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September 14, 2020

7 @ 7:00

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

1. Spot Gold has traded between $1,939 and $1,961 so far todayas of 7:00 am Pacific, Gold has shot up $19 an ounce to $1,959 while Silver has jumped 44 cents to $27.15TD Securities noted this morning that there is a lot of pent up demand in the marketplace as investors continue to buy Gold on dips…“As expected, we did not witness a deeper shakeout in positioning, with recent price action signaling there were not many weak longs remaining in the market,” the analysts said…”Furthermore, the ECB’s decision to brush off the exchange rate appreciation has crossed off an important hurdle for Gold bugs as investors can refocus on the weak USD narrative. In addition, a dovish FOMC meeting could clear the second hurdle for yellow metal bulls, opening the path for a renewed run toward $2000/oz”…base metals are firming up again with Copper at $3.09, Nickel at $6.88 and Zinc at $1.11, respectively…Crude Oil is off slightly at $37.29 while the U.S. Dollar Index has tumbled more than one-third of a point to 92.94, giving Gold and Silver a lift…major central bank meetings are in the spotlight this week…the Federal Reserve, Bank of England and Bank of Japan all have monetary policy meetings in the coming days…the Fed’s meeting will be closely scrutinized following its shift to a more pro-inflation stance…the World Health Organization reported a record single-day spike in global Wuhan COVID-19 cases yesterday, tallying more than 307,000 new infections in 24 hours…that’s more than 1,000 new cases higher than the previous single-day record set on September 6…India, the United States and Brazil contributed the most new cases to that total…global deaths rose by 5,537 yesterday to top 917,000Pfizer’s (PFE, NYSE) coronavirus vaccine could be distributed to Americans before the end of the year if it’s found to be safe and effective, according to CEO Albert Bourla…the U.S. pharmaceutical giant has been working alongside German drugmaker BioNTech (BNTX, NASDAQ)…both stocks are higher in trading this morning…Pfizer on Saturday submitted a proposal to the FDA to expand its late-stage trial to include up to 44,000 participants, a third more than its previous target…

2. OPEC has cut its forecast for Oil demand growth this year, citing a weaker-than-expected recovery in India and other Asian countries, and warned risks remain “elevated and skewed to the downside” for the 1st half of next year…in a closely-watched monthly report published this morning, the group of Oil producing nations downwardly revised its outlook for global Oil demand to an average of 90.2 million barrels per day in 2020…that’s down 400,000 bpd from the previous month’s estimate and reflects a contraction of 9.5 million bpd year-on-year…the report comes as energy market participants become increasingly concerned about a faltering economic recovery and stumbling fuel demand in the wake of the pandemic…meanwhile, BP declared today that the relentless growth of Oil demand is over, becoming the first Oil giant to call the end of an era many thought would last another decade or more…Oil consumption may never return to levels seen before the pandemic took hold, BP said in its report…even its most bullish scenario sees demand no better than “broadly flat” for the next 2 decades as the energy transition shifts the world away from fossil fuels…

3. Kodiak Copper (KDK, TSX-V) has a major new strategic investor, adding Teck (TECK.B, TSX) as a 9.9% shareholder…the investment will provide Kodiak with capital to fund the company’s ongoing work at its 100%-owned MPD Copper-Gold Porphyry Project in Southern B.C, including an expanded drill program…Claudia Tornquist, President and CEO of Kodiak, commented: Kodiak is delighted to welcome Teck as a shareholder. We view Teck’s investment as a strong endorsement of the MPD project and Kodiak’s management. With the proceeds of this private placement we will be able to expand on the momentum of our recent Gate Zone discoveries, and test other porphyry targets across the MPD Property through 2020 and 2021…the placement will consist of 1,038,868 common shares of the company at $1.95 per share and an additional 3,013,839 flow-through common shares expected to be placed through a charity flow-through arrangement at an average price of $2.82 per share (a cost to Teck of $1.95 per share), for total gross proceeds of approximately $10.5 millionTeck will then own approximately 9.9% of the issued and outstanding common shares of Kodiak on a non-diluted basis…in the best drill result ever at MPD, Kodiak recently reported 282 m of 0.70% Cu and 0.49 g/t u, including 45.7 m of 1.41% Cu and 1.46 g/t Au, in drill hole MPD-20004, a 75-m step-out from the Gate Zone discovered early this year (102 m @ 0.53% Cu and 0.16 g/t Au)…KDK is up sharply in early trading with a gain of 57 cents to $2.40 as of 7:00 am Pacific…only 37 million shares outstanding ahead of the Teck deal…

