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October 3, 2017

The Template For The Next 10% Stake In Garibaldi Resources

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May 22, 2019

7 @ 7:00

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

1. Gold has traded in a tight range between $1,272 and $1,278 so far todayas of 7:00 am Pacific, the yellow metal is flat at $1,274…in overnight news, St. Louis Federal Reserve Bank President James Bullard, a voting member of the FOMC, said in a speech in Hong Kong that the U.S. central bank may need to lower interest rates if inflation remains at very low levels…the Fed would like to see annual U.S. inflation perk up to the 2% level…in another sign that global inflation remains very muted, or even problematic, Germany’s government has auctioned 10-year bonds (bunds) for an average yield of negative 0.07%, the lowest yield in almost 3 years…Silver is unchanged at 14.43…Copper (new 4-month low), Nickel and Zinc are all off slightly at $2.69, $5.42 and $1.23, respectively…Cobalt remains steady at $15.76…WTI has pulled back 70 cents to $62.43 after industry data showed an increase in U.S. Crude inventories…however, Oil markets remain tight amid supply cuts by producer group OPEC and allies such as Russia, and as political tension escalates in the Middle East…the U.S. Dollar Index is virtually unchanged at 98.07Barrick Gold (ABX, TSX; GOLD, NYSE) continues its shopping spree in the mining sector, proposing to take over Acacia Mining (the shares it doesn’t already own) in an all stock deal…

2.  As U.S.-China trade rhetoric heats up again, China is exploring more drastic action according to the South China Morning Post…while China is open to resuming trade talks, “government advisers are now highlighting the risk of sourcing critical supplies from an increasingly hostile United States…and are exploring ways for the country to cut its exposure to the U.S.,” the paper said, citing Chinese “researchers”…the article was titled, “Donald Trump’s trade war and Huawei ban push China to rethink economic ties with U.S.”…among various options, China is considering cutting Natural gas purchases from the U.S., the paper said…“The idea that China should buy large amounts of Natural gas from the U.S. must be revisited,” Wang Yongzhong, a senior fellow with the Chinese Academy of Social Sciences, a governmental think tank, told the Hong Kong-based newspaper…“China may have to cap U.S. supplies at 10 or 15% of its overseas purchases for the sake of supply chain security,” said Wang, who specializes in China’s energy supply security…“What if the (energy) supply (including both LNG and Crude Oil) is cut off suddenly, as we have seen in the Huawei case?”…China bought $6.3 billion (U.S.) worth of American Crude Oil and LNG in 2017, 3.6% of the country’s purchases of foreign energy products, the newspaper said, adding that China’s reliance on U.S. energy products is “limited”…that’s the problem for China as it exports far more products to the U.S. than it imports…

3. Glencore, facing challenges in Africa, is casting its eyes toward the Northern Ontario Cobalt Camp with the news yesterday that it has signed an MOU with First Cobalt (FCC, TSX-Vto supply Cobalt feedstock and financing to recommission the First Cobalt refinery…upon execution of definitive agreements, First Cobalt and Glencore will collaborate on final flowsheet design with a view to accelerating the restart of North America’s only primary Cobalt refinery, though many questions remain about the facility…Glencore intends to provide feedstock for the refinery which FCC says is expected to result in annual production of approximately 2,000 tonnes to 2,500 tonnes per annum of Cobalt in sulphate…Glencore will evaluate making a loan to finance the capital requirements to recommission the refinery and will enter into a tolling agreement with First Cobalt…the refinery could be operational in 18 months to 24 months and discussions are under way with provincial government officials to identify opportunities to streamline and accelerate the permit amendment process…FCC got a boost on the news yesterday and is unchanged at 17 cents in early trading today…

4. Enthusiast Gaming Holdings (EGLX, TSX-V), a top performer on the Venture this year, announced this morning that its network of video game enthusiasts has grown to 150 million total monthly visitors…Enthusiast’s platform is the fastest growing gaming network in North America and includes owned and operated gaming related websites and a network of YouTube channels…monthly visitors across the network has doubled since Enthusiast completed its going public transaction in October 2018 and has grown from 2 million monthly visitors since 2015…the increase validates the rapid growth of the gaming industry and further positions Enthusiast as a leader in the space…the significant growth and size of Enthusiast’s network has provided the company with a number of different revenue streams, including direct sales, revenue sharing and subscription models that diversifies the business and supports continued future growth…Menashe Kestenbaum, CEO of Enthusiast, commented, “Our consistent growth further validates our business model, as we continue to outperform visitor growth month over month.  Our team continues providing innovative, rich content which attracts dedicated gamers.  This content allows us to deepen our reach both vertically and horizontally across a number of sub-sectors within the gaming industry.  In a relatively short period of time, we have managed to amass a network of over 150 million monthly visitors and now major brands are taking notice.  In addition to our core revenue generating verticals of content, advertising, and events, the size of our network has provided a number of different revenue opportunities, that we believe will add sustainable, long-term value to our network moving forward”

5. The Dow is off 40 points as of 7:00 am Pacific…in Toronto, the TSX has lost 87 points while the Venture – aiming for its 6th straight winning session –  is up 1 point at 613.50, though volume remains relatively light…the Index is pushing up against its 50 and 100-day moving averages (SMA’s) which have converged around 61548North Cannabis (NRTH, TSX-V), yesterday’s volume leader and big mover, has eased off 3 pennies at $1.14, though the chart has taken on a distinctly bullish tone…nearest key resistance is $1.25 (Fib.)…Probe Metals (PRB TSX-V) has cut 17.8 m @ 3.4 g/t Au at its Val d’Or East Project (infill drilling)…results from 55 drill holes totaling nearly 17,000 m also included a series of narrow high-grade intercepts…David Palmer, Probe President and CEO, stated, “Winter drill results continue to indicate a broad, robust Gold system along the Pascalis Gold trend.  Work to date has greatly increased our understanding of the main controls on Gold deposition and in 2019 we plan to expand our exploration programs to target new areas where we are seeing strong potential for the discovery of additional Gold deposits”Imperial Mining (IPG, TSX-V) has reported encouraging initial Scandium and Rare Earth (REE) results from the first 2 holes completed during its winter 2019 diamond drilling program at its Crater Lake Project in northeastern Quebec…partial TG zone results returned up to 48.2 m grading an impressive 385 g/t Scandium, including 8.8 m @ 528 g/t Scandium…elevated levels of total Rare Earth oxides plus Yttrium of up to 0.622% characterize the Scandium horizon…the entire Scandium mineralized package was found to be between 60 and 90 m in true thickness and is open at depth below 200 m down-dip and along strike…

