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June 12, 2019

7 @ 7:00

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

1. Gold has traded between $1,329 and $1,339 so far todayas of 7:00 am Pacific, bullion is up $6 an ounce at $1,332…Silver is 4 cents higher at $14.76…Copper, Nickel and Zinc are relatively unchanged at $2.65, $5.36 and $1.21, respectively…Crude Oil has slipped $1.01 a barrel to $52.26 while the U.S. Dollar Index has added one-tenth of a point to 96.79…the shale revolution powered U.S. Oil and gas production in 2018 to the largest annual increases ever recorded by any country, according to energy giant BP…surging global energy demand is fueling the production boom, even as Oil and gas prices rise and economic growth slows, according to BP’s annual statistical review published yesterday…world-wide demand for energy grew 2.9% in 2018, its fastest rate since 2010…unusual weather spurred some of the stronger-than-expected growth, as a greater number of extremely hot and cold days drove up air conditioning and heating use around the world, particularly in China, the U.S. and Russia, the company said…in the U.S., energy consumption rose by 3.5% in 2018, with Oil at 20.5 million barrels a day and a total of 817 billion cubic m of gas consumed during the year…Natural gas dominated 2018’s energy growth, accounting for almost half of total demand growth as the world continues to pivot toward the cleaner-burning fuel…

2. U.S. inflation remains muted:  Consumer prices barely rose in May as a rebound in the cost of food was offset by cheaper gasoline, pointing to weak inflation that could increase pressure on the Federal Reserve to cut interest rates…the Labor Department said this morning that its consumer price index edged up 0.1% last month…the CPI gained 0.3% in April…in the 12 months through May, the CPI increased 1.8%, slowing from April’s 1.9% gain…excluding the volatile food and energy components, the CPI nudged up 0.1% for the 4th straight month…the so-called core CPI was held down by a sharp decline in the prices of used motor vehicles and trucks as well as medical care products…in the 12 months through May, the so-called core CPI rose 2.0% after advancing 2.1% in April…the Fed’s preferred inflation measure, the core personal consumption expenditures (PCE) price index, increased 1.6% in the year to April…data for May will be released later this month…the core PCE price index has consistently been running below the Fed’s 2% target…

3. Crystal Lake Mining (CLM, TSX-V) has kicked off its 2019 exploration program in the Eskay Camp, announcing that one of several high priority zones is the newly-defined Chachi Corridor on the northeastern side of the 430 sq. km Newmont Lake Project…this is shaping up to be a significant new discovery shortly after the find at Burgundy Ridge approximately 15 km to the west-southwest…Chachi is a large Copper-Gold porphyry target, with high-grade Gold potential, trending northeast along the McLymont Fault system…it has a current strike length of greater than 8 km x 3 km wide, based on historic data (rocks, soils, geophysics), and features glacial retreat of approximately 2 to 4 km since parts of it were last investigated with ‘boots on the ground’ in 2008…a team of approximately 20 at any given time will be exploring and validating the Chachi Corridor ahead of a major drill program…Phase 1 consists of extensive prospecting, lithological and alteration mapping, airborne and ground geophysics, and geochemical and alteration vectoring using the latest in-field mobile and hyper spectral and XRF technology to quickly define targets for summer drilling…limited historic rock sampling on the eastern side of the Corridor returned values up to 14.2 g/t Au, with 8 of 28 samples grading >8 g/t…Richard Savage, President and CEO, commented, “The right people, the right area, the right time – we’ve assembled an amazing team that’s planning an expansive initial exploration program that will be systematic and discovery-driven, applying state of-the-art exploration strategies”CLM is up a penny-and-a-half at 35 cents in early trading…