4. Plenty of green on Wall Street to begin the new week...as of 7:00 am Pacific the Dow is up 294 points…shares of New Jersey-based Immunomedics (IMMU, NASDAQ), up 100% in 2020 entering today, doubled again this morning (up $43.95 at $86.20 as of 7:00 am Pacific) after California-based Gilead (GILD, NASDAQ) agreed to buy the cancer drug maker…the $21 billion deal gives Gilead access to Trodelvy, a FDA-approved treatment for metastatic triple-negative breast cancer…Gilead is working on an inhaled version of remdesivir, its antiviral drug approved for emergency use on COVID-19in Toronto, the TSX has climbed 140 points while the Venture has added 9 points to 742Copper Mountain (CMMC, TSX), 1 of our favorite Copper plays, has hit another new 52-week high of $1.10Gran Colombia Gold (GCM, TSX) says it produced a total of 20,644 ounces of Gold in August, up 14% over the previous month’s production…this brings the total for the first 2 months of the 3rd quarter of 2020 to 38,755 ounces, up 5% over the same 2-month period last year…Gran Colombia’s total Gold production for the first 8 months of 2020 is 143,230 ounces, compared with a total of 155,359 ounces for the same period in 2019…this reflects the impact of COVID-19 on its mining operations predominantly in the 2nd quarter of this year…the company continues to expect its 2020 annual production will range between 218,000 and 226,000 ounces of Gold…CEO Lombardo Paredes stated, “We are pleased with the improvement in our operating results in August. Segovia continues to run steadily and at Marmato, we are beginning to see the benefit of our mine optimization work in the Upper Zone mine on our production results in August now that we have a full complement of workers available to us”Gatekeeper Systems (GSI, TSX-V) announced this morning that it has received an initial purchase order for 4 of the company’s recently launched intelligent temperature sensing systems (ITSS) from a leading OEM (original equipment manufacturer) school bus dealer located in northeastern United States…

5. Discovery Metals (DSV, TSX-V) has drilled 401.7 m averaging 134 g/t AgEq from 66.9 m in the South Corridor of its flagship Cordero Project in Chihuahua state, Mexico…the South Corridor has seen significantly less drilling than the North Corridor and will be a key area of focus for the remainder of the 55,000-m Phase 1 drill program…the goal of this drill program is to define a large-scale, high-margin project with excellent leverage to rising Silver prices…the 401.7 m intercept included 49 g/t Ag, 0.07 g/t Au, 1.0% Pb and 1.1% Zn…Taj Singh, President and CEO, states: “Hole C20343 returned one of the best-ever intercepts at Cordero. The fact that it came from the South Corridor, an area of the deposit that has seen significantly less drilling, is even more encouraging. The remarkably long intercept begins at shallow depth and includes multiple zones of high-grade mineralization, including an interval of 112.3 m averaging 247 g/t AgEq. Initial drilling in our Phase 1 program has been successful in defining a higher-grade bulk-tonnage domain in the North Corridor with a strike extent of over 1.5 km. While this domain remains open along strike and at depth, the focus of our drill targeting for additional bulk-tonnage mineralization has now shifted to the South Corridor. The drills are now targeting areas of the deposit where there are significant gaps in previous drilling in order to efficiently grow the pit-constrained higher-grade resource at Cordero. Our initial results show tremendous promise and we look forward to follow-up drilling in the South Corridor”