6. Transition Metals (XTM, TSX-V) continues to be aggressive with the stock trading at its best levels since 2016…the company has staked 2 new properties, collectively covering 15,144 hectares, in the Wollaston basin Copper belt in Northern Saskatchewan…the Fannon and Tosi properties are located approximately 100 km south of Key Lake and about 30 and 85 km, respectively, southwest along trend with the company’s Janice Lake Property that is currently under option from the company to Forum Energy Metals (FMC, TSX-V) and subsequently to Rio Tinto Exploration Canada…the new claims were staked to cover known Copper showings and on-strike equivalents that are interpreted to have potential to host sedimentary-hosted Copper mineralization similar to that at Janice Lake…Transition President and CEO Scott McLean stated, “We view the Wollaston Basin as an important emerging Copper district.  The good work of the Saskatchewan government identifying the potential of the belt led Transition to originally stake Janice Lake and initiate exploration in the belt.  Recent drill results by Forum demonstrates the significant discovery opportunity which resulted in Rio Tinto’s new investment in the district.  We look to further evaluating our new properties with the perspective of attracting new investment to the area”

7.  Gold prices are being manipulated on Chinese markets, according to Frank Holmes, Chief Investment Officer and CEO at U.S. Global Investors (www.usfunds.com), who was interviewed by Kitco News at Palisade Global’s Hard Asset Conference on Jekyll Island, Georgia…the market manipulation, or spoofing, occurs during Chinese holidays when trading is thin, according to Holmes…he explained a large number of contracts will be “flashed” on the markets with the intent to sell…“Immediately the market becomes fearful there is a big seller,” said Holmes…“(Traders) start hitting all their bids, and the price of Gold cascades down. It’s fraud. It’s miscommunication”Holmes explained that Gold is being suppressed because authorities in China want to keep the metal at a price that is low in relation to the country’s currency…he added that the Chinese market is especially important to observe for traders and investors now that the global hub of Gold trading has shifted from London to China…“We’ve seen now that China has sort of become the epicenter of Gold trading. It moved from the London Fix to China, so now we have to be cognizant of those holidays,” Holmes said…

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May 21, 2019

7 @ 7:00

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

1. Gold has traded between $1,269 and $1,277 so far todayas of 7:00 am Pacific, the yellow metal is down $an ounce at $1,270 with the Dollar Index pushing past 98…Russia continues its accumulation of Gold, raising its holdings by 15.15 tonnes to 2,183.52 tonnes in April, according to data from the International Monetary Fund (IMF)…Kazakhstan and Turkey also bought Gold in April as bullion’s main source of demand support over the past year, central bank buying, remains strong…Silver is off 5 cents at $14.39…Copper, Nickel and Zinc are all flat at $2.72, $5.42 and $1.23, respectively…analysts expect China’s Zinc production to climb around 5% in May from April to above 560,000 tonnes as new capacity ramps up…a Reuters‘ survey published earlier this month shows analysts on average expect a global Zinc surplus of 20,000 tonnes this year after years of deficits…Cobalt remains steady at $15.76…WTI has retreated 16 cents to $62.94 while the U.S. Dollar Index has climbed more than one-tenth of a point to 98.10…Crude prices remain firm on continued U.S.-Iran tensions and as major producers, including Saudi Arabia, signaled they may maintain production cuts until the end of this year…Iran has recently quadrupled its Uranium production, a spokesperson for the nation’s atomic energy agency admitted yesterday, a provocative step that threatens to further inflame simmering tensions with the United States and deepen regional conflict following a series of dangerous escalations in the Middle East…Helima Craft, global head of commodity strategy at RBC Capital Markets who’s an expert in this region of the world, stated, “We are woefully under-appreciating the seriousness of this crisis”…Singapore, seen as a bellwether for the health of the global economy, has posted its lowest quarterly growth in nearly a decade of 1.2% year-on-year…

2. Worries that the United States and China were digging in for a longer, costlier trade war weighed on financial markets yesterday as Beijing accused Washington of harboring “extravagant expectations” for a deal to end their dispute…last night, however, the U.S. government temporarily eased some trade restrictions imposed on China’s Huawei Technologies last week…the U.S. Commerce Department said it would allow Huawei to purchase American-made goods in order to maintain existing networks and provide software updates to existing Huawei handsets until August 19…the Chinese company is still prohibited from buying American-made hardware and software to make new products without further, hard-to-obtain licenses…the reprieve is intended to give telecom operators that rely on Huawei equipment time to make other arrangements, U.S. Secretary of Commerce Wilbur Ross said in a statement yesterday…“In short, this license will allow operations to continue for existing Huawei mobile phone users and rural broadband networks,” Ross said…Huawei founder Ren Zhengfei today said in a series of interviews with Chinese state media that the reprieve bore little meaning for the telecom gear maker as it had been making preparations for such a scenario…“The U.S. government’s actions at the moment underestimate our capabilities,” Zhengfei  declared…

3. Zambia plans to strip Vedanta-controlled Konkola Copper Mines (KCM) of its mining license and potentially nationalize the operation, in a move likely to stoke international miners’ concerns about rising government intervention in the sector…Zambian President Edgar Lungu announced the plan yesterday, which his spokesman said followed a number of breaches of the terms of the license, without giving details…Zambia, Africa’s 2nd-biggest Copper producer, has also proposed tax changes that Lungu says he will push through, despite opposition from international miners which say they will deter investment that Zambia desperately needs…some miners have already reduced or threatened to cut output, although First Quantum (FM, TSX) said it had abandoned plans to lay off workers…union leaders yesterday called on Glencore (GLNCY, NASDAQ; GLEN, LON) to reverse its decision to close 2 shafts…“We are not shaken in our resolve to divorce (from some companies), starting with KCM, and we have filed that notification,” Lungu said on Zambia National Broadcasting Corporation radio…the plan mirrors moves in other parts of Africa, where countries are trying to secure greater benefits from natural resources being managed by foreign companies…foreign-owned Copper mines account for 95% of Zambia’s export income and half of its government revenues…

4. 48North (NRTH, TSX-V) lost $1.47 million in its fiscal 2019 3rd quarter ending March 31 but remained EBITDA positive for the 3rd consecutive quarter…EBITDA for the 9 months ended March 31, 2019 was $696,000 compared to ($4,429,000) for the comparative period in 2018…Q3 revenues totaled $689,000 (down from Q2) with 9-month revenues totalling $4.3 million…quarterly revenues faced a stark decline on a quarter over quarter basis, falling to just $689,000 for Q3 compared to $2.39 million in revenues that were posted in Q2…the decline is justified by the previous uncertainty associated with the firm’s outdoor cultivation license application, which was granted by Health Canada on Friday (Good Farm will be one of the largest-ever licensed cannabis operations in the world)…co-CEO Alison Gordon stated, 48North successfully achieved all of the milestones it targeted in Q3 and is therefore well on its way accomplishing its goal of delivering next-generation products for fall 2019.  This included receiving its outdoor cultivation licence from Health Canada for its Good Farm”the company’s cash on hand after Q3 jumped to $58 million following the closing of a $28.75 million financing and the addition of $13.6 million from the acceleration of warrants…48North is poised to produce over 40,000 kilograms of outdoor-grown organic cannabis this year, at what is expected to be the lowest-cost per gram in Canada…NRTH is up 22 cents at $1.23 through the first 30 minutes of trading as it threatens to break out of a short-term bullish downsloping channel…

