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December 3, 2019

7 @ 7:00

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

1. Gold has firmed up nicely today, trading between $1,459 and $1,482 on fresh U.S.-China trade concerns…as of 7:00 am Pacific, the yellow metal is up $16 an ounce at $1,478…Silver has jumped 25 cents to $17.13TD Securities on GoldGold continued to hold above $1,450/oz despite record highs in equities and record online Black Friday sales, as the asymmetry in the U.S. central bank’s reaction function suggests that while the Fed may cut rates, they are far from hiking and are likely to allow inflation to creep higher, thereby suppressing real rates and maintaining the allure of Gold in a portfolio.  Deceleration in growth will ultimately provide the market with the impetus to pressure the Fed into cutting rates twice more in 2020…U.S. consumers remain in strong shape but sentiment in the U.S. manufacturing sector dropped further into contraction territory last month, according to yesterday’s data from the Institute for Supply Management (ISM)…ISM’s manufacturing index came in below expectations for the 5th consecutive month and contracted for the 4th straight month…base metals are under modest pressure…Nickel, Copper and Zinc have slipped to $6.12, $2.64 and $1.02, respectively…Cobalt remains steady at $16.10…Crude Oil has shed 11 cents to $55.85 while the Dollar Index has fallen more than one-tenth of a point to 97.73…President Trump, perhaps exercising more negotiating leverage, said this morning that a trade agreement with China might have to wait until after the U.S. elections in November 2020, denting hopes of an imminent/near-term Phase 1 deal…“I have no deadline, no.  In some ways, I think I think it’s better to wait until after the election with China,” Trump told reporters in London, where he was due to attend a meeting of NATO leaders…if China somehow thinks Trump won’t win next November, they could be in for a nasty surprise – the House potentially could flip in Trump’s favor as well…

2. Canada is not keeping up with the competition!…as multiple Canadian pipeline projects linger in limbo, with leftists/climate change alarmists claiming we must “save the planet” from catastrophe within a dozen years and not build any additional pipelines, Russia and China have just turned on the taps on a natural gas behemoth long enough to connect Timmins to Burnaby…Russian President Vladimir Putin and Chinese President Xi Jinping brought the Power of Siberia Pipeline, which will stretch 3,000 km from Siberia into northeast China, online yesterday…the $55 billion (U.S.) pipeline is expected to carry 5 billion cubic m of natural gas into China in 2020, with production eventually ramping up and hitting 38 billion cubic m by 2025…the Oil and gas haters in Canada are living in a delusionary world – if we don’t help fill the global demand void, someone else will (the U.S. is already way ahead of us, and so are others) and Canada loses…what’s also so ridiculous is that for every pipeline and well and LNG plant that is not built in Canada (and we feature some of the highest environmental, engineering and labor standards in the world), the Chinese and Indians will simply burn more dirty coal…the naive left just doesn’t get it…they’ve been allowed to inflict great damage on this country in recent years and now it’s time for a major pushback…

3. Wallbridge Mining (WM, TSX) announced this morning that it has intersected visible Gold and abundant sulphide mineralization over a 16-m core length in drill hole FA-1999 in the Lower Tabasco zone at Fenelon, extending this zone a further 230 m down-dip to a vertical depth of 850 m…in addition, complete assays have been received for drill hole FA-19086, surrounding the previously reported 27 g/t Au over 38.39 m…the full intersection is now confirmed as 22.7 g/t Au over 48.01 m…high-grade assays have also been received from drill holes testing the newly discovered Orion Corridor located over 400 m to the southeast (43.2 g/t over 0.75 m; 121 g/t Au over 0.51 m; and 31.37 g/t over 0.50 m), further demonstrating the impressive Gold endowment in this system over the entire 1 km strike length explored so far…President and CEO Marz Kord stated, “It is quite remarkable that our current initial wide-spaced drilling with holes spaced 75 m to more than 200 m apart continues to consistently intersect mineralization, given the typical size of ore shoots in typical Archean Gold systems.  The results to date show the exceptional quality of Fenelon and increases our continued understanding of the deposit.  The recent drilling, particularly our 230-m undercut in the Lower Tabasco zone, suggests that at depth this zone appears to follow the contact of Jeremie Pluton in a sub-vertical manner, suggesting that further deep drilling in this area is warranted”WM is up 4 cents at 72 cents through the first 30 minutes of trading…there was a $42.5 million bet on Wallbridge Friday in the form of a PP – follow the money…

4. More robust drill results from Kirkland Lake Gold’s (KL, TSX, NYSE) Fosterville mine in Australia…significantly, recent underground drilling shows impressive continuity of mineralization in the Lower Phoenix System which continues for at least 950 m down-plunge of the deepest mineral reserves…intercepts released this morning include 87.6 g/t Au over 7.6 m, 45 g/t Au over 5.2 m, 14.8 g/t Au over 5.9 m, 6.2 g/t Au over 18 m, and 7.3 g/t Au over 8.8 m (core lengths)…drilling has now defined continuity of mineralization between the Swan and Lower Phoenix South Resource blocks (Swan South Zone) and, with a high frequency of 30 gram-m intercepts, it’s anticipated that substantial additions of Inferred resources will be realized in end-of-year model updates as a result of this program…“We have an extensive exploration program at Fosterville covering 4 main target areas – Lower Phoenix down-plunge of Swan, Cygnet, Harrier and Robbin’s Hill,” explained KL President and CEO Tony Makuch…“Today’s results focus on the Lower Phoenix area.  They are encouraging as they include the extension of high-grade, VG-bearing mineralization 80 m down-plunge of the Swan Zone and demonstrate that Lower Phoenix is an extremely large Gold system, with continuity of the system having been confirmed to over 950 m down-plunge of our deepest mineral reserves.  In addition, we continue to get strong results from drilling of the Cygnet Zone, where we have intersected high-grade, VG-bearing mineralization, including 239 g/t Au over 1.2 m (ETW 0.9 m).  Such results provide significant resource growth potential immediately adjacent to existing underground infrastructure”KL is up 47 cents at $56.32…those who panicked and threw their shares away last week at $50 left a lot of money on the table…

5. The Dow has tumbled 360 points through the first 30 minutes of trading…in Toronto, the TSX is off 101 points, cushioned by a sharp jump in the Gold Index which is threatening to break out above the 250 area…it’s up 7 points at 252 as of 7:00 am PacificYamana Gold (YRI, TSX; AUY, NYSE) hit a new multi-year high of $5.11 on the TSX during the first 30 minutes of trading…SilverCrest (SIL, TSX) has announced an $80 million financing at $7.28 per share (11 million shares)…SIL has pushed 10 cents higher in early trading to $7.74…the Venture has added 3 points to 536…potentially, this could be an unusual December (not the typical selling pressures during the first half or two-thirds of the month)…it’s possible the lows for the year may have come early this time around, in late November, especially if precious metals continue on a run…Turmalina Metals (TBX, TSX-V) made its debut on the Venture this morning…the company is focused on the exploration and development of high-grade Gold-bearing tourmaline breccias at the San Francisco Project located in San Juan, Argentina…yesterday, Turmalina announced results from a series of recently completed diamond drill holes at San Francisco which included a 36.95 m core length grading 6.3 g/t Au, 122 g/t Ag and 0.88% Copper starting just 34.5 m downhole…the company has $7 million in cash and 49 million shares outstanding…it opened at 70 cents and is trading at 63 cents as of 7:00 am Pacific

6. GT Gold (GTT, TSX-V) continues to outline a large Gold-Copper-rich porphyry system at Saddle North…drill hole TTD133 cut 627 m grading 0.53 g/t Au, 0.37% Cu and 1.23 g/t Ag, though this intersection started 648 m downhole…it included 362 m @ 0.73 g/t Au, 0.45% Cu and 1.58 g/t Ag…meanwhile, drill hole TTD134 returned 558 m @ 0.61 g/t Au, 0.35% Cu and 1.28 g/t Ag starting 450 m downhole…the core zone at Saddle North comprises a south-southwesterly-plunging, northerly-elongate body of higher-grade mineralization with down-plunge, strike and width dimensions of 1,2001,600 m, 200400 m and 40450 metres, respectively…it expands to depth and displays excellent continuity…Saddle North remains open at depth, and highly prospective targets remain untested along strike to the west and east…“These results continue to demonstrate the robust nature of Saddle North,” commented CEO Paul Harbidge…“The excellent continuity of the Gold and Copper mineralization to depth supports the large scale of this porphyry system, a system which becomes even more attractive when considering the proximity of first-rate infrastructure and location in the Tier 1 jurisdiction of British Columbia.  Now that this year’s drilling is complete, we are making good progress with detailed re-logging of core and assimilation of the full range of empirical and geochemical data collected during the field season. This work is moving us toward our goal of constructing a detailed geological model for Saddle North, which is projected for completion in Q1 2020.  The model will form the foundation for our initial NI-43101-compliant resource, which is anticipated to be released in Q2.  Furthermore in 2020, our team will be focused on reaching our larger goal of delivering a Preliminary Economic Assessment to our stakeholders by year-end”GTT is up a penny at 97 cents as of 7:00 am Pacific

