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September 12, 2019

7 @ 7:00

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

1. Gold has traded between $1,492 and $1,525 so far today…as of 7:00 am Pacific, bullion is up $19 an ounce at $1,516 thanks to more monetary easing in the euro zone…Silver has jumped 11 cents to $18.20…an exceptionally strong support band for Silver exists between $17.75 and $17.25 which was successfully tested earlier this week…Nickel is up 7 cents at $8.18 as the 7th annual Asian Nickel conferences wrap up in Jakarta…Copper and Zinc are steady at $2.61 and $1.05, respectively, while Cobalt has climbed another 34 cents to a new multi-month high of $16.33…Crude Oil has slipped $1.38 a barrel to $54.37 while the U.S. Dollar Index is off one-fifth of a point at 98.49…President Trump has agreed to delay an additional increase in tariffs on Chinese goods by 2 weeks “as a gesture of good will”…the move has raised hopes among investors of a thaw in trade frictions between the world’s 2 largest economies, but Trump’s negotiating style is such that the Chinese should be very careful – if they don’t make some concessions over the coming weeks, the President will likely slam them hard and then escalate the trade battle to further force the Fed’s hand to cut interest rates…that’s a very Gold-bullish scenario…Trump sees any negatives from China trade issues being more than offset by the prospect of lower U.S. interest rates…

2. Stimulus forever from the ECB!…the European Central Bank (ECB) has announced a massive new bond-buying program in a bid to stimulate the ailing euro zone economy…the central bank’s quantitative easing (QE) program will entail 20 billion euros ($21.9 billion) per month of net asset purchases for as long as it deems necessary…the ECB also cut its main deposit rate by 10 basis points to -0.5%, a record low but in line with market expectations…it now expects interest rates to remain at their present or lower levels until it has seen its inflation outlook “robustly converge to a level sufficiently close to but below 2% within its projection horizon, and such convergence has been persistent”…in a news conference following the decision, ECB President Mario Draghi urged governments to take fiscal measures to supplement the central bank’s monetary stimulus and reinvigorate the euro zone economy…“In view of the weakening economic outlook and the continued prominence of downside risk, governments with fiscal space should act in an effective and timely manner,” Draghi said…nothing in the euro zone will change until the problem of high taxes, bloated governments and red tape is fixed…

3. Garibaldi Resources (GGI, TSX-V) has drilled its best hole yet east of the historic E&L deposit at Nickel Mountain near Eskay Creek – 86.5 m grading 1.9% Nickel and 1.3% Copper (plus Cobalt and precious metals) starting just 65 m downhole, including 18.2 m @ 7% Nickel and 3.8% Copper near the bottom of the hole (true width estimated at 80%)…EL-1953 filled a gap in the northwest part of the Lower Discovery Zone (LDZ) which continues to build out…EL-1953 is truly spectacular Nickel sulphide mineralization, as Dr. Peter Lightfoot noted, but the most important part of this morning’s news was actually drill hole EL-1954 (assays pending) which cut a total of 142 m of mineralization including 8.9 m of massive sulphide…besides expanding the Upper Discovery Zone by 33 m to the west and the LDZ by 14 m to the west, EL-1954 has confirmed the existence of a 2nd magma chamber, dipping to the southeast, around a depth of 300 m…for the first time, geologists are stating that they could be closing in on the Nickel Mountain “feeder” zone…something huge (the “source”) had to drive the incredibly rich massive sulphides that have bled into the sediments near-surface at Nickel Mountain…strategic new platforms have been built to allow crews to crosscut the known zones (this should produce the widest massive sulphide intercepts yet) and more effectively explore for new zones, especially in a “feeder” area…meanwhile, the E&L system is now confirmed to contain 11 separate metals…Nickel Mountain massive sulphides are “unusually enriched” with Rhodium, Iridium, Osmium and Ruthenium based on an analysis from several holes completed in 2017 and 2018…a “pure” style of mineralization with optimal processing characteristics, as Dr. Lightfoot has often talked about, with 11 different metals – these are believed to be the richest and most unique Nickel sulphides ever found on the planet…GGI, also powered technically by rising moving averages including the 50 and 200-day (the 200-day has recently reversed to the upside, a bullish development), is up 8 cents at $1.74 through the first 30 minutes of trading…the last half of September should prove to be hugely significant for Garibaldi with some majors also rumoured to be showing strong interest in what’s now unfolding at Nickel Mountain…