5. After a period of very weak growth, Canada’s GDP is expected to rebound to about 2% in the 2nd half of 2019, according to a report released this morning by the Organization For Economic Cooperation And Development (OECD)…however, that’s still well below Canada’s potential and the growth rate in the United States…“Exports will strengthen in response to an easing in Alberta’s mandatory Oil production cuts and higher export market growth,” said the OECD“Business investment will rise as firms move to increase capacity and productivity and in response to new tax incentives.  Employment growth is on course to slow, but the unemployment rate should remain near record lows”…the OECD, which had downgraded its economic projections in March, also lowered its 2019 global GDP forecast to 3.2% from 3.3%…

6. The Dow is up 118 points as of 7:00 am Pacific…for all its drama since early last year and the high perceived stakes, the U.S.-China trade battle has not been able to hold the equity markets hostage for long stretches of time…the onrushing recession feared in December is not in evidence; the Fed has backed away from rate hike plans; corporate earnings arrived better than forecast; and U.S. consumer sentiment is at a 15-year high…in Toronto, the TSX is down 26 points in early trading…Collision Conference, the high-profile tech conference, kicks off in earnest today in Toronto…the Venture is up another 3 points at 612…the Index has pushed above its 10 and 20-day moving averages for the first time in more than a month, while the 50-day is flattening out after a brief decline – it all points toward a more robust market to finish off Q2 and moving into the summer when key exploration programs heat up on multiple fronts…nearest Fib. resistance is 613Organigram Holdings (OGI, TSX-V) hit a new high of $11.30 in early trading, a penny above measured Fib. resistance on our OGI chart…expect a pullback from this new high…latest drill results released this morning by Amex Exploration (AMX, TSX-V) from its Perron Project near Rouyn-Noranda are highlighted by 8.5 m @ 31 g/t Au, including 0.70 m @ 317.5 g/t and 0.60 m @ 65.4 g/t (PE-1945), in the High Grade Zone (HGZ) at a vertical depth of 125 m…drill hole PE-1943 intercepted 9.1 m of 2.3 g/t Au including 0.80 m of 23.7 g/t at a vertical depth of 350 m (core lengths)…First Cobalt (FCC, TSX-V) was halted pre-market, pending news…the best acquisition First Cobalt could have made in the last couple of years (too late now) was Canada Cobalt (CCW, TSX-V) with underground access at the Castle mine and a game-changing technology that has made it the first junior in the Cobalt space to generate revenue…

7. Rob McEwen told Kitco News on the sidelines of the Hard Assets Conference that, historically, timing points to a bull market in Gold stocks that we have yet to see fully play out…“In the last 77 years there’s been 8 bear markets in Gold equities and the last one we were in was the deepest and longest of all the bear markets in the last 77 years.  In the same period there’s been 6 bull markets and the average gain is 540%;  we’re in the 7th bull market right now, we’re only up 170% from the beginning of 2016, so there’s probably a double, if not a triple from here,” he said…for contrarian investors, McEwen added that now would be a good time to enter the market that he sees as having “low downside and much greater upside than the broad market”…on Copper, McEwen said that the electric vehicle revolution is already here, meaning higher demand for the base metal will surely follow…Tesla pioneered the game, now all the car manufacturers in the world are building electric vehicles.  China sold last year twice as many vehicles that were electric than Tesla sold worldwide, so we’re going to see big demand,” he pointed out, adding that a typical electric car contains 180 pounds of Copper…

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May 17, 2019

7 @ 7:00

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

1. Gold has traded between $1,277 and $1,289 so far todayas of 7:00 am Pacific, the yellow metal is down $an ounce at $1,280 after being unable to push thorough a key resistance band between $1,300 and $1,313 (Fib.) earlier in the week…Silver is off 12 cents at $14.41…Copper is 2 cents lower at $2.72…Nickel is also off 2 cents at $5.46 while Zinc is unchanged at $1.24…Cobalt remains steady at $15.76…Crude Oil is up again, 35 cents higher at $63.22…U.S. sanctions on Iran have cut the OPEC member’s Crude exports further in May, adding to supply curbs resulting from an OPEC-led pact to cap output…meanwhile, rising tensions in the Middle East this week have raised concern about additional supply disruption…the U.S. Dollar Index is unchanged at 97.86…U.S.-China trade rhetoric continues…according to state-run news agency Xinhua, Chinese Commerce Ministry spokesman Gao Feng said yesterday that the U.S. is exhibiting “bullying behavior” with its latest moves on the trade front, noting it is “regrettable that the U.S. side unilaterally escalated trade disputes, which resulted in severe negotiating setbacks”…exactly what what would expect to hear from China in the midst of high stakes negotiations…the U.S. hiked tariffs on $200 billion worth of Chinese goods last week while China retaliated Monday with higher levies on $60 billion worth of U.S. products…the major indexes clawed back most of their losses through yesterday’s close and are off modestly in early trading today…markets seem to be getting more comfortable with the background noise surrounding U.S.-China talks, cautiously optimistic that a deal is going to be reached through steady pressure being applied by the Trump administration…

2. Analysts at Goldman Sachs say Copper prices are “cheap at current levels” as Beijing is likely to continue to ease monetary and fiscal policy to boost the economy…Copper demand is stable in China and the government is likely to “take the foot off the accelerator” mildly but not “step hard on the brakes,” Goldman said…“We expect the easing policies implemented to date to continue to boost demand in the coming months”

3. Alberta’s energy industry appears to be pleased with the latest changes to a controversial piece of Liberal legislation that poses a threat to Canada’s resource sector…yesterday, the Senate energy committee approved nearly 200 amendments to Bill C-69…the amendments would reduce cabinet discretion to intervene in the assessment process, make it harder for anyone to initiate court challenges to decisions on projects and change how “climate change” impacts are considered…some of the amendments are word-for-word what was proposed by energy lobby groups…“The package that the Senate has put together, I think, has positioned this bill as good as is possible,” said Tim McMillan, CEO of the Canadian Association of Petroleum Producers“They are the best possible structure that this bill could be in at this point”…Alberta Premier Jason Kenney, who has correctly dubbed the bill the “No More Pipelines Act”, pronounced himself pleased with the changes, but he said he wants to see what happens with the final law…Senator Doug Black of Alberta said the bill, in its “revamped” form, should satisfy Kenney…“I believe it’s a package that’s going to work to allow projects to be built in Canada and to ensure that investment comes back to Canada while respecting the environment and our obligations to First Nations people.  So we may be on the verge of a win-win here after a very, very long fight,” Black told CBC Calgary News at 6no matter what happens with regard to Bill C-69, this anti-resource federal government – the most anti-resource in Canadian history – must be replaced…

