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February 11, 2020

7 @ 7:00

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

1. Gold has traded between $1,565 and $1,575 so far today…as of 7:00 am Pacific the yellow metal is relatively unchanged at $1,571…Silver is off slightly at $17.69…Palladium dipped as low as $2,215 overnight but has bounced back and is now even on the day at $2,260…base metals are firming up…Copper has climbed 3 pennies to $2.69, Nickel has jumped 12 cents to $5.95 while Zinc is up a penny at 98 cents…Crude Oil has rebounded 81 cents to $50.38 while the U.S. Dollar Index is flat at 98.77China’s National Health Commission last night said the coronavirus death toll had risen to 1,016 people with 42,638 confirmed cases…however, data from Johns Hopkins University showed the number of new confirmed cases was its lowest since late January, increasing optimism around the country’s efforts to contain the outbreak…the epidemic could peak this month and then plateau before easing, according to the Chinese government’s top medical adviser on the outbreak…China, however, has not been totally transparent with regard to the coronavirus…in the United States, fears over the economic fallout from the outbreak have been offset by positive economic indicators thanks to a strong Trump economy…jobs data released last week easily beat analysts’ expectations while U.S. manufacturing and services activity show signs of improvement…

2. Federal Reserve Chair Jerome Powell was fairly upbeat about the outlook for the U.S. economy in the first of his twice-a-year updates to Congress this morning, but cited a potential threat from the coronavirus in China and concerns about the economy’s long-term health…the U.S. economic expansion, now in its 11th year, is the longest on record…over the 2nd half of 2019 “the economy appeared resilient to the global headwinds that had intensified last summer,” Powell said in remarks to the House Financial Services Committee, as economic activity increased further and the labor market strengthened…his remarks echo the formal report the Fed submitted to the U.S. Congress on Friday, which repeated the central bank’s view that its current target range for short-term borrowing costs, between 1.5% and 1.75%, is “appropriate” to keep the expansion on track…with risks like trade policy uncertainty receding and global growth stabilizing, Powell signaled he sees no reason to adjust interest rates unless new developments cause a “material reassessment” to the current outlook…

3. Freda Huson, the spokesperson for the Wet’suwet’en “hereditary chiefs”, is an alt-left aboriginal extremist often championed by socialist and Marxist groups across North America and the globe…far from being a “land defender”, as a CTV News reporter generously described her (similar to calling a terrorist a “freedom fighter”), she is a law-breaking anti-resource, anti-capitalist foreign-funded anarchist who’s actually damaging the cause of First Nations across Canada – Indigenous peoples, unlike her, who actually work or want to work for a living, often in Canada’s resource sector where wages are high…she has aligned the Wet’suwet’en with the Red Braid Alliance for Decolonial Socialism, a radical foreign-funded anti-capitalist group that was responsible for shutting down Canada’s busiest port in Detla, B.C., on Sunday…“We’re part of a nationwide movement to shut down Canada in solidarity with Wet’suwet’en,” Red Braid organizer Isabel Krupp stated…“More than $1 billion of commerce moves through Deltaport every year.  We’re shutting it all down.  There’s no commercial traffic going in or out of Deltaport today”…Krupp’s thugs didn’t want to respect a court order and had to be arrested…Red Braid’s mission statement: Red Braid is a revolutionary working class and Indigenous organization.  We fight to abolish colonialism, imperialism and capitalism, which are destroying our communities and the nonhuman world.  We fight for multiple worlds where the free, full, creative development of each person is the responsibility of all”is there not a single politician in Canada who is willing to stand up to this nonsense?…First Nations negatively impacted by the actions of Huson, Wet’suwet’en “hereditary chiefs” and their supporters also need to break their silence…all elected native bands along the Coastal GasLink route are supporting the project and will reap substantial economic and social benefits from it…

4. Here’s a refreshing switch (and it’s the kind of activism that we need to see more of from entrepreneurial First Nations)…the Financial Post’s Geoffrey Morgan wrote this morning that an Indigenous group that stands to benefit from Teck Resources‘ (TECK.B, TSX; TECK, NYSE) Frontier Oil sands project in Alberta says it would launch a legal challenge against the Trudeau government if it rejects the development (as increasingly expected) later this month…“We do recognize that there are ways that we can go – and that’s one,” stated Ron Quintal, President of the Fort McKay Metis Nation, about launching a legal challenge if the Frontier Project is rejected…“We are prepared”Quintal says the Trudeau government has yet to consult with his group (if a legal challenge is launched, it would mark a new type of challenge launched by an Indigenous community arguing their rights have been infringed by a project being rejected)…the Fort McKay Metis are one of the 14 Indigenous groups that have signed benefits agreements with Teck

5. Skeena Resources (SKE, TSX-V) has drilled 14.8 g/t AuEq (11.5 g/t Au and 247 g/t Ag) over 31 m as Eskay Creek…other highlights of late 2019 drilling results released this morning included 15 g/t Au and 70 g/t Ag over 18.26 m; 1.5 g/t Au and 355 g/t Ag over 21 m; and 2.8 g/t Au and 44 g/t Ag over 25 m (core lengths represent 80100% of true widths)…4 surface drill rigs were utilized for the 2019 program in the 21A, 21E and HW Zones to infill and upgrade areas of Inferred resources to the Indicated classification…infill drilling within the 21A Zone continues to confirm historical widths and improve upon historically defined grades…the company expects to commence 2020 drilling with multiple rigs in the coming days…SKE is up 2 pennies at $1.15 in early trading…