7. The Federal Reserve could be in store for some pain…that’s according to Jim Bianco, President of Bianco Research, who says the recent market narrative reminds him of the former boxer Mike Tyson’s quote that “everybody has a plan until they get punched in the mouth”Bianco, a well respected market analyst, says that while the Dow, S&P 500 and NASDAQ have been hitting new all-time highs and the Fed seems poised to hold off on continuing to cut interest rates, the central bank hasn’t been tested with a “punch to the mouth” that could drastically alter its plan…“We’ll have to see if this will hold up on a 5% to 7% correction.  I kind of have my doubts,” Bianco said on CNBC yesterday…“The markets are looking for 1 cut maybe next year.  I wouldn’t be surprised if it winds up being 2 or 3 once all is said and done”…the final 2019 meeting of Federal Reserve policymakers is scheduled for next week…Chairman Jerome Powell has signaled that rates are likely to hold steady as the central bank remains committed to meeting its 2% inflation goal…Bianco says the lack of inflation is one of the reasons pressure will remain on interest rates in 2020

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December 2, 2019

7 @ 7:00

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

1. Gold has traded between $1,462 and $1,453 to kick off the month of December…over the past 2 decades Gold has posted gains in December nearly 60% of the time with an average return of 0.7%…as of 7:00 am Pacific, Gold is off $6 an ounce at $1,458…Silver has slipped 14 cents to $16.86…Nickel, Copper, Zinc and Cobalt are all relatively unchanged at $6.22, $2.65, $1.03 and $16.10, respectively…Nickel posted its steepest monthly loss in 8 years in November on faltering steel output from top producer China and waning impact from an Indonesian ore export ban…however, the primary bull cycle remains intact on the long-term chart…Crude Oil has jumped $1.18 a barrel to $56.35, supported by hints that OPEC and its allies may agree to deepen output cuts at meetings later this week…protesters around the world disrupted Black Friday shopping in order to draw attention to “climate change” days before a United Nations’ get-together to discuss the issue in Madrid…the retail holiday saw protests in a long list of countries, including France, Germany, the United States and Canada, with some activists entering stores and others holding mock funerals…near Paris, climate demonstrators blocked a shopping mall and gathered in front of Amazon’s headquarters to protest over-production they say is killing the planet…to many of these deranged activists, Black Friday is the symbol of capitalism run amok…“We are living in a system of endless consumerism,” the radical group Extinction Rebellion NYC tweeted on Friday…“Earth cannot sustain that, especially as we accelerate towards climate and ecological catastrophe”President Trump said this morning that he will immediately restore tariffs on U.S. steel and aluminum imports from Brazil and Argentina…“Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers.  Therefore, effective immediately, I will restore the Tariffs on all Steel & Aluminum that is shipped into the U.S. from those countries,” Trump said in a tweet…he also urged the Federal Reserve to prevent countries from gaining an economic advantage by devaluing their currencies…“The Federal Reserve should likewise act so that countries, of which there are many, no longer take advantage of our strong dollar”…the Dollar Index has fallen more than one-tenth of a point to 98.13…the ISM manufacturing PMI for November was just released and came in below expectations at 48.1, helping Gold and pushing broader equity markets lower…

2. China said today that U.S. military ships and aircraft won’t be allowed to visit Hong Kong, and also announced sanctions against several U.S. non-government organizations for encouraging protesters to “engage in extremist, violent and criminal acts”…the measures were announced by China’s Foreign Ministry in response to U.S. legislation passed last week supporting anti-government protesters…it said it had suspended taking requests for U.S. military visits indefinitely, and warned of further action to come…“We urge the U.S. to correct the mistakes and stop interfering in our internal affairs.  China will take further steps if necessary to uphold Hong Kong’s stability and prosperity and China’s sovereignty,” ministry spokeswoman Hua Chunying said at a daily news briefing in Beijing…

3. Zijin Mining Group Co. Ltd., one of China’s biggest Gold miners, is buying out Canadian miner Continental Gold (CNL, TSX) for $1.4 billion in a friendly, all-cash offer at $5.50 per share…Continental’s 100%-owned Buritica Project in Antioquia, Colombia, is one of the largest and highest-grade Gold projects in the world and represents a complementary addition to Zijin’s international asset portfolio…Buritica is expected to produce approximately 250,000 ounces of Gold per year on average over a 14-year mine life at an LOM all-in sustaining cost of approximately $600 (U.S.) per ounce…it features a Measured resource of 1.4 million tonnes at a grade of 13.7 g/t Au and an Indicated resource of 14.6 million tonnes @ 10 g/t…“The all-cash offer at a significant premium to market is an excellent outcome for our shareholders and is a testament to the extraordinary effort of the Continental team and its stakeholders in pioneering a new and modern Gold industry in Colombia,” stated CEO Ari Sussman…“In the span of a decade, Continental has transformed the Buritica Project from a grassroots discovery into one of the world’s largest and highest-grade Gold projects.  With production on the horizon in 2020, the timing is right for Continental to sell to a more experienced mine operator and therefore Continental’s Board of Directors recommends that shareholders vote in favour of the Transaction.  Zijin is one of the world’s fastest growing mining companies and boasts an impressive track record of successful international acquisitions and operations.  Most importantly, Zijin shares common principles with Continental on what defines modern mining and, as a result, will continue to operate in a safe, transparent and inclusive manner with the employees of the company and external stakeholders”today’s announcement comes after Zijin said in early November it would buy partner Freeport McMoran’s (FCX, NYSE) Copper-Gold assets in Serbia for up to $390 million (U.S.) in an effort to boost its resources of both metals…

4. A number of foreign companies are circling around Canada’s mining assets and companies, creating opportunities for savvy investors…collectively, Canadian industrial metals and mining sectors have attracted $20 billion from the Asia Pacific alone over the past 15 years, according to a new report by Asia Pacific Foundation…the region has emerged as a major investment source for Canada over the years, and has diversified away from Oil and gas resources…“Canada needs to continue to leverage its strengths and build stronger ties with the region in the future in order to improve market access and position itself as an important investor in and investment recipient from the diverse economies that make up the Asia Pacific,” the APF said in a recent report…

5. U.S. consumers, who account for two-thirds of GDP, clearly weren’t waiting until Cyber Monday to shop online this holiday season…spending online on Black Friday hit a record of $5.4 billion, up 22.3% from a year ago, according to Adobe Analytics data last night…the data measures transactions from 80 of the top 100 U.S. online retailers…this comes as foot traffic appeared to be lighter at shopping malls across the U.S. on Friday, a day that traditionally has been reserved for people to line up outside of big-box retailers and department stores to score doorbuster deals…total spending online on Black Friday is still forecast by Adobe to hit $7.6 billion, which would make the day the 2nd-biggest e-commerce day ever, after Cyber Monday 2018′s $7.9 billion

6. The Dow is down 48 points through the first 30 minutes of trading2019 has turned out to be a very good year for the broader equity markets, with the January 1 to Thanksgiving Day period the 14th best for the S&P 500 since 1928, according to Bespoke…the 25.5% gain in the S&P 500 was the best for the period since 2013, and now the market enters a typically strong period through to year-end…on average, the S&P is up 1.6% in December…it also has the highest frequency of advances, up 76% of the time…in Toronto, the TSX is off 25 points as of 7:00 am Pacific…this shouldn’t be happening in resource-rich Canada but we can thank Trudeau for it – Canadian Oil and gas producer Husky Energy (HSE, TSX) announced this morning that it’s lowering its capital spending by half a billion dollars over the next 2 years when compared to its 2019 outlook in a bid to increase free cash flow…the Venture, which stabilized in November, has officially entered its best 3-month period on the calendar…over the past 2 decades, December, January and February have produced a combined return on the Venture of more than 11%…since the heavy lifting comes from less than 20% of the market, gains in certain stocks during this period can be quite spectacular…the Venture is up point at 533 in early trading…DynaCERT (DYA, TSX-V), one of Friday’s movers, is up another penny at 51 cents…Ascot Resources (AOT, TSX-V) has released another set of high-grade drill results from its Silver Coin deposit, 5 km north of its Premier mill near Stewart…highlights include 3.6 m grading 52.7 g/t Au (P192079), including 1 m @ 184 g/t, and 4 m @ 16.6 g/t Au in P192081…Silver Coin, acquired last year, is one of several deposits at the Premier Project…it was mined in 1991, producing 102,500 tonnes at a grade of 8.9 g/t Au with an average Gold recovery of 93%…to the north in the Eskay CampPretium Resources (PVG, TSX) announced this morning that it has paid the final $20 million (U.S.) tranche under an off-take repurchase agreement…with the 100% repurchase of the off-take agreement, all components of the company’s 2015 construction financing package are now extinguished…

7. Yamana Gold (YRI, TSX; AUY, NYSE) is considering a further increase in dividends of between 50% and 100%, its executive chairman told Reuters, after doubling the payout this year…Yamana, which completed the sale of its Chapada Copper-Gold mine to Lundin Mining (LUN, TSX) over the summer for $1 billion (U.S.), doubled its dividend to 4 U.S. cents per share in its 3rd quarter…“We are considering another dividend increase and believe that we can support an increase that is at least 50% higher than our current dividend and potentially 100% higher,” executive chairman Peter Marrone said…“We are in the process of creating a reserve cash balance that would help ensure that our dividend remains sustainable even if the price of Gold declines”Yamana has been trading within a bull flag since August and is on the cusp of a breakout above key resistance at $5.00

