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September 10, 2019

7 @ 7:00

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

1. Gold has traded between $1,487 and $1,502 so far today…as of 7:00 am Pacific, bullion is off $1 an ounce at $1,497…Silver has rebounded 12 cents to $18.12 after dipping as low as $17.68 overnight…an exceptionally strong support band for Silver exists between $17.75 and $17.25…Nickel, Copper, Zinc and Cobalt are all relatively flat at $8.16, $2.60, $1.04 and $15.99, respectively…Crude Oil has added 53 cents a barrel to $58.38 while the U.S. Dollar Index is up slightly at 98.35…this week’s key event which could allow Gold stocks to rebound strongly is the European Central Bank rate decision on Thursday…ECB President Mario Draghi will test the composure of global policy makers as he unleashes what’s expected to be a barrage of stimulus to shore up economic growth…the monetary easing will likely feature an interest rate cut that widens the difference between borrowing costs in the euro area and elsewhere…that will potentially affect foreign exchange markets – and risk the ire of critics such as President Trump…while Draghi has a mantra ready that his institution strives for price stability and doesn’t target the euro, that won’t stop Trump or others from accusing the ECB of fighting a “currency war”…that kind of talk is usually bullish for GoldTrump has a history of citing the weakness of the euro when piling pressure on the Federal Reserve to cut its own rates…the Fed meets next Tuesday and Wednesday..

2. Nickel ore output in the Philippines, one of the world’s top two producers of the material for stainless steel and batteries, rose 3% in the 1st half of 2019 despite mine shutdowns, according to government data released today…output was capped as half of the country’s mines were closed for maintenance or environmental reasons…the Philippines sells most of its Nickel ore to top buyer China…it produced 11.31 million dry metric tonnes of the material between January and June, compared with 11.01 million tonnes in the same period last year, the Mines and Geosciences Bureau (MGB) said…16 of the Philippines’ 31 Nickel mines were shut in the 1st half for either maintenance or suspension of operations for environmental and other offences…some but not all of those suspended mines are expected to become operational again, lifting the country’s overall output at the same time as Indonesia slaps a ban on Nickel ore exports…still, the Nickel market remains tight with increasing demand at current price levels…

3. GoGold Resources (GGD, TSX) has cut 24.4 m of the Los Ricos vein starting 119.9 m downhole averaging 127.4 g/t Ag and 1.3 g/t Au (3 g/t AuEq)…this interval in drill hole LRGG-19035 also included 9.8 m @ 258 g/t Ag and 3 g/t Au (6.4 g/t AuEq)…meanwhile, drill hole LRGG-19034 intersected 20.1 m of the vein grading 177.2 g/ and 0.92 g/t Au (3.28 g/t AuEq)…“We are continuing to see wide zones of Silver-Gold mineralization on both the hanging wall and footwall of the historical stopes as we test both down dip and along strike in the Main Area of the Los Ricos zone,” stated President and CEO Brad Langille…“We have been able to re-enter and channel sample some of the historical workings known as El Troce located 400 m to the northwest of El Abra and have moved the drill to test this target”GGD is up a penny at 71 cents as of 7:00 am Pacific