6. The Dow is up 85 points through the first 30 minutes of trading as Wall Street continues to post record highs…in Toronto, the TSX has gained 57 points…the Venture, holding above a strong support band between 570 and 560, is up a point at 572HIVE Blockchain (HIVE, TSX-V) has hit a new multi-month high of 46.5 cents in early trading, on continued impressive volume, though extreme RSI(14) conditions have formed on the daily chart…Canadian Palladium (BULL, CSE) has commenced drilling at its East Bull Palladium Property near Sudbury…a 2nd rig will be added once logistics are settled and snow has been removed from various drill sites…the first drill is starting in the western end of the Valhalla zone and will progress eastward, infilling gaps and drilling down dip in an effort to expand the NI-43101 resource…Canada Cobalt (CCW, TSX-V) has added 3 pennies to 63 cents in early trading…new core photos from Castle East show that CCW has drilled into what clearly appears to be more exceptionally high-grade Silver as part of another vein shoot near the lower contact of the Nipissing diabase with Archean volcanics, approximately 350 feet from the original discovery zone that returned values as high as 212 oz/ton (~70,000 g/t) over a 4-m core length…

7. Canada’s government should fund initiatives like a proposed $1.6 billion project that would provide power and fiber optics to the country’s remote north and spur new business, says a prominent Gold mining executive…Canada’s Infrastructure Bank recently signed an MOU to assess the project, which needs federal investment to get built and would run to Nunavut from Manitoba…“This has to be looked at as nation building,” said Agnico Eagle (AEM, TSX, NYSE) CEO Sean Boyd in an interview…Agnico, Canada’s largest Gold producer, runs 3 Gold mines in the Kivalliq region and is Nunavut’s largest private employer…“A big part of that funding has to come from the federal government to not only build the power line to benefit the current communities, but to look at it as a way to finally open up an area which has tremendous potential,” he said…Nunavut is a vast Arctic region – the size of Mexico – with a population of 36,000 mostly Inuit that separated officially from the Northwest Territories 20 years ago…though rich with mineral deposits, it suffers from a dire lack of infrastructure and all electricity is produced by diesel generators…electricity production for the territory consumes 55 million litres (15 million gallons) of diesel each year, and Agnico Eagle’s Nunavut sites require 80 million litres (21 million gallons)…“As we’re considering major projects and as we make new discoveries in the north, which we believe will be there, we need a cost structure that allows you to build those into meaningful businesses,” Boyd said…

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  1. VERY good news from GGI : Garibaldi Team Adds Strategic Vale Canada Veteran Nickel Executive Mark Scott

    Finally someone will start spreading the word around ! Mr. Scott continued. “Not only has the Garibaldi team become the first to outline a nickel massive sulphide system in the middle of this gold, silver and copper-rich camp, including a 12-km-long belt of potential nickel deposits, but the company holds other very strategic ground in the Eskay Camp. Part of a broader corporate development strategy aimed at global investors will be to creatively communicate the value of these holdings.”


    Comment by rgiroux — February 12, 2020 @ 6:06 am

  2. Indeed, rgiroux…great move on the part of Regoci…Mark Scott has impeccable qualifications and will certainly breathe fresh life into GGI…give him just a month and the results will be very evident…he was the head of Vale’s Nickel operations in Manitoba where he managed 1,800 people…this is the most significant move Regoci has made since the actual acquisition of the E&L Property – it is going to have a major impact on GGI…

    Comment by Jon - BMR — February 12, 2020 @ 6:18 am

  3. Yup great addition, I can only imagine the connections he has with big big players around the world, it’s just a matter of time folks.

    Comment by Laddy — February 12, 2020 @ 7:42 am

  4. Big breakthrough for Amex (AMX, TSX-V) with nearly 1 ounce/tonne Gold over 8.5 m at depth at Perron…extends Gold mineralization at depth by 150 m…Sprott will love it…


    Amex Exploration Inc. has released multiple high-grade drill results from the Eastern gold zone on its 100-per-cent-owned Perron property in northwestern Quebec, Canada. A select list of results is provided in the associated table. Amex provides all drill data on its website. The drill results include intersections from the high-grade zone (HGZ) of the Eastern gold zone (EGZ).

    Amex is pleased to report very high-grade gold from the deepest holes reported to date on the HGZ. Hole PE-20-137 significantly extends the gold mineralization at depth by 150 metres as well as along strike by 75 metres and is to the east of a late-stage diabase dike as shown in an image on the company’s website. Importantly, hole PE-20-137 shows exceptional grade continuity over the composite interval of 29.44 grams per tonne gold over 8.50 metres at a vertical depth of 570 metres, including 60.47 g/t Au over 0.70 metre, 11.68 g/t Au over 1.00 metre, 48.71 g/t Au over 0.60 metre, 50.31 g/t Au over 0.50 metre and 279.72 g/t Au over 0.50 metre.

    In addition, Amex is pleased to report additional high-grade gold mineralization in hole PE-20-132 that intersected 62.67 g/t Au over 1.00 metre at a vertical depth of 385 metres, including 81.12 g/t Au over 0.50 metre and 44.21 g/t Au over 0.50 metre. This intercept includes a large quartz vein of which the entire interval, including the above intercepts, grades 11.68 g/t Au over 5.50 metres. A number of additional gold intersects from the HGZ and Denise zones are reported in the associated table.

    Dr. Jacques Trottier, executive chairman of Amex Exploration, said: “The high-grade results reported today on the HGZ are very important to the Eastern gold zone and the overall Perron project. We have successfully targeted the projected eastward and depth extension of the HGZ with thick and high-grade vein intercepts of up to nearly one ounce per tonne gold over 8.50 metres. We look forward to continuing to test the size of this very high-grade gold system now continuing on the east side of a late Proterozoic diabase dike. In my personal opinion, this opens up a whole new area of exploration in the Eastern gold zone and is reminiscent of similar Abitibi gold mines that have significant depth potential.”

    Comment by Jon - BMR — February 13, 2020 @ 6:47 am

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