4. The Dow is flat as of 7:00 am Pacific…in Toronto, the TSX is off 28 points…Kirkland Lake Gold (KL, TSX) has hit a new high of $52.17 in early trading as Gold stocks push higher again…the Venture has added 1 point to 590Great Bear Resources (GBR, TSX-V) has arranged a bought deal flow-through financing to raise $5.45 million at a price of $5.45 per share…Chris Taylor, President and CEO of Great Bear, stated, “By raising an additional $5.5 million, we will have over $15 million in cash on hand and will have funded the expansion of our ongoing drill program by an additional 30,000 m, for a new total of 90,000 m of drilling.  Coupled with the potential for an additional $7.8 million from warrant exercise, Great Bear will remain very well funded with the flexibility to significantly expand and extend our drilling as required.  We are strongly positioned to benefit from one of our industry’s most significant exploration drill campaigns through 2019 and 2020″GBR is off 2 pennies at $4.14 through the first 30 minutes of trading…May statistics show that the Venture welcomed 9 new issuers (7 capital pool companies, 1 mining company and 1 life sciences company) in May compared with 10 the previous month and 13 in May 2018…total financings raised last month decreased by 22%, compared with the previous month, and were down by 48% when compared with May 2018…there were 126 financings in May 2019 compared with 133 in the previous month and 117 in May 2018

5. According to news reports, the Trudeau government is rejecting almost all of the 187 amendments proposed by Conservative senators to controversial Bill C-69, a seriously flawed piece of pending legislation that will make it nearly impossible to ever build another Oil and gas pipeline in this country…about 90% of the Conservative amendments will not be agreed to, including allowing the new Impact Assessment Agency flexibility to decide whether to take into account a project’s effect on Indigenous rights or “climate change”…the government is also rejecting amendments that would make it harder to challenge a project approval in court and limit who can participate in review hearings…Conservative senators, the Canadian Association of Petroleum Producers and 5 Conservative premiers have all said that every single amendment has to be accepted or the bill will be the death knell for Canada’s Oil and gas sector…

6. What was dubbed by organizers as the largest pro-Oil and gas rally in Canadian history carried a unified national message yesterday afternoon, as politicians from across the country promised to take the energy sector’s message straight to Ottawa…organized by Canada Action, up to 4,000 people attended the rally held outside the annual Global Petroleum Show on the Calgary Stampede grounds, chanting the familiar “build that pipe” message and carrying signs protesting proposed federal legislation many believe would be detrimental to Canada’s Oil and gas sector…speakers included conservative politicians from across Canada, including B.C., Saskatchewan, Ontario and Quebec…“When you look around, this is what community support looks like.  This is what standing up for a balanced conversation about the energy sector looks like,” said Cody Battershill of Canada Action“This is not an Alberta conversation.  This is a Canadian conversation”…many speakers took aim at Bill C-48, which would forbid the export of Alberta petroleum products off B.C.’s north coast, and Bill C-69, which seeks to overhaul Canada’s environmental assessment process for major resource sectors…in just 4 months Canadians will head back to the polls and will have a chance to take their country back…

7.  Canada’s DeepGreen Metals, a start-up planning to extract Cobalt and other battery metals from small rocks covering the seafloor, has secured the bulk of the $150 million it needs to carry out its first feasibility studies…the financing, provided by Switzerland-based offshore pipeline company Allseas Group, is a welcome sign of progress for the deep sea mining sector, which has been stalled due to regulatory uncertainty and environmental concerns…unlike other seafloor mining companies, including pioneer Nautilus Minerals, the Vancouver-based explorer doesn’t want to drill, blast or dig the bottom of the ocean…DeepGreen’s main goal is to scoop up small metallic rocks located thousands of meters below the surface in the North Pacific Ocean…its exploration focus is the Clarion-Clipperton Zone (CCZ), a mineral-rich, 4,000-km swath of the Pacific that stretches from Hawaii to Mexico, where billions of potato-sized metals-rich rocks lie in a shallow layer of mud on the seafloor…the deep sea, more than half the world’s surface, contains more Cobalt, Nickel, Copper, Manganese and Rare Earth metals than all land reserves combined, according to the U.S. Geological Survey…companies exploring or already developing projects to mine the seafloor argue the extraction of those deep-buried riches could help diversify the sources currently supplying metals needed for electronics and evolving green technologies, such as electric vehicles and solar panels…academics and scientists, however, are concerned by the lack of research on the possible impacts of high seas mining…they fear the activity could devastate fragile ecosystems that are slow to recover in the highly pressurized darkness of the deep sea, as well as having knock-on effects on the wider ocean environment…“Our partnership with Allseas will ultimately help us open up a new, disruptive source of battery metals for the green revolution and transform the mining industry as we know it,” said DeepGreen’s Chairman and CEO, Gerard Barron…

