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May 16, 2019

7 @ 7:00

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

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

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

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

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

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

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

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

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  1. the financing for GEMC will not proceed . but deal is still underway for free? not well explained by GEMC

    Comment by david — May 16, 2019 @ 11:09 am

  2. Yes, of course the deal proceeds, David, and that’s why the Re-2OX program is already in progress as highlighted in the news (with more details to follow)…it’s a $200,000 deal and CCW chose to put three-quarters of that back into a PP at 7.5 cents which the Exchange won’t allow…they’ll either find a different way to acquire shares or it just stays as is…

    Comment by Jon - BMR — May 16, 2019 @ 11:48 am

  3. Jon, any thoughts on the IMR results? Obviously not good enough to get the market excited but some hope for the other targets they have.

    Comment by Danny — May 16, 2019 @ 12:59 pm

  4. With RE-2Ox’s ability to recover minerals over 99%, would be interesting to see what GEMC can come up with if they’ve got a lot of the goods with those big grades…

    Comment by flyinthruu — May 16, 2019 @ 1:02 pm

  5. For sure, Danny, this is a big project and to find that kind of encouragement on first-ever holes drilled into such a small part of it is definitely very positive. What I don’t like is how IMR management has adopted a heavy European focus as far as its marketing/corporate strategy is concerned – this started with an institutional investor announced in March PP, and it hasn’t served them well so far…

    Comment by Jon - BMR — May 16, 2019 @ 4:29 pm

  6. Jon, thanks for honest assessment. Always good to look at the positives and negatives. Appreciate it.

    Comment by Danny — May 16, 2019 @ 4:41 pm

  7. https://business.financialpost.com/commodities/mining/cash-crunch-canadas-shrinking-junior-mining-sector-struggles-for-relevance-and-deals – reading stuff like this is a good reminder for impatient newbies like myself. Frank doing a good job finding revenue opps to ensure minimal financing needrd and secure deals.

    Comment by flyinthruu — May 16, 2019 @ 5:06 pm

  8. Nice detailed update from GTT about how they got to where they are and what they plan to do next w the millions from NEM

    Comment by david — May 17, 2019 @ 4:17 am

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