4. The price of Iron ore has surged to a 5-year high, buoyed by mine closures in Brazil and unexpectedly strong demand for steel in China…supplies of the ore, the main ingredient in steel, have been crimped by a dam disaster in January at a mine owned by Vale…fears of a prolonged shortfall intensified as Vale warned another of its mine-waste dams is at risk of collapsing…meanwhile, China’s steel market is b0oming…analysts and traders say this is thanks to a hot property market and demand for infrastructure such as subways and sewerage systems – suggesting China’s drive to shore up growth is feeding into the real economy…China is the biggest buyer of Iron ore and produces more than half of the world’s steel…the benchmark price for cargoes of Iron ore sold into northern China jumped 2.4% today to $100.40 a metric ton, according to S&P Global Platts…it quotes one such price for every trading day…that level is the highest since May 2014, and up 38% this year…Chinese Iron-ore futures, dominated by speculators and short-term individual investors, have also rallied…

5. The Dow, on a 3-session winning streak, has retreated 90 points through the first 30 minutes of trading..in Toronto, the TSX has lost 37 points going into a long weekend (Canadian markets are closed Monday for the Victoria Day holiday) while the Venture is flat at 608…the Index has pushed above its 10 and 20-day moving averages for the first time in more than a month, while the 50-day is flattening out after a brief decline – it all points toward a more robust market to finish off Q2 and moving into the summer when key exploration programs heat up on multiple fronts…IAMGOLD (IMG, TSX) is exploring a possible sale of all or part of the company amid a wave of consolidation in the Gold sector, according to industry sources…the Toronto-based miner is working with advisers and has spoken to several potential buyers…IAMGOLD’s plans could still change and there’s no guarantee it would succeed in selling itself…IMG jumped nearly 10% yesterday, valuing the company at about $1.6 billion…the stock had fallen 36% this year through Wednesday…some analysts have cut their ratings for IAMGOLD, expressing concern about its weaker-than-expected results, the increased risk to its 2019 guidance, and uncertainty around its Westwood Project in Quebec…ideal takeover candidate…

6. GT Gold (GTT, TSX-V) outlined plans this morning for a Phase 1 drill program starting next month at its Saddle North discovery in the Red Chris district, about a 2-hour drive north of the Eskay Camp…the 1st phase will consist of approximately 10,000 m of diamond drilling, with holes designed to expand on and further test the continuity of the Copper-Gold-rich mineralized zone intersected last year (8,200 m in 10 holes)…the principal targets for Phase 1 will be nearer-surface (400 m) extensions, both to depth and along strike, of the “high-grade” core mineralization (>1% Cueq) encountered in holes such as TTD093 and TTD109…targets in the 2nd phase of 2019 drilling will be determined by the results of Phase 1 but may include peripheral targets on the property…GT Gold drilled a total of approximately 25,000 m in 2 phases last year…“We’re thrilled to be gearing up for what will be an important and exciting season in our company’s short history,” commented Charlie Greig, Vice President, Exploration…“On the back of an exceptional 2018 campaign, our team has successfully outlined a potentially world-class Copper-Gold porphyry system.  We expect this year’s program to be comparable in size to last year’s, but with the vast majority of the meterage to be drilled on Saddle North.  We also welcome a strategic investment from Newmont Goldcorp – we look forward to working with them and leveraging their significant resources and expertise.  Now supported by our strong balance sheet, our exploration efforts will be fully funded well into 2020″

7. World Class Extractions (PUMP, CSE) continues to be one of the most active stocks on the CSE with a chart pattern that remains very favorable…it’s unchanged at 19 cents in early trading today…yesterday, the company announced that it has entered into a service agreement with Deveron UAS (DVR, CSE) whereby Deveron will provide drone data and soil sampling services to World Class and its affiliate farmers focused on hemp production in the United States and Canada, providing an opportunity to increase yields and reduce costs…Deveron has worked with leading agricultural companies to bring data acquisition and analytics to broad acre farmland…the company is integrated with leading farm platforms, like Bayer Crop Science’s Climate FieldView and John Deere’s MyJohnDeere data management systems…the expansion into hemp data analytics is a natural extension to the current data insights it provides to leading farmers in North America that grow corn, soybean, wheat and canola…“Farming hemp requires proper planning, preparation and execution and we want to make sure our partner farmers have access to the best technology to assist them. The high value of hemp crops today makes the data Deveron collects even more valuable than for traditional row crops and will help our farming partners make better informed decisions on the field,” said Michael McCombie, CEO of World ClassDeveron has a large network of agronomists and drone pilots throughout Canada and the United States, leveraging their technology and personnel spanning such large service areas will provide great value to our farmers as we build our network of processing facilities”

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May 16, 2019

7 @ 7:00

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

1. Gold has traded between $1,289 and $1,299 so far todayas of 7:00 am Pacific, the yellow metal is down $an ounce at $1,291 as it backs off from a key resistance band between $1,300 and $1,313 (Fib.)…SPDR Gold Trust holdings have retreated again are now close to their lowest levels since early October…a rebound in equities, thanks to some strong corporate earnings reports and fresh upbeat economic data, aren’t helping Gold…Nickel is leading the base metals again this morning, up another 4 cents to $5.51, while Copper and Zinc are up fractionally at $2.76 and $1.25, respectively…Cobalt remains steady at $15.76…Crude Oil is up for a 3rd straight day, jumping 85 cents a barrel to $62.87, as fears of supply disruption amid heightened tensions in the Middle East overshadowed swelling U.S. Crude inventories…in addition, OPEC said earlier this week that world demand for its Oil would be higher than expected this year…the U.S. Dollar Index has added one-fifth of a point to 97.75

2. Conservative Leader Andrew Scheer says Canada needs a coast-to-coast energy corridor where it would be easy to build pipelines and power lines…in a speech today laying out his economic vision before the October election, the opposition leader says having one dedicated route would make it easier to approve major new energy projects…he says all planning and consulting would be done up front so industry wouldn’t have to submit “complicated” route proposals for new transmission lines and pipelines…“With a single corridor, we could minimize environmental impacts, lower the costs of environmental assessments, increase certainty for investors, and, most importantly, get these critical projects done,” he stated, adding that the government should ensure Canada imports no foreign Oil by 2030“Imported Oil feeds regimes that abuse human rights and take virtually no steps to protect the environment,” such as Iran, Venezuela and Saudi Arabia, Scheer stated...”An energy independent Canada would be a Canada firing on all cylinders – across all sectors and regions.  If the United States can do it, so can we”

3. Trudeau’s tanker ban in jeopardy:  In a rare legislative move yesterday, the Senate transport committee voted to defeat the Trudeau government’s moratorium on Oil tankers in northern B.C., putting the controversial bill on life support after years of political wrangling…a vote against the bill by Independent Sen. Paula Simons, along with the 5 other Conservative senators on the committee, swayed a final decision in favour of recommending that the senate nix Bill C-48, which effectively bars any Oil tankers from entering northern B.C. waters (gateway to Asia)…the move does not immediately kill the Oil tanker moratorium, but a vote by the Senate to adopt the committee recommendations would stop the legislation in its tracks…a vote on the report is expected in coming days…