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November 29, 2019

7 @ 7:00

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

1. Gold has traded in a narrow range between $1,453 and $1,460 on this final trading day of the month following U.S. Thanksgiving…as of 7:00 am Pacific, Gold is up $2 an ounce at $1,457…key support in the $1,440’s continues to hold…Silver is also flat at $16.89…Nickel has fallen 12 cents to $6.24 while Copper, Zinc and Cobalt are all relatively unchanged at $2.65, $1.05 and $16.10, respectively…Crude Oil has tumbled $1.56 a barrel to $56.55OPEC watchers expect an extension to a pact to throttle Oil output but no deeper cuts to be agreed by the producer group and its allies next week…the U.S. Dollar Index is up slightly at 98.42…persistent negative government bond yields have fundamentally changed the investment risk landscape and as a result, Gold is now the preferred safe-haven asset within a diversified portfolio, according to a prominent private Swiss asset management firm…Lombard Odier Group said that in the current investment environment, Gold becomes a necessity rather than an optional allocation”…U.S. consumers splurged more than $2 billion online in the first hours of Thanksgiving shopping yesterday…crowds were largely thin at retailers on the eve of Black Friday, reflecting the broader trend away from shopping at brick-and-mortar stores…the divergence between most commodities and stocks partly reflects the differing fortunes of the American economy in comparison to that of China and other nations…U.S. GDP rose at a 2.1% annual rate in the 3rd quarter, suggesting the expansion remained on solid ground heading into the final stretch of 2019…a decline in industrial profits, meanwhile, showed China is on a weaker footing…the Trudeau economy slowed to 1.3% annual GDP growth in Q3, Stats Canada reported this morning…this was in line with expectations…beyond the 3rd quarter, economists predict another 1.3% reading in the final 3 months of 2019…next year doesn’t look much better, with growth seen running at about 1.5% in 2020…that’s a sufficiently prolonged period of below-potential growth for markets to anticipate the Bank of Canada will cut interest rates as early as January…

2. Gordon Chang, the author of “The Coming Collapse of China”, said yesterday that Beijing’s threats of taking “countermeasures” over the U.S. law backing the protests in Hong Kong are “laughable” and that the nation is in no position to “anger its best customer” as its economy slumps…Beijing was quick to admonish President Trump and Congress for passing 2 bills aimed at supporting human rights in Hong Kong…the Chinese foreign ministry said in a statement that the bills will only “strengthen the resolve of the Chinese people, including the Hong Kong people, and raise the sinister intentions and hegemonic nature of the U.S.”,  and promised vague “countermeasures”…Chang told Fox News that anything Beijing can do “will hurt itself more than us, and given how close its economy is to the edge of the cliff the regime could end up doing itself in by retaliating”…he continued, “For 4 decades, we were told by elites and policymakers that we could not afford to upset China.  Wednesday, President Trump did what his predecessors would not do – defend America from a China that is going after us.  The same power that is encroaching on Hong Kong’s autonomy is attacking our society across the board”

3. Eric Sprott has dramatically increased his position in DynaCERT (DYA, TSX-V), taking a 9.12% stake in the company through a $14 million private placement at 50 cents per unit…Sprott now beneficially owns or controls 29.9 million shares and 14 million warrants of the company…“DynaCERT presents an unusual once-in-a-lifetime opportunity to participate at the commercial stage of what is a proven and compelling transformative technology to reduce carbon emissions in diesel engines, globally,” stated Sprott…“I support the successful international mission of DynaCERT and I see this new investment as a means to participate in the important world-wide demand for carbon credits resulting from socially-conscious users of mining equipment, trucking, transportation and power generation”…in late October, DynaCERT announced that its HydraGEN Technology has been approved for underground mining applications in Canada pursuant to a formal risk assessment commissioned by Total Equipment Services (TES), DynaCERT’s dealer based in Sudbury, and one of TES‘s major underground mining customers in Northern Ontario…Jim Payne, President & CEO of DynaCERT, noted, “Eric Sprott’s endorsement of DynaCERT today is yet another one of the most significant turning points of our company’s history.  We are confident that our mutual alignment with personal and corporate objectives will continue to result in ongoing significant global achievements.  With Eric’s strong support, we are much further ahead, faster and better than we could have imagined, even just a few months ago.  In the last few months, our team has solidified. We have brought together many enviable professionals, international business leaders, experts and expertise, loyal employees and consultants from many countries and multiple disciplines.  We, our board, our management, our clients, our dealers and distributors, and our shareholders, now welcome Mr. Sprott, and look forward to our beneficial associations together for years to come”

4. Newmont Goldcorp (NGT, TSX; NEM, NYSE) is increasing its stake in GT Gold (GTT, TSX-V)...the major is investing another $8.3 million through a hard dollar private placement in GTT at a price of $1.20 per share…upon completion of the financing, Newmont Goldcorp will own 14.9% of GT Gold, an increase from the 9.9% it acquired last May…“I am delighted that the world’s leading Gold producer, Newmont Goldcorp, has increased its stake in GT Gold through this financing, which further supports the thesis that the Saddle North Gold-rich Copper porphyry discovery has the pedigree to become a Tier 1 asset,” stated GT Gold President and CEO Paul Harbidge…“The drill results from the 2019 field season continue to delineate a project with scale, grade and bulk mining options while exploration results from within the 46,827 hectare Tatogga Project are providing a pipeline of future targets for drill testing, in what we believe to be a new porphyry district in British Colombia (sic), Canada (Harbidge just needs to learn the correct spelling of the province he’s operating in)…“Matched with excellent infrastructure, this project makes for a compelling investment.  Newmont Goldcorp is an excellent partner and is providing significant technical expertise to the GT Gold team in accelerating the advancement of Saddle North to a geological model, expected end of the first quarter of 2020, followed by the release of an inaugural resource, expected by the end of the 2nd quarter of 2020 and a Preliminary Economic Assessment (“PEA”) by late 2020″…following the completion of the financing, GT Gold expects cash on hand to be sufficient to fund all expenditures up to and including the PEA, as well as a provide a sizeable buffer for work following the PEA into 2021, to be planned based on the results of the 2020 technical program…GTT is up a penny at 92 cents as of 7:00 am Pacific

5. The Dow is down 68 through the first 30 minutes of trading amid worries around U.S.-China trade relations…however, this has been a banner month for U.S. equities…the Dow, S&P 500 and NASDAQ are up 4.1%, 3.8% and 5%, respectively, the best month since June…meanwhile, the small-cap Russell has hit a new 52-week high…the index’s breakout this week has emboldened the bulls as it clears the way for broader stock market gains as well as small-cap outperformance…in Toronto, the TSX is off 18 points as of 7:00 am Pacific…the Venture is up a point at 533 after its 6-session winning streak was snapped yesterday…DynaCERT (DYA, TSX-V) is leading the way in early trading, up 7.5 cents at 55 cents…K92 Mining (KNT, TSX-V), now at its best levels since July, is up another penny at $2.61…last week the company announced spectacular high-grade Gold results from infill drilling at its deposit in Papua New Guinea…drilling is encountering extremely high grades in the southern part of Kora North, including 13 m (6.15 m true width) of 288.7 g/t Au, 104 g/t Ag and 0.77% Cu…Tudor Gold (TUD, TSX-V) announced this morning that it’s raising $3 million in a flow-through private placement at 50 cents per share…

6. The sledgehammer environmental campaign that has shut down all Canadian Crude Oil pipelines to tidewater has a new target: shutting down Canadian exports of liquified natural gas to Asia, says respected independent researcher Vivian Krause…“They are coming for the LNG industry, absolutely,” Krause said in an interview…some in B.C. believe everything is fine and going ahead with LNG, and the low-carbon gas is going to help get China off of coal and curb global carbon emissions, Krause says…but wealthy U.S. foundations and the Canadian green and Indigenous groups they fund are focused on stopping an industry that is gearing up to bring billions to the Canadian economy…“Look at what all the groups say.  They’re all campaigning against the LNG projects”…Krause, who meticulously researched and documented how tens of millions of dollars from U.S. foundations helped landlock the Alberta Oil sands, is getting out her message in a new way through a recently released documentary, Over a Barrel…the project was developed by Edmonton filmmaker Shane Fennessey…Over a Barrel gives voice to folks we’ve rarely heard, the numerous Indigenous leaders who strongly support working with Oil and gas companies on pipelines and projects…many in B.C.’s northwest region (and elsewhere in Canada) have become disillusioned with the green movement…Indigenous activists helped shut down the supposed evil of Oil and gas pipelines only to realize their own poverty didn’t go away…this soured people like Ellis Ross of the Haisla Nation, now a B.C. Liberal MLA, who admits that a decade ago he got swept up in the anti-pipeline fervour…“What really cemented me with the idea of protecting these rainforests was because my community had no part in the economy up until then,” he states in the documentary…“But these environmentalists on the fringes said, ‘If we can protect the (Great Bear) rain forest, and protect it from logging, then we could create an economy for tourism and everybody could get jobs. Well, they protected the rainforest … and not one job materialized, except for a few key people that were inside the circle of the protest itself. And nothing changed for my community”

