…this is no way to run a country…

6. The Dow, after a drubbing yesterday, is off slightly through the first 30 minutes of trading…the Dow got a boost pre-market after Home Depot reported earnings that handily topped expectations…sentiment was also lifted after The Wall Street Journal reported Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had resumed trade talks…the report comes ahead of a meeting between President Trump and Chinese President Xi Jinping…Goldman Sachs estimates Apple will produce 6% fewer iPhones next year than expected after key supplier Lumentum reduced its shipment outlook…“We are concerned that end demand for new iPhone models is deteriorating,” Goldman said in the note.  “We note this could easily right itself given the bulk of demand comes in late December but we feel more prudent sell through forecasts are warranted due to the timing and magnitude of this warning”in Toronto, the TSX is up 45 points while the Venture is flat at 638Benchmark Metals (BNCH, TSX-V) continues to show strength, up 1.5 cents at 27 cents as of 7:00 am Pacific…late last week the company reported results of new and historical surface samples that provided geological evidence for widespread Gold and Silver mineralization across much of its 100 sq. km Lawyers Project in NW B.C.’s Golden Triangle, 45 km northwest of the past producing Kemess South open-pit Copper-Gold mine…exploration at Lawyers began in the late 1960’s and peaked in the 1980’s, identifying numerous showings, prospects and deposits culminating in the development of the Lawyers Gold-Silver mine that operated from 19891992 and produced 171,000 ounces of Gold and 3.6 million ounces of Silver over the 4-year period…5 underground developments remain in place, in addition to historic resources and new targets…approximately 90% of the land package has not been systematically explored…Benchmark launched diamond drilling and RC drilling in September with initial results pending…

7.  It takes 3 times as much energy to produce 1 dollar’s worth of bitcoin than 1 dollar’s worth of Gold, according to a new research study (“Quantification Of Energy And Carbon Costs For Mining Cryptocurrencies”)…more specifically, it requires 17 megajoules of energy to digitally mine 1 dollar’s worth of bitcoin versus 5 megajoules needed to physically mine the same value in Gold…other cryptocurrencies, including Ethereum, Litecoin, and Monero, also require higher amount of energy than real Gold…the timeframe for the study was between January 2016 and June 2017

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November 12, 2018

7 @ 7:00

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

1. Gold has traded between $1,203 and $1,211 so far today, touching a fresh 4-week low…as of 7:00 am Pacific, bullion is off $an ounce at $1,204…Silver has retreated another 12 cents to $14.04…Copper, Nickel and Zinc are all off slightly at $2.75, $5.15 and $1.15, respectively…Cobalt is steady at $24.72…Cobalt prices reacted bullishly late last week to Glencore’s announcement that exports of Cobalt hydroxide from its Katanga Copper-Cobalt mine in the DRC have been halted due to high levels of Uranium…a $25 million ion-exchange plant to remove the radioactivity will not be completed until the end of June next year, and it’s projected to take until the end of 2019 before all production is processed and sold…Crude Oil has rebounded 47 cents to $60.66 after some encouraging words from Saudi Arabia regarding potential production cuts as early as next month…the Dollar Index, meanwhile, has pushed above 97, up one-third of a point at 93.34…Chinese Premier Li Keqiang said today that Beijing will further open up its economy in the face of rising protectionism as he headed for meetings with Asia-Pacific leaders in Singapore…

2. The greenback jumped to around its highest level in a year-and-a-half today, propelled by expectations for higher U.S. interest rates and an uncertain political landscape in Europe…last week, the dollar got a lift after a gauge of U.S. business prices surged in October with producer prices increasing the most since late 2012…that helped support expectations for the Federal Reserve to continue raising interest rates after the central bank last week offered a mostly upbeat assessment of the economy…traders are betting that economic data later this week will remain supportive of the dollar…the Labor Department releases October inflation and real earnings figures Wednesday while the Commerce Department will provide retail sales data for October on Thursday…today’s biggest gains for the dollar came against the British pound and the euro in a critical week for both Brexit negotiations and the Italian budget…the dollar was also stronger against the Chinese yuan amid ongoing tensions over U.S. and China trade and security issues…

3. Oil prices climbed out of the red this morning after weeks of losses that had wiped out all of Crude’s gains for 2018 after Saudi Arabia’s energy minister said OPEC and its allies, who meet next month in Vienna, may need to cut Crude production by about 1 million barrels a day to prevent the market from swinging into oversupply…the alliance of roughly 2 dozen producers have cut their output since January 2017 in order to drain a global Crude glut…they agreed in June to restore some of that production as supplies tightened and balance appeared to return to the market…however, Crude prices have plummeted around 20% since reaching 4-year highs at the start of last month amid signs of weakening global Oil demand and another surge in U.S. shale supply…

4. The revenue of one of Canada’s biggest licensed marijuana producers jumped 260% in the 1st quarter of the new fiscal year – more than triple what it was a year ago…Edmonton-based Aurora Cannabis (ACB, TSX) raked in $29.7 million in revenue in the 3 months ending September 30, approximately $10 million more than the previous quarter…gross margin on cannabis of 70% was up 12% points compared to the 1st quarter of 2018, and down slightly by 4% points compared to Q4 2018Aurora also spent almost $30 million on sales and marketing in preparation for the legalization of recreational weed, a number that was 700% more than its marketing budget just a year ago…Aurora showed an operating loss of $112 million in the period that ended September 30…however, it posted earnings of $104 million, largely due to gains on investments in 2 other cannabis firms…

