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May 13, 2020

7 @ 7:00

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

1. Gold has traded between $1,719 and $1,698 so far today…as of 7:00 am Pacific the yellow metal is up $6 an ounce at $1,708…Silver is up 5 cents to $15.48…another 205,000 ounces were added to Gold ETF holdings yesterday, the 13th consecutive day of net additions…this takes net inflows for 2020 to 411 metric tons, according to BMO“While the strength in ETFs may not be enough to stop global Gold demand from falling this year amid a weak jewelry market, the ETF flow from macro asset allocators is very supportive of price,” the bank said…analysts also said Silver ETF inflows have also been strong, with 3.8 million ounces added yesterday, leaving net additions up 13% for the year…base metals are relatively flat with Copper, Nickel and Zinc at $2.37, $5.52 and 90 cents, respectively…Crude Oil is off slightly at $25.66 while the U.S. Dollar Index has slipped half a point to 99.89…more Canadian Oil haters: Norway’s $1 trillion (U.S.) sovereign fund said today it has excluded 4 Canadian Oil and gas companies from its portfolio for producing “unacceptable greenhouse gas emissions”, its first use of that reason to blacklist firms…Canadian Natural Resources, Cenovus Energy, Suncor Energy and Imperial Oil were all excluded, in addition to 3 other companies – Egypt’s ElSewedy Electric, Brazilian miner Vale SA and Brazilian power holding Eletrobras – for “causing environmental damage”…a unit of Norway’s central bank, the fund was set up in 1996 to save petroleum revenues for future generations…it’s among the world’s largest investors, owning around 1.5% of all globally listed shares…its exclusions are often followed by other funds…Biden tilts further left: radical “Green New Deal” proponent Alexandria Ocasio-Cortez will be serving on a climate change panel for Joe Biden’s Presidential campaign…Dems in trouble: candidates backed by President Trump were outperforming expectations in 2 closely watched congressional special elections last night, as former Navy combat pilot Mike Garcia inched closer to retaking Democrat Katie Hill’s California seat while Republican Tom Tiffany easily prevailed in Wisconsin…for Republicans, a victory in California would be the first time in 22 years they’ve flipped seat in that predominantly liberal state…

2. The Wall Street Journal reported this morning that Chinese and Iranian hackers are aggressively targeting American universities, pharmaceutical and other health care firms in a way that could be hampering their efforts to find a vaccine to counter the Wuhan COVID-19 pandemic…since at least January 3, the 2 countries have waged cyberattacks against a range of American firms and institutions that are working to find a vaccine for COVID-19, U.S. officials told the WSJ…the attacks have raised the prospect among some officials that the aggression could be viewed by the Trump administration as a direct attack on U.S. public health and tantamount to an act of war because the attacks may have hindered vaccine research in some cases…such an interpretation would represent an escalation of how the U.S. government views cyberattacks against the country…

3. The top U.S. infectious disease expert warned yesterday that “premature” moves to reopen the nation’s economy could lead to new coronavirus outbreaks and set back economic recovery…Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, told Congress that the virus, which has already killed 80,000 Americans, was not yet under control and that there would not likely be a treatment or vaccine in place by late August or early September…“There is a real risk that you will trigger an outbreak that you may not be able to control, and could even set you back on the road to try to get economic recovery,” Fauci said of “premature” steps amid reports of new clusters of coronavirus infections in countries such as China, South Korea and Germany where lockdowns had been lifted…meanwhile, even once a vaccine to fight the coronavirus is developed, Fauci told Congress, “There’s no guarantee that the vaccine is actually going to be effective. You can have everything you think that’s in place and you don’t induce the kind of immune response that turns out to be protective and durably protective,” Fauci said of a vaccine…“So one of the big unknowns is, will it be effective?”

4. Federal Reserve Chairman Jerome Powell said today that Congress and the White House may need to act further to pull the U.S. out of the worst economic downturn since the Great Depression and avoid the coronavirus/government lockdown-induced recession from becoming “prolonged”…deeper and longer recessions can leave behind lasting damage to the productive capacity of the economy, Powell said in prepared remarks before an online discussion with the Peterson Institute for International Economics“Avoidable household and business insolvencies can weigh on growth for years to come”…avoiding those outcomes, Powell said, may require additional policy measures from the U.S. government…“Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,” he said…“This tradeoff is one for our elected representatives, who wield powers of taxation and spending”…Speaker Nancy Pelosi and House Democrats are planning to move ahead with a Friday vote on a $3 trillion package to further respond to the pandemic, despite protests from “progressives” that the bill actually doesn’t go far enough…the House initiative will get some strong pushback in the Senate and from the White House…the U.S. federal budget deficit is exploding (great for Gold), on track to hit nearly $4 trillion without this extra spending proposed by House Democrats…

5. Corvus Gold (KOR, TSX) has drilled 125.5 m grading 2.6 g/t Au, including 14.8 m @ 8.9 g/t and 24.7 m @ 4.3 g/t, in confirmation of a new discovery (CIZ target) at its Mother Lode deposit in Nevada…the CIZ is an oxidized high-angle intrusive dike swarm, first discovered in late 2019 (ML19119 returned 50.3 m at 1.50 g/t Au) below the known Mother Lode deposit…subsequent RC drilling at the CIZ was generally ineffective at being able to drill through the zone, although a few holes partially tested it with encouraging results including 41 m @ 1.6 g/t Au in ML-19121…the hole reported this morning (ML19123CT) is the first diamond core hole in the CIZ target, successfully drilled through the dike swarm encountering broad zones of oxide mineralization within the dikes and surrounding carbonates…President and CEO Jeffrey Pontius stated, “These new results now reveal the potential of the CIZ. We will be evaluating this exciting target with our ongoing innovative core drilling program at Mother Lode. In addition to the ongoing exploration work that is expanding the Mother Lode deposit, development work is also rapidly progressing on our low-capex, quick to account, Phase 1 starter project at North Bullfrog. These exciting Corvus Gold developments are highlighting the potential of the Bullfrog district and along with new land acquisitions and discoveries by our neighbouring production companies it is shining a bright light on this underexplored area of Nevada. We expect that the Bullfrog district and Corvus Gold will become one of the major focuses of the Nevada and North American Gold sector in 2020Corvus is up 40 cents at $2.63 as of 7:00 am Pacific

