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October 3, 2017

The Template For The Next 10% Stake In Garibaldi Resources

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March 10, 2020

7 @ 7:00

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

1. Gold has traded between $1,669 and $1,653 so far today following one of the worst equity routs ever yesterday…as of 7:00 am Pacific, the yellow metal is trading at its low of the day, down $26 an ounce at $1,653 after briefly topping $1,700 yesterday…Gold, however, has exceptional support and will ultimately benefit immensely from central bank and government stimulus…Silver, which will also come out of this mayhem in a powerful way, has slid 9 cents to $16.90…base metals are rebounding slightly…Copper is up 2 pennies at $2.62…Nickel has jumped 11 cents to $5.77 while Zinc has added a penny to 90 cents…Crude Oil prices have firmed up after the biggest rout in nearly 30 years yesterday as investors gauge the possibility of economic stimulus and Russia signals that talks with OPEC are still possible…Saudi Arabia, playing hardball, launched an all-out Oil war over the weekend, slashing official pricing for its Crude and making the deepest cuts in at least 20 years on its main grades…the Saudis are the world’s lowest-cost producers and also have about 2 million barrels a day of idle production capacity…Riyadh can also use its strategic Oil stocks to boost supplies at very short notice…Russia has a defensive advantage as the Kremlin can dip into its $150 billion (U.S.) wealth fund to offset the slump in Oil prices…those reserves are sufficient to cover lost revenue for 6 to 10 years at Oil prices of $25 to $30 U.S., according to Russia’s Finance Ministry…in the midst of fresh salvos from both sides, former Saudi energy minister Khalid al-Falih is in talks with Russian Energy Minister Alexander Nova in an attempt to reverse the production hikes and revive the collective OPEC-Russia output curbs, according to a Wall Street Journal report this morning…Crude prices dipped as low as $27 a barrel yesterday, roughly half of where they started the year…$20 Oil can’t be ruled out if there’s not an agreement on limiting production, especially in light of a global economic slowdown and if the Saudis are going to push for market share…as of 7:00 am Pacific, WTI has climbed $2.36 a barrel to $33.49…some Oil stocks took staggering hits yesterday including Cenovus (CVE, TSX, NYSE) which lost more than half its value…the mainstream media is burying this in their headlines, but China’s business and travel activities are steadily recovering after being disrupted by the coronavirus outbreak…that’s good news for the markets and the global economy…Nomura estimated in a research report yesterday that about 61.6% of the firms hardest hit by the health crisis in China have resumed work as of March 8, and 74.1% in the broader economy…

2. Chinese President Xi Jinping visited the quarantined city of Wuhan today for the first time since the coronavirus was identified there, reflecting confidence that the epidemic’s spread has been largely contained within China…Jinping’s visit, which came as Italian authorities locked down the entire country and governments from the U.S. to Iran scrambled to contain the spreading virus, follows weeks in which China reported a steady decline in new infections…Chinese authorities recorded just 19 new cases, 17 of which were in Wuhan, and 2 were imported from overseas – marking the 3rd straight day of no locally transmitted cases outside Hubei, the province of which Wuhan is the capital…of the country’s 80,754 patients, nearly 60,000 have already recovered and have been discharged from hospitals…in an unannounced trip today, China’s President arrived in the stricken metropolis of 11 million people to visit front-line medical workers, military personnel and community workers, state media reported…Wuhan, the center of the epidemic and capital of Hubei, has been locked down since late January as part of unprecedented measures curbing movement for hundreds of millions of people across China…

3. The huge drop in Oil prices couldn’t come at a worse time for Canada, a country that has strangely attacked its own Oil and Gas sector the last several years, killing jobs and investment in the pursuit of “saving the planet”…the result is that this critical sector has been severely weakened, and is now highly vulnerable, at the most inopportune time…quite simply, Justin Trudeau has put the Canadian Oil and gas sector in a regulatory straightjacket when, instead, we should be unleashing the full power of our energy sector…the lack of pipeline capacity – Canada’s inability to move as much product as possible as quickly as possible – and a federal government that did nothing as anarchists and fossil fuel haters blockaded Canada’s rail system last month has repelled and disgusted many investors including most recently Warren Buffett who pulled out of an LNG project in Quebec last week…at no time has it been more important for Canada to attract patient, long-term institutional investors in its Oil and gas sector, but disastrous policy choices by professional left wing politicians in Ottawa and elsewhere around the country have scared capital away…it won’t come back anytime soon, and Canadians will pay the economic price…

4. Silvercrest Metals (SIL, TSX) has nearly doubled the size of the high-grade footprint for the Babi Vista vein since mid-November last year…the latest results show higher-grade vein mineralization to depth, including hole UBV1930 with 2.1 m (estimated true width) grading 12,740 g/t Silver equivalent…the 22 infill and expansion drill holes in the high-grade footprint released yesterday are in addition to 14 drill holes in the Babi Vista vein high-grade footprint previously announced on February 25 and November 14, 2019…based on these 36 drill holes, the updated high-grade footprint is approximately 400 m along vein strike by 150 m in height, and open along strike, toward surface and at depth…within this footprint, the estimated average true width of the vein is 1.2 m while the estimated average grade is 16.2 g/t Au and 1,272.9 g/t Silver…this average grade of AgEq is 230% higher than the previous estimate of 753 g/t AgEq with a reduction in estimated average vein width of 45%…CEO Eric Fier commented, “With the further expansion of the Babi Vista vein, we continue to add value through the drill bit at Las Chispas as we systematically discover and expand high-grade Silver-Gold mineralization.  In the last 6 months of drilling, the Babicanora vein, including Area 51 zone, has gone from being the vein with the highest grade of AgEq on the project to 4th on the list, now superseded by the area 200 zone, area 118 zone and now Babi Vista. Babi Vista mineralization starts about 50 m below surface and is open in all directions.  The vein is approximately 230 m north of the Babicanora vein and was discovered while driving the Santa Rosa decline to the area 51 zone.  With the infill drilling program complete, we are now operating 12 drill rigs (reduced from 19 until further compilation work is completed), which are focusing on the extensions of high-grade veins including several new blind (not seen at surface) veins that are being intercepted as we drill along the strike of the Babicanora veins”

5GoGold Resources (GGD, TSX) has cut 9.5 m of 217 g/t Ag and 2.8 g/t Au (5.7 g/t Au equivalent) within 21 m averaging 118 g/t Ag and 1.35 g/t Au (hole LRGG-20106) in the San Juan area of its Los Ricos Project in Mexico, 1 of multiple drill holes released this morning…hole #106 intersected the Los Ricos quartz vein from 101.1 to 122 m…“We’ve increased the pace of drilling at the Los Ricos South Project and continue to hit wide intercepts of good grade,” stated President and CEO Brad Langille...”We’ve released the results of our first short holes along the el Abra outcrop which confirm grade starts at surface, including hole 102 which showed 10.7 m of 235 g/t Silver equivalent.  At the Los Ricos North Project, we are mobilizing and completing preparatory work for our upcoming drilling campaign”...GGD recently raised $25 million at 70 cents per share…it’s off a penny at 61 cents as of 7:00 am Pacific

6. The Dow has rebounded 688 points through the first 30 minutes of trading…the market suffered an historic sell-off yesterday with the Dow and the S&P 500 plunging 7.8% and 7.6%, respectively, the worst single-day performance for each index since October 2008…the Dow’s 2,013 point drop was also the biggest-ever point drop for the 30-stock average…a key support zone for the Dow ranges from about 23,000 to 25,000…President Trump is floating the idea of a fiscal stimulus package, including a payroll tax cut, but nothing concrete has yet been proposed…the triple whammy of the coronavirus, a severe plunge in Oil prices and a big sell-off on Wall Street is an opportunity for Trump to further build on his brand of economic leadership…a spirit of bipartisanship in Congress would be helpful, as difficult as that might be in an election year…in Toronto, the TSX has recovered 474 points after suffering its biggest single-day drop since 1987…the Venture has added 11 points to 474…through yesterday the Index had tumbled 120 points or 21% over 12 sessions, hitting a new all-time low of 463 (3 points below the 2008 bottom)…the 2008 low proved to be one of the greatest buying opportunities ever – we’ll see if history repeats itself…Vaxil Bio (VXL, TSX-V) is the most active in early trading today, up 2.5 cents to 14 cents cents after the company announced that it has submitted a new patent application for its anti-infective vaccines platform as a result of its recently announced COVID-19 candidate discovery… 

