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Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember

The Dramatic New Chase For A Nickel-Copper-Rich Massive Sulphide Deposit In The Heart Of A Famous Gold Camp

Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies

The Most Important Venture Development Since The New Bull Market Began

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January 16, 2020

7 @ 7:00

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

1. Gold has traded between $1,551 and $1,556 so far today…as of 3:00 am Pacific, in this early edition of 7 @ 7:00, Gold is off $1 an ounce at $1,555…Gold’s strong support band between $1,550 and $1,520 has held up this week despite declines in ETF holdings…Silver is steady at $17.95…Palladium remains on fire, up another $49 an ounce at $2,269 after pushing as high as $2,339…meanwhile, Platinum had its best day in nearly 2 years yesterday as prices pushed past the $1,000 an ounce barrier…Copper has added 2 pennies to $2.84 as its trades at its best levels since early last summer…RBC Capital Markets analysts recently predicted that M&A in the Copper space could surge in 2020, especially if Chinese companies remain hungry…Nickel and Zinc are up slightly while Cobalt is unchanged at $14.74…Crude Oil is 19 cents higher at $58 while the U.S. Dollar Index has dipped nearly one-tenth of a point to 97.17…the B.C. government will ask Canada’s high court today to give it authority over what can flow through the expanded Trans Mountain pipeline from Alberta…the case is a make-it-or-break-it affair for the multi-billion-dollar project…if B.C. is allowed to prevent heavy Oil from flowing through the pipeline, it would crush the expansion’s entire reason for being (the consequences for Canada would be severe)…the federal government will argue that letting B.C. regulate what can flow through the pipeline would give the province a veto over interprovincial projects it doesn’t like, counter to the constitutional authority given to Ottawa over any transportation project that crosses provincial boundaries…B.C.’s Attorney General says “the heart of the Constitutional questions before this court” is whether B.C.’s authority to “protect its own environment” can include interfering in a federal project…last May, the B.C. Court of Appeal said it cannot…B.C. is appealing that decision to the Supreme Court of Canada and that’s the hearing set for this morning…4 provinces, the cities of Burnaby and Vancouver, several Indigenous communities, the radical environmental law charity “Ecojustice“, and more than half a dozen Oil companies and advocacy groups have been granted intervener status in the case…

2. The U.S. and China have signed a Phase 1 trade deal that officials say will lead to a sharp increase in sales of U.S. goods and services to China, further open Chinese markets to foreign firms – especially in financial services – and provide strong new protections for trade secrets and intellectual property…the 8-part trade agreement, yet another game-changing achievement by President Trump, leaves in place U.S. tariffs on about $370 billion in Chinese goods, or about three-quarters of Chinese imports to the United States…possible tariff reductions will be left to later negotiations, which will cover a host of difficult issues at the heart of the trade battle, including Chinese subsidies to domestic companies and Beijing’s oversight of Chinese state-owned firms…those talks are expected to begin fairly soon but not conclude until after the U.S. elections in November…speaking to a packed audience of business and political leaders in the East Room of the White House, President Trump said the remaining tariffs “will all come off” if the talks produce a 2nd agreement…he called the deal a “momentous step – one that has never been taken before with China – toward a future of fair and reciprocal trade”…China agreed to purchase an additional $200 billion in U.S. goods over the next 2 years…this means U.S. exports to China should climb to $263 billion this year and $309 billion in 2021…either amount would mark a record-breaking acceleration for U.S. exports to China…

