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October 3, 2019

7 @ 7:00

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

1. Gold is firming up again this morning after news, just released, that showed the U.S. services sector continued its expansion in September but at a considerably slower pace than expected…the closely-watched ISM Non-Manufacturing Index came in at 52.6 compared to an expected reading of 55.3…equity markets dropped and Gold and Silver prices jumped instantly on the news…as of 7:00 am Pacific, Gold is up $10 an ounce at $1,509 after trading as low as $1,495Silver has jumped 13 cents to $17.64…Nickel has added another 9 cents to $8.05…Copper and Zinc are off slightly at $2.54 and $1.05, respectively…Crude Oil continues to struggle, down 74 cents to $51.90, while the U.S. Dollar Index is steady at 98.99…the mining industry is grappling with a rising number of illegal miners, also known as artisanal miners, who break into sites in search of metals…IAMGOLD (IMG, TSX) denies rumors that it has partially halted work at its Rosebel Gold mine in Suriname after media reports that an influx of illegal miners blockaded operations…the U.S. is imposing tariffs on a range of European goods after wining the largest arbitration award in World Trade Organization (WTO) history in its dispute with the EU over illegal subsidies to Airbus…this follows 4 previous panel and appellate reports from 20112018 finding that EU subsidies to Airbus break WTO rules…massive EU corporate welfare has cost American aerospace companies hundreds of billions of dollars in lost revenue over the nearly 15 years of litigation…

2. Trading statistics show that September was a record-breaking month for the Gold market…the CME Group, the world’s leading and most diverse derivatives marketplace, says that volume in the overall metals space averaged 818,000 contracts per day last month, up 37% from last year and the 2nd highest average daily volume in the exchange’s history…precious metals led the way – on September 24, the Gold market saw record open interest of 659,000 contracts…at the same time, Gold futures saw record quarterly average daily volume of 469,000 contracts…including options, Gold’s average volume rose to 549,000 in the 3rd quarter, an increase of 61% from last year…the exchange also saw record average daily volume of 17,000 contracts in Silver options, an increase of more than 100% from 2018…average daily volume in Silver futures and options rose to 149,000 in September, up 57% compared to last year…September was also an interesting month for Platinum with record open interest of 99,300 contracts on September 13…at the same time, the metal enjoyed record average daily volume of 37,000 contracts…

3. July’s global drilling activity was the highest since January, according to S&P Global Market Intelligence in its Mining Exploration Insights report…while activity levels had been trending downward since the end of 2018, July may have been a turning point…“By adding 55 projects over June, July’s rebound is one of only 5 months in the past 5 years where the monthly increase was by 50 or more projects reporting”S&P Global said its 4 exploration metrics – significant financings, drilling activity, initial resources and positive project milestones – were all up in July…

4. The Dow has fallen 142 points as of 7:00 am Pacific on continued U.S. and global growth concerns…since Tuesday, the Dow has lost 980 points…leading U.S. on-line brokerages are slashing their trading commissions to zero, leaving Canadian investors wondering whether a similar trend will take hold in Canada…the TSX shed only 20 points, aided by strength in Gold stocks…Canadian markets saw twice as much equity issued in the 3rd quarter this year ($10.4 billion) as the same period in 2018, driven largely by transactions in blue chip companies…Eric Sprott has acquired 18.75 million units of MacDonald Mines (BMK, TSX-V) in an 8-cent private placement for total gross proceeds to the company of $1.5 million…Quentin Yarie, Macdonald’s President and CEO, stated, “We welcome the investment of Mr. Sprott into MacDonald Mines.  We are now solidly financed and well-positioned to aggressively explore and develop our SPJ Project and bring the Scadding mine back into operation”BMK is unchanged at 14.5 cents through the first 30 minutes of trading…Liberty Gold’s (LGD, TSX) drilling at Black Pine in southern Idaho continues to return thick, high-grade intervals of Carlin-style oxide Gold mineralization…new results from Discovery 2, highlighted by 41.1 m @ 2.5 g/t Au including 4.6 m grading 9.1 g/t, expand the footprint of mineralization and confirm the company thesis that previous operators did not test laterally and to depth in this 12 sq. km sedimentary rock-hosted Gold system…Canada Cobalt (CCW, TSX-V), quite capable of pulling off a big Silver surprise or technology breakthrough, is trading at multi-month highs at 34 cents…an underground drill program at the Castle mine is 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…underground drilling is just one of multiple catalysts for CCW at its Castle mine and property…Kraken Robotics (PNG, TSX-V), halted pre-market yesterday, has announced that it was the successful bidder on a program for the acquisition of new sonar systems for an unnamed international navy…the total contract value is expected to be approximately $35 million to $40 million, with the majority of that received over a 2-year equipment acquisition phase…

