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7 @ 7:00 - BullMarketRun.com

October 2, 2019

7 @ 7:00

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

1. Gold has traded between $1,474 and $1,499 so far today as it rebounds on fresh expectations of monetary stimulus in the United States and elsewhere…as of 7:00 am Pacific, the yellow metal is up $16 an ounce at $1,495…the fact that Gold’s strong support band between $1,500 and $1,450 is holding up has given bulls added encouragement…the Fed funds rate futures price is up sharply with the November contract now pricing in about an 80% chance the Federal Reserve will cut interest rates at its next meeting at the end of October…Silver has jumped 27 cents to $17.45…Nickel has added another 15 cents to $7.99…Copper, Zinc and Cobalt are all steady at $2.56, $1.06 and $16.78, respectively…Crude Oil, down 6 sessions in a row for its longest losing streak this year, has slid another 29 cents to $53.33…Ecuador, one of the smallest members of OPEC, says it will leave the 14-nation bloc January 1 due to fiscal problems…Ecuador will be the 2nd country to withdraw from OPEC in the last year after the departure of Qatar…the U.S. Dollar Index is flat at 99.14…Republican U.S. lawmakers this week have urged the Trump administration to ease restrictions on Uranium mining on federal lands as a Cabinet-level committee prepares recommendations this month for boosting domestic nuclear fuel production…“We strongly encourage you to make improved access to federal lands with high-grade uranium deposits a top priority,” according to the letter Monday from 27 Western state Republican senators and Congress members to Trump’s national security and economic advisers Richard O’Brien and Larry Kudlow, both co-chairs on the Uranium mining working group…

2. The private sector in the U.S. created more jobs than expected in September, but the pace slowed amid growing signs that the labor market is getting tighter, according to a report this morning from ADP and Moody’s Analytics…companies hired 135,000 more workers in the month, ahead of the 125,000 that economists surveyed by Dow Jones had expected…that was a drop from the 157,000 in August, a number that itself saw a sharp downward revision from the initially reported 195,000…September’s gain was the slowest since June and brought the 2019 monthly average down to 145,000, a steep decline from the 214,000 for the same time period last year…“We are in a very critical place, kind of a fragile juncture in the economy,” stated Mark Zandi, chief economist at Moody’s“What happens over the next few weeks, next few months, will determine whether there’s an economic downturn in 2020″…Friday’s non-farm payrolls report may seal the deal in terms of another interest rate cut this month…

3. GoGold Resources (GGD, TSX) hits again on step-out from mine area: GoGold Resources (GGD, TSX) has cut 5 m grading 4.4 g/t Au and 436 g/t Ag within a broader interval of 21 m @ 1.4 g/t Au and 145.9 g/t Ag (3.3 g/t AuEq) in drill hole LRGG-19048 located 400 m northwest of the Los Ricos Main mine area…the mineralization started 89.1 m downhole and no historical underground workings were encountered…“We are encouraged with these new high grade assay results at San Juan,” stated Brad Langille, President and CEO…“Hole 48 was drilled to test about 50 m up dip from our San Juan discovery hole LRGG-19030 (16.9 m @ 0.54 g/t Au and 67.8 g/t Ag starting 128.7 m downhole) and is quickly demonstrating the potential for near-surface mineralization.  We have now tested San Juan 200 m down dip from surface and our drilling program will continue to focus on the extent of this newly discovered potential ore shoot down dip and along strike”GGD has expanded its drill program with the addition of a 3rd rig…the company’s initial program, which began in March, was planned for 10,000 m of drilling…as of today, 8,700 m have been completed, and the company intends to continue drilling well past the 10,000 m mark due to the strength of the results achieved to date…GGD is up a penny at 63 cents in early trading…