3. The Island Gold mine in Northern Ontario is the gift that keeps on giving…Alamos Gold (AGI, TSX, NYSE) released impressive new results from surface and underground exploration drilling Island late yesterday, further extending high-grade Gold mineralization beyond existing mineral resources in all 3 areas of focus…overall, high-grade mineralization has been extended over 1,000 m east of current mine workings and remains open along strike to the east, and both up and down plunge…fresh results include 3.81 m (true width) grading 121.3 g/t (96.5 g/t cut), 2.57 m (true width) @ 108.2 g/t (94.6 g/t cut), and 8.04 m (true width @ 36.5 g/t) from the Main extension down plunge…this pushes out mineralization in this zone 80 m east of existing resources and 50 m below the nearest previously reported intersection…at the Eastern extension, high-grade mineralization has been intersected 170 m east of the nearest Indicated mineral resource and 225 m above previous intersections in the new area of focus…results from the Eastern extension include 32.2 g/t over 4.68 m (true width) and 20.2 g/t over 3.24 m (true width)…meanwhile, the gap between the Main and Eastern Extensions continues to show promise…high-grade mineralization has been extended 50 m to the west in the new area of focus to now cover a lateral extent of 350 m, confirming the continuity of high-grade mineralization at a drill density that will support the declaration of an Inferred mineral resource…all 17 holes drilled to date in this area have intersected the E1E zone, including 12 intersecting ore grade material…this has confirmed the E1E zone extends vertically over 1.2 km between a depth of 300 m and 1,500 m in the eastern part of the deposit…new highlights include 21.3 g/t over 9 m (true width) and 28.5 g/t over 4.38 m (true width)…“We had another exceptional year at Island Gold operationally, financially and through the drill bit,” stated President and CEO John A. McCluskey…“The operation produced 150,400 ounces of Gold in 2019, achieving a new record for the 5th consecutive year, and set a new record for free cash flow. With the ongoing exploration success, we expect further growth in Island Gold’s mineral reserves and resources with our year-end update. This growth will be incorporated into the Phase 3 expansion study, which we plan to complete during the 2nd quarter of 2020. We expect this study will showcase a larger, extremely profitable, long-life operation”…

4. B2Gold (BTO, TSX; BTG, NYSE), which closed at a new all-time high yesterday, has reported record 2019 annual Gold production of 980,219 ounces (including 10,724 ounces relating to the company’s attributable share of ounces from Calibre Gold)…this exceeds the upper end of BTGold’s guidance range of between 935,000 and 975,000 and marks the 11th straight year that the company has achieved record annual consolidated Gold production…consolidated cash costs are projected to remain low for 2019 with cash operating costs forecast to be at or below the lower end of the company’s $520 (U.S.) and $560 per ounce guidance range while all-in-sustaining costs are expected to be within the $835 (U.S.) and $875 per ounce guidance range…following a very successful year for exploration in 2019, B2Gold is planning another year of aggressive exploration in 2020 with a budget of approximately $51 million…based on current assumptions, including a Gold price of $1,500 per ounce, the company expects to generate cash flows from operating activities of approximately $700 million in 2020 and to repay the remaining outstanding balance of its revolving credit facility of $200 million during the year…

5. Wall Street futures are pointing to a strong open after fresh record highs yesterday…the Dow closed above the 29,000 level for the first time…in Toronto, the TSX finished at a new closing high of 17,415…Liberty Gold (LGD, TSX) early this morning has just reported an intersection of 2.9 g/t Gold oxide over 55.9 m, including 5.6 g/t over 22.1 m, in metallurgical core drilling at its Black Pine Project in Idaho…the Venture gained 3 points yesterday to 577…a minor healthy pullback has unwound temporarily overbought conditions, setting the stage for the Venture’s next move to the upside above the key 600 level…resource plays have been leading the charge; however, the Canadian Marijuana Index closed at a nearly 2-month high yesterday, jumping 21 points to 243…on Tuesday, Organigram Holdings (OGI, TSX, NASDAQ) easily beat revenue estimates for its first fiscal quarter of 2020 (ended Nov. 30, 2019) with net revenue of $25.1 million, well up from its Q4 2019 revenue of $16.2 million, and this lent encouragement to investors across the sector…the Venture should get a boost going into the end of the week ahead of major resource conferences in Vancouver from Sunday through January 23 (Vancouver Resource Investment Conference plus Roundup)…the VRIC, one of the largest of its kind, will be celebrating its 25th anniversary and has a fabulous lineup of guest speakers…this milestone year for VRIC will see the event host over 60 keynote speakers, 350 exhibiting companies and 9,000 investors, bringing together a host of experts from the mineral exploration, metals, Oil and gas, and renewable energy sectors…