5. Investors are pumping more money into shorting pot stocks, despite the fact that doing so has resulted in estimated year-to-date losses of $892 million (U.S.), according to a United States firm that specializes in short-selling research…Ihor Dusaniwsky, managing director for predictive analytics at S3 Partners, says investors have spent $1.4 billion shorting cannabis stocks in the United States and Canada since mid-year, but that they are struggling to find winning names.  “There is no cannabis short that is making more than $20 million, but there are several that are losing over $100 million,” Dusaniwsky said…investors are nevertheless continuing to test the sector because they believe it is “flying too close to the sun” and is due for a reversal…so far this year, Canopy Growth (WEED, TSX) is up more than 73% while shares of Tilray (TLRY, NASDAQ) have soared 541%…according to S3’s data, Canopy, Aurora Cannabis and Tilray are the top 3 companies being shorted when combining the short interest in dual-listed shares…

6. The Dow is off 213 points through the first 30 minutes of trading…a decline in Apple shares, a strong dollar and lingering worries about global trade offset positive news on the dealmaking front…in Toronto, the TSX is down 62 points while the Venture has fallen 4 points to 647Agrios Global Holdings (AGRO, CSE) began trading on the CSE this morning…AGRO is a data analytics driven agriculture technology and services company advancing the latest innovations in indoor growing science…the company owns, leases and manages properties and equipment for eco-sustainable agronomy and provides advisory services to support all aspects of aeroponic cultivation in the cannabis sector…Agrios is actively pursuing new opportunities to expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions…

7. What a messed-up system:  TransCanada Corp. says it remains committed to its long-delayed, often-challenged $10-billion Keystone XL pipeline even after a U.S. federal judge blocked the project late last week…District Court Judge Brian Morris, a liberal appointed by Obama, issued an injunction Thursday preventing either Calgary-based TransCanada or the U.S. federal government “from engaging in any activity in furtherance of the construction or operation” of the Keystone XL pipeline…Morris’ ruling said the U.S. State Department’s analysis “fell short of a hard look” at potential spills, likely impact on Native American cultural resources, cumulative emissions from Keystone XL and other Oilsands pipelines and how a change in Oil prices would affect the viability of the pipeline…President Trump didn’t mince words about the decision, appropriately calling it a “disgrace”…legal experts believe TransCanada has 3 avenues for the project: 1) the State Department could try to address the “deficiencies” the judge indicated in the ruling; 2) appeal the decision to a higher court; or 3) Congress could try to pass a law enabling the project’s construction…in any event, it all adds up to further significant delays for this critical project thanks to climate change extremists…

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November 9, 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 $1,209 and $1,222 following yesterday’s Fed statement…as of 7:00 am Pacific, bullion is off $13 an ounce at $1,211…Cobalt is the star today, up $1.81 a pound to $24.72…Silver has retreated 33 cents to $14.09…Copper, Nickel and Zinc are all under mild pressure at $2.76, $5.16 and $1.16, respectively…Crude Oil has tumbled another $1.28 a barrel to $59.59…this is Crude’s 10th straight losing session, its worst streak in 3 decades, as WTI slips below $60 for the first time since March…the U.S. Dollar Index is up half a point at 96.67…as expected, the Fed decided yesterday to leave its benchmark interest rate unchanged but comments by the central bank suggested it was on course to continue hiking rates…a preliminary reading on U.S. consumer sentiment for November came in slightly above expectations this morning…the University of Michigan’s Surveys of Consumers showed consumer sentiment hit 98.3…economists generally expected the preliminary read to come in at 98, slightly below a prior read of 99

2. U.S. wholesale prices rose by the most in 6 years last month, led higher by more expensive gas, food, and chemicals…the Labor Department said this morning that the producer price index, which measures price increases before they reach the consumer,  leapt 0.6% in October, after a smaller 0.2% rise in September…producer prices increased 2.9% from a year earlier…excluding the volatile food and energy categories, core wholesale prices rose 0.5% in October and 2.6% from a year earlier…despite last month’s increase, the figures suggest inflation pressures are mostly in check…the year-over-year price increase is lower than it was in the summer when it topped 3%…and Oil prices declined in October, which will likely lower gas costs in the coming months…

3. The Trump administration will surely challenge this, and so it should:  A liberal federal judge with a radical “climate change” agenda, appointed of course by Obama, has blocked construction of TransCanada’s $10 billion Keystone Pipeline to allow more time to study the potential environmental impact…U.S. District Judge Brian Morris’ order yesterday was cheered by his environmentalist friends and came as the Calgary-based energy giant was preparing to build the first stages of the Oil pipeline in northern Montana…Indigenous and environmental groups had sued TransCanada and the U.S. Department of State after Nebraska authorities approved an alternative route to the one TransCanada had proposed through the state…the groups argued the U.S. State Department violated several acts in issuing a Presidential permit for the pipeline without a proper environmental assessment of the changed route…Morris said in his decision yesterday that the government’s analysis didn’t fully study the cumulative effects of greenhouse gas emissions, the effects of current Oil prices on the pipeline’s viability or include updated modelling of potential Oil spills…the proposed 1,897-km pipeline would carry Crude from Hardisty, Alberta, to Steel City, Nebraska…2 other export pipelines, the expansion of the TransMountain pipeline bought by Canada’s federal government and Enbridge’s Line 3 pipeline replacement also face uncertainty due to climate change extremists…