6. Ascot Resources (AOT, TSX-V) has discovered new high-grade Gold mineralization at the Day Zone at the company’s Premier Gold Project near Stewart with a 4.1-m intercept grading 20.6 g/t Au (drill hole P202212) and 54.6 g/t Au over 2.05 m (drill hole P202213)…the high-grade intercepts are located 300 m west from the planned underground development at Big Missouri…mineralization is open along strike to the north and the south…the Day Zone is located on the Big Missouri Ridge, approximately 5 km north of the Premier mill…as weather conditions improved in August, exploration was shifted to higher elevation targets at the Big Missouri Ridge after initial drilling was completed at Premier West…President and CEO Derek White commented, “We are excited about the discovery of another strategically located high-grade zone that could be transformative for Ascot. The new drilling referred to as the Day Zone is west of our known resources at the Big Missouri deposit and is within striking distance of our planned underground development. The Day Zone consists of quartz breccia hosted high-grade mineralization similar to Big Missouri. Additional drilling will have to be conducted to show continuity between the Day Zone and Big Missouri. We also completed additional drill holes at Premier West which improved our understanding of the orientation and boundary of the high-grade mineralization there. We are awaiting results from higher elevation drilling at Silver Hill and are commencing additional drilling at lower elevation targets such as Woodbine”

7. Amex Exploration (AMX, TSX-V) is adding 4 more diamond drill rigs to the Perron Property near Rouyn-Noranda, bringing the total number of drills on site to 10…following the $11.7 million financing which closed last Thursday, Amex is increasing its fully-funded and planned drill program from 200,000 m to 300,000 m…the additional 4 drills will be delivered to site by the end of 2020, with 2 expected to arrive by mid-October…of the 10 drills, the company intends to assign 6 drill rigs to the Eastern Gold Zone (EGZ), of which 4 drill rigs will continue to define the depth extension of the High Grade Zone (HGZ), targeting mineralization down to depths of 1.5 km vertically, while 2 drill rigs are allocated to the Denise Zone, which is a wide shear-zone hosted system located approximately 50 to 100 m south of the HGZ….the Denise drilling will be targeting mineralization near-surface with a goal of defining a bulk tonnage Gold deposit…these drill rigs will also test the Denise Zone at depth to define the extent of the Gold-bearing mineralized envelope as well as continuing to identify high-grade lenses within the overall Denise system…in addition, 2 drill rigs will be dedicated to the Grey Cat and Gratien Gold Zones to continue to define near-surface mineralization identified to date…finally, 2 drill rigs will be dedicated to exploration, of which 1 will be conducting regional wildcat drilling, while the other will test areas within the Perron Gold Corridor to identify additional lenses within the 3+ km system already identified…drilling will take place year-round with small breaks in the spring and fall seasons for the winter break-up and Quebec hunting season…Kelly Malcolm, VP Exploration at Amex, noted, “The company is very well capitalized and staffed to expand and manage one of the largest drill programs currently running in Canada by a junior exploration company”

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  1. SIXW surged back up 40% this morning but I can’t see it’s from news. It seems to be spillover from the KNR crowd looking for the next KNR.

    Comment by schiffwasright — September 14, 2020 @ 10:23 am

  2. Nice acquisition by DOC announced this morning, privately held IMD Health which had plans to go pubic…


    CloudMD Software & Services Inc. has entered into a binding term sheet to acquire 100 per cent of iMD Health Global Corp., a novel, award-winning platform designed for health care professionals at every level of care to better engage, inform and educate patients about their conditions and treatment plans. The platform features trusted, peer-reviewed healthcare resources.

    iMD is a trusted platform used by healthcare professionals (including doctors, nurses, pharmacists and allied health professionals), to provide factual, medical information that promotes positive patient behaviour in all health sectors. iMD’s intuitive platform provides a robust digital library and consultative visual component which is available on any digital device. iMD’s platform is populated with content licensing partnerships with Canada’s most respected health associations, pharmaceutical companies in addition to being backed and partnered with Apotex Pharmaceuticals, one of Canada’s largest pharmaceuticals companies with $2 billion in annual sales, which currently has an 18% equity stake in iMD.