7. Pretium Resources (PVG, TSX) has released an updated mineral reserve, mineral resource and life-of-mine (LOM) plan for the Brucejack mine in the Eskay Camp…the updated LOM outlines average annual Gold production of 367,000 ounces for the first 9 years while mining primarily in the Valley of the Kings…at a Gold price of $1,600, Brucejack now has an estimated after-tax net present value at a 5% discount rate of $2.13 billion over the 13-year mine life…while Pretium has consistently been profitable since putting Brucejack into commercial production in July 2017, generating over $500 million of cash flow, annual production and mine grades have fallen short of original expectations…in the Valley of the Kings zone, Proven and Probable Reserves are now 12.8 million tonnes grading 8.8 g/t Au and 10 g/t Ag…the West Zone has Proven and Probable Reserves of 2.9 million tonnes @ 6.8 g/t au and 278.5 g/t Ag, for a total of 15.7 Proven and Probable Reserves grading 8.4 g/t Au and 59.6 g/t Ag (4.2 million ounces of Gold and 30.1 million ounces of Silver)…exploration upside is considerable…

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March 6, 2020

7 @ 7:00

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

1. Gold has traded between the mid-$1,660’s and $1,690 so far today as overall market volatility continues…as of 7:00 am Pacific, bullion is up $13 an ounce at $1,685…Silver is off 7 cents at $17.34…base metals are down slightly with Copper, Nickel and Zinc at $2.55, $5.75 and 89 cents, respectively…Crude Oil has tumbled $2.64 a barrel to $43.26…the price decline accelerated after Reuters reported a senior high-level Russian source said Moscow would not be prepared to approve a further reduction in production…the U.S. Dollar Index is also taking a pounding, down a full point to 95.96…declining U.S. interest rates and pressure on the greenback should keep Gold on a steady uptrend, says Credit Suisse…the metal has risen sharply since the Federal Reserve’s move on Tuesday to cut interest rates by 50 basis points in an attempt to limit economic damage from the spreading coronavirus…U.S. Treasury 10-year yields since have hit record lows…“We remind investors that one of the strongest historical relationships is between the Gold price and U.S. interest rates/USD,” Credit Suiise said…“As rates go lower and there is increased pressure on the USD, Gold should react positively, and we expect this effect to be longer-lasting than near-term coronavirus fears”…the Dollar Index is on pace for its worst weekly loss since February 2016 when commodities came out of a multi-year bear market…global Gold exploration spend fell by about $550 million in 2019, according to Mark Ferguson, director of metals and mining research at S&P Global Market Intelligence

2. U.S. employers added 273,000 jobs in February and the jobless rate was 3.5%, matching more than a 50-year low, signs of continued labor market strength…most companies reported their February employee head counts before cases linked to the virus rose in the U.S. and other countries outside of China, triggering fears the epidemic would hit global and U.S. economic growth…some companies have expressed concern in recent days about the business impact of the virus and the global economic slowdown…however, while virus-related uncertainty could lead to a wider slowdown in hiring in future months, many employers are still reluctant to cut workers given the virus could soon pass and the labor market remains tight…jobless claims, a proxy for company layoffs, declined to 216,000 last week, a historically low level…average hourly earnings grew by 3% over the past year, in line with estimates, while the average work week, considered a key measure of productivity, nudge up to 34.4 hours…

3. The coronavirus death toll in the U.S. has climbed to a whopping 12 (all but 1 of the fatalities are from Washington state) with more than 225 cases reported around the country (mostly Washington and California)…that number is only a tiny, tiny fraction (0.0006% to 0.0008%) of the number of people who die in the United States every year due to the regular flu, but the mainstream media’s obsession with COVID-19 simply won’t go away and is making the economic impact worse than it should be (CNN will do whatever it can to sensationalize and try to boost its horrible ratings)…global coronavirus cases have increased to more than 95,000 with at least 3,280 deaths…however, the vast majority of those cases are still in China, where the virus originated late last year…in the 3 biggest hot-spots outside China, South Korea has nearly 6,600 cases with 42 deaths…Italy has more than 3,800 cases with 148 deaths, and Iran says it has more than 3,500 cases with 124 deaths…

4. The coronavirus will lead the world economy into its first contraction in a decade, some economists are warning…evidence in mounting that the virus (combined with the media’s coverage of it) is having a significant impact on global growth, Oxford Economics commented…“What began as a supply shock in China has morphed into something much more serious.  The effects of financial market weakness and the disruption to daily life around the world will trigger lower consumer spending and investment on top of the disruptions to the global supply chain”Oxford, along with a growing number of other economists and market watchers, believe this will lead in the 1st quarter to the global economy’s first contraction since Q1 2019…notably, Oxford predicts a rapid rebound from Q2 on, but the “short, sharp shock” will cut growth for the year to 2%, “easily the slowest pace in the last decade”

5. Another $4 billion runs away from Trudeau’s messed-up Canada: An ambitious $9 billion LNG project in northern Quebec is looking for a new lead investor after Warren Buffett’s Berkshire Hathaway (BRK.B, NYSE) pulled out because of the current business and political climate in Canada…developer GNL Québec said yesterday an unidentified investor has chosen not to proceed with a “significant” financial commitment to the Energie Saguenay Project…though GNL Québec wouldn’t name the firm, Saguenay deputy mayor Michel Potvin identified it as Berkshire…Potvin, who heads the local investment agency known as Promotion Saguenay, said Berkshire – which is run by Buffett, the legendary U.S. investor – would have invested about $4 billion“We did not need this, especially at this stage of the project,” Potvin told the Montreal Gazette in a telephone interview…“We’re not going to find $4 billion tomorrow morning, and we sure aren’t going to find it in the region.  So we have to roll up our sleeves”…the decision is based “on the political context that we’ve seen in Canada over the past month,” said Stephanie Fortin, head of community relations for GNL Québec…it’s too early to assess how the pullout will affect the project, she added…

6. The Dow has fallen 807 points through the first 30 minutes of trading following a nearly 1,000 point decline yesterday…in Toronto, the TSX has shed 433 points with the Gold Index off 6 points at 275…any weakness among producers continues to be a buying opportunity…the Venture is 7 points lower at 514Ridgestone Mining (RMI, TSX-V), on the Venture for a couple of years, has come to life in the last 2 weeks since a large cross in the market on February 21…the company is preparing to commence a drill program at a promising Gold property in Sonora state…earlier this week, Ridgestone announced the appointment of Dr. Steven Weiss as the company’s chief independent technical advisor for its Rebeico Gold and Copper Project…Weiss has a highly successful track record in Mexico that included a decade with Glamis Gold and Goldcorp (he was Goldcorp’s Mexico Exploration Manager)…RMI is off 2 pennies at 27 cents but has been firming up gradually over the past week…Sona Nanotech (SONA, CSE), which rebounded strongly yesterday after a sell-on-news event Wednesday, has added 2 new members to its scientific team as the company works toward quickly unveiling a COVID-19 lateral flow test kit…Fiona Marshall oversaw the development of a rapid-response test development program during the 2013 Ebola outbreak, while Sandy Morrison (President of Quality Systems Atlantic) was involved in obtaining regulatory approval in Canada and the U.S. for the first rapid HIV assay…Darren Rowles, CEO of Sona, stated, “We are also pleased to report that our initial laboratory work is progressing well and as a result of our collaboration with GE, we expect to accelerate an aggressive pace in the development of this critical test”the Venture added 8 new issuers last month, compared with 1 in the previous month and 6 in February 2019…the new listings were 5 capital pool companies, 2 mining companies and 1 real estate company…total financings raised in February 2020 decreased 24% compared to the previous month, but were up 110% from February 2019…there were 108 financings last month compared with 140 in January and 73 in February 2019…the Canadian Marijuana Index continues to get pummelled, now down by more than 80% over the past year…