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  1. Be interesting when CLM gets a drill turning into new exposed areas from the retreat of glaciers, seems them glaciers have been hiding some goods…. and with the infrastructures in place now should be a great season in the Golden Triangle…

    Comment by Silverhook — June 12, 2019 @ 7:29 am

  2. At risk of repeating myself, nice volume on GGM this morning, and look like a confirmation of breaking out the downtrend. Any chance of a chart, for the long term subscribers?

    Comment by rgiroux — June 12, 2019 @ 7:56 am

  3. Actually, biggest daily volume of the past 3 years, and day not over yet…

    Comment by rgiroux — June 12, 2019 @ 7:58 am

  4. glacial retreat of approximately 2 to 4 km since parts of it were last investigated with ‘boots on the ground’ in 2008…

    No global warming to be seen here. Let’s everybody move along, while we benefit from this ‘mysterious’ ‘retreat’.

    Comment by Carl N — June 12, 2019 @ 8:00 am

  5. GGM up on huge volume with no news, any thoughts on this? I know it was a darling of BMR some time ago.

    Comment by Mike — June 12, 2019 @ 9:46 am

  6. IAMGOLD delivered some really nice results this morning from the adjoining Yorbeau Property, Mike, which does underscore the high-grade potential of Granada to the north of the open-pit resource…

    Drill hole GA-19-693: 10.9 metres grading 6.6 grams per tonne gold includes: 4.2 metres grading 12.1 g/t Au
    Drill hole GA-19-694: 29.7 metres grading 9.0 g/t Au includes: 11.1 metres grading 17.5 g/t Au includes: 3.0 metres grading 53.0 g/t Au
    Drill hole GA-19-699: 12.8 metres grading 3.7 g/t Au includes: 5.0 metres grading 7.9 g/t Au includes: 1.6 metres grading 16.8 g/t Au
    Drill hole GA-19-715: 3.3 metres grading 9.0 g/t Au includes: 0.8 metre grading 35.9 g/t Au

    Comment by Jon - BMR — June 12, 2019 @ 10:24 am

  7. Carl N. , agree.
    For a newsletter touting money to be made from glacial retreat, it’s pretty odd that BMR still acts like climate change is made up.

    Comment by Gojira — June 12, 2019 @ 1:04 pm

  8. The left really loves to push the fear of “climate change”, Gojira – it’s part of a broader political agenda as AOC clearly lays out in the Green New Deal, and of course Trudeau has used it for his purposes…it’s obvious that temperatures have been warming up over the past few decades – we’re not denying that – but “climate change” has been happening for centuries (periods of cooling, periods of warming)…as for making money on “climate change” in Northwest B.C. – as least we’re open about it…many on the left are not…

    Comment by Jon - BMR — June 12, 2019 @ 1:16 pm

  9. Any idea when you’ll be in Ontario Jon?

    Comment by Jon (not BMR Jon) — June 12, 2019 @ 1:35 pm

  10. As soon as I stop admiring the melting glaciers up here, Jon (lol)…

    Pretty soon.

    Comment by Jon - BMR — June 12, 2019 @ 1:47 pm

  11. That was a COOL reply Jon.. right on!!

    Comment by Laddy — June 12, 2019 @ 3:30 pm

  12. BC needs something to get excited about
    Mills are closing and shutdowns every day…go for the gold ?

    Comment by Silverhook — June 12, 2019 @ 5:13 pm

  13. I was going to comment on this but it seems like 50% of my comments don’t get posted anymore so I will stop posting. Cheers

    Comment by Danny — June 12, 2019 @ 6:18 pm

  14. Danny, we’ve been on the road with occasionally quite challenging/spotty/sometimes non-existent Internet connections recently, so our apologies if something from you (and maybe some others) has been missed. We’re doing the best we can under the circumstances in order to bring some unique coverage to everyone.

