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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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  1. Next week could get interesting – this sends a message I think!


    May 10, 2019 – Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that it has added approximately 4,800 hectares to its Castle mine land package, more than doubling the total size from 29.6 sq. km to approximately 78 sq. km.

    A new map of the Gowganda Camp, showing the holdings of Canada Cobalt and others, will be posted on the Canada Cobalt web site (www.CanadaCobaltWorks.com) later today.

    The additional strategic contiguous ground is to the north and northeast. Most of it (approximately 4,200 hectares) was acquired in a deal with a local prospector for $15,000 cash and 200,000 shares of Canada Cobalt, subject to the approval of the TSX Venture Exchange. The balance (approximately 600 hectares) was acquired through staking. All shares issued are subject to a four month and a day hold period pursuant to applicable securities laws.

    Canada Cobalt eagerly anticipates providing more property results in the near future.

    Qualified Person

    The technical information in this news release was prepared under the supervision of Frank J. Basa, P. Eng., Canada Cobalt’s President and Chief Executive Officer, who is a member of Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101.

    About Canada Cobalt Works Inc.

    Canada Cobalt is focused on immediate and longer-term value drivers at its past producing Castle mine and adjoining land package in the historic Northern Ontario Silver-Cobalt district, Canada’s cobalt heartland since the start of the electric vehicle revolution. The Canada Cobalt “advantage” includes underground access at Castle, an innovative tailings program with a plan to recover silver, gold and cobalt, a recently installed pilot plant to produce gravity concentrates on site, a proprietary hydrometallurgical process known as Re-2OX, and exciting exploration discovery potential at Castle East.

    “Frank J. Basa”
    Frank J. Basa, P. Eng.
    President and Chief Executive Officer

    For further information, contact:
    Frank J. Basa, P.Eng.,
    President and CEO
    1-819-797-4144, or

    Wayne Cheveldayoff,
    Corporate Communications,

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

    Comment by Buckshot — May 10, 2019 @ 12:03 pm

  2. “Canada Cobalt eagerly anticipates providing more property results in the near future.”

    Comment by flyinthruu — May 10, 2019 @ 12:13 pm

  3. That is interesting. What I hope is the reason they weren’t releasing any more drill results is because they wanted to acquire more land first, because the results are good. That is what I am hoping for.

    Comment by Danny — May 10, 2019 @ 1:01 pm

  4. https://www.youtube.com/watch?v=ONTXMYDNO-g – Check out 6-7:15 minute mark for new zone – Frank Basa CCW – curious if this ties into this land package purchase.

    Comment by flyinthruu — May 10, 2019 @ 1:04 pm

  5. Hi Jon
    It sounds like CCW just did an end run around its neighbors. What is the significance ?

    Comment by donald — May 10, 2019 @ 1:17 pm

  6. nice – but you could do it like FMC – make a deal w a major for $30MM and before its released publicly, stake the crap out of the rest of the prospective open ground for Cu on thier behalf. Cmon Frank , show us who your hanging out with and what are you going to do with this new stuff?

    Comment by david — May 10, 2019 @ 1:31 pm

  7. This land grab could very well be the reason behind the new discovery assay delay…

    Comment by Jon (not BMR Jon) — May 10, 2019 @ 1:43 pm

  8. Jon…the new ground appears to be several Kms N/E of the New Zone, with
    ground held by Battery Minerals and others in between, as such I can’t see
    why this acquisition should have influenced the release of New Zone assays.
    However, I could be off track here and am open to your further interpretation
    of Franks timing. As a holder of CCW I do hope the holding of very good results
    is related negotiations for ground.

    Comment by bob — May 10, 2019 @ 4:07 pm

  9. If u hit in one area, Bob, other locations in the general vicinity that have been overlooked suddenly become a lot more interesting. I’m sure some geological reinterpretations have taken place – they wouldn’t do unnecessary dilution.

    Comment by Jon - BMR — May 10, 2019 @ 5:02 pm

  10. Busy weekend, and Happy Mother’s Day to all the moms out there!

    Daniel’s in Nevada, while Jon has been attending a major event for investors over the weekend in Vancouver put on by one of the Eskay Camp companies (details in a post later today)…

    Week In Review And A Look Ahead this afternoon…no Sunday Sizzler due to weekend event but watch for additional post(s) later today…

    Comment by Jon - BMR — May 12, 2019 @ 5:34 am

  11. Sounds interesting, looking forward to hearing about it …& From Daniel as well

    Comment by Silverhook — May 12, 2019 @ 7:52 am

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