7. TC Energy’s (TRP, TSE, NYSE) Coastal GasLink estimates that its B.C. pipeline project will pump $115 million over 25 years to 5 elected Wet’suwet’en band councils and generate more than $60 million in construction contracts for local indigenous businesses…that’s, of course, if the politicians don’t screw this up…5 elected Wet’suwet’en councils along the pipeline route would receive the cash distributions totalling $4.6 million a year, for 25 years…the 5 councils have supported the pipeline…a group of unelected and radical Wet’suwet’en “hereditary chiefs” oppose the pipeline project, saying they have jurisdiction over their unceded territory, not elected band councils on federal reserves under the Indian Act…the 20 elected band councils along the route, including the 5 elected Wet’suwet’en councils, have reached impact-benefit agreements with Coastal GasLink…on March 1, “hereditary chiefs” announced a tentative agreement with the federal and B.C. governments to expedite negotiations to implement rights and title for the Wet’suwet’en Nation over unceded traditional territory and recognize the hereditary governance system…

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March 5, 2020

7 @ 7:00

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

1. Gold is firming up again, trading between $1,637 and $1,663 so far today…as of 7:00 am Pacific, bullion is up $22 an ounce at $1,668…Silver is 11 cents higher at $17.28…base metals are up slightly, despite global economic fears, with Copper, Nickel and Zinc at $2.57, $5.57 and 91 cents, respectively…Crude Oil is off 20 cents at $46.58OPEC has agreed to cut oil output by an extra 1.5 million barrels per day (bpd) in the 2nd quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in…the Oil demand outlook has been pummelled by governments’ steps to halt the spread of the virus, prompting OPEC to consider its deepest cut since the 2008 financial crisis…the U.S. Dollar Index has slipped one-third of a point to 96.96…fears about the coronavirus disrupting the global economy continue to drive volatility on Wall Street, and sensational mainstream media headlines, as countries around the world extend quarantines and travel restrictions…California has declared a “state of emergency” after a coronavirus-related death and 53 confirmed cases in the state out of a population of 40 million…the International Monetary Fund has announced a $50 billion aid package to help fight the coronavirus, targeted toward low-income and emerging market countries…it’ll be interesting to see how that gets spent…the Gold market achieved another record last month as the value of the metal held in ETFs rose to an all-time high, according to the latest investment data from the World Gold Council (WGC)…in a report today, the WGC said that market volatility and growing fears that the spreading coronavirus will drag the global economy down prompted investors to turn to Gold as a safe-haven asset…the latest data shows that global Gold-backed ETFs and similar products increased by 84.5 tons last month, with the inflows valued at $4.9 billion…North American Gold ETFs increased by 42 tons, valued at $2.3 billion…European funds saw inflows of 33 tons, valued at $2 billion…Asian funds, primarily in China, saw an increase of 8.7 tons, valued at $425 million

2Higher Gold prices and improving investor sentiment wasn’t enough to counter fears of the spreading coronavirus as attendance at the world’s biggest mining conference dropped from the previous year…yesterday, the Prospectors & Developers Association of Canada (PDAC) said attendance at its 2020 mining conference totaled 23,144, down 10% from the previous year and the lowest attendance since 2016…some of the booths were empty with companies staying away from the conference because of COVID-19…although attendance was down compared to previous years, PDAC President Felix Lee told Kitco News he was pleased with the sentiment at the conference…he added that the Canadian mining sector is robust enough to meet all challenges…“The Canadian mining sector faces some difficult challenges but I am completely confident that the sector can continue to grow,” he said…“We have a habit of being able to remake ourselves when times are tough”Justin Trudeau, who has done more damage to the resource sector in this country than any Prime Minister in Canadian history, including his father, due to his climate change fanaticism and economic illiteracy, showed up for the 2nd year in a row to announce a scheme that makes it more affordable for Canadian miners to invest in zero-emission vehicles and automative equipment…PDAC should have declined his presence…

3. Sign of the times in the cannabis sector:  Canopy Growth (WEED, TSX; CGC, NYSE) has closed large greenhouses in Delta and Aldergrove…the cannabis company says the closures have resulted in the elimination of approximately 500 positions…in addition to the closures in B.C., the company says it no longer plans to open a 3rd greenhouse in Niagara-on-the-Lake, Ontario…Canopy Growth CEO David Klein said in a statement that a review by the company found that the B.C. facilities are “no longer essential to its cultivation footprint.  Nearly 17 months after the creation of the legal adult-use market, the Canadian recreational market has developed slower than anticipated, creating working capital and profitability challenges across the industry,” Klein said…

4. The Dow has retreated 769 points after the first 30 minutes of trading following yesterday’s huge gains…in Toronto, the TSX is 213 points lower with the Gold Index bucking the trend, up 4 points at 277the Venture has lost 5 points to 521Silvercrest Metals (SIL, TSX; SILV, NYSE) has released metallurgical test results with increased precious metal recoveries and enhanced process design changes for the continuing feasibility study at the Las Chispas property located in Sonora, Mexico…after 9 months of extensive further metallurgical test work involving all veins in the current resource and multiple metallurgical domains, the results show an increase of recoveries to 96.1% Gold and 93.9% Silver or 95.0% Silver equivalent…Canada Carbon (CCB, TSX-V) announced this morning that it has received an initial order from Analytical Reference Materials International (ARMI), a subsidiary of LGC Standards Company (LGC), a global leader in the life sciences sector…the initial order of 50,000 grams of the Miller thermally purified graphite is to be used in the development of a Certified Reference Material (“CRM”) for the analysis of ultra-high purity graphite samples…the CRM will be developed and marketed by LGC, with a retail selling price comparable to the lower purity BAM S009 (NBG 18) reference material…the order is renewable for 100,000 gram lots, on the same terms…Galway Mining (GWM, TSX-V), which slipped to key support at 30 cents in last week’s panic selling, is suddenly trading at new multi-year highs in the low 40’s…the company most recently reported 10.6 g/t Au over 47 m at its promising Clarence Stream Project in southwestern New Brunswick…

5. The theme of “going deep” in the Abitibi is working remarkably well for the likes of Amex Exploration (AMX, TSX-V), Wallbridge Mining (WM, TSX) and Canada Cobalt (CCW, TSX-V)…all 3 have big discoveries in the works with Wallbridge leading the way with a market cap of nearly $500 millionAmex got knocked down all the way to $1.25 last week and is trading this morning at $1.68, a rebound of 34% with more gains likely…yesterday, Amex reported results from hole PE-20144 on its 100%-owned Perron Gold Property near Rouyn-Noranda…it cut 59.5 g/t Au over 1.05 m within a broader interval of 9.9 m grading 9.73 g/t (833.5 m to 843.40 m)…Dr. Jacques Trottier, Executive Chairman of Amex, commented: “This was an aggressive exploration hole that extends the HGZ by another 210 m down to a vertical depth of approximately 775 m.  This is very significant as it confirms the depth potential of the Gold system and the high-grade nature of the mineralized body.  We are currently wedging off hole 144 with the objective of confirming grade continuity between these large 200+m step-out holes.  With only 4 holes drilled into the eastern extension of the HGZ, we have defined an additional 400 vertical meters of high-grade Gold mineralization”

6. Last weekend’s smelly deal that failed politicians struck with the “hereditary chiefs” in Smithers is already creating divisions, even before details are released to all Canadians (taxpayers are being kept in the dark so far)the elected chief of 1 of 6 bands within the Wet’suwet’en nation says she and other elected representatives should have been included in recent negotiations over rights and title with the provincial and federal governments…Maureen Luggi, chief of the Wet’suwet’en First Nation, a band under the Indian Act, as opposed to the larger Wet’suwet’en Nation encompassing all Wet’suwet’en people, stated: “We did express that in a letter to the Office of Wet’suwet’en (hereditary chiefs), that all of the 6 Wet’suwet’en communities were excluded from the process.  We don’t know who was invited to participate,” she told CKNW yesterday…“We later learned that other Wet’suwet’en communities were excluded”…Luggi said she expects to soon see the tentative agreement through her membership of the Gitdumden clan, 1 of 5 Wet’suwet’en clans…but in the end, she said, reaching consensus on whether or not to accept the proposed deal will require the involvement of all the Wet’suwet’en…“That is what concerned us, that if anyone is going to move forward on behalf of the clan members in this community regarding Aboriginal rights and title, then our people need to be acknowledged and they need to communicate with us,” she said…

