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January 10, 2020

7 @ 7:00

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

1. Gold has traded between $1,546 and $1,558 so far today…as of 7:00 am Pacific, the yellow metal is up $1 an ounce at $1,553Gold initially firmed up modestly after the release of a slightly weaker-than-expected U.S. jobs report this morning, then quickly gave up those gains, followed by a reversal higher…Gold has a strong new floor at either $1,550 or $1,500, meaning downside risk is limited at current levels…bullion should also start to benefit from traditionally strong buying ahead of Chinese New Year festivities later this month…Silver added 10 cents to $17.96…Palladium hit a new record high of $2,139 this morning…base metals are flat with Copper, Nickel and Zinc at $2.79, $6.35 and $1.08, respectively…Crude Oil has eased off 39 cents to $59.17 while the U.S. Dollar Index is up slightly at 97.50…the expected signing of an interim trade deal between China and the U.S. next week has been giving dollar a boost…the Canadian job market rebounded in December after its worst month since the depths of the financial crisis…a higher-than-expected 35,200 net jobs were created in December, entirely in full-time positions, while the unemployment rate fell to 5.6%, official data showed this morning…Ontario and Quebec led the way…wages for permanent employees rose by 3.8%, Statistics Canada said, lower than the 4.4% gain seen in each of the previous 2 months…

2. U.S. employers added 145,000 jobs in December and unemployment stayed at a 50-year low of 3.5%, capping a 10th straight year of payroll gains (the longest stretch in 80 years of data which points to steady growth heading into 2020)…private-sector wages advanced 2.9% from a year earlier, the smallest annual gain since July 2018…and revisions showed payrolls for November and October were revised down by a net 14,000…for all of last year, the Trump economy added 2.11 million jobs…that was off modestly from 2018’s robust gain of 2.68 million…a cooler pace of hiring reflected employers’ difficulty finding enough workers, global economic uncertainty and the fading effects of 2018’s tax cuts…today’s figures were slightly weaker than expected…economists surveyed by The Wall Street Journal had forecast a gain of 160,000 new jobs in December, a 3.5% unemployment rate and 3.1% annual wage growth…in December, employers added jobs in construction and retail…the health-care and professional-services sectors grew, but at a slower pace…employment fell in manufacturing and transportation and warehousing…the Fed will stay the course with today’s numbers…

3. Was Iran’s launch of surface-to-surface missiles Tuesday against Iraqi bases housing U.S. and coalition troops just a smokescreen for something much bigger and sinister a few hours later, such as a deliberate targeting and downing of Ukrainian Airlines Flight 752 carrying 176 passengers and crew including 63 Canadians?…yes, there were dozens of Iranians on that plane, too, but this rogue regime – the world’s leading sponsor of state terror – thinks nothing of oppressing or even killing its own people for a larger goal…did the Iranians target this particular flight as part of their retaliation for the Soleimani killing because they knew there were no American passengers on board, that killing 63 Canadians, some Brits, Germans, Ukrainians and others would be just as effective and wouldn’t cross President Trump’s “red line” of killing an American?…as stated by the leaders of Canada, Australia and the U.K. yesterday, evidence suggests an Iranian missile brought down that Ukrainian plane, though for now they seem to be giving Iran the benefit of the doubt that this was simply an “accident”…knowing the regime, which denies the plane was brought down by a missile, it’s wiser to assume that Iran carried out this act deliberately…a full and proper investigation needs to be carried out…in the meantime, it’s difficult to imagine that Justin Trudeau will stand up for Canada in this matter like Donald Trump stands up for America…Trump will have his hands full maintaining deterrence with Iran this year – this is not a regime that will easily change its behavior, and it’s also one of the best at “plausible deniability”…continued Iran-U.S./coalition friction will help Gold reach new highs this quarter…

4. There is nothing that some fossil-fuel haters won’t attempt to do in order to carry out their radical agenda, encouraged by certain left-wing politicians who say they will use “every tool in the tool box” to help “save the planet”…tensions are rising further in northern British Columbia after the RCMP opened a criminal investigation after discovering “traps” and gasoline-soaked rags in the blockade by a breakaway First Nations group (these people belong in jail) against the $6.6 billion Coastal GasLink Pipeline…the Financial Post reported this morning that RCMP officers on patrol this week along the pipeline blockade found 3 stacks of tires covered by tarps and trees and were staged along with multiple jugs of gasoline, diesel, Oil and kindling as well as “bags full of fuel-soaked rags”…in a release late yesterday, the police said they had found the tires and fire-starting equipment on the Morice West Forest Service Road, which leads into a Coastal GasLink pipeline work camp…dozens of trees had also been felled along the road and other trees were partially cut, in preparation for felling, which the RCMP said created a dangerous hazard…“These concerning items have been brought to the attention of the Wet’suwet’en Hereditary Chiefs (they say they will defy a B.C. Supreme Court injunction against them).  They have also been advised that the RCMP has entered into a criminal investigation under Section 247 of the Criminal Code for Traps Likely to Cause Bodily Harm,” the release stated…Coastal GasLink, a natural gas pipeline project that stretches from Dawson Creek, B.C. to the under-construction $40 billion LNG Canada project in Kitimat, won an interlocutory court injunction against the protestors in the area and an enforcement order from the Supreme Court of British Columbia last week…the enforcement order gives the RCMP a mandate to get involved…

