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July 17, 2019

7 @ 7:00

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

1. Gold has traded between $1,399 and $1,413 so far todayas of 7:00 am Pacific, bullion at its high of the morning, up $7 an ounce at $1,413…as BMR’s TA expert has been predicting, Silver prices are breaking out big-time in what’s expected to be one of the metal’s most important moves in many years…ETFs have also been posting heavy inflows in recent weeks and their buying will likely continue to accelerate…Bart Melek, head of commodity strategy at TD Securities, says investors are starting to recognize the value in the Silver market…“A lot of investors are starting to think that the Gold market has exhausted a lot of its momentum, but Silver still has a lot of room to move higher.  Investors are starting to recognize value in Silver”…Silver has jumped another 25 cents to $15.70 as it confirms a breakout above Fib. resistance in the $15.40’s on the short-term chart…more significantly, Silver is also starting to break out on its 25-year monthly chart that we closely track…we’ll have a subscriber update on that later today…Nickel continues its strong run, up 12 cents at $6.40…Copper and Zinc are both steady at $2.69 and $1.12, respectively…Crude Oil is up 32 cents at $57.94 while the U.S. Dollar Index has added one-tenth of a point to 97.30

2. Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, have contributed to a stunning drop in foreign demand for American homes…the dollar volume of homes purchased by foreign buyers from April 2018 through March 2019 dropped 36% from the previous year, according to the National Association of Realtors…the decline was due to a drop in the number and average price of purchases…foreigners bought 183,100 properties with a total value of about $77.9 billion, down from 266,800 valued at $121 billion in the previous period…they paid a median price of $280,600,down from $290,400 the previous year…

3. Bitcoin dropped nearly 13% yesterday as U.S. lawmakers questioned Facebook (FB, NASDAQ) over its future crypto plans, intensifying scrutiny over digital coins…Bitcoin is trying to stabilize around $9,500 (U.S.) this morning after breaching the $13,000 mark last week…the cryptocurrency tumbled as the Senate Banking Committee questioned Facebook executive David Marcus about the tech giant’s plans to launch its own digital currency called Libra in 2020Facebook’s plan has raised some serious concerns, with Senator Sherrod Brown (D-Ohio) stating that the company “through scandal after scandal [showed] that it doesn’t deserve our trust” and that “we’d be crazy to give them a chance to let them experiment with people’s bank accounts”…distrust of Facebook was a theme voiced by others as well, including Republican Senator Martha McSally from Arizona…“I don’t trust you guys…instead of cleaning up your house you are launching into a new business model,” McSally said…initially, Bitcoin rallied on the news that Facebook is launching its own cryptocurrency with Bitcoin fans projecting wider global acceptance…but, soon after the announcement in June, Facebook was back in the hot seat…Facebook’s Marcus, former President of PayPal, tried to reassure the U.S. Senators, saying that Libra will not be launched until all the regulatory concerns have been addressed…“We know we need to take the time to get this right,” Marcus said…“The way we’ve built this is to separate social and financial data because we’ve heard loud and clear that they don’t want those two types of data streams connected, so this is the way the system is designed”

4. GT Gold (GTT, TSX-V) has drilled 500 m grading 0.91 g/t Au, 0.55% Cu and 1.34 g/t Ag at Saddle North (1.23% CuEq and 1.67 g/t AuEq over 500 m from 206 to 705 m)…that hole, TTD112, and 5 others released this morning, demonstrate that the high-grades identified in hole TTD108 last year continue up-dip to surface at this world class porphyry discovery in Northwest B.C.’s Red Chris district…holes TTD112 and TTD116 (0.93 g/t AuEq over 431 m from 17 m to 447 m) also show that a direct link of excellent and increasing grades identified in hole TTD108 exists between the near-surface mineralization through moderate depths to the deeper and generally highest grade mineralization at Saddle North…“This season’s drilling has started off very successfully,” remarked Charlie Greig, GT Gold’s VP Exploration…“We have shown that high-grade Cu-Au mineralization occurs closer to surface than was previously known and have linked these zones with the deep and very high-grade Cu-Au mineralization intersected last year.  Our phase one program continues to bring into clearer focus the potentially significant economics of our Saddle North discovery”GTT is up 4 cents at 94 cents as of 7:00 am Pacific and appears to be on track for a near-term breakout through the 90-cent to $1 resistance band…