4. The Dow has jumped 213 points through the first 30 minutes of tradingWalmart (WMT, NYSE) and Cisco Systems (CSCO, NASDAQ) reported strong Q1 earnings that topped analysts’ expectations…in Toronto, the TSX is up 84 points while the Venture is off 1 point at 607…key immediate resistance is 613…the Index has pushed above its 10 and 20-day moving averages for the first time in more than a month, while the 50-day is flattening out after a brief decline – it all points toward a more robust market to finish off Q2 and moving into the summer when key exploration programs heat up on multiple fronts…iMetal Resources (IMR, TSX-V) has cut multiple lower-grade Gold intersections, including 2.95 g/t Au over 2.5 m, in first-ever drilling at its Gowganda West Property (Zone 1 South)…Gold mineralization to date appears to be part of and within an extensive large near-surface hydrothermal alteration and Gold mineralizing system…meanwhile, a VTEM survey and EM data have identified new areas deemed prospective for Gold mineralization and ground follow-up…the targets are characterized by high chargeability responses and are close to regional scale fault zones and related second order structures…IMR is unchanged at 6 cents…Klondike Gold (KG, TSX-V) has commenced a $2 million 2019 exploration program at its 563 sq. km Klondike district property in Yukon…this year’s work is focused in 2 key areas: drilling at the Gay Gulch and Nugget Zones to target prospective areas of high-grade Gold mineralization identified after reviewing data collected from the 2018 program, and drilling at the Lone Star Zone to expand areas of disseminated Gold mineralization…Nevada Copper (NCU, TSX) has completed 2 financings totalling $40 million…its Pumpkin Hollow underground Copper project in Nevada remains on target to commence production in Q4

5. Westhaven Ventures (WHN, TSX-V) rehashed 2019 winter program results and reported on some fresh numbers in news this morning, including a 2nd zone at depth in drill hole SN-1905 that returned 85.8 m of 0.80 g/t Au and 4 g/t Ag, including 1 m of 14.5 g/t Au and 191 g/t Ag…Gareth Thomas, President & CEO, stated, “Drill intercepts in holes SN1905 and SN1906 demonstrate continuity of the wide, high-grade mineralization encountered in both the main vein zone and the second vein zone.  The Gold mineralization intersected in SN1907, although low grade, is significant as it appears to represent the southward continuation of the main vein zone south of the cross-fault encountered in previous drilling.  Ground geophysics appears to indicate several hundred metres of potential strike length to the southeast from our most southern South Zone drill intercept.  We will test the South Zone along strike in the upcoming, fully financed drill campaign starting in early June.  Drilling will look to expand this high-grade discovery while also looking to discover additional zones of Gold mineralization outside of the south zone”WHN is off 6 cents at 61 cents as of 7:00 am Pacific, just above its rising 300-day SMA where it may find support…

6. Midland Exploration (MD, TSX-V) is under pressure in early trading after releasing initial results of first-ever drilling at its Mythril Project in the James Bay region…best intersection was 1.07% Cu, 0.37 g/t Au and 8.9 g/t Ag over 12.55 m, including 3% Cu, 1 g/t Au and 24.6 g/t Ag over 4 m (MYT-1906), encouraging for this grassroots situation right off the bat but not nearly spectacular enough for Mr. Market…each of the 10 holes cut multiple Cu-Au-Mo-Ag-bearing zones with a total of 44 samples that yielded more than 1% CuEq…these zones have been intersected over an area that is 1.7-km-long by up to 500 m wide…exploration at Mythril will resume at the beginning of June and will include a minimum of 5,000 m of drilling, mechanical trenching and channel sampling, XRF-supported soil geochemical surveys, prospecting and geological mapping…drilling will test the extensions of the best mineralized zones intersected in the spring campaign (MYT-1901 and MYT-1906), that remain open in all directions, and strong unexplained IP anomalies, notably in the eastern extension of the Mythril trend, as well as south of it…still very early in the process at Mythril…nonetheless, the stock commands a $60 million market cap despite this morning’s drop below $1…a factor in Midland’s favor is the support of BHP Billiton Canada which invested nearly $6 million into the junior recently at $1.70 per share (hard dollars)…

7. World Class Extractions (PUMP, CSE), which continues to have a very favorable chart pattern, announced this morning that it has entered into a service agreement with Deveron UAS (DVR, CSE) whereby Deveron will provide drone data and soil sampling services to World Class and its affiliate farmers focused on hemp production in the United States and Canada, providing an opportunity to increase yields and reduce costs…Deveron has worked with leading agricultural companies to bring data acquisition and analytics to broad acre farmland…the company is integrated with leading farm platforms, like Bayer Crop Science’s Climate FieldView and John Deere’s MyJohnDeere data management systems…the expansion into hemp data analytics is a natural extension to the current data insights it provides to leading farmers in North America that grow corn, soybean, wheat and canola…“Farming hemp requires proper planning, preparation and execution and we want to make sure our partner farmers have access to the best technology to assist them. The high value of hemp crops today makes the data Deveron collects even more valuable than for traditional row crops and will help our farming partners make better informed decisions on the field,” said Michael McCombie, CEO of World ClassDeveron has a large network of agronomists and drone pilots throughout Canada and the United States, leveraging their technology and personnel spanning such large service areas will provide great value to our farmers as we build our network of processing facilities”PUMP is unchanged at 19.5 cents as of 7:00 am Pacific

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May 15, 2019

7 @ 7:00

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

1. Gold has traded between $1,292 and $1,301 so far todayas of 7:00 am Pacific, the yellow metal is up $2 an ounce at $1,298 as it continues to contemplate its next move…a key resistance band exists between $1,300 and $1,313 (Fib.)…that’s Gold’s big immediate/near-term test…Silver is up a penny at $14.77Nickel is leading the base metals this morning, up 7 cents at $5.45, while Copper and Zinc are both flat at $2.73 and $5.45, respectively…Cobalt remains steady at $15.76…Crude Oil has fallen 40 cents a barrel to $61.38 while the U.S. Dollar Index is relatively unchanged at 97.48…the American Petroleum Institute has just reported that U.S. Crude stockpiles rose last week by 8.6 million barrels, compared with expectations for a decrease of 800,000 barrels…alternative cryptocurrencies are flying high while Bitcoin is having a breather above $8,000…BREAKING NEWS just hitting the wire – the Trump administration plans to delay auto tariffs by up to 6 months (this will likely give the markets a lift)…the White House faces a May 18 deadline to decide whether to slap duties on car and auto part imports…by law, the administration has another 180 days to come to a decision as long as it is negotiating with its counterparts…