4. Follow the money:  Medmen Enterprises (MMEN, CSE) has entered into a $120 million bought deal with Canaccord Genuity…the firm has agreed to purchase, as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, 17.6 million units of the company at a price per unit of $6.80 for gross proceeds of $120 million…if the overallotment option is exercised in full, an additional $18 million will be raised pursuant to the offering and the aggregate gross proceeds of the offering will be approximately $138 millionMMEN is off 79 cents at $6.59 as of 7:00 am Pacific…in an October 25 news release, CEO and co-founder Adam Bierman stated, “Since becoming a public company in May of this year, we’ve been singularly focused on our vision to mainstream marijuana and I’m proud to say that our hard work and the significant investments we’ve made in building our operating platform and team are paying off.  For fiscal 2018, we delivered solid revenues of almost $40 million and over half of that was in the 4th quarter alone, indicative of the strong momentum in our business and our growth potential.  2018 is a year of many milestones, including the pending PharmaCann acquisition; closed and pending expansions to northern California, Illinois, Arizona and Florida; successes in accessing the capital markets; and the launch of our suite of [statemade] products and brand strategy.  With our strengthened board of directors and management team, diverse asset base and strong balance sheet, we believe we are well positioned to capture the future potential of the evolving cannabis industry”

5. The Dow is off 158 points through the first 30 minutes of tradingCaterpillar and General Motors are weak…disappointing data out of China dampened sentiment on Wall Street…the country’s top auto industry association said sales in China fell 11.7% last month, marking the 4th straight monthly decline…in Toronto, the TSX is down 115 points while the Venture has fallen 10 points to 657…the Supreme Court of Canada has cleared the way for the creation of a cooperative federal-provincial securities regulator to govern the country’s capital markets…the Court ruled that the draft legislation to create the regulator did not exceed Ottawa’s authority, trumping an earlier Quebec court ruling that was appealed by Ottawa, as well as the provinces of British Columbia and Quebec…Westhaven Ventures (WHN, TSX-V) announced this morning that it has commenced an airborne geophysical survey across its 2,784-hectare Skoonka and 6,167-hectare Skoonka North Gold properties, located within the prospective Spences Bridge Gold belt (SBGB)…the aim is to determine structural controls that may be associated with additional zones of Gold-Silver mineralized veins…we’re keeping a close eye on developments in the Gowganda area of Northern Ontario where Canada Cobalt (CCW, TSX-V) and iMetal Resources (IMR, TSX-V) are gaining strength, technically and fundamentally, with separate discovery situations…Pretium Resources (PVG, TSX) has reported Q3 net earnings of $10.7 million (U.S.) or 6 cents per share on total revenue of $110.1 million…Brucejack production in Q3 was 92,641 ounces of Gold at a mill feed grade of 12.4 g/t…

6. A blow for Eskay Mining (ESK, TSX-V)?SSR Mining (SSRM, TSX), formerly Silver Standard, has advised Eskay Mining it intends to terminate the option agreement originally announced in the spring of 2017 and return the SIB property to Eskay by the end of December…ESK is currently analyzing the final results of the 2018 exploration program completed by SSR Mining…geophysical and geological modelling indicates that the favorable and untested stratigraphy extends to the south of the area drilled, and the SIB programs have demonstrated that it is well within reach, according to Eskay President and CEO Mac Balkam…“While we understand that SSR Mining is intending to terminate the agreement, we thank them, and our field crew, for their substantial commitment to exploration at SIB (SSR Mining invested $7.7 million on the property).  We are also very excited by the prospect of continuing to explore the large and undrilled tract of Eskay-like stratigraphy that underlies relatively thin cover rocks across most of the SIB property, and perhaps across much of the company’s immediately adjacent Corey Property to the south.  The well-executed SSRM programs have clearly shown that this area includes rocks which are similar to those hosting the nearby Eskay Creek Mine deposits, and that they have only begun to be drill-tested.  With exploration once again very active at the nearby mine property we remain positive about the prospects at SIB“…the problem for Eskay is that raising money is not the Balkam’s best strength…ESK is off 4 cents at 13 cents as of 7:00 am Pacific, its lowest price since early 2016

7. The economic opportunities being squandered in Canada by climate change ideologues in positions of power are astounding:  The Globe and Mail reported this morning that B.C. Environment Minister George Heyman, the Sierra Club’s Poster Boy, is completing a new “climate action plan” which accounts for massive new greenhouse gas emissions for the first phase of the LNG Canada Project, but dims the prospects for a major West Coast industry…the final investment decision for the $40 billion LNG Canada Project was announced in October…the decision ignited hopes that the province could create a niche, but the project also creates a significant challenge to B.C.’s “climate-change goals”…the first phase of LNG Canada will be responsible for roughly 9% of the total emissions allowed for the province in 2030…the plan includes a cross-province pipeline built by TransCanada…a planned second phase has not yet been approved…in making room for LNG Canada, the hurdles for the dozen or more such projects still on the books in B.C. have become higher…that means any subsequent LNG plant would likely have to rely on emerging electric-drive technology…of course these geniuses aren’t considering the fact that a booming LNG industry in B.C., serving China, would have the effect of lowering China’s emissions…

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November 8, 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 $1,219 and $1,227 so far today, just hours from a Fed statement following the central bank’s 2-day meeting…as of 7:00 am Pacific, bullion is off $an ounce at $1,223…Silver has retreated 15 cents to $14.39…Copper, Nickel, Zinc and Cobalt are all relatively unchanged at $2.80, $5.31, $1.15 and $22.91, respectively…Crude Oil has slid another 55 cents to $61.12…President Trump made it quite clear in a news conference yesterday that he’s determined to keep Crude prices at non-inflationary levels…the U.S. Dollar Index has fallen one-tenth of a point to 96.08…the Federal Reserve appears on track to raise interest rates once more this year but will likely hold off on any action when its latest policy meeting ends later this morning…still, investors will be parsing the statement the Fed will issue at 11:00 am Pacific for any sign that it might be rethinking its probable pace of credit tightening in the coming months…so far this year, the central bank has raised rates 3 times…China recorded a trade surplus of $31.78 billion with the U.S. in October, down from a record $34.13 billion in September…the country’s cumulative trade surplus with the U.S. in the first 10 months of the year is $258.15 billion…world stocks scored an 8th straight session of gains today, their longest winning streak of the year…