5. Newest discovery in the Eskay Camp:  Crystal Lake Mining (CLM, TSX-V) has roared to life, with the company reporting a major expansion in the surface footprint of its very promising early stage Burgundy Ridge discovery at its Newmont Lake Project…crews mobilize next week for first-ever diamond drilling…4 shallow RC test holes during winter conditions last fall returned broad intervals of Copper-Gold rich mineralization in every hole including 2.6% Cu at a depth of approximately 120 m near the bottom of the last hole…Burgundy Ridge, initially discovered 6 years ago (a 3-m chip sample returned 5.1% Cu, 28.5 g/t Au and 89.7 g/t Ag) thanks to a receding glacier, features some of the most striking alteration and mineralization seen at surface anywhere in the Golden Triangle, according to multiple veteran prospectors and geologists…mapping, prospecting, sampling and hyperspectral analysis over the past 2 weeks has outlined an even larger target area (2 km x 2.5 km) wide open for further expansion…multiple “hot spots” will be the focus of initial drilling, including a significant new surface discovery 600 m west-southwest of October’s drilling discovery (a k-spar epidote altered and brecciated intrusion containing disseminated Copper sulphides in a high temperature alteration zone) in the direction of a very prominent untested gossan approximately 7.5 km away along trend…potentially, the system could be strengthening toward the west-southwest…Dr. Peter Lightfoot, Crystal Lake Technical Advisor who was instrumental in the discovery of the Golden Triangle’s first magmatic Nickel-Copper-rich massive sulphide system at Nickel Mountain, commented: “The data increasingly suggest that there is large-scale development at Burgundy Ridge of alkaline porphyritic stockwork vein systems with breccias.  These are very messy alkalic porphyries – exactly the right type of rocks – and they are associated with carbonate-bearing country rocks.  Tight correlations between Copper and Silver, Copper and Gold, and Copper and Cobalt are indicative of significant and coherent underlying mineralization processes at Burgundy Ridge, driven in part by an impressive fluid highway”CLM has jumped 4 cents to 31 cents through the first 30 minutes of trading…a powerful “Wave 5” move to new highs is interpreted to be unfolding on CLM’s long-term chart…

6. The Dow is off 2 points in early tradingin Toronto, the TSX has climbed 12 points while the Venture is off 1 point at 581 but should get a lift today from higher metal pricesSilvercrest Metals (SIL, TSX) has jumped 31 cents to $5.45 as of 7:00 am Pacific…other Silver stocks we’re tracking are also pushing higher or are on the cusp of breaking out…First Majestic (FR, TSX) is up 36 cents at $11.55 while GoGold (GGD, TSX) has added 1.5 cents to 43 cents…meanwhile, Canada Cobalt (CCW, TSX-V), which owns the high-grade Castle Silver-Cobalt mine in Northern Ontario, is on the verge of receiving an amendment to its advanced exploration permit in order to process high-grade Silver tailings in a unique and cost-effective manner through spiral concentrators underground on the 1st level of the mine…CCW is on the cusp of a breakout above its short-term downtrend line and is steady at 27 cents in early trading…Adventus Mining (ADZN, TSX-V) has arranged a $10 million bought deal financing at $1.00 per share to advance its VMS deposit in Ecuador, a JV with Salazar Resources (SRL, TSX-V)…