5. Sun Metals (SUNM, TSX-V) is under pressure in early trading after releasing multiple intercepts from an ongoing drill program at its Stardust Project in north-central British Columbia, highlighted by 7.1% CuEq over 24.85 m (3.1% Cu, 4.9 g/t Au and 93.5 g/t Ag starting 598.4 m downhole in hole #436D) and 2.4% CuEq over 45.5 m (1.4% Cu, 1.2 g/t Au and 27 g/t Ag) a little shallower in the same hole starting at a depth of 502 m…the market would prefer even higher grades that are closer to surface, hence the weakness…results from drill hole 436D and 5 other holes extend the known plunge length of the 421 zone to over 160 m and indicates the zone continues to be open in both directions…drilling continues at Stardust and preparatory work for the winter program is well underway…step-out drilling along the projected strike and plunge of the 421 zone continues to show the lateral continuity of the 421 zone mineralized system, which the company believes was generated from a buried multi-phase Copper porphyry intrusive to the north…a pervasive skarn alteration envelope surrounds the Copper-Gold mineralization, indicating that current drilling is on the correct trajectory to find the more proximal part of the system…Steve Robertson, President & CEO stated, “Our ongoing exploration program continues to define the shape of the 421 zone as an ovoid cylinder plunging to the north northwest.  It is currently observed to extend more than 160 m along plunge and is open to both the north and south.  One of the most promising things about working toward the mineralization source is that we expect the sulphide replacement of the skarn alteration to be more complete closer to the high energy heat source, theoretically resulting in even higher grade material.  This is what drives us to continue our focus on the trend to the north.  We are excited that our team will continue exploration over the coming winter months as we learn more about this impressive high-grade system”

6. HeyBryan Media commenced trading on the CSE this morning under the symbol “HEY” after completing a $2.5 million IPO at 30 cents, though the stock has opened lower than that…HeyBryan is a peer-to-peer marketplace app backed by HGTV celebrity Bryan Baeumler that connects customers to trusted experts who have the skills to complete everyday home maintenance needs in a way that is more efficient than traditional contracting services…founded in 2018, the app is named after the Canadian HGTV personality and one of the country’s most trusted contractors…Baeumler is widely recognized as a home maintenance expert and has been featured in multiple hit shows for over 7 years, such as Island of Bryan, House of Bryan, Disaster DIY and Leave it to Bryan…“I am so excited for the launch of HeyBryan into the capital markets after its first year of successful operations,” said Baeumler…HeyBryan expertly responds to the need for trustworthy, high-quality work around the house.  Think of it as Uber for home services.  Getting small jobs done at home, and getting paid well for doing them, has never been easier”…Lance Montgomery, CEO of HeyBryan, added: HeyBryan launched in both Vancouver and Toronto less than one year ago, and the response has been overwhelmingly positive.  In 2019 alone, our user base grew by over 800% and we have quadrupled our team to support this growth”

7. Electric-car maker Tesla (TSLA, NASDAQ) delivered a record 97,000 vehicles globally during the 3rd quarter, an impressive milestone that still fell short of investor expectations and set a tough hurdle for CEO Elon Musk to meet his year-end goals…the company bested its last delivery record of 95,200 electric vehicles set during the 2nd quarter and just missed Wall Street’s expectations of 99,000 deliveries during the 3 months ended Monday, according to average estimates compiled by FactSetTesla’s deliveries are a closely watched number in the industry, providing the closest proximation to sales…it tracks vehicles that have been sold and physically delivered to customers…the number is a barometer for how the company is performing ahead of releasing its quarterly earnings…Tesla has slipped $18.43 a share to $224.70 a share as of 7:00 am Pacific

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  1. Hi Jon, looks like a bit of weakness in the GGI chart – given they can drill longer this year, so you expect to see some strength come back in? I suppose sp is holding up well considering we haven’t had news getting close to 4 weeks now.

    Comment by jean — October 3, 2019 @ 8:19 am

  2. jean, the same thing was being said (weakness) prior to first news about hole 53…

    Comment by Jon - BMR — October 3, 2019 @ 8:45 am

  3. Hi Jon, this is true – I readily admit I was one asking about it a lot. Do you feel how well GGI does can lend credibility to CLM and other GT plays?

    Comment by jean — October 3, 2019 @ 9:30 am

  4. GGI just bounced off the 50-day moving average on the daily chart…

    Comment by Ricardo — October 3, 2019 @ 11:50 am

  5. Hopefully the worst is over for SUNM – July 31 market cap $75,000,000 today $28,750,000
    Did the $46,250,000 totally disappear or is it still in the ground? #:-P

    Comment by Rocco — October 3, 2019 @ 3:04 pm

  6. Jon, can we anticipate continued coverage of VSBLTY Groupe Technologies Corp. Market may have missed the finer print in the last PR however the potential of that deal is staggering depending on the adoption rate.

    Comment by BCCOASTAL — October 3, 2019 @ 4:28 pm

  7. Jon,

    All quiet on the CLM front. Savage’s departure seems to have washed the icing clear off the cake much to the chagrin of share holders. That 0.30 placement isn’t looking like much of a deal at this point.

    Comment by BCCOASTAL — October 3, 2019 @ 4:30 pm

  8. Jon,

    Have you closed the book on IMetal Resources completely? Program wise we have to be close to some IP results and drill targets.

    Comment by BCCOASTAL — October 3, 2019 @ 4:32 pm

  9. I believe VSBY has a shot, BCCOASTAL…they’ve done some tweaking with regard to their messaging, and this should help going forward…technically, a convincing move into the mid-40’s through the 100-day on strong volume is really necessary for momentum players to step in…we’re keeping a close eye on it…

    Comment by Jon - BMR — October 3, 2019 @ 4:54 pm

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