4. The Dow has fallen 326 points as of 7:00 am Pacific on U.S. and global growth concerns…the TSX has shed only 140 points, aided by a jump in the Gold Index…Newmont Goldcorp’s (NGT, TSX; NEM, NYSE) newly-commissioned all-electric Borden mine has achieved commercial production…Borden was acquired from Probe Mines in a blockbuster $526 million (CDN) deal in 2015…the operation has the advantage of being situated near Newmont Goldcorp’s Porcupine mine, where ore from Borden is milled…Borden features state-of-the-art health and safety controls, digital mining technologies and processes, and low-carbon energy vehicles…with no undergroud diesel, the work environment is also more comfortable…the oversold Venture, down in 11 out of the past 12 sessions, is off another 3 points at 552 as cannabis stocks remain under pressure…the Canadian Marijuana Index is continuing where it left off in September and has dropped another 13 points to a new 2-year low of 291Canopy Growth (WEED, TSX; CGC, NYSE) reported this morning that it has completed an all-cash transaction to purchase a majority stake in BioSteel Sports Nutrition, a leading producer of sports nutrition products…the transaction provides Canopy Growth with a significant platform to enter the sports nutrition and hydration segment, and lays the groundwork for the adoption of cannabidiol (CBD) in future product offerings in accordance with regulations globally including products to be sold in the U.S. containing CBD sourced from federally permissible industrial hemp…WEED is off slightly, trading at levels not seen since early 2018Canada Cobalt (CCW, TSX-V) is up another penny in early trading at 33 cents…CCW has multiple near-term catalysts and appears to have started a fresh trend of significant outperformance vs. the Venture, something it was known for during significant periods in 2017 and 2018…an underground drill program has commenced at the Castle mine, following up on stellar Phase 1 results that included 385.2 ounces per tonne Silver, 0.67% Co and 3.8 g/t Au over half a meter within a broader core interval of 7 m grading 261 g/t Silver, 2.3% Cobalt and 1.7% Nickel starting less than 2 m downhole…

5. Marathon Gold (MOZ, TSX), which closed a $25 million bought deal Monday, has released another batch of infill results from ongoing drilling at its Marathon deposit including 18.4 g/t Au over 3 m within 29 m grading 4.6 g/t…the new drilling continues to successfully demonstrate the occurrence and continuity of Gold mineralization both along and across strike of the 1,500-m long “Main Zone” within the Marathon deposit, as well as from surface to the base of the currently planned open-pit, where mineralization remains open to depth…in particular, the latest results confirm significant new zones of gentle SW-dipping, en-echelon stacked Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) veining in areas of limited previous drilling within the southwestern area of the planned Marathon open-pit…assays are pending for additional new drill holes which have also intersected significant QTP-Au veining in areas of limited previous drilling in the southwest Main zone corridor…drill rigs are currently operating at the Marathon deposit…based on the results achieved to date, additional drilling has been approved in the southwest extension area, both infill and exploratory…this will bring the total meterage to be drilled at Marathon and the Leprechaun deposits in 2019 to approximately 60,000 m…this extended program is expected to be completed by mid-October…thereafter, 2 drill rigs will move on to complete a planned 7,000-m exploration drilling campaign at the Sprite zone…all drilling completed to the middle of October will be utilized in the upcoming mineral resource update for the Valentine Gold Project, expected to be completed in the 4th quarter of this year…

6. Fighting back against smears from the left and climate change alarmists:  The Alberta government’s promised “energy war room” has a new name and will be officially operational within weeks, Premier Jason Kenney told a Calgary business crowd yesterday…the “Alberta Energy Information Centre” will be based in Calgary but will have satellite offices in key markets to inform decision-makers and media across North America and around the world, Kenney said during a speech to the Calgary Chamber of Commerce…more details will be released later this month, Kenney said, but the centre is meant to be an information hub that can respond in real time to all of the “lies and myths” that exist about Alberta’s energy industry…the $30 million war room – one piece of what the government is calling its “fight back” strategy, which also includes a $2.5 million public inquiry into allegations (very convincing evidence) that foreign interests are funding a campaign aimed at denigrating the reputation of Alberta Oil – was a key plank of the UCP’s election platform…in August, the government announced that retired Financial Post journalist Claudia Cattamneo had been hired to draft the plan for the war room’s operations…Kenney, who was in New York in September meeting with private equity firms and investment banks, said it’s clear from his meetings on Wall Street that many financial decision-makers aren’t up to speed on Alberta’s environmental performance, nor are they looking properly at the “social context” when deciding where to invest…