2. Australian Gold producer St. Barbara (SBM, ASX) is paying approximately $800 million (total consideration) to acquire Atlantic Gold (AGB, TSX-V), which gave the Venture a boost at the open this morning as a wave of consolidation continues in the mining sector…St. Barbara offered $2.90 a share for Atlantic Gold, about a 40% premium to yesterday’s close, and will fund the deal from cash reserves and by raising about $340 million (U.S.) in a share sale to existing holders…the bid, which has the backing of Atlantic’s board, comes after Australian Gold miner Newcrest Mining (NCM, ASX) bought a 70% interest in Imperial Metals‘ (III, TSX) Red Chris mine 2 months ago in a deal that’s expected to close soon…Australian dollar denominated Gold is just shy of January’s record of A$1,894 an ounce and up about 9% from a year ago, while U.S. dollar Gold is virtually flat…“The high AUD Gold price has benefited Aussie Gold miners but they have also done very well operationally,” said UBS analyst Dan Morgan in Sydney…Atlantic shareholders will receive $2.90 in cash per Atlantic share held plus shares in a company (SpinCo) that holds Atlantic’s interests in Velocity Minerals (VLC, TSX-V), which will be distributed to Atlantic shareholders on a pro rata basis following completion of the transaction…the SpinCo will then raise funds via a private placement and apply for a listing on the Venture

3. The German economy received a welcome impetus today with the announcement that the country’s GDP grew by 0.4% in the 1st quarter of 2019…this followed a poor performance in the 2nd half of 2018 – 2 quarters without expansion…expectations for growth in 2019 had been lowered to 0.5% from 1%, but Q1 could suggest a slightly more optimistic year ahead for Europe’s largest economy and the 4th biggest in the world…this latest development will allay fears, at least for now, that Germany will fall into a recession…

4. China claims that domestic spending by its own citizens will minimize the economic damage of its trade fight with the United States…yet, demand from consumers and factories is looking shaky…even before a ratcheting up in trade tensions in the past 10 days, China was facing headwinds as it worked to expand the middle class and make the world’s No. 2 economy more consumer-driven…fresh economic figures released this morning and in recent weeks show slowing activity by consumers, as well as factories, and add to doubts about China’s domestic playbook for the protracted trade dispute…a 7.2% rise in retail sales last month from April 2018 marked a substantial 1.5 percentage point reduction from the year-over-year rate in March…April’s pace of consumer activity was last seen when China ordered people to stay home to stop the spread of the deadly SARS pneumonia more than a decade and a half ago…some economists had predicted April sales would grow 8.8%…now they expect the government to expand the stimulus measures employed last year and at the start of this one…meanwhile, growth in industrial production slowed to 5.4% in April, lower than the 6.5% increase that had been forecast and level with November’s figure, which was the weakest rate since the global financial crisis a decade ago…

5. Canadian Oil producers’ coffers are the fullest they’ve been since 2014, but government intervention has hamstrung their spending abilities, starving them of opportunities to grow output (instead of reinvesting in the industry, they are buying back shares and paying down debt)…the energy sector’s cash flow is projected to be $52.7 billion this year, the highest in 5 years, yet spending is declining year-on-year, according to ARC Financial…billions of dollars in foreign investment has also fled Canada since 2017 because of delays in building new pipelines…Canadian Natural, the largest Canadian energy producer, is the only Oil sands major adding a new project this year with the ramp-up of its Kirby North plant…but to do so, the company will have to cut production elsewhere because of Alberta’s limits on output, President Tim McKay said…“Investment in Canada is stymied,” McKay said…“You have regulatory uncertainty and a system where market access doesn’t exist”…Canada’s lack of political leadership, and climate change extremism that’s driving decision making and killing jobs and investment, was in evidence again yesterday when Federal NDP leader Jagmeet Singh did a flip-flop and expressed concerns about the largest private sector project in Canadian history, the planned $40 billion LNG facility in northwest British Columbia…in January, Singh told CTV’s Evan Solomon that “the vast majority of Indigenous elected bands and chiefs have all shown support and the consultation process was done in a very meaningful way”…of course what has changed since then is that the federal NDP, also against the Trans Mountain pipeline expansion, lost a seat to the Green Party in a by-election last week on Vancouver Island…

6. The Dow is off 147 points through the first 30 minutes of trading…in Toronto, the TSX is 29 points lower while the Venture has added 6 points to 607, pushing above its 10 and 20-day moving averages (SMA’s) for the first time in more than a month…“Cash Crunch: Canada’s Shrinking Junior Mining Sec tor Struggles For Relevance – And Deals”…when you see bearish headlines like that one this morning in the Financial Post, it’s often a sign that a major turnaround in the market is near at hand…FP pointed out that in 2018, total dollars raised in the mining sector amounted to $2.8 billion (the lowest since the end of the last bear market in 2015)…$4.8 billion was raised in 2016 followed by $4.6 billion in 2017…$635 million has been raised so far this year…Sirona Biochem (SBM, TSX-V), already in technically overbought conditions entering trading this morning, gapped up to 44 cents at the open after announcing that it has received positive clinical results of its skin lightening compound TFC-1067 from China…SBM, a cosmetic ingredient and drug discovery company with a proprietary platform technology, has been a top Venture performer this year with a 5-fold move…

7. Azimut Exploration (AZM, TSX-V) and SOQUEM Inc., a subsidiary of Ressources Quebec, have signed the final agreement of their expanded strategic alliance, following the execution of a letter agreement previously announced at the end of February…the alliance comprises 9 Gold and Copper-Gold properties totalling 7,149 claims with a surface area of 3,277 sq. km…the properties are located in the prospective James Bay and Nunavik regions of Quebec, part of the Plan Nord strategy implemented years ago by the Quebec government…the alliance represents a major change in the activity level of both companies and will combine their strengths, specifically Azimut’s big data analytics expertise in mineral exploration and SOQUEM’s mining exploration and development expertise…a key component of the alliance will be the continued development of close ties with local communities in the Nunavik and James Bay regions…AZM has been one of the top performing juniors this year, more than doubling in value…it’s unchanged at 39.5 cents in early trading this morning…

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May 14, 2019

7 @ 7:00

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

1. Gold has traded between $1,295 and $1,301 so far todayas of 7:00 am Pacific, the yellow metal is down $2 an ounce at $1,298 as it digests yesterday’s sharp move…a key resistance band exists between $1,300 and $1,313 (Fib.)…that’s Gold’s big immediate/near-term test, to power its way through that area…improved sentiment toward Gold is reflected in the holdings of SPDR Gold Trust, the world’s largest Gold-backed ETF, which rose 0.44% yesterday in the biggest 1-day rise in nearly 2 months…Silver is 5 cents higher at $14.79…Copper is flat at $2.74 while Nickel and Zinc are up slightly at $5.36 and $1.23, respectively…Cobalt remains steady at $15.76…Crude Oil has jumped 46 cents a barrel to $61.50 while the U.S. Dollar Index is up one-tenth of a point at 97.48…Bitcoin hit a fresh 10-month high of $8,335 on Bitstamp earlier today and is currently reporting its largest monthly gain since November 2017…on a note to clients yesterday, Citi said its China economists are “cautiously optimistic that a trade deal can eventually be signed” with the United States, but added that the “window to avoid further escalations in U.S.-China tensions is closing fast”