    The platform has access to over 7.5 million patients and is currently being used by over 10,000 healthcare professionals and other users including: 3,800 doctors, 2,000 pharmacies, 140 hospitals, and 150 specialty clinics. In addition, iMD has partnerships with over 30 global pharmaceuticals companies, 18 digital healthcare integration providers, Health Canada and over 60 healthcare associations in North America. iMD’s robust medical library already has over 80,000 patient friendly images, brochures and videos covering 2,100 health conditions, which includes the medical Mayo Clinic library. The platform has a great return on investment (ROI) for healthcare practitioners as it increases efficiency, improves patient engagement, reduces costs and saves time.

    The acquisition of iMD is synergistic across every aspect of the Company’s business and both teams share the same vision of providing holistic, patient centered healthcare. iMD’s educational platform will enable CloudMD to provide its entire network of over 3000 healthcare practitioners, specialists, and allied health professionals and almost 3 million patients with valuable educational resources on healthcare issues, treatments and preventative solutions. Providing access to these additional resources is another way CloudMD demonstrates the importance of continuity of care and whole person care as it continues to disrupt traditional healthcare delivery.

    The integration of iMD’s platform into CloudMD’s Electronic Medical Records (“EMR”) software, Juno, creates an industry leading EMR software, and one of the only solutions that gives healthcare professionals direct access to additional resources to provide to their patients from one platform. The integration revolutionizes CloudMD’s EMR and will give it a significant competitive advantage over others in the market.

    The acquisition will be immediately accretive to CloudMD as iMD has multiple high margin revenue streams from SaaS and sponsorship services. Based on contracts signed to date, iMD expects to generate annualized revenue of approximately $1.2 million with earnings before interest, taxes, depreciation and amortization (EBITDA) margins exceeding 5%. iMD has continued to grow its team and invest in its intellectual property, thus operating near breakeven to continue funding its aggressive growth strategy. CloudMD’s platform will provide opportunities for new revenue streams, cross selling of services and optimization of iMD’s current revenue model.

    Kevin Delano, CEO and Founder of iMD has plans to expand iMD across Canada, North America, Mexico and the Middle East. The iMD team will have access to CloudMD’s resources and capital to expedite its expansion and continue growing the business. Kevin has been leading iMD for the last 10 years and has a strong entrepreneurial background, having created / co-founded a number of businesses in the sales and marketing disciplines. Prior to iMD, he co-founded CIM (Consumer Impact Marketing), one of the largest Canadian sales and marketing agencies with approximately $90 million in revenue, which was acquired by Mosaic Sales Solutions. Kevin will be responsible for leading the continued global expansion of iMD.

    Essam Hamza, CEO of CloudMD commented, “Kevin has done an incredible job building iMD’s platform from inception to the world class solution it is today. The two companies instantly found common ground with our shared vision of providing a holistic, patient focused approach to healthcare. Combining both platforms is immediately synergistic across every aspect of both our businesses as it allows us to layer on additional educational resources for our doctors, allied health professionals and patients and for us to cross sell services to their clients and patients. These resources empower patients to finally participate in their own health and wellness which studies have repeatedly shown results in better outcomes, and in turn lowers healthcare costs for governments and corporations around the world. The addition of iMD further realizes our strategy of whole person healthcare delivery and will be an extremely valuable piece of our global growth plans.”

    Kevin Delano President & CEO of iMD commented, “There is a significant disconnect between what a patient is told and what he or she remembers. We have developed the very best cloud-based patient engagement software on the market. With CloudMD’s infrastructure, including its EMR, network of clinics and pharmacies, and allied health, specialist and mental health solutions, we can accelerate our growth and help more patients. iMD’s platform empowers patients to take control of their health and wellness, and provides trusted health resources when and where they need it. We are excited to join CloudMD and look forward to working with them moving forward.”