4. The Dow is down 70 points through the first 30 minutes of tradingin Toronto, the TSX has slid 15 points…the TSX Gold Index has corrected more than 10% over the past 3 sessions to the top of a strong support band around 240 that stretches to the high 220’sOsisko Gold Royalties (OR, TSX) is buying troubled Stornoway Diamond (SWY, TSX) in partnership with its creditors as the Quebec-based gem miner files for bankruptcy protection…the agreement stems from a June LOI and will see Osisko and other creditors assume all debts and liabilities of Stornoway while continuing to operate its Renard diamond mine in Quebec by supplying $20 million in working capital…the Venture is unchanged at 583Amex Exploration (AMX, TSX-V) has cut 32.2 m grading 7 g/t Au, including 1.20 m @ 178 g/t Au, at a vertical depth of approximately 500 m (PE-1983) in what was previously called the Low Grade Zone at its Perron Project near Rouyn-Noranda…it has been renamed the Denise Zone…this high-grade intersection shares several characteristics with the High Grade Zone (HGZ) as it is hosed by quartz-carbonate-pyrite veins with free Gold along the contact of a gabbro crosscutting the sonic rhyolite host rock…meanwhile, the HGZ has been expanded by more than 55 m at depth and 35 m westward…results released from the HGZ this morning included 15.6 m grading 3.05 g/t Au (PE-1976) and 11.1 m @ 3.40 g/t at vertical depths of 300 m and 360 m, respectively…AMX is up slightly on the news…Balmoral Resources (BAR, TSX-V) has resumed drilling at promising Area 52 at its Fenelon Property, part of the company’s larger Detour Gold Trend Project in Quebec…Area 52 covers an extensive, untested segment of the Sunday Lake deformation zone, the southern extension of the recently identified Area 51 Corridor, and the intersection of these 2 Gold bearing structural zones…4 drill holes were completed during the 1st phase of drilling in Area 52 testing a variety of Gold targets…visible Gold mineralization was observed at shallow depths in 2 of the 4 holes while visible Gold has already been noted in the 1st hole of the current follow-up program…final assay results from Phase 1 drilling are expected before the end of the month…

5. Discovery Metals (DSV, TSX) announced this morning that it’s mobilizing for Phase 1 diamond drilling program on its newly acquired and 100%-owned Cordero Project located in Chihuahua State, Mexico…drill permits are in place and Discovery will begin its program in the coming days, approximately 5 weeks ahead of the anticipated commencement date…Discovery’s plan is to drill approximately 30,00035,000 m over the next 12 months with the focus of 1) delineating and discovering the highest-grade phases and domains of the mineralized system; and (2) testing new high priority areas…Taj Singh, President and CEO, stated, “In just a few short weeks we have made great strides at Cordero.  We have integrated our teams, progressed well through our review of historic drilling, planned our first holes, and accelerated the start-up of our drill campaign.  We are very excited to be aggressively exploring one of the world’s largest silver projects against a backdrop of rising silver prices and we are confident that our high-grade and high-margin approach at Cordero will add significant value”Cordero, one of the largest undeveloped Silver deposits in the world, is located on the eastern edge of the Sierra Madre Occidental mountains within the northern extent of the Central Mexican Silver Belt…

6. Alexco Resource (AXU, TSX) has drilled 8.15 m (true width) averaging 1,414 g/t Ag (45.5 ounces per tonne), including 2 discrete veins (1.51 m true width @ 153 ounces per tonne, and 0.42 m true width @ 325 ounces per tonne), at a depth between about 580 m and 590 m below he northeast portion of its Bermingham deposit in the Yukon’s Keno Hill Silver district…the 2019 drill program was designed to follow up prior drill results indicating potential for deeper mineralization at Bermingham with a specific aim to test for the presence of mineralization in a deeper stratigraphic zone, which also hosts the adjacent historic Hector Calumet deposit…success in the 2019 Bermingham deep drilling program will now drive a much larger follow up program, the timing and drill-technology for which is under review…shallower drilling has also been completed adjacent to the Bermingham Northeast Zone with the aim of expanding the mineral resource adjacent to anticipated mining areas…

7. We can largely thank government policies in Canada for this – some of the country’s largest Natural gas producers and drilling companies could soon be booted from the main Toronto Stock Exchange index amid a share price route…after a bruising summer in which stocks in the Oil and gas sector have fallen to historic lows, as many as 7 companies are in danger of being removed from the S&P/TSX Composite Index…on the list of of potential deletions are Kelt Exploration, Peyto Exploration and Development, NuVista Energy, Torc Oil and Gas, Birchcliff Energy and drilling companies Precision Drilling and Ensign Energy Services…their depressed market capitalizations have fallen to the point where they no longer meet the threshold required for the 239-member composite index managed by index provider S&P Global…the deletions would exacerbate the damage already inflicted on the sector because it would preclude major passive funds, that track major indices, from buying the stocks…