2.  Speaking at a White House event last night, President Trump offered a projection about how much longer Washington and Beijing could be locked in heated trade negotiations:  “We’ll let you know in 3 or 4 weeks if it’s successful,” he said to reporters…that comes after last week’s trade talks in Washington concluded without a deal and, instead, featured Trump putting additional pressure on China by hiking American tariffs on $200 billion of Chinese products from 10% to 25%…China, for its part, retaliated with its own raft of tariff hikes on a wide-ranging list of American goods, but of course there’s a huge trade imbalance…investors are closely watching to see if the trade battle grows even more punitive:  The Office of the U.S. Trade Representative is taking steps to prepare to slap tariffs on the remaining billions of dollars worth of Chinese goods coming into America…Trump is trying to use maximum leverage against China…he knows he has to cut a deal in the not-too-distant future in order to keep markets strong through 2020

3. China’s auto sales sank 17.7% in April from a year earlier, the 10th straight monthly decline…drivers in the industry’s biggest global market bought 1.6 million sedans, SUVs and minivans, according to industry group China Association of Auto Manufacturers…total vehicle sales, including trucks and buses, fell 14.6% to 2 million…jittery consumers appear to be less willing to make big purchases amid a tariff battle with Washington and unease about China’s economic outlook…growth in the 2nd-largest global economy held steady in the latest quarter but that was supported by government stimulus spending and higher bank lending…the downturn is squeezing Chinese and global automakers that are pouring money into meeting government targets to develop electric vehicles…auto sales for the first 4 months of the year are off 14.7% from a year earlier at 6.8 million, according to CAAM…sales by Chinese brands in April plunged 27.9% from a year earlier to 585,000…their market share contracted by 5.2 percentage points to 37.1%….purchases of electric and gasoline-electric hybrid SUVs and sedans rose 18.1% to 97,000…that was a bright spot for the industry but well below growth rates of as much as 100% in previous months…

4. Bomb-laden drones target Oil infrastructure:  Oil prices took off this morning on reports of a drone attack at Oil pumping stations in Saudi Arabia…the incident is an “act of terrorism,” stated Saudi Energy Minister Khalid al-Falih in describing attacks on 2 Oil pumping stations near Riyadh for the country’s East-West pipeline carried out with bomb-laden drones…the fire has since been contained, according to news reports, and Al-Falih asserted that Oil production was not interrupted…“This act of terrorism and sabotage in addition to recent acts in the Arabian Gulf do not only target the Kingdom but also the security of world Oil supplies and the global economy,” al-Falih added…no one has yet been directly accused of carrying out the attack, but a Houthi-run TV channel announced this morning it had launched drone attacks on several Saudi installations…the channel Masirah TV, citing a Houthi military official, reported that 7 drones carried out attacks on vital Saudi installations”…meanwhile, the Wall Street Journal reported this morning that an initial U.S. assessment indicated Iran likely was behind the attack on 2 Saudi Arabian Oil tankers and 2 other vessels damaged over the weekend near the Strait of Hormuz…if confirmed, this would further inflame military tensions in the Persian Gulf…

5. The Dow has rebounded 136 points through the first 30 minutes of trading after yesterday’s big drop… in Toronto, the TSX is up 41 points while the Venture has added 4 points to 600…drill results continue to demonstrate strong growth potential at GoGold’s (GGD, TSX) recently acquired Los Ricos Project located about 100 km northwest of the city of Guadalajara…diamond drill hole LRGG-19009 intersected 21.2 m averaging 7.7 g/t Gold, 1,270 g/t Silver and 24.60 g/t Gold equivalent, including 6.9 m averaging 22 g/t Au, 3,718 g/t Ag and 71.5 g/t Gold equivalent (true width unknown at this time)…the drill hole was laid out to twin an historic RC drill hole from 2003 with the GoGold core hole returning 70% higher Gold equivalent grade…“We continue to see high grade ore from our drilling program which is near surface.  Our diamond drilling holes which are twinning historical RC holes continue to provide much higher grades than the historical results.  These results, coupled with the strong assay results that the historical 6,000 channel samples are showing as our exploration team works through the data, are showing a very promising project at Los Ricos,” stated Brad Langille, President and CEO…GGD closed the quarter in a strong financial position with $16 million in cash and marketable securities…American Pacific (USGD, CSE) is pushing higher on news regarding its Tuscarora Project in Nevada, a high-grade, low sulphidation epithermal property in Elko, Nevada, recently optioned to OceanaGold (OGC, TSX)…ongoing mapping and assessment of visible veins, shafts, roadcuts and workings will incorporate large faults and regional structures into a planned geophysical program…a gravity survey begins late this month while a CSAMT Geophysics (Zonge International) onsite survey is targeted for mid-June ahead of summer drilling…Tuscarora is 20 km southwest of the Jerritt Canyon mine, a private, underground mid-tier Gold producer with over 8 million ounces of Gold produced since first pour in 1981

6. Onex, the private equity company led by Gerry Schwartz, has struck a deal to buy WestJet Airlines (WJA, TSX) for $3.5-billionWJA soared more than 60% on that news yesterday, a clear indication that Canadian airlines have been persistently undervalued relative to firms in other countries…with WestJet’s debt included, the deal is the biggest private equity takeover of an airline in history…it also marks a major shift in the direction of an airline that, after launching in 1996, built an image as a scrappy Western rival to Air Canada and has been a public company for most of its history…WestJet has struggled in recent years because of a confluence of issues, including a soft economy in Alberta and a successful movement by some groups of employees to unionize…WestJet employs 14,000 people and has a fleet of 180 planes that fly to more than 100 destinations…it is embarking on a period of expanding its fleet, adding new routes and focusing on higher-priced, business-class tickets…last year it launched a discount subsidiary called Swoop in a bid to compete with no-frills airlines flying to the United States, Mexico and the Caribbean…the expansion has come with growing pains, including unionized staff, rising fuel costs and the end of a partnership with American Airlines (AAL, NASDAQ)…

7. Alberta is open for business again:  The first in a series of tax cuts for Alberta businesses is slated for July 1, Premier Jason Kenney announced yesterday, with a goal to hit an 8% tax rate by 2022…flanked by Finance Minister Travis Toews at a construction company in south Edmonton, Kenney said the first rollback will make Alberta’s general business tax rate the lowest in the country…Alberta’s 12% corporate tax rate is currently the 2nd lowest in the nation, sitting half a percentage point higher than Ontario and the Northwest Territories…meanwhile, environmentalists are raising the alarm over a suite of more than 250 amendments proposed for the Trudeau government’s environmental review legislation, warning the industry-inspired changes could alter the bill beyond recognition…last night the Senate energy committee began combing through as many as 300 proposed amendments to Bill C-69, which has been referred to as the “no more pipelines” bill…it would completely overhaul the environmental review process for major resource projects…the committee now has just 3 days to consider several packages of proposed amendments from both Conservative and Independent senators which, if accepted, would need to be sent back to the House of Commons for approval…