6. Golden Predator (GPY, TSX-V) resumed trading late in yesterday’s session, following a halt for news, and closed up 4.5 cents at 38.5 cents after reporting a significant increase in resources at its low capex Brewery Creek Project in the Yukon…a new NI-43–101 report estimates that, at a Gold price of $1,325 per ounce, Indicated oxide Gold resources have increased 55% while Inferred oxide resources have increased 78% since the previous resource estimate in 2014…the updated estimate incorporates data from drilling through to the end of 2015…the company completed a subsequent 200 exploration drill holes from 2016 to 2019…a total of 177 of those holes were drilled from last August to November and assays are still being received and evaluated for a significant number of those holes…the updated mineral resource estimate reports an Indicated oxide resource of 21.14 million tonnes at 1.1 g/t Au containing 765,000 ounces, plus an Inferred oxide resource of 14.12 million tonnes at 0.97 g/t containing 440,000 ounces…the report also estimates an additional 8.57 million tonnes of Inferred sulphide resource at 0.99 g/t containing 270,000 ounces…the estimate utilized cut-off grades calculated separately for each deposit, ranging from 0.42 to 0.53 g/t at a Gold price of $1,325 per ounce reported within a pit shell calculated at $1,600 per ounce…Brewery Creek is a past producing open-pit/heap leach mine…operations were temporarily suspended in 2002 when the Gold price dipped below $300 an ounce…the project features year-round road access/air service 45 km from Dawson City and is just 17 km from grid power…

7. First Responder Technologies (WPN, CSE) begins trading on the Canadian Securities Exchange (CSE) this morning…on Tuesday the company completed its initial public offering of nearly 14 million units (included a 2-year half warrant good for 2 years at 50 cents) at a price of 35 cents per unit, generating aggregate gross proceeds of $4.9 million… the company plans to allocate a significant portion of the proceeds to continue its robust research and development program with the expectation that it will bring a prototype of a WiFi-based walk through weapons detection sensor to market in May of this year…in parallel with its research and development efforts, the company’s management and advisory team will continue its efforts to engage and inform security professionals, public safety technology vendors and governments around the world…that team is led by former federal Cabinet minister Stockwell Day, former RCMP Commissioner Bev Busson, environmental criminologist Dr. Kelly Sundberg, and artificial intelligence researcher Dr. Steve DiPaola…

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January 15, 2020

7 @ 7:00

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

1. Gold has traded between $1,547 and $1,558 so far today…as of 7:00 am Pacific, the yellow metal is up $3 an ounce at $1,549…Gold has very strong support in a band between $1,550 and $1,520, meaning downside risk remains limited at current levels…ETF holdings of Gold and Silver have declined so far in the new year, according to data from Commerzbank and BMO Capital Markets…Gold ETF holdings have fallen for 5 straight days and are now down by around 5% from the start of the year…Commerzbank puts the decline so far in 2020 at “just shy of 14 tons”…Silver ETF holdings are down by only 1.1% over the same period, equivalent to about 6.87 million ounces of outflows…Silver has jumped 13 cents to $17.88 this morning…Palladium remains on fire, up another $42 an ounce at $2,196…Palladium is now forecast by Citi analysts to hit $2,500 by the middle of this year…Copper traded at an 8-month high of $2.83 yesterday…RBC Capital Markets analysts recently predicted that M&A in the Copper space could surge in 2020, especially if Chinese companies remain hungry…as of 7:00 am Pacific, Copper is steady at $2.82, Nickel has pushed 14 cents higher to $6.38 while Zinc is flat at $1.07…Crude Oil has lost 19 cents to $58.04 while the U.S. Dollar Index has retreated more than one-tenth of a point to 97.23…