2. October was a record month for Chinese Crude imports with analysts noting that the largest buyer of Iranian Crude may have stocked up before U.S. sanctions on Tehran kicked in this week…China imported 9.6 million barrels on average for the month, according to customs data released this morning…U.S. Crude inventories rose 5.8 million barrels in the week ended November 2, according to the latest Energy Information Administration (EIA) data…earlier this week the EIA also increased its 2019 U.S. production forecast to 12.1 million barrels a day, versus an average of 10.9 million barrels a day this year…meanwhile, there could be fresh problems for a Canadian export pipeline following Tuesday’s midterm elections after Gretchen Whitmer, another far left Democrat, won Michigan’s governor’s race…she has vowed to shut down the critical Line 5 Enbridge pipeline…

3. President Trump’s sudden firing of Attorney General Jeff Sessions after a news conference yesterday sent shares across the marijuana sector soaring late in the trading session…the industry viewed Sessions as a major obstacle to cannabis legislation, but what will the views of his Republican successor be?…in January, Sessions issued a memo on marijuana enforcement that rescinded the Obama-era policy of non-interference with marijuana-friendly state laws…that memo unleashed a bipartisan backlash, resulting in the STATES Act – a bill introduced by Democratic Senator Elizabeth Warren and Republican Senator Cory Gardner that pledged to prevent federal interference with states that have legalized cannabis…recreational cannabis will soon be legal in 10 U.S. states, the latest being Michigan after Tuesday’s midterms…meanwhile, another Sessions who has been a thorn in the side of the marijuana sector is also out of the picture now – Republican Pete Sessions (no relation to Jeff Sessions), a Congressman since 1997, lost his bid Tuesday to continue representing Texas as he lost out to Democrat Colin Allred, a former NFL player…Sessions was once named Washington’s “most powerful anti-pot official”…he used his position as chair of the House rules committee to prevent as many as 3 dozen proposed laws that would help the cannabis industry from reaching the House floor for debate and eventual vote…

4. Mexico is gearing up for cannabis legalization – the country’s next interior minister will introduce legislation to Congress to regulate the production and use of cannabis, making Mexico the most populous country to end prohibition of marijuana…Olga Sanchez Cordero, a senator who has been named as the future interior minister by leftist President-elect Andres Manuel Lopez Obrador, has drafted legislation, with input from a range of human-rights, justice-reform and public-security organizations, that will permit the cultivation and use of marijuana for medical and recreational purposes, and the development of a medical and industrial cannabis industry that will have Canada as a major export target…the incoming government is under pressure to move fast on cannabis because at the end of October, Mexico’s Supreme Court issued a pair of rulings that declared a total prohibition of recreational marijuana consumption unconstitutional…combined with 3 earlier decisions, this created a binding national precedent and made cannabis possession for recreational use de facto legal…Sanchez blamed the militarized war-on-drugs approach of the past 12 years for 235,000 deaths…

5. GT Gold (GTT, TSX-V) announced this morning that it has completed 24,749 m of diamond drilling at its Tatogga Project in northwest B.C. (drilling season is now over)…the original 18,000 m program was expanded following the discovery of Gold-rich porphyry style mineralization at Saddle North which has now been intersected in 12 holes along a strike length of over 600 m, across a width of approximately 500 m, and to a depth of greater than 1,100 m…mineralization at Saddle North remains open along strike and at depth and grades and widths generally appear to increase with depth…results for 8 more holes are pending…meanwhile, mineralization at the adjacent Saddle South Gold system has been extended to well over 1,000 m along strike and remains open to both east and west, and at depth…a new trend with high-grade intercepts was also intersected at depth to the south as announced over the summer…GT Gold has also initiated route planning and permitting for a road to the Saddle area from Highway 37 which would significantly reduce exploration costs…

6. The Dow opened lower after yesterday’s huge advance but is up slightly through the first 30 minutes of trading…in Toronto, the TSX is off 42 points while the Venture has eased off 3 points to 669 after 6 consecutive winning sessions…Aphria (APH, TSX) announced this morning that it has proposed to acquire CC Pharma GmbH, a leading distributor of pharmaceutical products to more than 13,000 pharmacies in Germany…the transaction, expected to close in January, will strengthen the company’s end-to-end medical cannabis operations and infrastructure in Germany, a key market in Aphria’s international expansion…Kinross Gold (K, TSX) reversed to a loss in the 3rd quarter as production and Gold prices fell…excluding special items, the company listed an adjusted net loss of $48.4 million, or 4 cents per share, vs. adjusted net earnings of $84.1 million, or 7 cents, in the same period a year ago…Torex Gold (TXG, TSX) has reported net income of $23.9 million (U.S.) in Q3 after record quarterly production of just over 100,000 ounces of Gold