7. Fed wants higher inflation: With the final 2019 meeting of Federal Reserve policymakers just 2 weeks away, Chairman Jerome Powell reiterated Monday that interest rates are unlikely to rise anytime soon, saying the central bank remains firmly committed to meeting its inflation goals…the Fed considers a 2% inflation rate to be a sign of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn…however, inflation has run well below that level for 2019 despite 3 interest rate cuts over the past 4 months…in fact, the Fed in recent years has consistently overestimated inflation expectations…in a speech in Providence, Rhode Island, Powell expressed a sense of urgency in meeting the inflation part of the Fed’s dual mandate…he said low inflation expectations feed on themselves and make it tougher for the Fed to support the economy…“It is essential that we at the Fed use our tools to make sure that we do not permit an unhealthy downward drift in inflation expectations and inflation.  We are strongly committed to symmetrically and sustainably achieving our 2% inflation objective so that in making long-term plans, households and businesses can reasonably expect 2% inflation over time”

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November 27, 2019

7 @ 7:00

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

1. Gold has traded between $1,461 and $1,453 so far today…as of 7:00 am Pacific, the yellow metal is off $an ounce at $1,456…key support in the $1,440’s continues to hold…Silver has retreated 9 cents to $16.95 after a strong session yesterday…Nickel, Copper, Zinc and Cobalt are all relatively unchanged at $6.51, $2.68, $1.05 and $16.10, respectively…Crude Oil is flat at $58.42 while the Dollar Index is up slightly at 98.44…inflation is nowhere in sight, thanks to a high dollar and subdued Oil prices – the Department of Commerce said this morning that its Core Personal Consumption Expenditures Index increased 0.1% in October, missing economists’ expectations…annually, core inflation, which is the Fed’s preferred inflation measure, increased 1.6%, down from 1.7% reported in September…inflation is now at its lowest point since July…Fed Chairman Jerome Powell has suggested there won’t be another interest rate increase until inflation picks up significantly…the Fed releases its Summary of Commentary on Current Economic Conditions, also known as the Beige Book, later this morning…the commentary offers insight on the state of the world’s largest economy and a look into how the Fed views its monetary policy stance…

2. Fresh economic data released this morning shows the U.S. economy performing better than expected…U.S. Q3 GDP – the broadest measure of the U.S. economy – has been revised upward to 2.1%…it was expected to remain unrevised from its preliminary reading at 1.9%, down slightly from the 2% pace in the 2nd quarter…meanwhile, orders to U.S. factories for big-ticket manufactured goods rebounded last month on a surge in demand for military aircraft…the Commerce Department says orders for durable goods,  which are meant to last at least 3 years, rose 0.6% in October after dropping 1.4% in September…orders for military aircraft soared 18.1%…excluding defense, durable goods orders moved up up 0.1%…4th quarter GDP could exceed expectations (most economists are calling for growth below 2%) as the holiday shopping season is expected to be very healthy given solid job growth and robust consumer spending…

3. Investors beware – British Columbia has become the first jurisdiction in North America to formally implement the United Nations Declaration on the Rights of Indigenous Peoples…the bill was passed unanimously in the legislature (the Liberal Party reversed its stance on this issue from the Christy Clark days) with MP’s drunk on their own Kool-aid of “diversity and social justice”…all provincial laws and policies must align with “internationally recognized rights” of Indigenous people as defined by the United Nations…it’ll be interesting to see how this all works out, but it’s hard to imagine how First Nations in B.C. aren’t going to be emboldened by this legislation and act as if they have “veto power” over proposed resource projects…

4. Balmoral Resources (BAR, TSX) has staked 62 mineral claims adjacent to its existing Detour East Property in Quebec…this property, including these new claims, form part of the company’s Detour Gold Trend Project and are located along and proximal to the Ontario-Quebec border where they adjoin the holdings of Detour Gold (DGC, TSX) which is being acquired by Kirkland Lake Gold (KL, TSX, NYSE)…KL’s proposed acquisition of DGC and its Detour Lake mine, combined with recent exploration success by Balmoral and neighbor Wallbridge Mining (WM, TSX) in the GFA (“Grasset-Fenelon-Area 51“) district 80 km to the east, and the known resource and exploration potential of Balmoral’s Martiniere Gold system (located 45 km to the east), highlight the future growth potential of the Detour Gold Trend…Balmoral remains the dominant landholder in the region controlling approximately 75% of the known extent of the trend…meanwhile, Balmoral says it anticipates that final results for the 9 drill holes recently completed in Area 52 testing the high-grade Gold discovery announced by in September will be available within the next 710 days following the receipt of outstanding assay results…BAR has broken out above key resistance in the mid-20’s this week…as of 7:00 am Pacific, it’s up half a penny at 30 cents…

5. The Dow is down slightly through the first 30 minutes of trading but the S&P 500 and NASDAQ have hit new record highs…the major averages have been on fire over the past month as optimism around U.S.-China trade talks increases…the Dow and S&P 500 have gained 4.3% and 3.9%, respectively, in that time while the NASDAQ is up nearly 5%…today’s moves come ahead of the U.S. Thanksgiving holiday for which the market will be closed tomorrow and open for just half the day on Friday…typically, the Wednesday before Thanksgiving has been a great day for stocks…in Toronto, the TSX is up 8 points in early trading…the Venture, riding a 5-session winning streak, continues to emerge out of very oversold conditions…the Index is up another point at 533 as of 7:00 am Pacific…an important support band stretches from 540 to 520K92 Mining (KNT, TSX-V) has hit its best levels since August, touching $2.43 in early trading…last week the company announced spectacular high-grade Gold results from infill drilling at its deposit in Papua New Guinea…drilling is encountering extremely high grades in the southern part of Kora North, including 13 m (6.15 m true width) of 288.7 g/t Au, 104 g/t Ag and 0.77% Cu…

6. The price to achieve the delusional left’s mission of “saving the planet”:  According to a new report from an environmental economics group, Canada will either have to raise carbon prices to a whopping $210 per tonne or adopt more expensive policies funded by higher income taxes to meet its 2030 Paris targets (the same flawed deal our closest trading partner has wisely pulled out of)…Canada’s Ecofiscal Commission argues that carbon pricing is the most cost-effective way for Canada to hit its Paris targets, but also acknowledges that carbon taxes can be politically unpalatable…the report sets out other options for meeting the Paris targets that use a combination of regulations and subsidies, but it cautions that those measures could cost much more…“At this point, (governments) have told us they want to achieve 2030 emissions targets, but they haven’t yet put policies in place to get us there,” said Chris Ragan, chair of the Ecofiscal Commission…“Actions, I think, count louder than words at this point”…the commission’s estimate differs substantially from an analysis released by the parliamentary budget officer in June, which found the federal carbon tax would need to increase to “just” $102 per tonne in 2030 to meet the Paris targets. so even the so-called experts can’t agree on the numbers…one thing’s for certain, though – this emphasis by the left on bigger government, higher taxes and a huge suite of new regulations to combat “climate change” and meet the “Paris targets” is undermining Canada’s economic competitiveness vs. the United States…we’re now underperforming the U.S. in virtually every economic category…in an attempt to “save the planet”, these globalists and climate change alarmists are destroying Canada…

7. Fed wants higher inflation: With the final 2019 meeting of Federal Reserve policymakers just 2 weeks away, Chairman Jerome Powell reiterated Monday that interest rates are unlikely to rise anytime soon, saying the central bank remains firmly committed to meeting its inflation goals…the Fed considers a 2% inflation rate to be a sign of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn…however, inflation has run well below that level for 2019 despite 3 interest rate cuts over the past 4 months…in fact, the Fed in recent years has consistently overestimated inflation expectations…in a speech in Providence, Rhode Island, Powell expressed a sense of urgency in meeting the inflation part of the Fed’s dual mandate…he said low inflation expectations feed on themselves and make it tougher for the Fed to support the economy…“It is essential that we at the Fed use our tools to make sure that we do not permit an unhealthy downward drift in inflation expectations and inflation.  We are strongly committed to symmetrically and sustainably achieving our 2% inflation objective so that in making long-term plans, households and businesses can reasonably expect 2% inflation over time”

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November 26, 2019

7 @ 7:00

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

1. Gold has traded between $1,460 and $1,450 so far today…as of 7:00 am Pacific, the yellow metal is off $an ounce at $1,454 as key support continues to hold…Silver is up 4 pennies at $16.90…Nickel is off slightly at $6.51 while Copper, Zinc and Cobalt are all relatively unchanged at $2.66, $1.05 and $16.10, respectively…Crude Oil has added 45 cents to $58.46 while the Dollar Index is relatively unchanged at 98.35…a slew of U.S. economic data is on the menu today including the weekly Goldman Sachs and Johnson Redbook retail sales reports, advance economic indicators, the monthly house price index, the S&P-Case-Shiller home price index, the Richmond Fed business survey, new residential sales, and the consumer confidence index…the Conference Board just released its measure of consumer confidence which came in at 125.5 for November, slightly below expectations…that’s still a strong number but the 4th straight monthly decline, giving Gold a slight boost…