7. Growth in the euro zone is likely to be very sluggish over the next decade, experts have warned, and the forecasts were bleak even before the new coronavirus hit the region…“Even before the coronavirus outbreak, dark clouds had been gathering over the euro zone economy, with Italy in the eye of the storm,” economists at ING warned yesterday…“Over the next 10 years, the region’s potential growth rate will likely slow to a crawl while Italy faces a stagnation far worse than anything Japan has seen.  In the next 10 years, demographic and structural headwinds, and a limited appetite for reform, could push the bloc’s potential growth rate to less than 1%, down from the annual average pace of 1.4% of the previous decade”…in the 4th quarter of 2019, euro zone growth was just 0.1% quarter-on-quarter, marking the slowest growth rate since 2013, with its largest economy Germany seeing flat growth, and Italy and France seeing a 0.3% and 0.1% contraction, respectively…

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March 4, 2020

7 @ 7:00

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

1. Gold has traded between $1,631 and $1,650 so far today following yesterday’s surge when the Fed suddenly cut interest rates by half a point…as of 7:00 am Pacific, bullion is up $2 an ounce at $1,642…Silver is off slightly at $17.11…base metals are steady with Copper, Nickel and Zinc at $2.56, $5.67 and 89 cents, respectively…Crude Oil has jumped 82 cents barrel to $48 while the U.S. Dollar Index is up one-third of a point at 97.48…the Trump economy remains resilient…U.S. companies kept adding jobs in February despite the coronavirus scare, as private payrolls expanded well above the pace that Wall Street had anticipated…employment excluding government jobs rose by 183,000 for the month, according to this morning’s report from Moody’s Analytics, topping the 155,000 that economists had expected…“COVID-19 will need to break through the job market firewall if it is to do significant damage to the economy,” Mark Zandi, chief economist at Moody’s Analytics, said in a statement…“The firewall has some cracks, but judging by the February employment gain it should be strong enough to weather most scenarios”…Joe Biden’s campaign for the Democratic Presidential nomination got a major boost as he swept to victory in multiple states on Super Tuesday, surprising almost all pundits, although Bernie Sanders claimed the big prize of California where a majority of exit polls showed Democrats in that state have a favorable view of socialism…Michael Bloomberg has dropped out of the race after spending more than half a billion dollars with little to show for it…passenger car retail sales in China, the world’s biggest auto market, fell 80% in February because of the coronavirus outbreak, according to the China Passenger Car Association…the coronavirus epidemic has sparked a bond bonanza in China, with financial institutions and companies rushing to sell debt at low interest rates…since early February, more than 150 Chinese companies, including manufacturers, airlines and property developers, have collectively raised more than 237 billion yuan ($34 billion) by selling so-called coronavirus bonds, which devote a portion of their proceeds to “epidemic prevention and control” efforts within the country…the pace of issuance has picked up as more companies have found they can borrow money cheaply this way…average coupon rates on the new securities, which mostly range from 1.6% to 6%, have in many cases been lower than yields on comparable outstanding debt from the same issuers, according to Wind Info, a data provider…state-owned banks have been the main buyers of the virus bonds…

2. Italy’s government has announced that it will temporarily close the nation’s schools and universities to help contain the COVID-19 outbreak there…the death toll in that country jumped to 79 yesterday, higher than anywhere outside Asia and Iran, up from an official total of 52 on Monday…as of this morning, there are more than 2,500 cases of the virus in Italy…officially, Iran (#2 behind China in terms of reported deaths) has 2,336 cases of the virus and has recorded 92 deaths, although there is speculation that the actual number of cases in Iran is far higher…there are widespread expectations that Italy’s economy will enter a recession because of the outbreak…the euro zone’s 3rd largest economy, Italy was a problematic member of the single currency bloc even before it became the country worst hit by the coronavirus…previously, Italy was expected to grow a meagre 0.5% in 2020

3. Sona Nanotech (SONA, CSE) has partnered with GE Healthcare Life Sciences to complete the COVID-19 Rapid Screening Test (RST)…Sona’s COVID-19 lateral flow test will incorporate GE’s Fast Flow High Performance Membrane (FFHP), specifically designed to allow for multiple optimization techniques…the aim is to get the RST into markets as quickly as possible and the 2 companies will be working in tandem to accelerate that process…Sona maintains all commercial rights to the RST…currently, the majority of testing completed for the COVID-19 virus utilizes molecular based technology (PCR), a costly testing platform that frequently takes 2 to 4 hours to produce results and requires specialized laboratory equipment and skilled technicians to operate…in comparison, lateral flow assays provide results between 5 to 15 minutes and can be administered by a layperson…Darren Rowles, CEO of Sona, stated, “It’s exciting to work with a best-in-class partner like GE Healthcare Life Sciences, drawing on their expertise and to use the new FFHP Membrane”Sona expects to provide near-term updates on the development of its rapid-response COVID-19 test…SONA has been on fire in recent weeks and jumped 29 cents to a closing price of 94 cents yesterday in 30 minutes of trading following a halt for news…profit taking this morning has taken the stock down 26 cents to 68 cents as of 7:00 am Pacific…the mid-60’s represents the top of a strong support band…

4. Yet another example of why Canada is broken…less than 2 weeks after Teck Resources (TECK.B, TSX; TECK, NYSE) pulled its application for the $20.6 billion Frontier oil sands project, Suncor Energy says it expects to spend the next 6 years before regulators on an application it has just filed to extend the life of its main oil sands mine (the Base Mine Extension Project which it doesn’t expect to begin operating until 2030)…that’s a timeline that analysts say is exceptionally long for a replacement project and creates new uncertainty for major projects in Canada…Suncor’s current mine operations are 15 years away from the end of their operating life and the company is looking for approvals to replace existing production by mining the ore in a nearby lease…The Impact Assessment Agency of Canada released Suncor’s project description late Monday, which shows that Suncor expects to spend between 2019 and 2026 in the regulatory process…in its application, the company said it expects to use new technologies in the mine extension that “have the potential to significantly reduce the overall footprint, reclamation timeline and GHG emissions” of the project…in addition, the company pledged to continue “aggressively pursuing paths to reduce emissions in other areas of its business and in ways that sequester carbon and produce net benefits”

5. The Dow is up 502 points after the first 30 minutes of trading…in Toronto, the TSX has added 171 points with the Bank of Canada just announcing a half point interest rate cut…like the U.S. central bank, Canada’s policy-makers cited the spread of COVID-19 for pulling the trigger on their first interest rate cut since 2015…they also made sure it was clear to everyone that more stimulus is possible…“Before the outbreak, the global economy was showing signs of stabilizing,” the Bank of Canada said in a statement…“While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding”…how the Bank of Canada could state that the Canadian economy has been operating “close to potential”, when that simply isn’t the case, is staggering…the Venture has gained 7 points to 524Canada Cobalt (CCW, TSX-V) is up 2 cents at 56 cents in early trading…CCW has been one of the top performers during PDAC, climbing 40% on the increasing likelihood of a major high-grade Silver discovery at Castle East alongside a newly-reported Gold find approximately 500 m to the southwest…”going deep” in the Abitibi has proven to be successful recently for the likes of CCW, Wallbridge Mining (WM, TSX) and Amex Exploration (AMX, TSX-V)…

6. Wallbridge Mining (WM, TSX), 2 days after announcing a proposed friendly buyout of neighbor Balmoral Resources (BAR, TSX), released a broad set of new drill results from Fenelon this morning in 2 separate news releases…the latest numbers have expanded the high-grade portion of the Tabasco zone to 500 m of strike length and 500 m of downdip extent with assays such as 4.3 g/t Au over 32.5 m in hole FA-19096, and 3.4 g/t Au over 43.7 m, including 5.7 g/t over 19.45 m, in hole FA-20110…holes FA-20118, 119 and 126 (assays pending) all intersected strong mineralization in the West, while holes FA-20116 and 123 (assays pending) are pushing mineralization to the East onto section 10350 E where the Tabasco Zone had not yet been identified…the Cayenne Zone is also showing areas of strong Gold mineralization at depth, as shown by the intersection of 4.6 g/t Au over 15.6 m, including 19.1 g/t  over 2.7 m, in FA-19094, located 75 m down-dip of 17.6 g/t over 11.04 m in FA-19059 announced last summer…additionally, definition drilling in the Main Gabbro zone has expanded known high-grade shoots with intersections such as 40.7 g/t over 5.96 m in hole 190985013…meanwhile, Wallbridge also reported this morning that it continues to drill into wide intersections of 1 to 2 g/t Gold with narrower zones of high-grade material within the Area 51 vein network in the immediate hangingwall to the Tabasco/Cayenne shear system…