    Terms of Agreement

    In consideration for the purchase of 100% of the outstanding securities of iMD, CloudMD has agreed to pay shareholders aggregate consideration of C$10,000,000 payable as follows: (i) C$1,500,000 in cash, subject to a working capital adjustment; (ii) C$4,500,000 in shares of the Company; and (iii) performance-based earnouts of C$4,000,000 which is payable in shares of the Company in annual issuances over a period of two years. All shares issued pursuant to the acquisition are issued at a deemed price of C$1.61 per share and are priced by calculating the ten-day volume weighted average trading price of the Company’s shares for the 10 trading days prior to the execution of the binding term sheet. The shares will be subject to certain contractual restrictions on trading for periods ranging from eight and twenty months from the date of issuance.

    The acquisition is subject to customary closing conditions, including the execution of a definitive acquisition agreement and receipt of TSX Venture Exchange approval. The company anticipates a definitive agreement on or before October 9, 2020.

    The Company also announces it has extended its contract with Winning Media, LLC. (“Winning Media”) to provide targeted digital media and corporate brand recognition initiatives. Winning Media is a Houston, Texas {◈ –} based marketing agency that specializes in digital and corporate brand marketing services to enhance corporate visibility and retail investor awareness. CloudMD has agreed to pay the agency US$114,000 for a six-week term. The agency will handle specific functions of digital distribution of public information relating to the Company. Winning Media and its principals do not have any direct or indirect equity interest in the Company and will not receive any securities of the Company as compensation for their services.

    About iMD Health Global Corp.

    iMD Health Global is a Toronto-based ehealth software development company, focused on innovating healthcare education. Since 2010, iMD has grown into Canada’s largest digital patient engagement platform. Centered “At The Point of Care”trademark, healthcare professionals use iMD’s cloud-based platform (in clinic or virtual consults) to engage with their patients at a deeper level and optimize knowledge transfer surrounding a patient’s condition and treatment plan.

    This is done through the seamless integration of over 80,000 images, booklets, and video resources (covering 2,100 medical topics), into an award-winning user interface that makes patient education both efficient and effective. At the end of a patient’s consultation, a summary of all the discussed information can be emailed to the patient to review and continue their learning journey at home, improving their health literacy and adherence to their treatment plan. The iMD platform is utilized by doctors, nurses and pharmacists in clinics, hospitals, pharmacies, infusion clinics and in-home care settings. Learn more at imdhealth.com and app.imdhealth.com .

    About CloudMD Software & Services

    CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3000 licensed practitioners and almost 3 million patient charts across its servers.

    We seek Safe Harbor.

    Comment by Jon - BMR — September 14, 2020 @ 10:27 am

  3. News tonite from Wallbridge…


    Wallbridge Mining Company Ltd. has entered into a non-binding term sheet with respect to a joint venture of its Detour East gold property with Kirkland Lake Gold Ltd. Under terms of this joint venture, Kirkland can earn a 75% interest in Detour East by making expenditures totalling $35 million on the Property, as described below.

    “This Term Sheet, and ultimate joint venture agreement, is strategic for Wallbridge as it allows the Company to focus on fully-defining the size potential of our 100% owned Fenelon Gold property (“Fenelon”) while at the same time advancing exploration on Detour East located at the far west end of the very large land position Wallbridge acquired through its acquisition of Balmoral Resources Ltd. (“Balmoral”),” stated Marz Kord, President & CEO of Wallbridge. “The acquisition of Balmoral was primarily motivated by our belief that the Fenelon Gold system was larger than had been defined at that time, and that it extended onto Balmoral’s ground immediately adjacent to our original Fenelon Gold property. This belief has now been confirmed by our initial drill results west and south of Fenelon (see press release dated September 8, 2020 ) and will be our immediate exploration focus. In addition, numerous other high priority targets on other areas of the recently acquired Balmoral ground, including the area around the Martiniere deposit, also deserve exploration which Wallbridge will evaluate over the coming months. Entering into a joint venture with Kirkland on the Detour East will allow us to focus on the Fenelon gold system, and will bring us a high-quality partner with excellent knowledge of the regional geology through its Detour Lake operations, located adjacent to Detour East.”