2. Physical Gold demand in Asia is yet to see a rebound after a significant drop during the last few months with October’s Gold imports by India and China once again disappointing…Gold imports by China and India remained at historically low levels in October…China’s Gold imports fell below 50 tonnes in October, according to the data released by the Chinese customs authority yesterday…major drops were noted in Gold imports from Switzerland, Singapore and South Africa…also, Chinese jewelry sales were below seasonal trends in October and Gold withdrawals from the Shanghai Gold Exchange (SGE) dropped by almost 40% on an annual basis…Capital Economics believes Chinese Gold imports are likely to remain weak amid growth concerns and rising inflation…in India, Gold imports had a modest 5% increase on a monthly basis but dropped nearly 15% year-over-year…between April and October, Gold imports declined 9% to $17.63 billion, according to Commerce Ministry data…India’s domestic Gold price now includes a 12.5% import tax and a 3% GST…even the Diwali festival failed to provide a meaningful lift to Indian Gold demand in October…a higher import duty has not been helpful…

3. Good news for the Canadian economy this morning – Teamsters Canada just issued a statement that a tentative agreement has been reached with Canadian National Railway to end an 8-day strike that has severed supply chains across the country…the union says the agreement must first be ratified by union members, but normal operations at CN will resume tomorrow at 6:00 am across Canada…some 3,200 striking conductors and yard workers have been demanding improved working conditions, including worker rest breaks, at Canada’s largest railroad…

4. Kirkland Lake Gold’s (KL, TSX, NYSE) 2nd biggest shareholder, Eric Sprott, says he was initially “shocked” and “disappointed” when he first heard about KL’s plan to buy Detour Gold (DGC, TSX), though he expects the move to be a success…“I’ve always been a great believer in the statement that you have to steal value,” Sprott stated…The value at Detour is that the production and grade can increase markedly”…when asked if there is a skills mismatch in an underground high-grade miner acquiring an open-pit specialist, Kirkland CEO Tony Makuch said he was confident Kirkland has the expertise to do both…“Mining is mining.  You just use larger equipment in an open-pit versus underground.  But for the most part there’s a lot of similar execution”with regard to Detour Lake, investors should also keep in mind that Detour Gold has made excellent progress at reducing absolute costs, and Q3 represented the company’s highest ever cash cost margin per ounce…the metrics are only going to get better, as Sprott alluded to…at first glance, the deal may seem like an odd marriage…Kirkland Lake operates 2 superb high-grade underground mines at some of the lowest cash costs in the industry, whereas Detour operates a single, low-grade bulk tonnage open-pit mine (20-year mine life) at comparatively higher costs…the acquisition would boost Kirkland’s annual Gold production significantly to more than 1.5 million ounces per year and add 15.41 million ounces to the company’s mineral reserve base…plenty of exploration upside also exists…KL tumbled $11 a share yesterday, touching its 200-day SMA for the first time since late last year (what a steal the stock was then), and is off another $1.39 to $50.99 in early trading today…that’s a 4th straight losing session and a 25% discount from the recent all-time high for the Apple of Gold stocks…a long-term uptrend line on the KL weekly chart cuts through the high 40’s, just above the rising 300-day SMA at $46.77 and strong Fib. support at $45…there needed to be an excuse for a healthy correction – Detour is it, but bargain hunters are getting an early Christmas gift…

5. The Dow has gained 41 points through the first 30 minutes of trading…in Toronto, the TSX is 29 points lower…Newmont Goldcorp (NGT, TSX; NEM, NYSE) has unloaded its Red Lake complex to Evolution Mining, an Australian Gold producer, for $375 million (U.S.) in cash and contingent payments of up to an additional $100 million tied to new resource discoveries…Balmoral Resources (BAR, TSX) has eased off 2.5 cents to 28.5 cents in early trading after breaking out above key resistance in the mid-20’sBAR hit a nearly 2-year high of 33 cents yesterday on total volume of 5 million shares…more results are pending from Area 52 next to Wallbridge Mining’s (WM, TSX) Fenelon Property where more high-grade numbers are also expected soon…the Venture, continuing to trade within a 540 to 520 support band, is off a point to 529White Gold (WGO, TSX-V) has firmed up in early trading after announcing that it has made a new high-grade Gold discovery, intersecting 72.8 g/t Au over 6.09 m from just 10.67 m depth, in first-pass drilling (RC) at its Titan target on the Hen Property in the Yukon…this included an impressive 136.4 g/t Au over 3.05 m from 12.19 m depth within a broader 32-m mineralized zone…Hen is contiguous to the JP Ross property, less than 15 km from the Vertigo discovery and 25 km from the Golden Saddle and Arc deposits…Skeena Resources (SKE, TSX-V) has arranged a $15 million flow-through financing at 82 cents per share (no warrants) as it advances Eskay Creek…Kraken Robotics (PNG, TSX-V) announced this morning that revenue for Q3 was $7.8 million compared to $1.6 million in the year ago quarter…year-to-date revenues are $10.5 million vs. $5.2 million for the same period in 2018, representing growth of 102%…Kraken expects continued strong revenue growth into Q4 that will be led by the delivery of sensors, batteries and a number of robotics for service projects…as a result, it expects to maintain its objective of generating 2019 revenues of approximately $15 million…net income in Q3 was $100,000 vs. a net loss of $1.1 million in the year ago quarter…the Canadian Marijuana Index is under renwewed pressure after a sharp but brief rally…more red ink…Khiron Life Sciences (KHRN, TSX-V) recorded a net loss of $10.6 million in Q3 compared with a net loss of $5.2 million for the same period in 2018…the company ended the quarter with $47.9 million balance in cash and short-term investments, but how long will that last?…Torino Power Solutions (TPS, CSE) was halted pre-market…rumor has it that a new deal is being put into the company…

6. Fed wants higher inflation: With the final 2019 meeting of Federal Reserve policymakers just 2 weeks away, Chairman Jerome Powell reiterated yesterday that interest rates are unlikely to rise anytime soon, saying the central bank remains firmly committed to meeting its inflation goals…the Fed considers a 2% inflation rate to be a sign of sustainable growth and a level that keeps interest rates high enough to allow for mobility in the event of an economic downturn…however, inflation has run well below that level for 2019 despite 3 interest rate cuts over the past 4 months…in fact, the Fed in recent years has consistently overestimated inflation expectations…in a speech in Providence, Rhode Island, Powell expressed a sense of urgency in meeting the inflation part of the Fed’s dual mandate…he said low inflation expectations feed on themselves and make it tougher for the Fed to support the economy…“It is essential that we at the Fed use our tools to make sure that we do not permit an unhealthy downward drift in inflation expectations and inflation.  We are strongly committed to symmetrically and sustainably achieving our 2% inflation objective so that in making long-term plans, households and businesses can reasonably expect 2% inflation over time”…

7. Choosing to go long Gold after the precious metal settles at a solid support level will pay off next year, according to TD Securities…even though the metal can weaken to as low as $1,425 in the short-term, the long-term picture is looking very supportive of prices reaching the $1,650 level, TD says in its 2020 outlook…“Our analysis still shows that $1,650/oz Gold next year is in the cards, once the weak longs get shaken out and as modest global growth assure a low rate environment and continued Fed monetary accommodation,” the bank’s strategists said…Gold’s major rebound will come in the 2nd quarter of next year, according to TD (historically, Q1 is Gold’s strongest quarter), triggered by further Federal Reserve easing, slower economic growth, and central bank Gold buying…“The likelihood that the Fed will deliver more monetary accommodation, central banks will continue to buy Gold at a record clip and investors demand in the metal to hedge against equity market volatility, weaker U.S. dollar and negative interest rates are all factors making us ready to go long – once the yellow metal firmly settles at technical support levels,” the strategists said…the bank’s outlook projects that the Fed will cut rates twice by mid-2020 in moves that will be mirrored by the European Central Bank…“U.S. economic numbers are likely to print quite weak in the coming months.  This should prompt markets to once again price in more Fed cuts.  Weaker U.S. growth should continue to keep fiscal deficits elevated.  This along with the potential of a Democratic win next election season implies that markets will worry about monetization via a modern monetary theory framework, which typically is remedied by Gold as a hedge”, TD concluded…

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November 25, 2019

7 @ 7:00

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

1. Gold has traded between $1,462 and $1,454 so far today…as of 7:00 am Pacific, the yellow metal is off $an ounce at $1,460…in 12 out of the last 15 years, Gold has dropped in value between November 25 and December 20…however, seasonal factors start working in Gold’s favor after that…Silver is 4 cents lower at $16.92…Nickel has lost 3 pennies to $6.57…Copper is unchanged at $2.65…since hitting a 3-and-a-half month high on November 7, Copper prices have fallen 3.8%…Zinc and Cobalt are both flat at $1.06 and $16.10, respectively…Crude Oil has retreated 20 cents to $57.27 while the Dollar Index is steady at 98.26Goldman Sachs has issued a report that says raw commodity prices will rise in 2020 and for the next decade due to a worldwide move to “decarbonize” the planet, including less investment in carbon-based industries…that scenario would lead to supply shortages of some key commodities, the report said…the best returns in 2020 will like come from Oil but the firm is also predicting $1,600 GoldU.S. national security adviser Robert O’Brien said Saturday that the so-called Phase 1 trade deal with China could happen by the end of the year, and emphasized that President Trump would not ignore ongoing protests in Hong Kong…“We were hoping to have (a Phase 1) deal done by the end of the year.  I still think that’s possible,” O’Brien told reporters at a security conference in Halifax…“At the same time, we’re not going to turn a blind eye to what’s happening in Hong Kong or what’s happening in the South China Sea, or other areas of the world where we’re concerned about China’s activity,” he said…meanwhile, the Chinese government’s top diplomat delivered a scathing attack against the United States at a G-20 meeting in Japan over the weekend…