2. Treasury Secretary Steven Mnuchin stated this morning on CNBC that a future “Phase 2” trade deal with China would ease U.S. tariffs on goods purchased from Beijing even if the 2nd round of negotiations is itself segmented into multiple rounds…“Just as in this deal there were certain rollbacks, in ‘Phase 2’ there will be additional rollbacks,” he said…“It’s really just a question of – and we’ve said before – Phase Two may be 2A, 2B, 2C. We’ll see. The first step is really focusing on enforcement, but this gives China a big incentive to get back to the table and agree to the additional issues that are still unresolved,” he added…top American and Chinese negotiators will sign a “Phase 1” deal this morning that is expected to include an agreement by China to purchase some $200 billion of U.S. goods over 2 years…but the deal is also expected to lower structural barriers for American companies hoping to do business in China…specifically, the pact is said to address concerns of U.S. executives who’ve long complained that they are routinely pressured, if not outright forced, to share key technologies in exchange for market access…Trump continues his “game changing” Presidency on he way to re-election in November, much to the dismay of North America’s new radical left…

3. Azimut Exploration (AZM, TSX-V) climbed as high as $1.67 in early trading following yesterday’s huge jump to $1.50 from 50 cents…after 30 minutes of trading, AZM is off 4 pennies at $1.46…yesterday the company reported a significant new discovery, including frequent high-grade intervals, in all 7 holes of its maiden diamond drilling program at its 100%-owned Elmer Property in the James Bay region of Quebec…the Patwon prospect is part of a larger 7-km-long target zone on the property, so there is plenty of potential scale with this…a ground geophysics survey (IP) is currently under way over the discovery area and its vicinity to prepare for a more comprehensive upcoming drill program…Gold-bearing mineralization occurs in 3 types of veins, and veinlets their wall rocks, and more locally to meter-scale hydrothermal breccia, so this has the characteristics of a robust system…Azimut’s management, known to be quite conservative, considers these first drill results among the most significant in the James Bay region since the 2004 discovery of the Eleonore deposit by Virginia Gold Mines (Eleonore is currently owned and operated by Newmont)…results were highlighted by 3.15 g/t Au over 102 m (from 34 m to 136 m) in hole 2, 2.84 g/t Au over 108.2 m (from 34.3 m to 142.5 m) in hole 3, 1.68 g/t Au over 97 m (5 m to 102 m) in hole 4, and 1.93 g/t Au over 82 m (21 m to 103 m) in hole 7…the Elmer Property and the adjacent wholly-owned Duxbury Property provide Azimut with a controlling position over a 35-km-long segment of a prospective greenstone belt…both properties were staked following the company’s predictive modelling for Gold in the James Bay region using its proprietary AZtechMine expert system…Elmer comprises 276 claims covering 145.4 sq. km over a 22-km strike length…Duxbury, located to the east, covers a further 13 km along strike…the projects are located 285 km north of Matagami, 60 km east of the municipality of Eastmain and 20 km west of the paved James Bay road…the region benefits from quality infrastructure that includes major access roads, a hydropower grid and airports…

4. Ero Copper (ERO, TSX), a top performing stock over the past year, has reported a 39% year-on-year increase in production, significantly exceeding original 2019 guidance of 36,000 to 38,000 tonnes of Copper…total annual Copper production at the Curaca Valley operations of 42,318 tonnes compared to 30,426 tonnes produced in 2018…meanwhile, total annual production at the NX Gold Mine was 30,434 ounces of Gold and 19,641 ounces of Silver at cash costs of $475 to $575 (U.S.) per ounce…David Strang, President and CEO, stated, “Our business strategy has and continues to be focused on achieving near-term organic production growth, at first quartile production costs, while increasing the foundational long-term copper production base of the Curaca Valley through aggressive exploration and discovery. As we look back at the tremendous growth of Ero over the past 2 years, I’d like to recognize the work throughout our organization that has contributed to another year of record Copper production. As we look forward to 2020 in the Curaca Valley, we expect another strong operational year with mill head-grades of greater than 2% Copper resulting in cash costs well below $1 per pound of Copper produced. Additionally, we are executing on our mill improvement plans including the completion of the HIG Mill installation and commissioning of the recently installed ore sorting plant”…ERO is also carrying out aggressive drilling (resource expansion and regional exploration) with 2 dozen drill rigs on site…