6. The Dow has backed off 202 points as of 7:00 am Pacific…in Toronto, the TSX has slipped 115 points while the Venture has gained 6 points to 507CloudMD (DOC, CSE), halted pre-market yesterday, has arranged a $13 million bought deal financing at 70 cents co-led by Cannacord Genuity and Beacon Securities…the PP includes a half warrant for 24 months at $1 per share, and is expected to close on June 2GT Gold (GTT, TSX-V) is trading at its best levels since late 2018, touching a high of $1.64 in early trading…PureGold (PGM, TSX-V) hit a new multi-year high of $1.03 yesterday and is off a penny at 98 cents as of 7:00 am PacificYorbeau Resources’ (YRB, TSX-V) JV partner IAMGOLD (IMG, TSX) has drilled 9.8 m grading 27.8 g/t Au on the Lac Gamble zone at YRB’s Rouyn Gold Project…GoGold (GGD, TSX) has drilled 19 m (true width) grading 275 g/t Silver equivalent at its Los Ricos Project in Mexico...hole LRGG-20155 was completed on section 600N in the Main area of the project and intersected the Los Ricos quartz vein from 223.7 m to 276.0 m…the mineralized intercept of 19 m returned 0.89 g/t Au and 208 g/t Ag, including 3.2 m of 1,094 g/t AgEq…meanwhile, hole LRGG-20152 was drilled on section 800N in the San Juan area and intersected 14.6 m of 260 g/t AgEq starting just 15 m downhole, consisting of 137 g/t Ag and 1.64 g/t Au…“The drilling at Los Ricos South continues to demonstrate the grade and continuity of this zone, with some grades in excess of 1 kilogram AgEq per tonne,” stated President and CEO Brad Langille…”Drill hole LRGG-20152 continues to show more near-surface mineralization at the newly delineated San Juan ore shoot. We’re anticipating restarting our drilling program within the next 2 weeks as we put on a final push to complete the drilling for our initial resource at Los Ricos South.  Restarting of drilling operations is contingent on the Mexican government and complying with all COVID-19 mandates and policies to ensure the safety of our employees, contractors and communities”

7. Australia will overtake China as the world’s #1 Gold producer in 2021, led by its major expansion plans and higher Gold prices, according to a report by Resources Monitor…cost-effectiveness of Australia’s mining gives it a unique advantage to beat China in the race for the top position…“Reflecting Australia’s role as a cost-effective producer, it will overtake China next year as the world’s largest Gold producer,” the report stated…Resources Monitor, an information company with a focus on Australia, came to this conclusion by looking at the margins of major Gold mining companies working in Australia for the past 18 months, including Newcrest, Saracen, Silver Lake and Northern StarGold prices have been rising for the past 18 months and, alone among nearly all minerals, have continued rising this year,” the report noted…“For the past 18 months, most Gold mining companies have been making attractive margins”…solid margins and higher Gold prices have pushed plans to expand existing mines and develop new mines to advanced stages, Resources Monitor pointed out…existing mines that are expanding include Cadia Valley in NSW (Newcrest Mining), Carosue Dam in WA (Saracen Mineral Holdings), King of the Hills in WA (Red5), and Tanami in NT (Newmont Australia)…some major new mine development consists of Bardoc (Bardoc Gold) in WA, Karlawinda (Capricorn Metals) in WA, McPhillamys in NSW (Regis Resources), the report added…

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  1. Hi BMR crew, what’s your thoughts on the latest news from the Hat Property by Doubleview? They appear to have a nice deposit there.

    Comment by Arthur — May 13, 2020 @ 2:34 pm

  2. I invite all to check out CODX in the US.. Bought at 10 sold at 9 since it wasnt moving fast enuff.. today – 23// SONA will have its day.. but we lack patience … for facks sake get some.. my bad for selling.. 25K lost opportunity but also lost 2K in real money .. I am scared.. most are ..

    keep the faith .. Jon is a very glass half full individual.. John I feel is more technical ..(dohh???) Daniel very methodical..
    no one call will make it… SONA.. will in my view.. wait for 10 bucks!!:)

    Comment by Jeremy — May 13, 2020 @ 2:54 pm

  3. I like the Hat property very much, Arthur, and I’ve walked over a lot of that ground…the only problem at the moment is that it’s a porphyry, and not as high-grade as Saddle North, and porphyries in general are not Mr. Market’s favorite flavor right now…the other issue, of course, is the Sheslay district itself – and the stain of the Tahltan issues in that specific area from 2014-2015…that did a lot of damage to the brand of the district…

    Comment by Jon - BMR — May 13, 2020 @ 4:21 pm

  4. Thanks Jon, it’s apparent the Hat Property is well mineralized however somewhat lower grades than Saddle but with more exploration hopefully the grades will increase. It was my understanding that differences between Doubleview and the Tahltan nation had been rectified.

    Comment by Arthur — May 13, 2020 @ 5:16 pm

  5. Thanks Jon, it’s apparent the Hat Property is well mineralized however somewhat lower grades than Saddle but with more exploration hopefully the grades will increase. It was my understanding that differences between Doubleview and the Tahltan nation had been rectified.

    Comment by Arthur — May 13, 2020 @ 5:16 pm

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