2. This should prove interesting – Canada’s Q3 GDP reading will be released at the end of this week (we’ll see how it compares to the Trump economy)…last Friday, Stats Canada reported that retail sales for September lagged well behind the U.S. as they fell 1%…the Bank of Montreal’s senior economist, Robert Karcic, put it politely when he stated that the broader Canadian economy remains on pace for “slightly below potential growth in the near-term”meanwhile, the strike at Canadian National Railway is now into its 7th day, paralyzing shipments of Oil, aluminum, grain and consumer goods…Quebec has already warned it faces a looming propane shortage as the trains sit idle (Quebecers’ dreams of a world free of fossil fuels are quickly turning into a nightmare)…the Trudeau government has shown no signs it intends to legislate an end to the strike…the complacency and ignorance of Canada’s federal government when it comes to the economy is absolutely staggering…

3. President Trump’s national security adviser has issued a dire warning to Canada about Chinese telecom giant Huawei, saying Ottawa should reject the company’s plan to deploy its 5G network because the technology would be used as a “Trojan horse” to undermine national security…”When they get Huawei into Canada…they’re going to know every health record, every banking record, every social media post – they’re going to know everything about every single Canadian,” Robert O’Brien said at an international security conference in Halifax…“What the Chinese are doing makes Facebook and Google look like child’s play, as far as collecting information on folks”…he said the Chinese state could use data scraped from its 5G mobile network to “micro-target” Canadians with personalized texts aimed at undermining elections…the national security adviser, who was appointed to the job in September, says the fallout from such an intrusion into personal data would have an impact on Canada’s participation in the Five Eyes alliance, which includes the intelligence agencies in Australia, New Zealand, the United Kingdom and the United States…“The Huawei Trojan horse is frightening, it’s terrifying,” O’Brien said on the first full day of the Halifax Security Forum, which has attracted more than 300 delegates from government, the military and the academic community…“I find it amazing that our allies and friends in other liberal democracies would allow Huawei in…I’m surprised that there’s even a debate out there”

4. Kirkland Lake Gold (KL, TSX, NYSE) is buying Detour Gold (DGC, TSX) in an all-stock transaction for $4.9 billion, furthering an M&A spree in the Gold sector that will likely intensify over the coming months…the deal values Detour at $27.50 a share, a 24% premium to Friday’s closing price…Tony Makuch, Kirkland Lake CEO, commented, “The acquisition of Detour Gold is an excellent fit for Kirkland Lake Gold.  We have already taken 2 mining operations, Macassa and Fosterville, and transformed them into high-quality assets that generate industry-leading earnings and free cash flow.  The addition of Detour Lake provides an opportunity to add a 3rd cornerstone asset that is located in our back yard in Northern Ontario.  Detour Lake will provide the pro forma company with a 20-plus year mine life which provides unparalleled optionality and excellent growth potential for the benefit of all shareholders.  The management team at Detour Gold has done an exceptional job in making improvements and building momentum at the mine.  Once the transaction is completed, we will continue efforts to optimize current operations and commence engineering work to evaluate expansion opportunities at Detour Lake, which we anticipate could lead to significant production growth, improved unit costs and higher levels of mineral reserves and mineral resources”Detour Lake has current production of approximately 600,000 ounces per year with substantial growth potential…the deal adds 15.4 million ounces to KL’s mineral reserve base…KL investors only see dilution in this deal this morning – the stock has plunged $10 a share to $53.18 in early trading, touching its 200-day moving average for the first time since late last year, while Detour is up 80 cents at $23.01

5. The Dow has jumped 123 points through the first 30 minutes of tradingCharles Schwab (SCHW, NYSE) announced plans this morning to buy discount brokerage rival TD Ameritrade (AMTD, NASDAQ) in an all-stock deal valued at $26 billion…the merging of the 2 biggest publicly traded discount brokers will create a mammoth with more than $5 trillion in client assets, $3.8 trillion from Schwab and $1.3 trillion from TD Ameritrade…the combined company will serve more than 24 million clients…in Toronto, the TSX is 29 points lower…Balmoral Resources (BAR, TSX) has pushed above key resistance in the mid-20’s, hitting a nearly 2-year high of 33 cents in early trading with results pending from Area 52 drilling next to Wallbridge Mining’s (WM, TSX) Fenelon Property…Balmoral will also have a powerful new neighbor in Kirkland Lake Gold through its buyout of Detour…the Venture, continuing to trade within a 540 to 520 support band, is up 2 points a 532Victoria Gold (VIT, TSX-V) reported this morning that excluding pre-development work, approximately 4.4 million tonnes of material has already been mined from the Eagle pit in the Yukon including approximately 2.2 million tonnes of ore…the mine plan is performing to expectations including the waste to ore strip ratio…ore Gold grade to the heap pad is on plan and early grade reconciliations continue to perform well between actual mining results and the published resource estimate…production to date is 10,400 ounces of Gold and 1,600 ounces of Silver…the company’s cash inflows and precious metal sales exceed cash operating costs and sustaining capital…Canopy Growth (WEED, TSX; CGC, NYSE) reported this morning that it has received its operating and secure storage licence from Health Canada for its 150,000 sq. foot beverage facility located at company headquarters in Smiths Falls, Ontario…the new facility is operational and will begin producing cannabis-infused beverages immediately…the beverage facility adds to the complement of cannabis production facilities in Smiths Falls including a regional distribution centre with automated excise stamp lines, an automated manufacturing facility, a state-of-the-art bean-to-bar chocolate factory, and a first-of-its-kind Visitors Centre…WEED is up 42 cents at $24.90 as of 7:00 am Pacific…the average cannabis stock is down by about 60% over the past 8 months, wiping out nearly $60 billion in market capitalization from a group of 90 Canadian and U.S. stocks…

6. Another  important reason for Gold to continue its upward primary trend: After climbing above $250 trillion in the 1st half of 2019, the amount of global debt that’s owed by governments, the financial sector and non-financial sector is now forecast to touch a record $255 trillion by year’s end, according to the Washington, D.C.-based Institute of International Finance (IIF)…this mind-boggling sum is the equivalent of 320% of total global economic activity – the highest level ever, according to the IIF…to put it another way, for every $1 that’s produced today, an additional $3.20 in debt is created and thrown atop the heap…this cannot be sustainable…higher debt levels have put tremendous pressure on central banks around the globe to keep monetary policy “loose” or “very loose”..

7. Choosing to go long Gold after the precious metal settles at a solid support level will pay off next year, according to TD Securities…even though the metal can weaken to as low as $1,425 in the short-term, the long-term picture is looking very supportive of prices reaching the $1,650 level, TD says in its 2020 outlook…“Our analysis still shows that $1,650/oz Gold next year is in the cards, once the weak longs get shaken out and as modest global growth assure a low rate environment and continued Fed monetary accommodation,” the bank’s strategists said…Gold’s major rebound will come in the 2nd quarter of next year, according to TD (historically, Q1 is Gold’s strongest quarter), triggered by further Federal Reserve easing, slower economic growth, and central bank Gold buying…“The likelihood that the Fed will deliver more monetary accommodation, central banks will continue to buy Gold at a record clip and investors demand in the metal to hedge against equity market volatility, weaker U.S. dollar and negative interest rates are all factors making us ready to go long – once the yellow metal firmly settles at technical support levels,” the strategists said…the bank’s outlook projects that the Fed will cut rates twice by mid-2020 in moves that will be mirrored by the European Central Bank…“U.S. economic numbers are likely to print quite weak in the coming months.  This should prompt markets to once again price in more Fed cuts.  Weaker U.S. growth should continue to keep fiscal deficits elevated.  This along with the potential of a Democratic win next election season implies that markets will worry about monetization via a modern monetary theory framework, which typically is remedied by Gold as a hedge”, TD concluded…