5. The Dow hit a new record high in early trading as stocks rose ahead of the U.S. and China signing a Phase 1 trade deal while the corporate earnings season picked up steam…as of 7:00 am Pacific, the Dow is up 122 points while the TSX has added 39 points…the TSX Gold Index is steady at 252… Yamana Gold (YRI, TSX; AUY, NYSE) has released 4th quarter production results that exceeded guidance for Gold, Silver and Gold equivalent ounces…Q4 production featured 256,288 GEO, including 221,595 ounces of Gold and 2.97 million ounces of Silver…full-year production of 1.02 million GEO, including 900,339 ounces of Gold, slightly exceeded guidance of 1.01 million GEO and 899,000 ounces of Gold…the Venture is up a point at 575…a minor healthy pullback has unwound temporarily overbought conditions, setting the stage for the Venture’s next move to the upside above the key 600 level…Skeena Resources (SKE, TSX-V) is hitting new highs on fresh drill results from its 2019 Phase 1 surface drilling program at Eskay Creek…4 surface drill rigs were utilized for the 21A, 21E and HW zones to infill and upgrade areas of Inferred resources to the Indicated classification…highlights from 21A include 10.1 g/t Au and 345 g/t Silver over 36.85 m, 7 g/t Au and 114 g/t Ag over 37.89 m, and 6.3 g/t Au and 42 g/t Ag over 59 m (intervals represent 80% to 100% of true widths)…the 21A zone continues to return both higher Gold-Silver grades and thicknesses than expected…the Venture is trading within a very strong new support band that continues to 560…the Index should get a boost going into the end of the week ahead of resource conferences in Vancouver from Sunday through January 23 (Vancouver Resource Investment Conference plus Roundup)…the VRIC, one of the largest of its kind, will be celebrating its 25th anniversary…this milestone year for VRIC will see the event host over 60 keynote speakers, 350 exhibiting companies and 9,000 investors, bringing together a host of experts from the mineral exploration, metals, Oil and gas, and renewable energy sectors…

6. Ascot Resources (AOT, TSX-V) has announced an updated resource estimate for its Premier Gold Project near Stewart, including the Silver Coin, Big Missouri and Premier deposits…resources at Premier are 1,066,000 ounces of Gold and 4.7 million ounces of Silver in the Inferred category, and 1,180,000 ounces of Gold and 4.7 million ounces of Silver in the Inferred category…Ascot’s combined resources for Premier and Red Mountain are as follows: Measured & Indicated: 1,849,000 ounces of Gold and 6,824,000 ounces of Silver; Inferred Category: 1,250,000 ounces of Gold and 4.8 million ounces of Silver…since late 2017, Ascot management turned its focus towards developing high-grade underground resources…the company now has a substantial amount of high-grade resources from 4 deposits, which could feed the centrally located Premier mill…Ascot completed over 53,000 m of drilling in 2019, of which 43,000 m was focused on an infill drill program to improve the confidence level and classification of the Premier Project resource from Inferred to Indicated…Derek White, President and CEO, commented, “I am pleased with our progress and the large increase in tonnage, grade and contained Gold and Silver in the Indicated Category at the Premier Gold Project. We convincingly achieved our goal of rapidly creating a strong base of Measured and Indicated Resources as the basis for developing a mine plan for the project. We have scheduled the release of our Feasibility Study by the end of March, 2020“…AOT is up 2 cents at 80 cents through the first 30 minutes of trading…

7. Wayne Tisdale’s 21C Metals (BULL, CSE) has changed its name to Canadian Palladium Resources to reflect the company’s concentration on its flagship East Bull Palladium Project in the Sudbury mining division…Tisdale commented, “With Palladium reaching new highs of over $2,100/ounce, we look forward to drilling the East Bull Palladium Project to further expand the 43–101 compliant 523,000-ounce Palladium equivalent resource we have. This name change reflects our focus on a world-class asset in a mining friendly jurisdiction”…effective on Monday, January 20, the company will begin trading on the CSE under its new name, Canadian Palladium Resources, with the stock symbol (BULL) remaining the same…BULL acquired the project in early 2019…it contains a pit-constrained Inferred resource of 11.1 million tonnes of 1.46 g/t Palladium equivalent (523,000 ounces)…the property consists of approximately 1,000 hectares covering more than 3.6 km of the East Bull layered intrusion featuring an inclusion bearing zone hosting Palladium mineralization…BULL is off half a penny at 11.5 cents as of 7:00 am Pacific…