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May 10, 2019

7 @ 7:00

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

1. Gold has traded between $1,283 and $1,289 so far todayas of 7:00 am Pacific, the yellow metal is up $3 an ounce at $1,286 as the greenback comes under minor pressure after another benign U.S. inflation report…Gold market continues to be rangebound between $1,275 on the downside and the low $1,290’s on the upside with significant resistance around $1,290…that’s obviously a key area to watch…Silver is up 2 pennies at $14.74…Copper and other industrial metals have rebounded this morning on hopes a U.S.-China trade deal would be hammered out as President Trump raises the stakes and gains new leverage with a tariff increase, but they remain vulnerable to further friction between the world’s 2 biggest economies…Copper is up a penny at $2.77, Nickel has rebounded 10 cents to $5.39 while Zinc is up slightly at $1.24…Cobalt remains steady at $15.76…Crude Oil is unchanged at $61.69 while the U.S. Dollar Index has slipped one-fifth of a point to 97.23…led by Ontario and Quebec, benefiting from more pro-business provincial governments, Canada’s economy posted record job gains in April, along with a pick-up in wages, in a sign that the nation’s sluggish economy may start to gain some traction…1 month doesn’t make a trend, and there are some significant underlying problems such as productivity, but employment rose by 106,500 in April, Statistics Canada said this morning…that’s the biggest 1-month increase in data going back to 1976

2. The U.S. increased tariffs on $200 billion of Chinese goods to 25% this morning (note further below, however) as President Trump ratcheted up pressure on Beijing and threatened to impose additional levies on virtually everything China exports to America…the tariff hike went into force hours after U.S. and Chinese negotiators met yesterday in hopes of getting the troubled trade talks back on track…discussions resumed this morning…keep in mind, however, as multiple traders and strategists have noted, the new tariffs are not applied to Chinese exports that are already in transit before the deadline, which provides extra time before tariffs are actually applied to goods hitting U.S. shores and theoretically gives more time for the 2 sides to reach an agreement…“Exports that have already left Chinese ports before May 10 will not be subject to the increase,” stated Goldman Sachs economist Jan Hatzius…”This creates an unofficial window, potentially lasting a couple of weeks, in which negotiations can continue and generates a ‘soft’ deadline to reach a deal”

3. Ride services giant Uber Technologies (UBER, NYSE) starts trading later this morning in the most anticipated debut since Facebook 7 years ago….Uber priced its IPO yesterday at $45 (U.S.) per share, at the lower end of its $44 to $50 per share target range, to raise $8.1 billion at an $82.4 billion valuation…the IPO was oversubscribed, but Uber settled for a lower price to avoid a repeat of Lyft Inc’s IPO in late March, which priced strongly, began trading up, then plunged…Uber also wanted to accommodate big mutual funds…the Uber opportunity could be enormous but the company is still far from making money…it reported an operating loss of $3 billion in 2018 after losing more than $4 billion the prior year…

4. U.S. consumer prices rose less than expected in April as underlying inflation remains muted, suggesting the Federal Reserve could keep interest rates unchanged for a prolonged period (or even lower them)…the Labor Department said this morning that its Consumer Price Index increased 0.3% last month, lifted by rising gasoline, rents, and health-care costs…the CPI gained 0.4% in March…in the 12 months through April, the CPI increased 2.0% after advancing 1.9% in March…excluding the volatile food and energy components, the CPI edged up just 0.1% as apparel prices dropped for a 2nd straight month…the U.S. central bank, which has a 2% inflation target, tracks a different measure, the core personal consumption expenditures (PCE) price index, for monetary policy…the core PCE price index increased only 1.6% on a year-on-year basis in March, the smallest rise in 14 months, after advancing 1.7% in February…the April PCE price index data will be published later this month…

5. The Dow has lost 160 points through the first 30 minutes of trading on the continuing “China chill”…global stocks fell roughly 3%, or lost nearly $2 trillion in value, Monday through Thursday, according to Refinitiv’s Datastream World Index, with China’s Shanghai Composite losing 7.4%…in Toronto, the TSX has slipped 71 points while the Venture is up a point at 594Alamos Gold (AGI, TSX), which posted net earnings of $16.8 million (U.S.) in Q1, released strong new results yesterday from surface and underground exploration and delineation drilling at its Island Gold mine including 46.1 g/t Au over 4.67 m, 71.2 g/t Au over 5.10 m, 40.7 g/t Au over 5.15 m, and 30 g/t Au over 4.96 m in separate drill holes (true widths)…high-grade mineralization has been extended over 1,000 m east of current mine workings and remains open along strike to the east and both up and down plunge…Etruscus Resources (ETR, CSE) is one of the early volume leaders on the CSE this morning, up 4 cents at 44 cents on more than 600,000 shares after a cross at 37.5 cents shortly after the open…ETR has the tightest share structure in the Eskay Camp and is the first company with boots-on-the-ground this season as it tackles the Rock & Roll Property near the Snip mine…ETR’s big neighbor next door, Crystal Lake Mining (CLM, TSX-V), appears to be closing in on a key breakout through mid-30’s resistance while Colorado Resources (CXO, TSX-V) continues to build on a strong week after game-changing news Wednesday…

6. The British Columbia government said yesterday that more than $7 billion in dirty money was washed through its economy last year…the distorting effects of illicit proceeds of criminal activities being laundered through real estate, gambling and luxury goods are felt throughout the Canadian economy, and the most serious failures in law, regulations and enforcement that have allowed this to happen will require federal changes to tackle, according to reports from Peter German, a former RCMP deputy commissioner, and law professor Maureen Maloney, the chair of B.C.’s expert panel on money laundering in real estate…in fact, Maloney’s investigation found that Ontario, Alberta and the Prairies had an even bigger problem…“Clearly this is a national issue,” B.C. Attorney-General David Eby said…he described the scale of money-laundering uncovered in the reports as shocking…using only publicly accessible data, the 2 reviews still uncovered thousands of properties and transactions at high risk for money laundering or tax evasion…

7. Retailers across Canada are struggling with a shortage of all cannabis, but there’s one product they’re especially desperate to keep on shelves: cannabidiol or CBD, a non-intoxicating extract vaunted for its purported health benefits…the extract, most commonly sold as Oil, has been promoted as a natural cure for pain, anxiety and insomnia, despite limited medical research…many customers are coming in asking for it, especially first-time and older users, store owners say…“I don’t think the licensed producers really realized how popular CBD was, so there’s none available, really,” said Krystian Wetulani, founder of City Cannabis Co. in Vancouver…“When something becomes available on the cannabis wholesale ordering sheet, everybody tries to get all that’s available.  It’s like a race.  That’s one of the biggest opportunities we’re facing in the legalized market”…companies are ramping up hemp growth to produce the trendy extract, but observers expect the shortage to persist until late this year…meanwhile, scientists are working to separate the hype from reality when it comes to medical claims about the drug…

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