7. McEwen Mining (MUX, TSX) reports consolidated production for Q2 2019 of 36,216 Gold ounces and 850,525 Silver ounces, or 45,881 Gold equivalent ounces (GEOs) using the average Gold:Silver price ratio during Q2 of 88:1…the company’s San Jose and El Gallo mines, which accounted for 62% of its total Gold and Silver production in Q2, exceeded its targets…the company’s other 2 operations, the Gold Bar and Black Fox mines, performed better than in Q1, but below forecast…looking ahead, McEwen’s production guidance for the year 2019 has been reduced by 6% for Gold and is unchanged for Silver…on a Gold equivalent basis, Silver is forecast to represent 20% of the company’s 2019 consolidated production of 190,000 GEOs…MUX is up 2 pennies at $2.26 as the stock tries to gain traction above its 200-day moving average (SMA)…

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  1. Jon,

    Can you formulate why CCW is postponing NR week after week for months now, concerning the East Discovery and the tailing? A delay is understandable in some cases, but in the case of the East Discovery, even despite my very good patience, the constant postponing without any explications to the shareholders is becoming excessively puzzling, to say the least. Can you enlighten us a bit more about that? We’re a third into the third quarter and those “imminent ATH” third quarter are becoming more unlikely by the hour.

    Comment by ragnarok — July 17, 2019 @ 11:32 am

  2. Yes, ragnarok…I think there’s a much bigger picture coming together with regard to Castle East and Castle North than anyone realizes…a couple of other things to keep in mind – I cannot recall the last time CCW put out bad news, and even though there was a long wait on the underground results, they were very, very good…a lot of moving parts going on here but I sure as heck wouldn’t waste my money exercising 30-cent warrants just recently (above market) if I didn’t think this wasn’t going to do something spectacular…just trust that they know when to hit the switch…in the meantime, Silver is breaking out and it’s important to understand the implications that will have for CCW…

    Comment by Jon - BMR — July 17, 2019 @ 12:35 pm

  3. Jon, Daniel do you have any opinion/insight on Strikepoint Gold (SKP.TSXV) ? Oversubscribe pp about to close and drilling/exploration program kicked off. Historical intercepts are impressive:

    89-06: 53.21 g/t Au and 211.09 g/t Ag over 5.5 meters

    94-15: 113.68 g/t Au and 121.77 g/t Ag over 3.0 meters

    94-26: 20.08 g/t Au and 1,250.83 g/t Ag over 3.0 meters

    95-36: 352.22 g/t Au and 194.64 g/t Ag over 2.9 meters

    96-02: 120.30 g/t Au and 2,434.84 g/t Ag over 3.5 meters

    Comment by BCCOASTAL — July 17, 2019 @ 12:37 pm

  4. CLM
    Great 90 sec video on Crystal Lake Mining just out…

    Comment by Silverhook — July 17, 2019 @ 3:54 pm

  5. Jon
    I’ve been a share holder of BHS Bayhorse Silver a high grade silver mine which about to go into commerical production. What’s your opinion on Bayhorse??

    Comment by Jim — July 17, 2019 @ 3:55 pm

  6. Wow, Exciting Fresh Video of CLM posted to its twitter. Things are really heating up! https://twitter.com/CLMCorp/status/1151590063106678787

    Comment by Buckshot — July 17, 2019 @ 4:22 pm

  7. IMR had an nice update. Drilling one day and lots of new targets it appears

    Comment by david — July 18, 2019 @ 7:29 am

  8. Interesting timing from GGI – granting options before drill results speaks volumes…


    Garibaldi Resources Corp. has granted to directors, officers and employees of the company incentive stock options on up to 1.2 million shares of the company’s capital stock, exercisable for up to five years, at a price of $1.50 per share, which is not lower than the last closing price of the company’s shares prior to this announcement, less the applicable discount.

    The options are granted pursuant to the company’s stock option plan and will be subject to applicable regulatory hold periods.

    About Garibaldi Resources Corp.

    Garibaldi is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions of Mexico and British Columbia.

    We seek Safe Harbor.

    Comment by Jon - BMR — July 18, 2019 @ 1:50 pm

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