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  1. 2019-09-10 13:21 ET – News Release

    Mr. Richard Savage reports


    Crystal Lake Mining Corp. has provided an update on exploration designed to test the Newmont Lake corridor for high-grade gold mineralization on the company’s roughly 700-square-kilometre Newmont Lake project in the heart of British Columbia’s Golden Triangle. The Newmont Lake corridor contains the historic Newmont Lake gold mineral resource, which sits at the western flank of the strongly endowed Eskay Rift. Geological work has established potential for the known deposit to be open along strike. A thorough review of historic drill core, assaying of previously untested drill core, and construction of a 3D model underpins a new understanding of the deposit and has provided a number of targets along strike from the historic resource where potential extensions or new mineral zones may exist.

    High-Grade Gold Targets in the Newmont Lake Gold Corridor

    Assay results from an extensive program of surface mapping and geochemistry of rock chip samples and previously unsampled core have shown that high grade gold mineralization follows the trend of the McLymont Fault Zone (please see the Company’s News Release dated Sept. 4, 2019) over a strike length of greater than 8 kms centered along the trend of the Newmont Lake resource.

    Multiple boulders containing high grade gold mineralization with up to 84.4 g/tonne gold have been traced back to a new target in the Arseno Zone. The boulders are selected samples that are not in situ, the source of these samples is not known and is not necessarily indicative of mineralization hosted on the property. Similar mineralization in outcrop has been traced back to a possible source which is interpreted to be covered by ice. This target is a step-out along trend from the historic Newmont Lake deposit, and drilling is being guided by a combination of outcropping mineralization, alteration, and chargeability response in the IP survey.

    The first 3 drill holes at the NW Zone tested the northern portion in the footprint of the historic inferred resource that contains 1,406k tonnes at an average grade of 4.43 g/t Au, 0.22% Cu and 6.4 g/t Ag at a projected “base case” cut-off grade of 2 g/t Au containing 200,000 oz Au, 6.79 million lbs of copper and 291,000 oz of silver (Mineral Resource Estimate on the North West Zone, Newmont Lake Property, submitted to Romios Gold Resource Inc., May 11, 2007). This resource estimate was based solely on the drill hole data collected by Gulf Minerals in the late 1980’s and early 1990s. The objective of the initial drilling is to better understand the geological controls on mineralization and evaluate whether historic sampling adequately reflects the grade. Drilling beyond the northern and southern trend of the historic resource is designed to identify extensions of mineralization based on the newly developed geological model. The drill targets have been constrained based on the geological data together with the trend of mineralization and the chargeability response from the 2019 IP survey.

    The mineral estimate cited above is presented as a historical estimate and uses historical terminology which does not conform to current NI 43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101. These historical estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-101; consequently, the issuer is not treating the historical estimate as current mineral resources or mineral reserves.

    Crystal Lake Expands the Newmont Lake Project

    Crystal Lake has staked an additional 5,423 hectares of claims contiguous with the Newmont Lake and Foremore Claims Properties. The total land package now comprises a total 728km2 (72,800 hectares), which makes Crystal Lake the holder of one of the largest and most prospective projects within the Eskay Camp.

    Maurizio Napoli P. Geo., VP Exploration of Crystal Lake commented, “Our 2019 exploration program has indicated that the McLymont Fault running through the centre of our Project is an important control of the high-grade gold mineralization in the historic resource of 200,000 ounces completed in 2006. Our sampling campaign of historic drill core that had not been previously assayed has demonstrated that there are unsampled gold bearing intervals within the resource volume implying that a significant amount of gold, silver and copper values may be under-reported within the area of the historic resource. The objective of our current drilling campaign is to expand the current resource and, to discover new high-grade gold zones along the McLymont Fault.”

    Qualified Person

    The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., VP Exploration for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.