5. Canada Cobalt (CCW, TSX-V) has closed its deal to acquire the only facility (PolyMet Labs) in the Northern Ontario Silver-Cobalt District that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing…just 90 minutes after that news came out, the stock was halted pending additional news, so it should be an interesting morning…the PolyMet deal, completed at an opportune time in the precious metals cycle, provides Canada Cobalt with multiple immediate and long-term revenue streams and other advantages as a fully integrated leader in Canada’s Silver-Cobalt heartland…the lab and mineral processing facility in the town of Cobalt, within just 50 m of a rail line and just a short distance from CCW’s Castle and Beaver properties, will also become the new home of the company’s environmentally friendly Re-2OX Process…Canada Cobalt’s newly-formed wholly-owned subsidiary, Temiskaming Testing Laboratories Inc. (“TTL“), the original name of this facility when it was launched at the height of the Silver rush in the early 1900’s, and privately-held PolyMet Resources Inc. have entered into a definitive asset purchase agreement pursuant to which CCW, through TTL, has agreed to purchase substantially all of the assets of PolyMet for approximately $340,000 in cash and 700,000 CCW shares with warrants…

6. The Dow is up 29 points through the first 30 minutes of trading as it tries to top the 29,000 level for the first time…yesterday saw record closes for the Dow, S&P 500 and NASDAQ…the TSX is down 16 points, though the Gold Index has rebounded 2 points to 252…the Venture is steady at 578…a strong new Venture support band stretches from 580 to 560Cannabix Technologies (BLO, CSE) has been on a remarkable run this month after ending 2019 at just 36.5 cents…the stock touched $1.09 in early trading this morning…on Tuesday the company announced improvements in a critical component of the company’s FAIMS system as it continues to make headway in developing the Gold standard of marijuana breathalyzers…the Venture, already with too many listings, welcomed 12 new issuers in December compared with 4 in the previous month and 12 in December 2018…the new listings were 6 capital pool companies, 5 mining companies and 1 clean technology company…total financings raised last month increased by 75%, compared with the previous month, and were unchanged from December 2018

7.  Nickel update:  Philippine Nickel production is expected to increase by over 8% a year in the next few years despite policy uncertainty that could limit project development, according to a report issued by Fitch Solutions Macro Research“We expect Philippine production to continue rising over the coming years although high levels of policy uncertainty could constrain project development, posing downside risks to our forecasts.  We forecast Nickel production to average 8.6% year-on-year growth over 2020-2028,” Fitch Solutions said in its industry trend analysis published this week…it said that the Philippines will regain its spot as the mineral’s top producer due to Indonesia’s Nickel ore export ban, which took effect this year…Indonesia hopes to accelerate the establishment of domestic smelters to capture more value than the current practice of exporting ore…the United States Geological Survey said in a report in February that Indonesia produced 560,000 tons of Nickel in 2018, taking the top spot, followed by the Philippines with 340,000 tons…

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  1. Hi Jon,
    As you mentioned in this morning’s update for the 7@7 that Cannabix (BLO) has been on a tear. Could you please provide some chart analysis, resistance and price targets perhaps in the Sizzler this weekend?

    Comment by marcfitness — January 10, 2020 @ 9:57 am

  2. Yes, we’ve been following this one for almost 6 years now…quite volatile and they went down with the broader marijuana sector, but their breathalyzer could ultimately prove to be a home run…

    Comment by Jon - BMR — January 10, 2020 @ 10:10 am

  3. Here’s one for anyone with spare cash or moving from things that have already had a run. GCN out of Nevada…a real sleeper with great share structure. She’s gonna blow – Goldcliff Resources

    Comment by Weatheritout80 — January 10, 2020 @ 10:47 am

  4. Thanks Jon

    Comment by Marcfitness — January 10, 2020 @ 10:59 am


    January 10, 2020 – Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that assays from the second wedge hole at the Robinson Zone at Castle East, a new grassroots high-grade discovery adjacent to three past producers, have returned 70,380 g/t silver (2,053 oz/ton) over 0.30 meters within a broader zone of 1.4 meters grading 20,136 g/t (587 oz/ton) and 4 meters (core length) of 7,259 g/t (212 oz/ton).

    The very high-grade intersection in CA-19-08-02 is approximately 8 meters west of the mineralized zone intersected by the first wedge hole (430 meters vertical depth) and 17 meters west of the original discovery intercept in hole CA-11-08.

    Assays for cobalt, nickel and copper from CA-19-08-WO2 are still pending in addition to assays from 28 other samples from this hole. Assays for the full 4.65-meter strongly mineralized interval (core length) from hole CA-19-08-W01 are also still pending (50,583.29 g/t Ag over 0.60 meters within 1.5 meters of 20,741 g/t) in addition to results from 58 samples from the third and fourth wedge holes.
    Drilling continues as Canada Cobalt builds out this discovery.