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November 22, 2019

7 @ 7:00

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

1. Gold has traded between $1,464 and $1,474 so far today…as of 7:00 am Pacific, the yellow metal is up $an ounce at $1,465 as it continues to consolidate above important support at $1,450…Silver is off 2 pennies at $17.06…Nickel has climbed 9 cents to $6.61…Copper is up 2 pennies at $2.65 while Zinc and Cobalt are both unchanged at $1.06 and $16.10, respectively…Crude Oil has retreated 30 cents a barrel to $58.28 while the Dollar Index is flat at 98.02…The Bank of Canada predicts that trade battles will leave lasting scars on the global economy, including the permanent loss of more than $1 trillion in output by 2021…Bank of Canada Governor Stephen Poloz said yesterday that certain policies that have been put in place “will have permanent effects.  We think by the end of next year we will have lost over a trillion dollars globally in output,” he stated during a fireside chat at an Ontario Securities Commission conference in Toronto…”And that’s gone forever”…all the more reason dysfunctional and “progressive” Canada needs to get its own act together by removing inter-provincial trade barriers and addressing over-regulation, high taxation, poor productivity, a deteriorating investment climate, and the huge problem of resources that can’t get to market…U.S. imports from mainland China shrunk 13.4% year-on-year through the first 3 quarters of 2019, according to IHS Markit, but Vietnam is replacing some of that lost trade…in the first 9 months of 2019, U.S. imports from Vietnam jumped 34.8%, accelerating from a 5.8% gain in all of 2018…Vietnam’s fastest growing export categories to the U.S. are computers, telephone equipment and other machinery…U.S. consumer sentiment, which drives two-thirds of the economy, beat expectations in November, according to data released moments ago by the University of Michigan…the university’s index of consumer sentiment climbed to 96.8 from 95.5 last month…

2. U.S. equity markets opened higher this morning on news that Chinese President Xi Jinping called for Beijing and Washington to strengthen, prompting cautious optimism that negotiations between the world’s 2 biggest economies may advance…the U.S. and China are a critical juncture and should avoid misunderstandings while pushing relations in the “right direction”, Xi said today during a meeting with former Secretary of State Henry Kissinger, according to state media…China’s top leader also said his country has “been working actively to try not to have a trade war”, according to reports from Reuters and Bloomberg News on comments made at a forum in Beijing…China wants to work toward an initial deal on the basis of “mutual respect and equality”, he said, in a rare set of remarks about the trade negotiations…investors are reconciling themselves to an accord not materializing by the end of 2019 after conflicting signals on the progress of the negotiations this week dampened market sentiment and weighed on global stocks…more U.S. tariffs are scheduled to take effect December 15

3. How ironic – Quebec, the self-proclaimed “green” state, is starting to panic at the realization it may run out of a fossil fuel in less than a week…the ongoing strike at Canadian National Railway is choking off the province’s supply of propane, creating an “emergency” situation for hospitals, farms and nursing homes, Premier Francois Legault said…Quebec’s dwindling propane reserve, 85% of which is supplied by rail, comes as the work stoppage by 3,200 CN conductors, train and yard workers continues…speaking to reporters in Quebec City, Legault urged the Trudeau government to “accelerate negotiations” between the Teamsters union and the company and if necessary, to pass back-to-work legislation ahead of Parliament’s return on December 5“What I’m saying is we cannot afford a strike for many days,” Legault said…“So I think we have to be open to a special law.  So I am asking the opposition parties in Ottawa to support Mr. Trudeau if we cannot conclude an agreement with the union soon”…just a week ago, Bloc Quebecois Leader Yves-Francois Blanchet, a separatist, socialist and naive Oil Demand Denier, continued to sow the seeds of Western alienation with this comment: “If they were attempting to create a green state in Western Canada, I might be tempted to help them.  If they are trying to create an Oil state in western Canada, they cannot expect any help from us”…the reality of Blanchet’s imaginary Quebec is that it is as much an Oil and fossil fuel state as Alberta – it just pretends to be “pure”, lets others produce, and eagerly takes welfare from Alberta’s Oil riches in the form of equalization payments…torrents of Oil pour into Quebec every day, much of it coming up the St. Lawrence in tankers, the same kind of tankers that are banned by lefty Trudeau from taking Alberta Oil off the north coast of British Columbia…Quebec’s biggest source of Oil is the Alberta Oil sands…it travels to refineries in Montreal via a long tube known as a pipeline…

4. The Dow is up 65 points through the first 30 minutes of tradingBridgewater Associates LP, a hedge fund founded by billionaire Ray Dalio, has bet more than $1 billion that stock markets around the world will fall by March, the Wall Street Journal reported this morning…Bridgewater could be right, but that would likely also mean significantly higher precious metal prices…in Toronto, the TSX is 29 points lower…the Venture, continuing to trade within a 540 to 520 support band, is off a point at 528Canada Cobalt (CCW, TSX-V), on the verge of closing a game-changing deal to acquire the PolyMet facility in Cobalt, has touched a new 8-month high of 43 cents…the stock continues to show strong momentum entering a 2nd major new drill program at the Castle Property, following up on a 3.1 m drill intersection (core length) grading nearly 200 oz/ton at a vertical depth of about 400 m within 2 km of 3 past producing Silver mines that historically churned out 70 million ounces of the metal…Benchmark Metals (BNCH, TSX-V) is up a nickel at 33 cents in early trading after announcing that it has cut 30.2 g/t Au and 1,361 g/t Ag over 2.95 m core length in the Amethyst Gold Breccia (AGB) zone at its Lawyers Gold Project in north-central British Columbia…that intersection started 230 m downhole…higher up in the hole, drilling cut 42.1 m grading 1.1 g/t Au and 41.6 g/t Ag…CEO John Williamson stated, “Drilling at AGB continues to yield fantastic results below and along strike from the historical mining.  Our drilling is demonstrating strong continuity of the mineralizing system beyond its previously known extents and identifying historically unrecognized bulk-tonnage potential, representing a significant opportunity to add Gold and Silver ounces to the Lawyers Project”…

5. More solid results from Skeena Resources (SKE, TSX-V) from ongoing drilling at Eskay Creek including 9.1 g/t Au and 348 g/t Ag over 9.8 m (SK-19070), 6.1 g/t Au and 72 g/t Ag over 15.8 m (SK-19099), and 9.9 g/t Au and 737 g/t Ag over 17 m (SK-19139) including 171.5 g/t Au and 12,320 g/t Ag over 0.83 m…3 surface drill rigs are being used for this program in the 21A, 21E and hangingwall (HW) zones to infill and upgrade areas of Inferred resources to the Indicated classification…meanwhile, the lower mudstone horizon at Eskay continues to develop…the latest testing of this important unit has again intersected additional mineralization below the 21A zone…drill hole SK-19068 intersected a wide interval of lower mudstone, with mineralization averaging 7.5 g/t Au and 11 g/t Ag over 3.7 m, including 17 g/t Au and 18 g/t Ag over 1 m…this interval occurs approximately 30 m north of previously reported drill hole SK-19063 which averaged 313 g/t Au and 95 g/t Ag over 2.2 m including an individual sample with considerable visible Gold grading 1,380 g/t and 322 g/t Ag over 0.5 m (core lengths, 80% to 100% true thickness)…this secondary and less explored mineralized mudstone horizon could ultimately prove to be quite significant.  The lower mudstone is regionally extensive and averages 5 to 15 m in true thickness…it is situated approximately 100 m below the Eskay Creek deposits and has been traced by historical drilling for over 5,000 m along strike…

6. Choosing to go long Gold after the precious metal settles at a solid support level will pay off next year, according to TD Securities…even though the metal can weaken to as low as $1,425 in the short-term, the long-term picture is looking very supportive of prices reaching the $1,650 level, TD says in its 2020 outlook…“Our analysis still shows that $1,650/oz Gold next year is in the cards, once the weak longs get shaken out and as modest global growth assure a low rate environment and continued Fed monetary accommodation,” the bank’s strategists said…Gold’s major rebound will come in the 2nd quarter of next year, according to TD (historically, Q1 is Gold’s strongest quarter), triggered by further Federal Reserve easing, slower economic growth, and central bank Gold buying…“The likelihood that the Fed will deliver more monetary accommodation, central banks will continue to buy Gold at a record clip and investors demand in the metal to hedge against equity market volatility, weaker U.S. dollar and negative interest rates are all factors making us ready to go long – once the yellow metal firmly settles at technical support levels,” the strategists said…the bank’s outlook projects that the Fed will cut rates twice by mid-2020 in moves that will be mirrored by the European Central Bank…“U.S. economic numbers are likely to print quite weak in the coming months.  This should prompt markets to once again price in more Fed cuts.  Weaker U.S. growth should continue to keep fiscal deficits elevated.  This along with the potential of a Democratic win next election season implies that markets will worry about monetization via a modern monetary theory framework, which typically is remedied by Gold as a hedge”, TD concluded…

7.  The U.S. House Judiciary Committee approved a bill Wednesday that legalizes marijuana on the federal level, removing it from Schedule 1 of the Controlled Substances Act…the legislation, which passed 24 to 10, has a high chance of approval in the full House where Democrats control the chamber with 234 seats…it’s likely to face a tougher battle in the Republican-controlled Senate where Majority Leader Mitch McConnell opposes marijuana legalization…the legislation allows states to enact their own policies and gives them incentives to clear criminal records of people with low-level marijuana offences…it also includes a 5% tax on cannabis products that would provide job training and legal assistance to those hit hardest by the war on drugs…according to the American Civil Liberties Union, marijuana arrests account for more than half of all drug arrests in the United States…lawmakers on Wednesday repeatedly cited the disproportionate impact drug laws have had on communities of color, saying that decriminalizing marijuana helps alleviate some of that imbalance…