7. Datametrex AI (DM, TSX-V) is active again this morning with more newsDM and associate company Graph Blockchain have had several discussions with a multinational conglomerate to provide blockchain and systems integration solutions for the safe and secure importation of Canadian beef throughout its global organization, as announced by DM this morning…the solution will focus on the logistics around foreign beef importation into countries with an emphasis on areas such as quality assurance of products, delivery, payments and quotas…the company was recently invited to the Canadian Embassy in Seoul, Korea, to meet with senior officials of a multinational conglomerate, as well as counsellors from the Canadian Ministry of Trade and the Ministry of Agriculture to further discuss how each party can work together to increase trade between Canadian beef suppliers and this group globally…“This represents a fantastic opportunity for both Datametrex AI and Graph Blockchain as both companies will work together to provide the solution and integration of this innovative platform.  We are thrilled to work with the Canadian governments and their embassy representatives on a solution that will help position Canadian farmers for expansion into new markets,” stated Andrew Ryu, CEO of DatametrexDM nearly doubled yesterday on total volume (all exchanges) of 20 million shares as the stock closed above its 50-day SMA for the first time since early this year…it’s off half a penny at 9 cents as of 7:00 am Pacific

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November 7, 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 $1,227 and $1,236 so far today…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,228…as expected, Americans voted for divided government in yesterday’s midterm elections with the Democrats seizing control of the House of Representatives for the first time since 2010…however, the Democrats fell far short of the Big Blue Wave many pundits on the left were predicting…despite a hostile mainstream media, Trump lost far fewer seats in the House than Obama and Clinton did in their first midterms while Republicans expanded their majority in the Senate and also won some key Governor races including Florida and Ohio…Congressional gridlock is typically bullish for stocks which helps explain Wall Street’s reaction this morning…there could be bipartisan support, however, for a major infrastructure program while Democrats might be able to soften Trump’s approach on trade – two potential developments that would give the commodity sector a boost…Silver is up 12 cents at $14.61…Copper has added a penny to $2.81…Nickel and Zinc are off slightly at $5.27 and $1.14 while Cobalt has rebounded $2.49 a pound to $22.91…Crude Oil is relatively flat at $63.18…the U.S. Dollar Index is off slightly at 96.30 and seems likely to trend sideways or lower given the outcome of the midterms…Congressional gridlock should have the effect of slowing down U.S. fiscal stimulus which has significantly boosted economic growth and allowed the Fed to gradually increase interest rates…

2. There’s optimism within the cannabis sector regarding the outcome of the midterms – in line with predictions, voters in Michigan said yes to Proposal 1 which would legalize recreational marijuana use and cultivation for people over 21, as well as authorize the commercial sale of the drug through state-licensed retailers…current violations related to marijuana would also be downgraded from crimes to civil infractions…under the measure, marijuana will only be allowed to be used by people in the privacy of their own homes…it will also come with a 10% tax…supporters estimate Proposition 1 will bring in roughly $130 million in tax revenue each year…Michigan becomes the first Midwest state to allow recreational use of cannabis…meanwhile, with Democrats in control of the House in Washington, there’s speculation that the prospects for banking legislation helpful to marijuana companies will be enhanced…

3. As of today, the small town of Opaskwayak, Manitoba, features the first licensed recreational cannabis store in Canada on First Nations land…the 1,500 square foot retail store is now officially open for business, fully stocked with cannabis…Chief Christian Sinclair, head of the Opaskwayak Cree Nation, says the operation is physical evidence that joining forces with the legal cannabis industry was a smart idea.  “This is wonderful and I feel great.  Our investment in cannabis has exceeded all of our expectations, and we want to show our people that this calculated risk, of investing in cannabis, has paid off,” he said…Sinclair and the Opaskwayak have a 10% stake in licensed producer National Access Cannabis (META, TSX-V), a company backed by industry veteran Chuck Rifici, the co-founder of Tweed and current CEO of Auxly Cannabis…that initial investment of $3 million, says Sinclair, has propelled his band into the big leagues, making them the first indigenous community to become a major shareholder of a licensed cannabis producer…

4. To show how misguided the Trudeau Liberals are with carbon policy and their extremist “climate change” initiatives, even voters in left-leaning Washington State yesterday rejected a proposed carbon tax that would have been the first such levy in the United States…the policy would have been an effort to fight “climate change” by mandating that companies using or selling fossil fuels pay taxes equal to $15 per metric ton of carbon, an amount that would rise in future years…the money would have paid for clean air and water projects, as well as community health initiatives…Trudeau is determined to push ahead with a jobs and investment-killing national carbon tax that does further damage to the Canadian resource sector and puts Canadian businesses at a competitive disadvantage to those in the United States…

5. 2018 has featured major shifts in demand and supply in the Oil marketafter putting the pedal to the metal on production, OPEC is now apparently musing once again about cutting back production in 2019…ministers from the group gathering in Abu Dhabi this weekend will discuss the possibility of trimming output again next year, according to delegates, a move that would mark an abrupt end to 6 months of supply increases…the group is responding to a worrying prospect – even though U.S. sanctions on Iran are removing significant amounts of Crude from world markets, a fresh surge of American shale Oil threatens to unleash a new surplus in 2019…some members are concerned about the recent trend showing rising inventories…meanwhile, in other sector developments, Imperial Oil (IMO, TSX, NYSE) said yesterday that it would go ahead with the construction of its $2.6 billion Aspen Project in northern Alberta, the first new Oilsands development to be greenlighted since 2013…the Aspen Project will use new recovery technology to lower emissions and water use and improve project economics…