4. Ero Copper (ERO, TSX) provided a quarterly update this morning on its continuing exploration drill programs at its Vale do Curaca Property and its NX Gold mine, both located in Brazil…exploration drilling during the period was focused primarily on expanding recently announced discoveries as well as infill drilling ahead of the company’s updated NI-43101 compliant technical report and mine plan for Vale do Curaca, expected to be completed early next quarter…high-grade massive sulphide mineralization continues to be encountered at the recently announced Siriema discovery, highlighted by hole FSI-42 that intersected 31.8 m grading 2.2% Copper including 5 m grading 5.6% Copper…near-surface drilling adjacent to the Vermelhos mine in the Vermelhos East Zone intersected 22.5 m grading 4.6% Copper including 8 m grading 7.8% Copper from 7.7 m downhole in hole FVS-418, one of the highest-grade intercepts drilled into the East zone to date…a grouping of holes in the Deepening Extension of the Pilar Mine intercepted high-grade mineralization, including the deepest known mineralized intercept drilled to date in hole FC47139 that intersected 7.1 m grading 6.5% Copper approximately 80 m below the previous known depth of mineralization at the Pilar mine…27 drill rigs are now operating throughout the Curaca Valley while 3 additional drill rigs are operating at the producing NX Gold mine to evaluate down-plunge extensions of vein systems…

5. The Dow is flat through the first 30 minutes of tradingin Toronto, the TSX is also relatively unchanged but there’s strength in the Gold sector…the TSX Gold Index has rebounded 8 points to 249 after finding support as expected around the 240 area…specifically, the main support band runs from 240 to the high 220’s…the Venture, which has climbed in 10 out of the past 14 sessions (though it doesn’t feel like it), is up 3 points at 590…the Index will gain traction to the upside once it’s able to conquer key resistance at 600Gold Standard (GSV, TSX), which got its start on the Venturehas released a PFS on its Railroad-Pinion Project in Nevada’s Carlin trend…key highlights include a pre-tax net present value (NPV) of $302.1 million (U.S.) at a 5% discount rate and an after-tax NPV of $241.5 million at a $1,400 Gold price and a $17.11 Silver price, with a mineral reserve pit design based on a Gold price of $1,250 per ounce and a Silver price of $15.30 per ounce…average annual production would be 156,000 ounces per year over an initial 8-year mine life with initial capital expenditures of $194 millionOceanaGold (OCG, TSX) has cut 85 m grading 11 g/t Au as infill and exploration drilling continue at its Haile Gold mine in South Carolina…

6. Gran Colombia (GCM, TSX) produced 18,710 ounces of Gold in August, bringing the company’s total for the first 8 months of 2019 to 155,359 ounces, up 8% over the first 8 months of 2018Gran Colombia’s trailing 12 months’ total Gold production at the end of August was 229,739 ounces, up 5% over 2018’s annual production…the company continues to expect that its annual Gold production for 2019 will range between 225,000 and 240,000 ounces…Lombardo Paredes, CEO of Gran Colombia, commenting on the company’s latest production results, said, “We remain on track to meet our increased production guidance for 2019.  In August, we successfully ran the Maria Dama plant at Segovia using its expanded capacity and our development programs have opened up new areas within our company mines to maintain the increased processing rate.  We are also making steady progress on our evaluation of the mine expansion opportunity at our Marmato Project and expect to file the preliminary economic assessment before the end of the year”

7. Global Oil demand is weathering economic headwinds, the International Energy Agency (IEA) said today, buoyed by lower prices brought on by abundant supply as the U.S. briefly dethroned Saudi Arabia as the world’s top exporter…“With Oil prices currently about 20% lower than a year ago, there will be support for consumers,” the IEA said in its monthly report…“Booming shale production has allowed the U.S. to close in on, and briefly overtake, Saudi Arabia as the world’s top Oil exporter…in June, after Crude exports surged above 3 million barrels per day (bpd)“…the Paris-based agency maintained its estimate for growth in global Oil demand during 2019 at 1.1 million bpd and 1.3 million bpd for next year, assuming no further breakdown in U.S.-China trade talks and citing an easing of tensions around Iran…a rebound in U.S. production following Hurricane Dorian along with steep output growth from Brazil and the North Sea were set to drive production from outside OPEC up sharply, it added…

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  1. Jon what is your take on CCW trading today?