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November 21, 2019

7 @ 7:00

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

1. Gold has traded between $1,466 and $1,475 so far today…as of 7:00 am Pacific, the yellow metal is off $4 an ounce at $1,468 as it continues to consolidate above important support at $1,450…Silver is off 4 pennies at $17.09…Nickel is up cents at $6.50 after slipping as low as $6.38…Copper has retreated 3 cents to $2.63…Zinc is flat at $1.06 while Cobalt remains steady at $16.10…Crude Oil has jumped 78 cents a barrel to $57.79 on reports OPEC may extend its cuts while the Dollar Index has slipped one-tenth of a point to 97.82…unprecedented investment demand has helped to transform the Platinum market, shifting what was expected to be a surplus into a small deficit, according to the latest data from the World Platinum Investment Council (WPIC)…in economic data released this morning, the Philadelphia Federal Reserve’s manufacturing business outlook survey rose to a better-than-expected 10.4 in November…any reading above zero points to improving conditions…the Wall Street Journal reported this morning that China’s chief trade negotiator has invited his American counterparts for a new round of face-to-face talks as both sides are struggling to strike a limited deal to help de-escalate tensions between the world’s 2 largest economies…U.S. negotiators have indicated they would be willing to meet in person but that they would be reluctant to trek across the Pacific unless China makes it clear that it would make commitments on intellectual-property protection, forced technology transfers and agricultural purchases…Chinese Commerce Ministry spokesman Gao Feng said today that the 2 sides have been keeping in close touch…Chinese officials hope the in-person negotiations can take place before next Thursday’s Thanksgiving holiday in the U.S., but the U.S. side hasn’t committed to a date…

2. Former U.S. Secretary of State Henry Kissinger told an audience in Beijing today that China and the United States are in the “foothills of a Cold War”, warning that the current trade battle between the 2 nations could escalate into an armed conflict worse than World War I if left unresolved…Kissinger, who as President Nixon’s Secretary of State flew to Beijing to begin trade talks with Communist China in 1971, gave his take on modern U.S.-Chinese relations at the Bloomberg New Economy Forum…“If conflict is permitted to run unconstrained, the outcome could be even worse than it was in Europe,” he said…“World War I broke out because of a relatively minor crisis, and today the weapons are more powerful.  That makes it, in my view, especially important that a period of relative tension be followed by an explicit effort to understand what the political causes are and a commitment by both sides to try to overcome those.  It is far from being too late for that, because we are still in the foothills of a cold war”China has taken issue with Washington over Congress’ passage of a bill aimed at protecting human rights in Hong Kong amid an escalating pro-democracy movement in the semiautonomous Chinese city…the U.S. has also criticized the detention of Muslims in China’s Xinjiang region, and both nations remain locked in a contentious strategic competition in the South China Sea…

3. Choosing to go long Gold after the precious metal settles at a solid support level will pay off next year, according to TD Securities…even though the metal can weaken to as low as $1,425 in the short-term, the long-term picture is looking very supportive of prices reaching the $1,650 level, TD says in its 2020 outlook…“Our analysis still shows that $1,650/oz Gold next year is in the cards, once the weak longs get shaken out and as modest global growth assure a low rate environment and continued Fed monetary accommodation,” the bank’s strategists said…Gold’s major rebound will come in the 2nd quarter of next year, according to TD (historically, Q1 is Gold’s strongest quarter), triggered by further Federal Reserve easing, slower economic growth, and central bank Gold buying…“The likelihood that the Fed will deliver more monetary accommodation, central banks will continue to buy Gold at a record clip and investors demand in the metal to hedge against equity market volatility, weaker U.S. dollar and negative interest rates are all factors making us ready to go long – once the yellow metal firmly settles at technical support levels,” the strategists said…the bank’s outlook projects that the Fed will cut rates twice by mid-2020 in moves that will be mirrored by the European Central Bank…“U.S. economic numbers are likely to print quite weak in the coming months.  This should prompt markets to once again price in more Fed cuts.  Weaker U.S. growth should continue to keep fiscal deficits elevated.  This along with the potential of a Democratic win next election season implies that markets will worry about monetization via a modern monetary theory framework, which typically is remedied by Gold as a hedge”, TD concluded…

4. SilverCrest Metals (SIL, TSX) has cut 8.6 m (true width) grading 7,873 g/t AgEq, outside the current resource estimate and a new record for the Las Chispas Property in Sonora, Mexico…the current drill program on the Las Chispas and Giovanni veins is designed to expand high-grade precious metal mineralization by stepping out from historic underground workings along the down plunging mineralized trend towards intact and previously un-mined areas…results released this morning have established an initial footprint for this newly defined high-grade zone (now called Area 118) within a lower horizon of the Las Chispas and Giovanni veins…the approximate high-grade footprint of Area 118 is 300 m along strike by 125 m in height and includes 2 adjacent and intersecting veins, Las Chispas and Giovanni….the weighted average (true width, uncut and undiluted grades) of the defined initial high-grade footprint in this zone is 1.6 m grading 16.5 g/t Au and 1,837 g/t Ag, or 3,078 g/t AgEq…previously, hole BA18122 in the Babicanora Area was the best intercept on the property…it returned an impressive 9.3 m (true width) intercept grading 6,336 g/t AgEq…despite a limited amount of exploration work done in Area 118 to date, this morning’s results outline the potential to delineate a new high-grade resource…CEO Eric Fier stated, SilverCrest began drilling this district less than 4 years ago, and this recent discovery shows that there remains significant untested potential to add high-grade resources in the district.  High-grade mineralization in Area 118 also suggests potential to extend the high-grade conceptual production profile as outlined in the first 5 years of the PEA.  Given the value adding potential, we will attempt to include this work for reserve estimation in the ongoing feasibility study expected in Q2 2020.  With a substantial backlog of in-fill and expansion holes in the lab along with a 17-rig drill program, we look forward to a constant news flow on an ongoing basis”SIL has jumped 32 cents to $7.72 as of 7:00 am Pacific

5. The Dow is off 29 points through the first 30 minutes of tradingTarget (TGT, NYSE) hit the bull’s eye yesterday…the big-box retailer surged 14%, hitting an all-time intraday high after posting earnings and sales results for its fiscal 3rd quarter that handily beat Wall Street estimates…it’s up again in early trading today…in Toronto, the TSX is 22 points lower…the Gold Index, off 2 points at 245, is aiming for its 4th straight winning session…infill drilling by K92 Mining (KNT, TSX-V) in the southern part of Kora North, where extremely high grades are being documented, has returned 13 m (6.15 m true width) of 288.7 g/t Au, 104 g/t Ag and 0.77% Cu…KNT is up 11 cents at $2.13…John Lewins, K92 CEO, stated, “The reported results continue to demonstrate the high-grade pedigree and continuity of the Kora/Kora North system.  The results also highlight the high potential for the mineralization to extend to depth, up-dip of Kora North and along strike to the south”…the Venture is up 4 points at 528 as cannabis stocks rebound for a 2nd straight day…Bee Vectoring Technologies (BEE, TSX-V) is off a penny at 43 cents…the stock firmed up yesterday on news that the company has sold out its planned Florida allocation of commercial bumblebee hives with its proprietary bee delivery system and Vectorite with CR-7…multiple Florida strawberry growers, including a 2nd top-tier producer to adopt the technology, will be using the system on a combined 150 acres of conventional and organic fields….

6. TSX company gets scammed in cyberattack for $2.1 million...Waterloo Brewing (WBR, TSX) reported this morning that it has been subject to a social engineering cyberattack by a sophisticated 3rd party that resulted in a $2.1 million wire transfer of the company’s funds to a fraudulent 3rd party account…to date, the company has not recovered any of the money…upon becoming aware of the incident this week, Waterloo initiated an analysis of all other transaction activity across all of its bank accounts, as well as a review of its internal systems and controls, including its computer networks…Waterloo has engaged its third-party IT services provider to conduct an independent investigation of the company’s systems and is working with its auditors and bank to ensure that appropriate steps have been taken to mitigate the chance of any future occurrences of similar cyberattacks…at this time, the company does not believe that its systems were breached or that any personal information of its customers is at risk…Waterloo added that it does not expect this incident to have a material impact on its business going forward or otherwise impact its near-term liquidity requirements or its ongoing operations…

7. Prime Minister Justin Trudeau has rolled out his new cabinet…of course Quebec is rewarded with a 25% jump in representation while the West gets screwed again…that’s the playbook of the Laurentian elites…meanwhile, Seamus O’Regan, who has no experience in the resource sector, was named Canada’s newest minister of Natural Resources, moving from Indigenous Services…at least he has wasted no time in visiting Calgary…he’s in Calgary today and plans on meeting with Alberta Energy Minister Sonya Savage tomorrow…“We are very proud of the number of Newfoundlanders and Labradorians who have helped build a great and proud industry in Alberta and Saskatchewan,” he said…those are accurate and nice words, but then he added, “We have to figure out, in a time when many Canadians are concerned with climate change, how we ensure their prosperity and their stability while, at the same time, meeting the concerns surrounding this transition” (our emphasis)…on a mission to “save the planet”, as opposed to saving Canada, the globalist Liberals are bent on transitioning the Canadian economy off fossil fuels…more of the same coming from this new minority Liberal government, unfortunately, which will only further damage the economy and fan the flames of Western alienation…

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