    Comment by Jon - BMR — June 12, 2019 @ 7:10 pm

  15. Thanks Jon, wasn’t sure why. Cheers

    Comment by Danny — June 12, 2019 @ 7:16 pm

  16. Yes silverhook, used to haul chips out of the vavenby mill, it’s a shame, unfortunately, I think there’s more to come .

    Comment by Laddy — June 12, 2019 @ 8:53 pm

  17. Those sound like some pretty efficient and powerful drills, lookin good.

    Comment by Laddy — June 13, 2019 @ 6:01 am

  18. They are powerful, Laddy…GGI means business this year – wouldn’t surprise me if we see something rather dramatic early on…

    Comment by Jon - BMR — June 13, 2019 @ 6:08 am

  19. Should be a great summer, he noted the expansion of drill pads, but they are starting off initially with how many drills? He doesn’t say.

    Comment by Laddy — June 13, 2019 @ 7:13 am

  20. The way I read it, more than 1 (meaning probably 2), Laddy…I made a brief stop at the Camp a few days ago and they were slinging 2 ITL rigs to Mountain Mountain…I’m hoping to get back there at some point today…

    Comment by Jon - BMR — June 13, 2019 @ 8:22 am

  21. Sounds great Jon, thx.

    Comment by Laddy — June 13, 2019 @ 9:05 am

  22. any idea why GGI cant tell us about an expected # of meters to drill ? GTT NR says 10K meters and some results expected by July. Then they detail what they are after. TUD also has a plan laid out and why in thier NR . GGI could use the same format and insert thier own stuff. The NR, while nice to have, basically says we have new drills and they will be cheaper to go after the Ni which is open all over (which we knew at the end of last season). A spark plug of a NR would have included a 3D map with targets, which we know per filings they have.

    Comment by david — June 13, 2019 @ 11:49 am

  23. Do the math, David…2 drill rigs, more daily meterage than last year, and they sure as heck aren’t going to stop in August or September…I’m thinking ITL will double the daily output of Full Force…in Regoci’s mind, and I’ve asked him about a rough number, it’s unlimited…with 2 ITL rigs, and a 3rd apparently on standby, they could easily do 20,000 m this summer vs. 11,500 last year, at the same cost or better…bottom line, if need be, they’ll do 30,000 or more if the situation warrants…they’ve got that capability…I bet we see more holes drilled this year than the last 2 years combined, and that’s exactly what needs to happen…

    Comment by Jon - BMR — June 13, 2019 @ 1:33 pm

  24. Thx. I ‘ve done the math in the past and it never seems to jive w what GGI did. But most companies have an initial plan of action. No way does GGI have 20K meters planned. They take an initial program and expand. Do we have 3 or 4 or 5 programs running based on the 4 to 5 defined areas ? After a year of pondering what A may be. there must be some plan w details ? it’s not likely to be a one hole guess and see what comes Back I suspect?
    But even saying it’s one hole and we will see, would be Nice to have. These are the things that make a market understand what your plan is.

    Comment by david — June 13, 2019 @ 2:40 pm

  25. Much is obviously driven by results, david, but the minimum is obviously last year’s total (can easily be surpassed due to new efficiencies) and the maximum is whatever they can take it to, which could certainly be 20,000 m plus. Regoci is not one to limit himself to a particular number.

    I can’t emphasize enough how much of a game-changer ITL Drilling is. I was at the Camp site this afternoon, spoke with one of the owners of the drill company. The production GGI is going to get out of these rigs is unlike anything they’ve experienced the last 2 years. It’s a whole new game at Nickel Mountain.

    So, the plan of action is this, david – drill, baby, drill, as costs have been cut dramatically.

    Comment by Jon - BMR — June 13, 2019 @ 9:01 pm

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