7. Growth in the euro zone is likely to be very sluggish over the next decade, experts have warned, and the forecasts were bleak even before the new coronavirus hit the region…“Even before the coronavirus outbreak, dark clouds had been gathering over the euro zone economy, with Italy in the eye of the storm,” economists at ING warned yesterday…“Over the next 10 years, the region’s potential growth rate will likely slow to a crawl while Italy faces a stagnation far worse than anything Japan has seen.  In the next 10 years, demographic and structural headwinds, and a limited appetite for reform, could push the bloc’s potential growth rate to less than 1%, down from the annual average pace of 1.4% of the previous decade”…in the 4th quarter of 2019, euro zone growth was just 0.1% quarter-on-quarter, marking the slowest growth rate since 2013, with its largest economy Germany seeing flat growth, and Italy and France seeing a 0.3% and 0.1% contraction, respectively…

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March 3, 2020

7 @ 7:00

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

1. Gold is taking off on news of an emergency interest rate cut of half a point by the Federal Reserve to combat the growing global economic threat of COVID-19…the move is the first such cut since the financial crisis…markets had been widely expecting the central bank to take some type of action, with anticipation of a 50 basis point cut by the next FOMC meeting later this month…in addition to the cut on its benchmark overnight borrowing rate, the Fed also announced a half-percentage-point reduction on the interest it pays on excess bank reserves…the Fed’s action comes after a conference call between Jerome Powell, Treasury Secretary Steven Mnuchin and finance ministers and central bank leaders from each country of the G-7…the G-7 came out with a vague statement, saying it would commit unspecified tools to help the global economy deal with the threat…as of 7:00 am Pacific, Gold is up $28 an ounce at $1,617…Silver has climbed 32 cents to $17.04…base metals are flat with Copper, Nickel and Zinc at $2.54, $5.72 and 90 cents, respectively…Cobalt is steady at $14.97…Crude Oil is up $1 a barrel at $47.75OPEC and its allies, a group known as OPEC+, are expected to announce deeper output cuts at their meeting later this week in Vienna (March 56)…the group had agreed to cut output by 1.7 million bpd in a deal that runs to the end of March…the U.S. Dollar Index is up nearly one-fifth of a point at 97.52…it’s “Super Tuesday” in the United States as voters across 14 states are starting to weigh in on the Democratic Presidential nomination contest…Bernie Sanders, not even a Democrat, is set to greatly widen his delegate lead as the Democratic Party takes on a doomed socialist agenda…

2. One company that’s destined to get a lot of attention in the battle against COVID-19 is Sona Nanotech (SONA, CSE), halted (pending news) pre-market this morning…we initially highlighted this opportunity for subscribers when SONA was trading in the 30’s last month…it closed yesterday at 65 cents…volume in the stock has picked up dramatically but this story definitely hasn’t yet hit the radar screens of the masses…Sona is deploying its proprietary nanotechnology to produce a quick-response lateral flow test to screen patients for COVID-19…when completed (and this is moving along at a rapid pace), the test is expected to produce results in 5 to 15 minutes…there is currently no lateral flow test specific to COVID-19, which was first detected in Wuhan, Hubei province, China, and continues to spread across the globeSona will integrate its proprietary nanorod technology into a disposable lateral flow test platform (similar to pregnancy tests that can be administered without skilled technicians or additional laboratory equipment) for use as a screening tool to help triage individuals…currently, the majority of testing completed for the COVID-19 virus utilizes molecular based technology (PCR), a testing platform that typically costs more than $200 per test, frequently takes 2 to 4 hours to produce results, and requires specialized laboratory equipment and skilled technicians to operate…in comparison, lateral flow assays provide results between 5 to 15 minutes and can be administered by a layperson…

3. TD Securities has hiked its Gold forecast, looking for the metal to average $1,700 an ounce in the 4th quarter and potentially trade as high as $1,800 at some point (a conservative forecast in our view)…the Canadian firm remains upbeat on the metal despite last week’s pullback, which TDS largely attributed to selling to raise money to meet margin calls in other markets as equities and other so-called risk assets plunged…TDS now looks for Gold to benefit from further loosening of monetary policy…Gold prices hit a 7-year high around $1,689 an ounce at the beginning of last week, but then tumbled all the way to $1,563 by Friday despite what TDS described as supportive developments in interest rates, bond yields and moves in the U.S. dollar…“We hypothesize that the sharp decline can be traced to liquidity issues in the broad market,” TDS said in a report issued late Monday…“The yellow metal was likely sold to provide funds to cover margin calls on collapsing leveraged equity positions”

4. Since globalist Justin Trudeau took over as Canadian Prime Minister, more than $150 billion in capital and 200,000 jobs have left Canada because Liberals have made it impossible to build anything…Trudeau showed up at PDAC yesterday, preaching the same failed strategy that has undermined the Canadian resource sector and overall economy the last several years while shifting capital (and emissions) elsewhere…the Trump economy has been one of the beneficiaries of Trudeau’s anti-resource agenda and economic illiteracy…“Of course (of course, it’s so obvious!) we can only create a better stronger economy for everyone (whose everyone?) if we are fighting climate change at the same time,” said Trudeau (what exactly are we “fighting”, how are we fighting it and why are we doing things opposite to our largest trading partner?)…“We know that, Canadians know that (of course we do!!) – we just haven’t reached that point of consensus…about the best way to do it”…meanwhile, Trudeau and other failed politicians were cutting a deal under pressure with the radical Wet’suwet’en “hereditary chiefs” last weekend in Smithers, the same group that “feathered” and shamed 4 female hereditary chiefs (stripping them of their titles) for their pro-pipeline positions…isn’t Trudeau also supposed to be a “feminist”?…Trudeau should have travelled to Smithers to learn something, not Toronto…the proposed “hereditary chiefs” deal, which still has a lot of moving parts, is going to blow up in his face…

5. The Dow has erased a 350-point decline near the open and is now up more than 200 points as of 7:00 am Pacific following the announcement of the half point Fed rate cut…in Toronto, the TSX is up 196 points, thanks to higher Gold and Oil prices, while the Venture has jumped 11 points to 524…some recent top performers who got dragged down during last week’s market panic are bouncing back strongly…surprise Gold news from Canada Cobalt (CCW, TSX-V) yesterday helped the stock recover from last week’s broader market chaos that drove CCW down to its rising 200-day moving average (SMA) Friday…CCW jumped 8.5 cents to close at 48.5 cents to begin the new week and is pushing higher again this morning…Matt Halliday, VP Exploration, says the geological processes at Castle are “more dynamic” than previously recognized, lending support to the idea that the exceptionally high-grade Silver discovery at Castle East – immediately adjacent to 3 past producers (~70 million ounces) – may host a large deposit or series of deposits in the Miller Lake basin where the diabase appears to thicken…a “major update” on Castle East is expected soon, Halliday says…Fiore Gold (F, TSX-V), a producer in Nevada, and Quebec explorers QMX Gold (QMX, TSX-V), Azimut Exploration (AZM, TSX-V) and Amex Exploration (AMX, TSX-V) were all oversold last week and should be strong performers this month…Yamana Gold (YRI, TSX; AUY, NYSE) is looking highly attractive after last week’s nearly 30% haircut…

6. Marathon Gold (MOZ, TSX), one of our favorite advanced Gold plays, has cut 15.2 g/t Au over 3 m, along with other initial encouraging results, from its 2020 drill program within the 6-km-long under-explored Sprite Corridor at its Valentine Gold Project in central Newfoundland…the results announced this morning represent fire assay data from the first 8 drill holes of a planned 32,000-m drill program at Sprite, located between the Marathon and Leprechaun deposits…the 8 drill holes cover a 200-m-long strike length of quartz-tourmaline-pyrite-Gold (QTP-Au) veining extending to the northeast, and confirm the emergence of a developing Main zone-type sequence of mineralization in an important new area now named the Berry zone…Matt Manson, President and CEO, commented, “These first drill results from our 2020 exploration drill program have confirmed the presence of Main zone-style mineralization in the Sprite corridor of a type characteristic of the nearby large-scale Leprechaun and Marathon deposits”MOZ is up 4 pennies at $1.35 through the first 30 minutes of trading…the stock sold off last week exactly to its rising 300-day SMA in the $1.20’s