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Comments (2)

January 13, 2020

7 @ 7:00

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

1. Gold has traded between $1,557 and $1,546 so far today…this is a special early edition of 7:00 @ 7:00 due to travel commitments…as of 2:00 am Pacific, the yellow metal is down $14 an ounce at $1,548…Gold has very strong support in a band between $1,550 and $1,520, meaning downside risk is limited at current levels…safe haven-seeking investors around the world piled into Gold-backed ETFs in 2019, making it the best year on record for Gold holdings…assets under management in Gold bullion ETFs expanded 37% from the previous year, adding $19.2 billion, or 400 tonnes, according to the World Gold Council (WGC)…during the 4th quarter, total holdings hit a jaw-dropping 2,900 tonnes, the equivalent of 102 million ounces, which is the most on record…over the past 2 decades Gold has helped investors limit market volatility and portfolio losses…between 2000 and 2019, the precious metal’s average annual price was down in only 4 years…put another way, Gold was up on average in 4 out of every 5 years – a remarkable track record…Silver has slipped 17 cents to $17.90 but its uptrend remains intact…having broken above $2,000 an ounce last week Palladium in now forecast by Citi analysts to hit $2,500 by the middle of this year…base metals are relatively unchanged with Copper, Nickel and Zinc at $2.79, $6.40 and $1.07, respectively…Cobalt is steady at $14.97…Crude Oil has added 19 cents to $59.23 after slumping $4 a barrel last week while the U.S. Dollar Index is up more than one-tenth of a point at 97.51…Treasury Secretary Steven Mnuchin said yesterday that Boeing’s 737 Max crisis could curb U.S. economic growth in 2020 by half a point, though he expects the economy will still grow by about 2.5% this year…“There’s no question that the Boeing situation is going to slow down the GDP numbers,” Mnuchin said in an interview on Fox News’ Sunday Morning Futures… “Boeing is one of the largest exporters, and with the 737 Max, I think that could impact GDP as much as 50 basis points this year”… a U.S.-China Phase 1 trade deal is due to be signed at the White House on Wednesday…it will leave in place tariffs on about $370 billion worth of Chinese imports per year, more leverage for Trump to ink a Phase 2 deal potentially later this year…

2. Just hours after angrily calling the allegation that an Iranian surface-to-air-missile took down Ukraine International Airlines Flight PS752 a “big lie” and “psychological warfare”, Iran’s rogue regime has had to confess that the Revolutionary Guard Corps it has lately been lionizing in mass rallies itself fired the fatal missiles…all 176 people aboard, including 57 Canadians, were killed…one can only hope that regime change can come through a revolution by the long-suffering people of Iran…one of the hallmarks of the Islamic Republic regime is its tragic indifference to life, on display again in multiple ways over the past week…this is the same regime that, during the Iran-Iraq War, sent human waves of school-age boys to clear landmines with their own bodies in advance of regular Iranian troops…the youngsters were given metal keys to hang around their necks and told they would open the doors to paradise…sometimes they were roped together to prevent them escaping…their lives were wasted by the tens of thousands in futile offensives like the 1982 Operation Ramadan…this is one of the most evil regimes that has ruled any nation in the history of the planet, and President Trump did the world a favor when he took out their terrorist leader Soleimani who had the blood of many on his hands, including Iranians…

3. There’s no negotiating with the fossil fuel haters – they are in a mixed up world of their own...hundreds of people marched in Vancouver Saturday from B.C. Supreme Court to Victory Square to voice their support for opponents of the Coastal GasLink natural gas pipeline…“It’s our territory. It’s not Canadian land. It’s not the Queen’s. It’s not the RCMP’s. It’s Wet’suwet’en land. It’s our land,” said one protestor, Jerome Pete, who grew up on the traditional territory where Coastal GasLink plans to build its pipeline…“I’m here as an indigenous youth standing with Wet’suwet’en Nation in their resistance to Coastal Gaslink pipeline and colonial forces that seek to remove indigenous people from our lands and our futures,” said another protestor, Ta’Kaiya Blaney, as she addressed the crowd at Victory Square…Coastal GasLink may not have the support of hereditary chiefs but the fact is they’ll likely never get it and they simply don’t need it – they already have agreements with 20 elected First Nation councils along the pipeline’s 670-km route…Canada will stop becoming a country as we know it, and First Nations will never be lifted out of poverty, if we can’t move projects such as this forward swiftly and decisively…