    Matt Halliday, Canada Cobalt VP-Exploration, commented, “These are truly exceptional grades from the first two holes and ‘hits’ that typically do not occur in isolation in this kind of geological setting. We look forward to providing another update for shareholders in the near future.”

    Regional Property Map

    Please visit the Canada Cobalt web site at CanadaCobaltWorks.com for an updated location/geological map for the Castle Property, also included in this news release.


    Vertical Section

    Included in this news release (see below) is an updated vertical section map for the Castle East high-grade silver discovery with the assay table for CA-19-08-W02. Refer to the Canada Cobalt web site at CanadaCobaltWorks.com for additional maps, images and video that will be posted during this drill program.

    Photos below are of selected intervals and are not necessarily representative of mineralization hosted on property.


    Quality Control/Assurance

    The drill program and sampling protocol are being managed by geologists from GoldMinds Geoservices. Holes CS-19-08-W01 to W04 were wedges drilled off the historic CA-11-08 hole. The original hole was re-opened, a modern gyro survey was completed to confirm the location of the hole at depth and then the wedges were drilled from different depths using NQ diameter drill core. Samples were collected using a 0.3-meter minimum length, one-meter maximum length. Drill core recovery averaged 95%. Two quality control samples (blank and standards) were inserted into each batch of 20 samples. The drill core was sawn with one half of the sawn core placed in a plastic bag with the sample tag and sealed, while the second half was returned to the core box for storage on site. For the high-grade intercepts, only one-quarter of the core has been sent for assaying to Swastika Laboratories in Swastika, Ontario. Where silver was visually and significantly present, a pulp-metallic analysis was requested for the silver and gold assays where the entire sample is dried, weighed and crushed over 95% then fully pulverized and passed through 200-mesh screen to create a plus 200-mesh fraction (metallics) and a minus 200-mesh fraction (pulp). The minus 200-mesh fraction (fines) was run using geochemical analysis with AA finish for Ag, Au, Cu, Ni, and Co. The entire +200 mesh (coarse) fraction was analyzed using gravimetric processes (fire assay) for both Ag and Au to provide a weighted average assay for the entire sample.
    Swastika Laboratories is an ISO certified lab independent of Canada Cobalt.

    Qualified Person

    The technical information in this news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB and OGQ) of GoldMinds Geoservices, a qualified person in accordance with National Instrument 43-101.

    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
    For further information, contact:
    Frank J. Basa, P.Eng.,
    President and CEO

    Marc Bamber,

    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 Buckshot — January 10, 2020 @ 12:04 pm

  6. Blockbuster 2nd hole for CCW to follow-up on 1st…2,053 OZ/ton (70,000+ g/t) over 0.30m within 4 meters of 212 oz/ton…17 meters west of original discovery hole…

    What’s also fascinating is the new map – shows a large splay off the Larder Lake Break curving along the western side of Castle…

    Just 30 minutes of trading today but she’s gonna run like a cheetah next week…so much going on here, drilling continues and many more assays yet to come…best grassroots discovery in the Northern Ontario Silver-Cobalt District in 40 years…

    Comment by Jon - BMR — January 10, 2020 @ 12:08 pm

  7. Those grades are insane. Is the depth and interval size the only possible knock on this property. I would appreciate any feedback on that Jon.


    Comment by Jeff81 — January 10, 2020 @ 12:51 pm

  8. You’re right, Jeff81…insane grades, and Grade is King…3 very significant past producers (70 million ounces) immediately to the west, so Castle East potentially is where the motherlode could really be, along with a potential Gold deposit in the Archean…500 million ounces came out of this district with these widths, Jeff81 – perfect mining widths (5 feet or better) displayed in these first 2 holes…have you checked out the veins at Macassa?…Young Davidson due north?…Brucejack in the Eskay Camp?…super-rich mineralization at Castle East with this discovery and now it’s time to drive the volume…that location/geology map says a lot – extremely fertile ground…the first big hits have occurred well below the contact between the Nipissing diabase and the Archean, meaning there is native silver higher up in the system and even further below…

    Comment by Jon - BMR — January 10, 2020 @ 1:12 pm

  9. Thanks Jon, that’s what I was hoping! Looking forward to more BMR updates on CCW!

    Comment by Jeff81 — January 10, 2020 @ 1:46 pm

  10. Jon, noticed that IMR went up on huge volume after CCW news. How close is IMR to where CCW is drilling and do you expect a rally in IMR? Thanks

    Comment by Danny — January 11, 2020 @ 9:41 am

  11. They’re about 10 miles to the west, Danny…they disappointingly dropped the ball last year if you recall, so I remain cautious…we’d all like to see a new discovery at Gowganda West…

    Comment by Jon - BMR — January 11, 2020 @ 11:02 am

  12. Hi Jon just curious if you’re still planning to do a write up on The Eskay Camp?

    CCW sure looking good!!

    Thanks for all your input!

    Comment by Ciara — January 11, 2020 @ 12:36 pm

  13. Yes, working on that now, Clara…

    Comment by Jon - BMR — January 11, 2020 @ 12:37 pm

  14. Thanks!!! Just curious as to your thoughts on it!

    Comment by Ciara — January 11, 2020 @ 12:41 pm

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