    Quality Assurance/Quality Control

    Rock samples from the Northwest Gold Zone were sent to MSA Labs’ preparation facility in Terrace, B.C., where samples were prepared using method PRP-910. Samples were dried, crushed to 2mm, split 250g and pulverized to 85% passing 75 microns. Prepped samples were sent to MSA Labs’ analytical facility in Langley, B.C, where they were analyzed for gold using method FAS-121 (fire assay-AAS finish). Gold assays greater than 100 g/t Au were automatically analyzed using FAS-425 (fire assay with a gravimetric finish). Rock samples were analyzed for 53 elements using method IMS-230, multi-element ICP-MS 4-acid digestion, ultra-trace level. Silver assay results greater than 100 g/t Ag and cobalt, copper, nickel, lead and zinc greater than 10,000ppm were automatically analyzed by ore grade method ICF-6.

    Crystal Lake Mining conducts its own QA/QC program where three standard reference material pulps, two blank reference material samples are inserted for every 100 samples when analyzing rock samples.

    About Crystal Lake Mining

    Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the Newmont Lake Project, one of the largest land packages among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.


    Comment by Silverhook — September 10, 2019 @ 11:21 am

  2. Interesting play for a high grade gold hit RMK. Assays pending, visible gold, sweet chart

    Comment by Weatheritout80 — September 10, 2019 @ 12:33 pm

  3. i guess the FML deal not closing till Jan doesnt add value to CCW today based on the market reaction

    Comment by david — September 10, 2019 @ 1:08 pm

  4. A total non-factor in CCW at the moment, David…investors knew last week when that deal was announced that Battery wouldn’t be trading ‘til sometime in the New Year…something to look forward to later…CCW dip today was classic technical trading to the 20-day rising SMA and 50% RSI(14) support…good to see because that sets things up for a strong finish to the week…

    Comment by Jon - BMR — September 10, 2019 @ 2:33 pm

  5. Mr. Jon, ggi 50-day is close to $1.60 and closing in on a decision moment. Should resolve soon?

    Comment by Jean — September 10, 2019 @ 3:03 pm

  6. Looking very strong and my guess is, Jean, that we hear from GGI this week – last news made it clear that very good things are developing at Nickel Mtn, and you don’t see a hole like 53 in a Nickel sulphide system that doesn’t turn into a superb deposit or mine…

    Comment by Jon - BMR — September 10, 2019 @ 3:43 pm

  7. Jon, any idea when CLM will report actual drill results? I think that’s what the market is waiting for. While these reports are useful, they are not doing anything to excite the market.

    Comment by Danny — September 10, 2019 @ 5:39 pm

  8. No reason they shouldn’t have initial numbers re: drill results before end of the month, Danny.

    Comment by Jon - BMR — September 10, 2019 @ 5:43 pm

  9. Obviously the huge (March) PP is dragging CLM down. Selling your PP shares and riding the warrant just in case is prudent money management. If I was in the PP that’s what I would do as it totally eliminates any risk.

    Comment by Danny — September 10, 2019 @ 5:58 pm

  10. A sign of the times.
    From (Kitco News) – S&P announced last week that Kirkland Lake Gold (TSX:KL) would be added to the S&P/TSX 60 Index while Husky Energy would be removed.

    Comment by John - BMR — September 10, 2019 @ 5:59 pm

  11. CCW – am i wrong in my understanding then? I thought a # of the CCW missives suggested that Battery Minerals, was something we should pay attention too, since it would be advantageous to CCW to see a deal or some synergy, especailly as it regarded to the tailings ? if this isnt the impetus for the shareprice to rise significantly in the fall, what is ?

    Comment by david — September 10, 2019 @ 6:05 pm

  12. David, that is just one of multiple catalysts, and it’s more likely than ever with Battery going public (so the best news possible last week). The immediate drivers for CCW, though, will be the underground drilling, initial high-grade Silver recovery (tailings program), regional exploration including Castle East, and Re-20X, plus another surprise or 2 that CCW is capable of producing. All of that in the context of a clean share structure that has had very limited dilution the last 12 months.

    Comment by Jon - BMR — September 10, 2019 @ 8:11 pm

  13. Seems like Capable and actually doing something are two different things when it comes to CCW…

    Comment by Gregh — September 10, 2019 @ 9:10 pm

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