4. This is an ideal time to be invested, on a selective basis, in the resource sector…precious metals and commodities in general are doing well…the Fed is highly accommodative, prepared to accept a sustained uptick in inflation (if it happens) without increasing interest rates which remain low…the U.S. economy, in the midst of its longest expansion in history, is at the perfect temperature, neither too hot nor too cold, and Wall Street continues to bet on another Trump victory in November’s U.S. elections…meanwhile, the greenback is constrained within a down channel that formed in the fall of last year…this is very positive for Gold, the broader commodities space and the Venture…since touching 99.3 in the early fall in an apparent double top, the Dollar Index has been trading within what is now a well-defined down channel with strong resistance from 97.5 to 98 and solid support between 95.5 and 96…we expect the Dollar Index to continue to trade in this range for the foreseeable future (risks are to the downside, not the upside)…in addition, last week the Dollar Index experienced a “death cross”, a bearish signal that takes place when the 50-day SMA crosses below the 200-day…we haven’t seen this from the greenback since May 2017…bodes well for the Venture which performs best when the dollar is flat or weak…

5. Canada Cobalt (CCW, TSX-V) has drilled an incredible 70 kilograms per tonne Silver (70,380 g/t or 2,053 oz/ton) over 0.30 m within a broader 4-m zone (core length) averaging 7,259 g/t or 212 oz/ton Silver in the 2nd wedge hole at its Castle East discovery in Northern Ontario’s Gowganda mining camp…this intercept is 8 m west of the first hole intercept (50,583 g/t over 0.60 m within 1.5 m grading 20,751 g/t with assays pending for the full 4.65-m core interval) and 17 m west of the original discovery hole intercept in CA-11–08 that returned 6,476 g/t over 3.1 m of core length…drilling continues from surface and assays are still pending from 100 of 111 samples from wedge holes 1 through 4, so the market has plenty to speculate on in the days ahead…vein widths are consistent with past producing mines throughout the Northern Ontario Silver-Cobalt District which once accounted for about 25% of the world’s Silver supply at peak production in the early 1900’s…only the low-hanging fruit was picked along a 160-km-long trend, so multiple new discoveries are possible using modern exploration techniques such as geophysics and CCW’s custom-built downhole camera…what’s particularly significant about CCW’s find is that it occurs immediately adjacent to 3 high-grade past producers that combined for approximately 70 million ounces…it’s quite possible the motherlode could be at depth to the east of those mines…CCW closed at 70 cents Friday, confirming a breakout through Fib. resistance at 65 cents…the company also announced Friday that it has closed its deal, subject to Exchange approval, to acquire the only facility in the region (PolyMet Labs) that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing…this gives CCW multiple revenue streams for 2020 in addition to a planned tailings operation…the Castle Property occupies a rich slice of the Abitibi Greenstone Belt 45 miles southwest of the Macassa Mine Complex, 20 miles south of the Young-Davidson mine and 15 miles east of Pan American Silver’s (PAAS, TSX, NASDAQ) multi-million ounce Juby Gold deposit…