    Under the terms of the Term Sheet, Wallbridge will grant Kirkland the option to acquire up to an undivided 50% interest in the Property by funding phase 1 expenditures of $7.5 million over five (5) years (the “Phase 1 Expenditures”) with a minimum commitment of $2.0 million in the first two years ($0.5 million by the first anniversary and $1.5 million by the second anniversary of entering into a definitive joint venture agreement) (the “Option”). During the Option period, Kirkland shall have the right to act as Operator of the Property.

    Upon satisfaction of the Option, Wallbridge and Kirkland shall have formed a joint venture (the “Joint Venture”) on Detour East with Kirkland acting as the operator of the Joint Venture (the “Operator”) to carry on operations with respect to the Property.

    Upon the formation of the Joint Venture, Kirkland will hold the right to acquire an additional 25% interest in the Property by incurring additional expenditures of $27.5 million within the first five (5) years of the formation of the Joint Venture (“Second Stage Option Period”).

    Upon Kirkland having incurred additional expenditures of $27.5 million during the Second Stage Option Period, Kirkland shall have earned an undivided 75% interest in the Property. The deemed expenditures on the property shall be Kirkland ($35,000,000) and Wallbridge ($11,666,667). Following the completion of the Second Stage Option Period, any additional funds required will be contributed by the Joint Venture parties based on their then proportional joint venture interests. Should either Wallbridge or Kirkland (each a “Party” and collectively the “Parties”) elect not to fund a program, its Joint Venture interest will be diluted pro-rata. If a Party commits to fund a program, and fails to contribute its share of the funding, that Party’s Joint Venture interest will be diluted at three times the pro-rata rate.

    If either Party’s Joint Venture interest is reduced to 5% or less, that Party’s Joint Venture interest shall be automatically converted to a 1% net smelter return royalty (the “NSR”) and the Joint Venture shall be automatically terminated. The surviving Party shall have a right of first offer with respect to the purchase or sale of the NSR by the non-surviving party.

    Prior to September 30, 2020, the Parties shall diligently and in good faith negotiate and enter into a definitive option agreement including customary representations, warranties and conditions. In addition to the entering into of definitive agreements, completion of the transaction is conditional upon receipt of all required consents and regulatory approvals including the approval of the respective Board of Directors of each party.

    About Wallbridge Mining

    Wallbridge is establishing a pipeline of projects that will support sustainable 100,000 ounce-plus annual gold production as well as organic growth through exploration and scalability.

    Wallbridge is currently advancing the exploration and development of its 100%-owned Fenelon Gold Property, which is located along the Detour-Fenelon Gold Trend, an emerging gold belt in northwestern Quebec with an ongoing, fully funded 100,000-metre exploration drill program in 2020.

    As announced on May 22, 2020, Wallbridge has completed the Plan of Arrangement whereby Wallbridge acquired all of the issued and outstanding shares of Balmoral, in an all-stock transaction. The Balmoral transaction secures for Wallbridge a buffer of several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth, as well as future mine development flexibility. The transaction, along with a recent option agreement signed with Midland Exploration, also significantly expands Wallbridge’s land holdings in Quebec along the Detour-Fenelon Gold Trend (from 10.5 km2 to over 900.0 km2), improving Wallbridge’s potential for further discoveries in this under-explored belt.

    Wallbridge is also pursuing additional advanced-stage projects which would add to Wallbridge’s near-term project pipeline. Wallbridge is also the operator of, and a 17.8% shareholder in, Lonmin Canada Inc., a privately-held company with a large portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario’s Sudbury Basin.

    We seek Safe Harbor.

    Comment by Jon - BMR — September 14, 2020 @ 6:59 pm

  4. Etruscus hits massive + semi Massives on its first hole of the season and has its pockets full of cash now as the PP is closed

    Comment by david — September 15, 2020 @ 5:28 am

  5. Yes, geophysics could be paying off there, David…

    Comment by Jon - BMR — September 15, 2020 @ 6:01 am

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