7.  China’s Purchasing Managing Index – a measure of purchasing sentiment amongst manufacturers – fell to its lowest level on record for the month of February, dropping from 50.0 in January to just 35.7, a range that indicates the Chinese economy is heading towards a contraction…for comparison’s sake, at the start of the global financial crisis in November 2008, Chinese PMI had dropped to 38.8…the PMI is a particularly important gauge of future economic activity because it surveys business executives across various industries who weigh in on indicators like inventory orders, employment, production levels and supplier deliveries…much of the global supply chain is linked to China, given that it is the world’s largest manufacturing hub…some analysts, however, remained optimistic despite the record-low PMI data…“China continues to ramp up policy easing and other support, which will help growth rebound into the second quarter,” wrote UBS Global Wealth Management’s chief investment officer Mark Haefele in a note… “While new clusters outside China are a concern, the domestic situation appears to be normalizing”

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February 25, 2020

7 @ 7:00 From Smithers

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

1. Gold has traded between $1,658 and $1,633 so far today…as of 7:00 am Pacific the yellow metal has eased off $6 an ounce to $1,653 following yesterday’s new multi-year highs near $1,700 as global stock markets reeled from fresh coronavirus fears…Silver has retreated 25 cents to $18.35…Palladium is up $62 to $2,599 while Rhodium has added another $100 to $11,200…base metals have stabilized with Copper, Nickel and Zinc at $2.57, $5.66 and 93 cents, respectively…Crude Oil has dipped another 33 cents a barrel to $51.10 while the U.S. Dollar Index is down one-tenth of a point at 99.27…the spike in coronavirus cases beyond China sparked concerns yesterday about a prolonged global economic slowdown due to the outbreak…the market losses were widespread around the world, with global stocks losing over $1.7 trillion of value in a single day…South Korea has raised its coronavirus alert to the “highest level” with the latest spike in numbers bringing the total infected to more than 800…meanwhile, Italy has been the worst affected country outside of Asia, with more than 130 reported cases and 7 deaths…Iran also confirmed 12 deaths…the yield on the benchmark 10-year U.S. Treasury note, which moves inversely to price, has fallen to a record low below the 1.325% set on July 6, 2016, in the aftermath of Brexit…

2. The decision by Teck Resources (TECK.B, TSX; TECK, NYSE) to abandon its $20 billion Frontier Oil sands project in Alberta is a massive Canadian political earthquake that will have negative economic repercussions for years…it’s the culmination of Justin Trudeau’s anti-Oil posturing and climate change hysteria to win votes on the left (Trudeau’s approach has been Canada’s version of the thankfully doomed “Green New Deal” being promoted by socialists in the United States)…this also comes at a time when Trudeau, the same Prime Minister who boasted during the SNC-Lavalin scandal how he would “never apologize for standing up, fighting for Canadian jobs”has allowed a small but vocal group of anarchists and eco-terrorists to take the Canadian economy hostage for the past few weeks through rail disruptions and other protests…energy development in this country under the current federal regime is essentially dead…as Rex Murphy so eloquently stated in a National Post column this morning, “There isn’t a single corner in this world – heck, they probably heard it in Senegal – that doesn’t know that Canada is now a place where investments go to die, where projects eagerly embraced become lost in some cavity of madly overzealous regulation, spend years getting revised and receiving additional conditions for approval, are mocked and slandered by busy climate change cowboys and, after billions of dollars spent, simply go away“…former B.C. Premier Christy Clark, a political moderate, commented, “The Teck decision is a terrible turning point.  Like Energy East, they were forced by ludicrously weak and confused fed policy to withdraw.  Who will invest in Canada now??”...Teck brought up that question itself in its news release…“The situation that has faced Frontier will be faced by future projects and it will be very difficult to attract future investment, either domestic or foreign”…meanwhile, in the United States, President Trump is doing the opposite…and compare his visit to India the past couple of days (encouraging investment and trade) to Trudeau’s embarrassing visit…increasingly, capital is going to leave Canada and head to greener pastures in the U.S., and that will translate into a lower standard of living for Canadians…we’ll “save” the planet, though!…well more than $120 billion of energy projects have been cancelled in the past 3 years of Liberal hostility and incompetence…with fossil fuels predicted to represent three-quarters of global energy supply by 2020, what kind of country – especially one that represents only 1.6% of global emissions – would deliberately refuse to develop the full potential of its natural resources?…

3. When was the last time this happened?…no Canadian jurisdiction ranks in the top 10 for “investment attractiveness” according to the latest survey by the Fraser Institute of more than 260 mining executives globally…Saskatchewan maintained its place as the country’s most attractive jurisdiction for investment (ranking 11th on this year’s survey index, down from 3rd last year) followed by Ontario (16th up from 20th), Quebec (18th, down from 4th) and British Columbia (19th down from 18th)…however, B.C. was ranked as the least attractive jurisdiction in Canada for “mining development”…survey respondents pointed to uncertainty concerning disputed land claims and environmental regulations as key factors that made the province unattractive…“The sum of negative responses citing these two areas as deterrents to investment was 78% and 74%, respectively,” the Fraser survey noted…in addition, 67% of respondents for British Columbia were deterred by uncertainty concerning protected areas…

4. BMR is reporting the rest of this week from Smithers, the hub of British Columbia’s exploration sector, where BMR is a lead sponsor of the Vancouver Canuck Alumni Association “Indoor-Outdoor Challenge” this coming weekend to celebrate the 50th anniversary season of the Vancouver Canucks in the NHL…proceeds are going toward local minor hockey…what could be more “Canadian” than hockey, our national pastime, and our resource sector?…this weekend’s event, which has drawn tremendous support from the local community, will kick off with an investor presentation/news conference Friday afternoon in Smithers, followed by a banquet Friday night, an indoor game Saturday and an outdoor game “rematch” the following day on Tyhee Lake…both games will feature former Canuck stars, including the likes of Kirk McLean, Cliff Ronning, Jyrki Lumme, Geoff Courtnall, Thomas Gradin, Dave Babych and others, against a local oldtimers’ team known as the Smithers Flyers…country music star Aaron Pritchett and Global News B.C. anchor Paul Haysom will also be playing for the Alumni team…FIN, the Canucks’ popular mascot, will be whipping fans into a frenzy at Saturday’s game in the Smithers arena…Canada has proven to be the best in the world at producing hockey players…and when it comes to this country’s unmatched natural resource endowment, a true blessing, and our ability to extract metals and Oil (commodities the world desperately needs) using the highest labor and environmental standards, we are also world leaders…this is something to celebrate and fight for, especially at a time when the resource sector in Canada – particularly Oil and gas – is under attack from within…the resource sector made Canada great but we have to fight for it now because there is an energized group on the left that’s determined to take this country down a very different path…

5. The Dow has rebounded 87 points following yesterday’s big drop, the worst since February 2018…with yesterday’s declines, the S&P 500 and the Dow both wiped out all of their 2020 gains…in Toronto, the TSX is 32 points lower while the Venture is off a point at 567…a stock that has bucked the trend in recent sessions is Sona Nanotech (SONA, CSE)…there isn’t a more advanced situation in terms of the development of a rapid screening test for COVID-19…interest in the stock picked up dramatically on news last week but this story definitely hasn’t yet hit the radar screens of the masses…SONA, which closed at 36.5 cents yesterday, has only about 50 million shares outstanding…the company is deploying its proprietary nanotechnology to produce a quick-response lateral flow test to screen patients for COVID-19…when completed (and this is moving along at a rapid pace), the test is expected to produce results in 5 to 15 minutes…this could be rolled out within just weeks…there is currently no lateral flow test specific to COVID-19, which was first detected in Wuhan, Hubei province, China, and continues to spread across the globe…QMX Gold (QMX, TSX-V) is getting a strong boost this morning following more high-grade Gold drill results yesterday and news of a $6 million flow-through financing at 18 cents involving Eric Sprott and O3 Mining (OIII, TSX)…results yesterday from QMX from the River target west of the Lac Herbin mine included 36.7 g/t over 3.5 m, and 34.9 g/t over 3 m…QMX is up 2.5 pennies at 14 cents on high volume…Amex Exploration (AMX, TSX-V) has added a 4th drill rig to its Perron Gold Property near Rouyn-Noranda…this rig will be dedicated to exploration drilling on the eastern Gold zone (EGZ) given the company’s recent successful extension of the high-grade zone at the EGZ…using its predictive modelling techniques, the Amex geological team has been able to successfully target the projected eastward and depth extension of the HGZ with thick and high-grade vein intercepts…initial results from Palladium One’s (PDM, TSX-V) first IP survey at Kaukua East in Finland have revealed a large chargeability anomaly, representing the eastern extension of the Palladium dominant Kaukua South zone…this zone now extends over a 2-km strike length…the Kaukua East IP survey identified a much stronger and wider chargeability anomaly than the previous 2008 IP survey which was instrumental in identifying the 1.2-million ounce Palladium equivalent Kaukua deposit…PDM is up a penny at 17 cents as of 7:00 am Pacific