6. The Dow has added 138 points through the first 30 minutes of trading following yesterday’s midterms…in Toronto, the TSX is relatively flat while the Venture is up another 5 points at 671Westhaven Ventures (WHN, TSX-V) has resumed drilling at its 155 sq. km Shovelnose Gold Property near Merritt…the fully-financed  program will consist of approximately 2,500 m of diamond drilling over a strike length of 400 m at the newly-discovered South Zone where recent drilling intersected 17.8 m of 24.5 g/t Au, including 6.78 metres of 50.76 g/t Au…Gareth Thomas, President & CEO, stated, “We are keen to get back drilling at the South Zone.  Only 2 holes have been drilled into the newly tested southern block and both holes intersected significant Gold-Silver mineralization.  We will be testing both the vertical extent and the strike length of this mineralization”Datametrex AI (DM, TSX-V) has just announced that it has closed the reverse takeover transaction of Graph Blockchain Inc. (formerly Reg Technologies Inc.) with Graph Blockchain Ltd., an associated company of Datametrex AI, as previously announced on June 29, 2018, and October 1, 2018TAG Oil (TAO, TSX) is off 2.5 cents at 38 cents as of 7:00 am Pacific after announcing this morning that it’s selling its assets in New Zealand for $30 million (U.S.), plus other considerations…following completion of the transaction, TAG expects to have over 50 cents per share in cash and working capital in addition to continued exposure to the current operations and upside of the New Zealand assets…TAG will also be in a better position to pursue its exploration prospects covering over 275,000 net acres in Australia, including the producing 25,000-acre petroleum mining licence in the Surat basin…

7. Chemesis International (CSI, CSE) and Rapid Dose Therapeutics, a Canadian biotechnology company, have signed an additional definitive agreement to bring QuickStrip oral thin strips to Puerto Rico…CSI previously announced (October 12, 2018) a definitive agreement to produce QuickStrips for the state of California…under the terms of the agreement, Chemesis will receive rights to produce, distribute and sell QuickStrip products, with exclusive rights for the cannabis market in Puerto Rico…this partnership allows Chemesis to further strengthen its position in Puerto Rico by allowing the company to use a convenient drug delivery system that can target a variety of consumers and also allow them to use cannabis products in a new way…CSI says it will continue to position itself to capitalize in this growing market with innovative and effective products…

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November 6, 2018

7 @ 7:00

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

1. Gold has traded between $1,228 and $1,237 so far today as Americans vote in critical midterm elections…as of 7:00 am Pacific, bullion is off $1 an ounce at $1,230…Silver is down 5 cents at $14.55…Copper is up a penny at $2.82…Nickel has rebounded 7 cents to $5.37 while Zinc is unchanged at $1.17…Crude Oil is relatively flat at $63.18…the Trump administration today granted temporary waivers to China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey, allowing them to continue purchasing Iranian Oil for 180 days…“These countries take on the lion’s share of Iranian Oil exports,” stated Commerzbank“This is bad news for Oil prices, as it means the supply situation on the Oil market is set to ease further”the U.S. Dollar Index is off slightly at 96.30…the greenback would likely explode higher tomorrow if Republicans defy the pollsters and maintain control of the House of Representatives while also expanding their majority in the Senate…

2. As Americans cast their ballots today in the crucial midterm congressional elections, 2 final polls conducted by CNN and Rasmussen have predicted wildly different results…the final generic poll from left-leaning, Trump-hating CNN has put Democrats 13 points ahead of Republicans…meanwhile, a separate poll carried out by the more right-leaning Rasmussen agency has suggested that Republicans are leading, but by a much smaller margin of point…for the record, Rasmussen was more accurate back in 2016…history is not on Trump’s side…the party of the sitting President has lost House seats in 35 of the 38 midterm elections held since the end of the Civil War in 1865…midterms usually produce gridlock in Washington, and Wall Street does have a tendency to love gridlock (U.S. equity markets have not declined in the 12 months following a midterm election since 1946, and have surged roughly 10% into year-end following midterms since 1950)…the gridlock scenario this time around would be an expanded Republican majority in the Senate while the Democrats win control of the House…the Republicans appear highly likely to slightly expand their majority in the Senate…their House majority is vulnerable, however, but the left’s hope of a Big Blue Wave will be shattered like it was 2 years ago…

3. The latest data from the world’s two largest Gold-buying nations points to soft demand in India but an improving picture in China, according to Commerzbank…analysts cite data from India’s Ministry of Finance showing that Gold imports plunged by 42% year-on-year to 38.8 tonnes in October…“The consumer restraint was chiefly due to the steep rise in Gold prices in Indian rupees beforehand,” Commerzbank stated…“Bullion dealers and jewelers are running numerous special offers in a bid to revive Gold demand in India during the Dhanteras and Diwali festivals that are taking place this week”meanwhile, analysts cite data from the China Gold Association showing that that country’s Gold demand grew by 5.1% year-on-year to 850 tonnes in the first 3 quarters, with the organization attributing this to falling Gold prices, weak stock markets, exchange-rate moves and China-U.S. trade tensions…the organization’s data for Gold demand is significantly higher than that compiled by the World Gold Council, Commerzbank points out…meanwhile, China’s Gold production decreased by 7.5% to 290 tonnes from January to September… “China is filling the gap with imports – for example, from Hong Kong and Switzerland – and will also remain a major Gold importer in the future,” Commerzbank added…