    Comment by Don — September 12, 2019 @ 12:06 pm

  2. Awesome, Don, I’ve added some more because only a fool would be selling at .28 when a 30-cent PP is closing today or tomorrow, in advance of what’s all about to happen at Castle…

    Comment by Jon - BMR — September 12, 2019 @ 12:49 pm

  3. Strong close on GGI today. Nearly a million in volume – definitely appears $1.85 is going to break soon enough – good to the smart buyers showing up EOD huh?

    Comment by jean — September 12, 2019 @ 1:05 pm

  4. Excellent day for GGI, Jean, and keep in mind that 90% of stocks have gone down on news the past 6 weeks…the gap at the open was essentially filled during the day and smart money jumped in to accumulate during the last 2-3 hours…stock closed a penny above its opening price…couldn’t look better technically or fundamentally right now…should really bust out next week…it’s the kind of news that ages really well…

    Comment by Jon - BMR — September 12, 2019 @ 1:44 pm

  5. Jon do you know how many .10 warrants are still out their for CCW? Could this be the selling today?

    Comment by Don — September 12, 2019 @ 1:49 pm

  6. Don, I’ve mentioned this before – every year with these 10-cent dividend warrants (and this is the end of it), MOST of them don’t even get exercised because so many of them are in the hands of U.S. or European investors at discount brokerages…it has proven to be a logistical nightmare…regardless, whoever was giving up paper today at 0.28 was a fool or very desperate for cash (or both), but it’s situations like that which make sense to take advantage of…30-cent PP is closing by tomorrow and then everything ramps up at Castle and with CCW…I’m looking for a good day tomorrow to finish off the week…

    Comment by Jon - BMR — September 12, 2019 @ 2:55 pm

  7. Crystal Lake Mining Adds Major New Investor

    September 12, 2019, Vancouver, British Columbia – Crystal Lake Mining Corporation (TSXV: CLM OTC: SIOCF FSE: SOG-FF) (“Crystal Lake” or the “Company”) is pleased to announce that it has closed $1,438,000 (4,793,333 units) as the first tranche of a proposed $1.5 million private placement of hard dollar units at 30 cents per unit (5,000,000 units), subject to TSX Venture Exchange approval (see further details below).

    Mr. Rob McEwen has purchased 1,666,667 units ($500,000) of the private placement through his wholly owned company Evanachan Limited. Mr. McEwen is the Chairman and Chief Owner of McEwen Mining Inc. and is the Founder and former Chairman and CEO of Goldcorp Inc., recently acquired by Newmont.

    Richard Savage, Crystal Lake President and CEO, commented: “We are pleased to welcome Rob McEwen as a strategic new shareholder. Mr. McEwen has a very successful track record, having grown Goldcorp’s market capitalization from $50 million to over $8 billion dollars. He is a strong believer in the precious metal and commodity markets, and we are grateful to include him as a shareholder with us all.”

    Proceeds of this private placement will be used to advance the Company’s Newmont Lake Project, where a drill program continues in Northwest British Columbia’s prolific Eskay Camp, and for general working capital purposes.

    Private Placement Details

    Each unit of the private placement, consisting of five million units at 30 cents per unit, includes one common share in the capital of the Company and one-half of a share purchase warrant. Each full warrant entitles the holder to purchase one common share of the company for a period of 24 months from the closing of the offering at an exercise price of 35 cents per share. The securities will be subject to a four-month hold period and finder’s fees may be payable to qualified parties.