6. Galway Metals (GWM, TSX-V) has drilled one of its best holes ever at its Clarence Stream Project in New Brunswick – 10.6 g/t Au over 47 m, plus 1.2 g/t Au over 32 m, in hole 87…the 2 intervals in this hole line up well, between previously released step-out holes 72 and 78 located 22 m northeast and 116 m southwest, respectively…meanwhile, hole 93 extended the Richard zone 97 m to the southwest with an intersection that ran 4.5 g/t over 10.8 m…Robert Hinchcliffe, President and CEO, stated: “Hole 87‘s location between 2 other wide and high-grade intercepts bodes very well for the Clarence Stream resource update scheduled for the 3rd quarter of 2020, both from the perspective of any pit-constrained or underground resource.  Hole 93 is significant because it continues the process of closing the gap between the Richard and Jubilee Zones, just as the previous press release of 2 weeks ago closed the gap between the GMZ and Richard Zones.  Of note is that NONE of the 36,377 m of drilling that Galway has completed in the 2.5-km-long mineralized system that hosts the George Murphy, Richard and Jubilee Zones are in the existing Clarence Stream resource, which was last updated 2.5 years ago on September 26, 2017.  That resource includes the South and North Zones only.  All 5 deposits remain open for expansion in all directions.  Galway’s strong drill results demonstrate that Clarence Stream is an emerging new Gold district in North America”GWM has added cents to 37.5 cents through the first 30 minutes of trading…

7. Interesting move by New Gold (NGD, TSX, NYSE) today, though this never would have occurred if the company hadn’t struggled with its Rainy River Project…New Gold is selling a free cash flow interest in its New Afton mine in British Columbia to the Ontario Teachers’ Pension PlanOntario Teachers has agreed to acquire a 46% free cash flow interest in New Afton with an option to convert this interest into a 46% JV interest in 4 years for upfront cash proceeds of $300 million (an overriding buyback option provides NGD with the flexibility to potentially require 100% of New Afton in the future)…“We are pleased to be partnering with Ontario Teachers, one of the world’s preeminent and most well-respected investors, in this transformational transaction that provides us with upfront cash allowing us to restructure our balance sheet and lower our level of net indebtedness via a true shared risk and upside partnership focused on free cash flow,” stated New Gold President and CEO Renaud Adams…“This transaction provides New Gold with an attractive cost of capital, further strengthens our financial position, allows us to benefit from the full exploration potential elsewhere on the New Afton land package and provides the opportunity to reacquire 100% of New Afton.  Ontario Teachers is known to conduct in-depth due diligence and partner with high-quality management teams that share its values of integrity and operational excellence.  We look forward to our partnership with Ontario Teachers as we continue our mission to turn New Gold into Canada’s leading intermediate diversified Gold producer”NGD is up on the news in early trading, 16 cents higher at $1.35

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February 21, 2020

7 @ 7:00

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1. Gold has traded between $1,625 and $1,646 so far today…as of 7:00 am Pacific the yellow metal is up $23 an ounce at $1,643Gold prices are set to record their biggest weekly percentage gain since early August…Silver has jumped 19 cents to $18.52…Palladium, which has had a big week, is up $4 an ounce at 2,594…Palladium has soared in part because supply has been strained by years of stalled production by miners…Rhodium is now trading at $11,000…base metals are flat or off slightly with Copper at $2.59, Nickel at $5.65 and Zinc at 95 cents…Crude Oil has dipped $1.24 a barrel to $52.67 while the U.S. Dollar Index has retreated nearly half a point to to 99.42reports overnight said China’s auto sales fell over 90% in February as coronavirus restrictions prevented buyers from visiting car dealerships….over 21 million autos were sold in China in 2019, making China the world’s largest auto market…the Hubei province is still in lockdown and officials there have pushed back the date for businesses to reopen to March 10…that date could be further delayed if covid-19 is not contained by then…China recorded over 800 new cases yesterday (up from around 400 Wednesday), with the total number of afflicted now at over 75,000 and over 2,200 dead…China’s central bank has loosened monetary policy, and there are concerns about Chinese companies increasing already-high debt levelsSouth Korea has reported over 200 confirmed covid-19 cases and the capital has banned all rallies in major downtown areas…Iran’s health ministry today reportedly confirmed the coronavirus had spread to several cities nationwide, before adding the flu-like virus might exist in all of them…

2.  B.C. Premier John Horgan told reporters yesterday that he’s willing to meet with the Wet’suwet’en “hereditary chiefs” under the right conditions, but cancelling the Coastal GasLink pipeline is “not an option for me”he added he would not agree to an “open-ended” meeting with the “hereditary chiefs” who, unlike all the democratically elected First Nation groups along the pipeline route, are vehemently opposed to the project…“The notion that it would just be somehow, you have to come and talk to me without any understanding of what the end of that discussion would be, I’m not prepared to do that,” Horgan said…“I have no shortage of other nations, first of all, within B.C. that have exciting opportunities.  And they want to work with the province, and the federal government, and their local communities to find the prosperity that we all want for ourselves and our neighbours”…meanwhile, even as RCMP officers in British Columbia reportedly offered to move back from Wet’suwet’en territory – meeting one of the key demands of Indigenous protesters – there is still no end in sight to nationwide railway blockades…the economically punishing blockades are now entering their 3rd week and have led to layoffs and fears of supply shortages, with the incompetent Liberal federal government continuing to call for “patience” and “dialogue”the Wet’suwet’en and their anarchist and eco-terrorist friends/supporters are actually ramping up their protests…an excellent example of the type of people involved came yesterday morning when a blockade was put up on a rail line between Kamloops and Chase in B.C.’s southern interior…Anushka Azadi, an activist who has previously been involved in Indigenous rights and anti-fish farm and anti-pipeline campaigns, posted photos of the blockade to Facebook with the caption “Sacred Fire CALL OUT: We are standing on the tracks across the highway from Neskonlith Hall. Come one come ALL!”…this is the typical protestor Justin Trudeau shamefully doesn’t want to stand up to…counter-protestors in Edmonton the other day showed Canadians how they can take matters into their own hands, in a non-violent way, since the police and government seem incapable of solving such an urgent problem…