4. Gold holdings in global exchange-traded funds and similar products rose in October by 16.5 tonnes for the first monthly inflow in 4 months, the World Gold Council reported today…holdings now stand at 2,345.6 tonnes…still, they are down 25.8 tonnes for the year to date…“Global stock markets experienced their worst October since the 2008 financial crisis, with the MSCI All-World Index down more than 7.4% on the month,” the WGC said…“As a result, Gold benefited from flight-to-safety investment flows.  Further, U.S. dollar-hedged Gold benefited in the stronger dollar risk-off environment, rallying 4.3% on the month.  Flows into North America-based ETFs grew by 12.4 tonnes during the month.  Holdings in European ETFs climbed by 10.5 tonnes, while those in Asia decreased by 6.5 tonnes.  There was a 0.2-tonne increase for ‘other’ regions”…SPDR Gold Shares led global inflows, gaining 11.8 tonnes during the month, while iShares Gold Trust added 5 tonnes…

5. More problems with Cobalt in the CongoKatanga (KAT, TSX) is under renewed pressure after announcing that it’s temporarily suspending the export and sale of Cobalt at its Kamoto Project until further notice…the presence of Uranium was recently detected in the Cobalt hydroxide produced at Kamoto in levels that exceed the acceptable limit allowed for export of the product through main African ports to customers (one has to wonder if this could be a more widespread issue)…to date, the total Cobalt production impacted by the sale suspension amounts to 1,472 tons…the low levels of radioactivity detected in the Uranium to date do not present a health and safety risk, according to the company…Katanga adds that production of Cobalt at Kamoto is expected to continue “without reduction in the quantity”, once problems are sorted out…the company says it’s currently conducting additional surveys to identify the source of the Uranium and exploring various options to mitigate the impact of the sales suspension…KAT resumed trading at 7:00 am Pacific after a halt at the open…initial trades have the stock down 12 cents at 52 cents…North American Cobalt plays should benefit from the news – First Cobalt (FCC, TSX-V), as an example, is up 3.5 cents at 27.5 cents as of 7:00 am Pacific

6. A report in this morning’s The Wall Street Journal outlines how a prolonged period of underinvestment by commodity producers is setting the stage for large price increases in raw-materials markets…prices of Copper, Nickel and Aluminum could soar past prior records in the coming years, according to certain portfolio managers…such a development would likely transform markets hampered in recent years by soft prices and tepid investor interest…global miners are only spending a third of what they did 5 years ago on new projects…they’re on track to invest roughly $40 billion for the 3rd straight year, down from more than $120 billion 5 years ago and $80 billion almost a decade ago, according to commodities consultancy Wood Mackenzie…worries that U.S.-China tariffs will slow growth and hurt demand for commodities have weighed on prices the last few months with strong price corrections across the board…“It’s incredibly bullish and inflationary for metals on a long enough horizon,” stated Stephen Gill, managing partner of Pala Investments…“You have a window of opportunity at these low prices”the lack of investment in metals echoes what happened in the Oil market…a 25% drop in spending on new projects in 2015 and 2016 set the stage for a rally that sent Crude prices to near 4-year highs this year…ramping up metal supply is much more challenging than ramping up Oil supply…meanwhile, mining deals are on track to total about $40 billion for the 4th consecutive year, a fraction of the record $131 billion spent in 2011, according to Dealogic…stock buybacks from the world’s largest miners are also set to more than double for the 2nd straight year, FactSet data show..

7. The Dow has added 78 points through the first 30 minutes of trading…the Canadian market is at one of the cheapest levels vs. its U.S. counterpart in the last 30 years…that’s what over-regulation and high taxes do, plus a disastrous energy policy that continues to drive investment out of Canada…the big internationals, and now Canadian-based firms like Encana, are moving their operations and/or capital budgets out of Canada and relocating their money to the U.S. (Trump is loving it) and elsewhere…the S&P/TSX is now trading at a forward price-to-earnings multiple of only 13 times the 2019 consensus estimate…as of 7:00 am Pacific, the TSX is up 75 points while the Venture, aiming for its 5th straight daily gain, is up 2 points at 663

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November 5, 2018

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information. Daniel’s Den tomorrow!

1. Gold has traded between $1,226 and $1,235 so far today…as of 7:00 am Pacific, bullion is off $1 an ounce at $1,231…hedge funds and money managers raised their net short position in Gold by 18,723 contracts to 45,622 contracts in the week to October 30, according to the latest U.S. Commodity Futures Trading Commission data…this was the highest in 3 weeks…Silver is down 5 cents at $14.67…Copper, Nickel and Zinc are also off marginally at $2.81, $5.31 and $1.17, respectively, while Cobalt is steady at $23.93…Crude Oil has rebounded 61 cents to $63.75 while the U.S. Dollar Index, which posted its 7th straight month of gains in October, is off slightly at 96.37 ahead of tomorrow’s critical midterm elections…amazingly, U.S. equity markets have not declined in the 12 months following a midterm election since 1946…midterms often produce gridlock in Washington, and Wall Street tends to love gridlock…the gridlock scenario this time around would be an expanded Republican majority in the Senate (almost a certainty) while the Democrats win control of the House…given the Trump Factor, however, Republicans could certainly defy the pollsters and mainstream media pundits and retain control of the House, albeit with a narrower majority…the governor of the Bank of Canada says after a decade of low-interest rates around the world, the global economy has reached stronger footing where stimulus can be “steadily withdrawn”…Stephen Poloz’s remarks this morning came as the Bank of Canada signals it will gradually raise its benchmark interest rate from its current level of 1.75% to a so-called neutral stance of somewhere between 2.5% and 3.5%…

2. Crude prices have come down roughly 15% since the start of last month when Brent breached the $86-a-barrel threshold for the first time in 4 years…“And yet increasing numbers of observers believed in early October that the price could climb to $100,” analysts at Commerzbank wrote in a note this morning…“What has happened since then to cause prices to react so differently?  One key reason is that OPEC, Russia and the U.S. have stepped up their Oil supply considerably”…prices have also come under pressure because of signs of weakening global economic growth and equity market turmoil…one of the biggest threats to the global economy would be runaway Oil prices, something Trump has been watching closely…Crude prices around current levels are non-inflationary and will help encourage global growth…