    Insiders of the Company subscribed for 76,667 units, with Wally Boguski, COO and a director of the Company, subscribing for 30,000 units and Maurizio Napoli, VP Exploration of the Company, subscribing for 46,667 units. As a result, the Private Placement is a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied upon the “Issuer Not Listed on Specified Markets” and “Fair Market Value Not More Than $2,500,000” exemptions from the formal valuation and minority shareholder approval requirements, respectively, under MI 61-101.

    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, the largest land package among juniors in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.

    Comment by Silverhook — September 12, 2019 @ 3:03 pm

  8. CLM with a PP at 30 cents. Rob McEwen et company.

    Comment by goose90 — September 12, 2019 @ 3:09 pm

  9. Interesting, the nervous nellies bail at 0.22 (obvious support!) and McEwen sees news and steps in for one-third of a $1.5 million hard dollar PP at 0.30…95% of it already closed…welcome to the Eskay Camp, Rob…and CLM has the biggest land package of all with a 20-km long high-grade Gold Corridor that has some similar characteristics as Great Bear’s Dixie Project…

    Comment by Jon - BMR — September 12, 2019 @ 3:20 pm

  10. That is good news regarding CLM, I bought some more today thinking it wouldn’t go below the earlier PP price of .22 Rob McEwen is definitely good company to have.

    Comment by Danny — September 12, 2019 @ 4:03 pm

  11. Jon, what are your thoughts on those 4.50 warrants for GGI? Do you think there is still potential for them to be exercised, or it doesn’t really matter at this point?

    Comment by Donnelly7 — September 12, 2019 @ 7:17 pm

  12. Of course there’s potential for them to be exercised, Donnelly7. In terms of more big dollars coming soon into GGI, though, I’m thinking we’ll see it first from a major who, after today’s news, and in the midst of a tightening Nickel market entering 2020, might think now’s a very wise time to grab a piece of the action. Regoci would never enter into a JV at this point, or give any part of the project away, but I’m sure he’d consider something like a $20+ million buy-in at a substantial premium, a creative sort of deal even better than the one GT Gold negotiated with Newmont Goldcorp…

    Comment by Jon - BMR — September 12, 2019 @ 8:38 pm

  13. The real market action starts kicking in next week on CCW, I suspect, as the company accelerates a series of initiatives at Castle including underground drilling Phase 1, tailings program preparation and regional exploration. Rumor has it, they have a “big fish” for a VP-Exploration coming in…related to the tailings, this is also something very significant to keep in mind because it will prove to be a game changer – SGS has been able to produce a high-purity flotation Silver concentrate from coarse stamp mill tailings samples grading 18,486 grams per tonne (539.17 ounces per tonne)…

    Canada Cobalt Closes Over-Subscribed Private Placement for $728,000

    COQUITLAM, BC, Sept. 13, 2019 /CNW/ – Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that the Company has closed the second and final tranche of its recently announced private placement with strategic investors at 30 cents per unit, raising gross proceeds of $728,000 for the two tranches.

    Proceeds of the private placement will be used to immediately accelerate the company’s various initiatives at the Castle mine and property in the Gowganda Silver-Cobalt Camp, and for general working capital purposes.

    A total of 1,016,667 units were issued in the second tranche ($305,000) with each unit consisting of one common share in the capital of the Company and one share purchase warrant. Each warrant entitles the holder to purchase one share of the Company for a period of 24 months from closing at an exercise price of 50 cents per share.

    All securities are subject to a four-month-and-a-day hold period expiring on January 14, 2020, in accordance with applicable securities laws. The private placement is subject to the final approval of the TSX Venture Exchange.

    Finder’s fees of $525 and 1,750 broker warrants, on the same terms as the private placement warrants, are payable for the second tranche. Closing of the first tranche, announced September 6, 2019, was for a revised total of $423,000 (1,410,000 units), bringing both tranches to an over-subscribed total of $728,000 (2,426,667 units).

    About Canada Cobalt Works Inc.

    Canada Cobalt has 100% ownership of the Castle mine and the 78 sq. km Castle Property with strong exploration upside in the prolific past producing Gowganda high-grade Silver Camp of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.

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

    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 Jon - BMR — September 13, 2019 @ 4:49 am

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