7. The economic importance of mining and exploration:  Although not a mining town per se, everyone knows mining plays a significant role in the Smithers, British Columbia, economy…now, the Mining Association of British Columbia (MABC) has put a number on that economic activity, and it is a big one…according to a comprehensive report on the benefits of B.C.’s mining supply chain entitled “One Province, One Economy”, mining contributed nearly $36 million to the Smithers economy in 2018…there were 95 businesses in the town that directly supplied materials, goods and services to B.C. mines and smelters…the $36 million figure does not include contributions from the many exploration companies in B.C. who use Smithers as a hub for services, nor does it include the wages of residents of Smithers who work directly for mining companies and their suppliers…“Just about every community, every city or town in B.C. is, in some important way, a mining community,” said Michael Goehring, MABC president…overall, the MABC report indicated the province’s mines and smelters purchased $2.9 billion worth of materials, goods and services from 3,700 businesses in 215 urban, rural and Indigenous communities, a staggering figure that most politicians in Canada are totally ignorant of…Goehring noted the data came directly from the procurement records of the province’s 17 working mines and 2 smelters and characterized it as “very tight and accurate”…following the Association of Mineral Exploration (AME) Annual Roundup in January, Christine Ogryzlo, President of the Smithers Exploration Group (SEG) and a director with AME, said exploration companies spent $164 million in Northwest B.C. in 2018

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6 Comments

  1. Is CCW’s mine been winterized, with a new heating system yet? Has that heating system been approved by the mining authorities that handle permits?

    Comment by Don — October 2, 2019 @ 8:17 am

  2. Bids building in CCW (finally). You mentioned you were going to expound on CCW Jon, any idea when? Will it be the old CCW Part 2 we’ve been waiting for?

    Comment by AFchief — October 2, 2019 @ 8:43 am

  3. ya – lets rip the lid of the past 6-9mths of hush hush and see what CCW can do, now that drilling is underway

    Comment by david — October 2, 2019 @ 10:38 am

  4. Don, the same individual who built a 60-man camp for Detour Gold and also successfully carried out services for Kirkland Lake Gold is looking after things on the ground (and underground) for CCW to ensure that everything works as it should throughout a full program…I met this individual last week during my site visit, he’s sort of the Peter McGuinness of the Castle Camp…the temperature underground, other than right near the adit entrance where there of course is a door, stays fairly constant (moderate) throughout the year, but all the proper ventilation and other systems are in place to make it fully compliant for underground drilling and other activities throughout the winter…they’ve never been set up better…

    Comment by Jon - BMR — October 3, 2019 @ 4:36 am

  5. JON- October 1 news for CLM creates many unanswered questions. Could you explain, and, is BMR still in?

    Comment by bigbill — October 3, 2019 @ 6:02 am

  6. They’ve had a very busy summer of exploration, bigbill, on one of the best blocks of ground in the Eskay Camp…let’s see what they can deliver in terms of additional results…Richard Savage remains on the board, Mars Napoli (VP Ex) moves up to CEO, and Rob McEwen is now a shareholder…as I mentioned earlier, I participated in the 35-cent PP, so I’m certainly still in…they need to focus less on the historic NW Gold zone, which didn’t get Romios anywhere, and more on that huge high-grade Gold corridor IMHO…there’s a mine in the making somewhere among the 3 major target areas on the biggest junior company land package in the district…

    Comment by Jon - BMR — October 3, 2019 @ 6:30 am

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