3. Chemesis International (CSI, CSE) is making a major push into Colombia…the company announced this morning that it has entered into a binding LOI to acquire 100% of Colombia-based La Finca Interacviva-Arachna Med SAS, an integrated cannabis company that has been licensed and operational in Colombia since October, 2017La Finca has access to over 1,000 acres of outdoor cultivation land and is aggressively exploring opportunities to expand….it’s also a founding member for the “Association for the Promotion of Hemp Growing”, a non-profit entity that is concentrated on providing education and promoting the expansion of cannabis plantations, while ensuring the growth of high-quality crops through technical advice…the company’s cultivation program is based on a decentralized model with partner farmers throughout the country, allowing small farmers to quickly generate high quality crops…currently, La Finca has relationships with over 2,000 farming families across Colombia through various co-ops that comprise its land package…La Finca also has a partnership with the largest university in Colombia to develop seed strains that improve the yield of biomass and flower while shortening crop cycles…La Finca currently has several manufacturing relationships including an agreement for licensed cosmetic products under the La Finca brand…Chemesis will acquire La Finca, which has $2.5 million CDN in working capital, for $13.5 million in a combination of cash and common shares to be determined upon execution of the definitive agreement…all stock issued will be subject to a 36-month phased lock-up period…CSI has jumped 28 cents to $1.79 after 30 minutes of trading…

4. Aleafia Health (ALEF, TSX-V) is pushing higher after announcing this morning that it has signed a non-binding term sheet to acquire a 10% equity stake in CannaPacific, a licensed Australian medical cannabis company…CannaPacific has been granted licences to cultivate, produce and research medical cannabis in Australia and has a 53,000 sq. foot cannabis cultivation and plant research facility currently under construction…Aleafia will provide CannaPacific with technical expertise in cannabis cultivation, processing, distribution and medical clinic operations…this marks the launch of Aleafia’s global expansion with a foothold in the budding Australian medical cannabis sector and future market access to Asia under Australian free-trade agreements…

5. Canada Cobalt (CCW, TSX-V), the only junior in Canada that’s able to target high-grade Cobalt in underground drilling, has cut a robust 7 m grading 2.3% Cobalt, 261 g/t Silver and 1.65% Nickel (CA18001) at its Castle mine in Northern Ontario…other initial results included 3.2% Cobalt and a whopping 345 ounces per ton Silver over 0.60 m within a broader interval in CA18003 (core lengths)…CCW is drawing strong interest from potential clients in Asia and Europe as the first and only company in the Northern Ontario Cobalt Camp to produce battery grade Cobalt sulphate through its proprietary Re-2OX process…these initial drill results will only boost the prospects for any potential deals to monetize this unique opportunity for shareholders…meanwhile, the Gowganda area is heating up on the Gold front as well…the 3rd hole of a surface drill program east of the Castle mine has intersected 2 mineralized zones with the potential for a Gold discovery on the property, while CCW neighbor iMetal Resources (IMR, TSX-V) is preparing to drill at Zone 3A at its Gowganda West Property…Zone 3A marks the beginning of a minimum 2.4-km-long structural corridor featuring Kirkland Lake-type rocks and high-grade Gold showings at each outcrop area revealed by a massive logging operation…Gowganda West has never been previously drilled even though it’s contiguous to the southern border of Tahoe Resources‘ (THO, TSX) 4 million ounce Juby deposit…

6. Alamos Gold (AGI, TSX) has discovered an extension of high-grade mineralization at its Island Gold mine in Northern Ontario…in the “main” extension, the new findings include 118.6 g/t Au over 6.7 m, 21.5 g/t over 7.8 m, and 31.7 g/t over 3.8 m…in the “western” extension, discoveries include 78.3 g/t over 2.3 m and 19.7 g/t over 2.8 m…findings in the “eastern” include 46.1 g/t over 2.8 m and 13.7 g/t over 7.6 m…“Island Gold continues to impress,” stated President and CEO John A. McCluskey.  “In less than a year since we acquired the mine, we’ve seen a 17% increase in mineral-reserve grades and significant growth in mineral reserves and resources across all categories.  Ongoing exploration success across all three extensions of the ore body, including the best surface directional hole drilled to date, demonstrate strong potential for this to continue”…last week, Alamos reported net earnings for Q3 of $7.2 million (U.S.)…

7. The Dow is up 80 points through the first 30 minutes of trading…Apple’s stock was downgraded for a second time since its earnings report, this time by Rosenblatt Securities, which said it has lowered its expectations for iPhone production and shipments…the firm cut its rating on the largest public company in the U.S. to neutral from buy, telling clients that it will be difficult for Apple to offset weaker volume with higher selling prices in the second half of 2019…the TSX has added 71 points while the Venture, aiming for its 4th straight daily gain, is up 2 points at 653GT Gold (GTT, TSX-V), continuing to look strong, is up 9 cents at $1.94 with more results pending from its Gold-rich Saddle North porphyry discovery in Northwest British Columbia…GTT appears to have conquered Fib. resistance at $1.78Westhaven Ventures (WHN, TSX-V) is a penny higher at $1.07WHN was up sharply last week after releasing another robust high-grade Gold intercept at its 155 sq. km Shovelnose Property within the Spences Bridge Gold Belt near Merritt…

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