3. Garibaldi Resources (GGI, TSX-V) is on the move in early trading – just prior to the open the company announced that it has drilled into multiple new near-surface massive sulphide intervals and Nickel-Copper-rich mineralization at Nickel Mountain, including some spectacular PGE enrichment…in addition, a 50-m step-out to the east of the Lower Discovery Zone shows that the E&L gabbro – with its very distinctive geological and geochemical characteristics – is now known to extend at least 400 m along plunge…within just that footprint, a magmatic Nickel sulphide deposit with a high concentration of metals can easily become a mine…the eastern part of the Lower Discovery Zone thickens to the north as evidenced by drill hole EL-1982 (and previous holes EL-1824 and EL-1816) and borehole EM data which notably shows two significant conductors immediately north of EL-1982, suggesting there’s a large pool of massive sulphides nearby that could greatly build out this part of the LDZ…EL-19-82 cut nearly 10 m of massive sulphide grading 7.2% Ni, 3.6% Cu and 4.8 g/t combined Pd-Pt-Au within a broader 32.75 m highlighted by 2.7% Ni, 1.6% Cu and 1.5 g/t Pd-Pt-Au..3 m above that massive sulphide interval and the LDZ, this hole also clipped an extraordinary 38-cm vein that grades 10 g/t Pd, 4.3 g/t Pt, 3.4 g/t Au, 26 g/t Ag, 0.12% Co, 6.5% Ni and 4.8% Cu…this certainly shows the precious metal enrichment of the system…it’s quite possible the broader area between the LDZ and the Upper Discovery Zone (UDZ) carries high PGE’s…meanwhile, another part of the hole returned 6 m of the UDZ @ 4.3% Ni, 2.3% Cu and 1.5 g/t Pd-Pt-Au…multiple other holes delivered high-grade Nickel, Copper and PGE’s…EL-1984, the last hole of the season, cut 5.42 m @ 7.7% Ni, 3.8% Cu and 6.56 g/t Pd-Pt-Au along the southern portion of the LDZ…EL-1979 cut 63.8 m grading 1.6% combined Ni-Cu and 1.7 g/t Pd-Pt-Au 10 m north of the central part of the LDZ…this featured two narrow high-grade massive sulphide veins, one of which returned 5.4% Ni, 7.2% Cu, 20.8 g/t Pd-Pt-Au, 33 g/t Ag and 0.09% Cobalt…the intercepts keep coming – EL-1978 returned an impressive 59 m of disseminated mineralization northwest of the LDZ grading 1.1% Ni, 1.2% Cu and 2.3 g/t Pd-Pt-Au…EL-1976 cut 43.6 m of 1.6% Ni and 1.3% Cu starting just 110 m downhole, including 6.1 m of massive sulphides, as it successfully targeted a traditional style of higher-grade mineralization between the main chamber of the E&L Intrusion and the LDZ to help establish the scale of the mineral lens…Jeremy Hanson, VP-Exploration, stated, “The last 9 holes of the 2019 season all hit significant intervals of Nickel-Copper mineralization and clearly demonstrate the increasing potential of a very dynamic system at Nickel Mountain”…assays are also being carried out to determine grades of Rhodium, Iridium, Osmium and Ruthenium which are already known to exist in the massive sulphides…

4. The high-grade Fruta del Norte Gold mine in Ecuador is now in commercial production…that was announced by Lundin Gold (LUG, TSX) last night…Lundin Gold has successfully built the first large-scale underground Gold mine in Ecuador and has reached commercial production ahead of schedule and on budget.  We are now focused on ramping up to name plate production and optimization. In addition, as soon as we receive the necessary permits, we will start exploration drilling at our high priority, Barbasco target,” stated Ron Hochstein, President and CEO…Fruta del Norte produced a total of 28,678 ounces of Gold by the end of 2019…the company exported initial production of both Gold concenrate and ore to a smelter and a refinery, respectively, in December, resulting in $20.9 million (U.S.) of concentrate sales…continued underground development is ahead of projections…153,000 tonnes of ore was stockpiled at year-end…Fruta del Norte has proven and probable reserves of 5 million ounces of Gold grading 8.74 g/t…production of approximately 325,000 ounces per year has been forecast with a mine life of 14 years…LUG is up 66 cents at $11.77 through the first 30 minutes of trading…

5. Osisko Mining (OSK, TSX) has announced that drilling carried out in 2019 at Windfall Lake has increased the Indicated mineral resource estimate by 60% (added 452,000 ounces) and increased the Inferred mineral resource estimate by 66% (added 1,572,000 ounces)…the Windfall Project now hosts Indicated mineral resources of 1.21 million ounces(4.1 Mt @ 9.1 g/t) and Inferred resources of 3.94 Moz (14.5 Mt @ 8.4 g/t), entirely above 1,200 m vertical depth…located in Quebec, this mineral resource estimate moves Windfall to world-class status in terms of scale and grade…Sean Roosen, Chair and CEO of Osisko, stated: “We would like to extend our congratulations to the Osisko Mining team, led by John Burzynski, for recently completing 1 million m of drilling and delivering this world-class resource.  Osisko and Osisko Mining’s teams have collectively worked on three world class Gold deposits discovered in Quebec over the past 15 years – Canadian Malartic, Eleonore, and now Windfall. This couldn’t have been possible without the strong support of all stakeholders.  The Windfall Project will deliver substantial benefits to the province of Quebec, the area’s First Nations communities and other stakeholders”

6. The Dow has fallen 244 points through the first 30 minutes of trading…U.S. markets are on track for their 1st weekly loss in 3…in Toronto, the TSX is down 64 points with the Gold Index bucking the trend, up 7 points to 282Teck Resources (TECK.B, TSX; TECK, NYSE) lost $891 million in Q4 compared with a profit of $433 million in the final quarter of 2018“Ongoing global economic uncertainty negatively impacted commodity prices in the 4th quarter and that has continued into 2020, exacerbated by the effect on markets from the Coronavirus and the impact of severe weather conditions in British Columbia, followed by blockades on rail lines,” stated President and CEO Don Lindsay…Wheaton Precious Metals (WPM, TSX, NYSE) has exceeded original Gold production guidance for the 8th consecutive year with record numbers for 2019“We look forward to continued steady growth over the next 5 years from the highest-quality portfolio of long-life, low-cost assets in the streaming space,” stated President and CEO Randy Smallwood…the Venture is up 3 points at 584…grade is King…GGI is showing it in early trading, up 6 cents at 91 cents as a breakout builds above 85 cents…Canada Cobalt (CCW, TSX-V) should be next…Silver has broken out vigorously and that would be the catalyst that’s going to drive CCW to new highs, combined with the latest developments – more news expected shortly – at Northern Ontario’s most significant high-grade Silver discovery in the last several decades…the short-term chart shows a new wave to the upside has started following a recent healthy pullback to key support…on the Palladium stock front, the junior with the best near-term chance to report an impressive market-moving high-grade intercept (drilling started during the 1st half of January at the advanced Sunday Lake Project, news expected soon) is Transition Metals (XTM, TSX-V) which shot higher on a big volume increase last month as a prelude to what could be an explosive move very soon to new multi-year highs above key resistance in the low 20’s…the stock quickly doubled in price last April on results from Sunday Lake…heavy volume in Ridgestone Mining (RMI, TSX-V) to kick off the trading session, a clear indication this stock is coming into play with a drill program at a high-grade property in Mexico set to begin at its 35 sq. km Rebecca Gold-Copper Property in Sorona approximately 115 km east of Hermosillo…yesterday, the company announced the closing of three-quarters of a $1 million financing at 15 cents…at the open, overmillion shares crossed at 19.5 cents and as of 7:00 am Pacific the stock is trading at 20 cents on record volume of 3 million shares…a 2,500 kg bulk sampling program from waste rock material mined principally from the Alaska vein as recently as the 1960’s returned impressive Gold grades including 6.7 g/t from just over 400 kg in 21 samples from “Veta Grande”…initial drilling will be targeting a never previously drilled breccia that has returned widespread Gold and Copper mineralization at surface…this is a relatively new company (just 2 years old) with only 37 million shares outstanding entering this $1 million round…

7. Alamos Gold (AGI, TSX, NYSE) has enjoyed a strong week following an update on the Island Gold mine as well as the release Q4 and 2019 financials…Alamos, which posted net earnings of $96.1 million (U.S.) in 2019, produced 122,000 ounces of Gold in Q4 for a yearly total of 494,500 ounces, meeting guidance for the 5th consecutive year…Island Gold, the company’s cornerstone asset,exceeded guidance with record production of 150,400 ounces, driving record mine-site free cash flow of $64.5 million (U.S.)…full year all-in-sustaining costs of $951 (U.S.) were in line with expectations…“We expect 2020 will be a transformational year for Alamos, driven by several significant catalysts,” stated President and CEO John McCluskey…”On the back of another substantial increase in mineral reserves and resources at Island Gold it is clear the ore body is evolving into a world class deposit.  A Phase 3 expansion study will be completed in the 2nd quarter and is expected to showcase a larger, highly profitable and longer-life operation.  The lower mine expansion at Young-Davidson is on track for completion in June after which we expect to transition to strong free cash flow growth”AGI has jumped 16 cents to $9.17 as of 7:00 am Pacific

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