6. The Dow topped 29,000 for the first time Friday but stocks reversed from all-time highs on profit-taking…investors digested slightly weaker-than-expected jobs data to end a volatile week full of geopolitical concerns…for the first full trading week of January, the Dow and TSX both jumped about 200 points while the Venture cooled off slightly by shedding 5 points to 582…a strong new Venture support band stretches from 580 to 560…not surprisingly, the Venture unwound temporarily overbought technical conditions last week after climbing as high as 591…new support appears to have formed at the top of a band between 580 (the 200-day SMA is 578) and 560…with a 5-point loss for the week, the Venture’s 7-week winning streak was snapped but chances are we’ll see a quick resumption of the uptrend…on Friday the Venture bounced nicely off its rising 10-day SMA, currently 579, and rose nearly 5 points to close at 582…the Index should get a boost this week ahead of resource conferences in Vancouver from next Sunday through January 23 (Vancouver Resource Investment Conference plus Roundup)…watch for increased news flow from companies this week ahead of those events…the VRIC, one of the largest of its kind, will be celebrating its 25th anniversary…this milestone year for VRIC will see the event host over 60 keynote speakers, 350 exhibiting companies and 9,000 investors, bringing together a host of experts from the mineral exploration, metals, Oil and gas, and renewable energy sectors…

7. Kirkland Lake Gold (KL, TSX, NYSE) jumped $2 a share Friday after reporting record production for the 4th quarter and full year 2019…production in Q4 2019 totalled 279,742 ounces, an increase of 21% from 231,217 ounces for the same period in 2018, with the increase driven by record quarterly production at the Fosterville mine…for FY 2019, consolidated production totalled 974,615 ounces, 35% higher than 723,701 for FY 2018…FY 2019 production at Fosterville of 619,366 ounces beat the mine’s guidance of 570,000 to 610,000 ounces…production at Macassa in 2019 totalled 241,297 ounces, in line with guidance of 240,000 to 250,000 ounces…the company’s cash position increased $90 million (U.S.) or 15% during Q4 2019, with total cash and equivalents at December 31, 2019, totalling $705 million (U.S.)…during Q4 2019, $30 million was used to repurchase 727,200 common shares through the company’s normal course issuer bid (NCIB), with an additional $25 million (U.S.) used for a strategic investment (Wallbridge Mining)…for FY 2019, cash and equivalents more than doubled…President and CEO Tony Makuch stated, “Looking at exploration, recently released drill results at Fosterville and Macassa are very encouraging and support our view that these mines are not only among the world’s most profitable operations, they also represent two of the most exciting exploration projects in the Gold industry today. Also contributing to our organic growth potential is our work in the Northern Territory of Australia, where advanced exploration work is progressing with a goal of resuming commercial operations as early as next month when we release our updated mineral reserve and mineral resource estimates. Providing additional upside for the future is our recent agreement to acquire Detour Gold, where we see opportunities for substantial value creation through investment in Detour Lake mine’s considerable growth, expansion and exploration potential”…

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Comments (19)

January 10, 2020

7 @ 7:00

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

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

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

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

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

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

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

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

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Comments (14)

January 9, 2020

7 @ 7:00

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

1. Gold has traded between $1,559 and $1,540 so far today…as of 7:00 am Pacific, the yellow metal is down $6 an ounce at $1,549…President Trump gave a very Reaganesque speech yesterday, restoring deterrence to Iran…peace through strength, which the left and its friends in the mainstream media don’t seem to comprehend, has allowed the winds of war to recede for now, sending Gold down by as much as $72 from its Tuesday night high of $1,612…Trump will have to maintain that deterrence, and emerging this morning is a belief that the Iranians were responsible for the downing of the Ukraine 737 that killed all on board including 63 Canadians shortly after it left from an airport in Iran…Gold has a strong new floor at either $1,550 or $1,500, meaning downside risk is limited at current levels…bullion should also start to benefit from traditionally strong buying ahead of Chinese New Year festivities later this month…Silver has retreated 22 cents to $17.85…Copper and Nickel are up slightly at $2.80 and $6.41, respectively, while Zinc is steady at $1.10…Crude Oil has eased off 46 cents to $59.15 while the U.S. Dollar Index has rebounded one-fifth of a point to 97.15…the Labor Department will report U.S. non-farm payrolls tomorrow with economists expecting the tally to show a gain of 160,000…a Japanese billionaire is giving away more than $9 million (U.S.) to 1,000 people on Twitter to see if it improves their happiness…in an announcement on YouTube, the tech tycoon called the contest a “serious social trial” to see what impact a million yen could have on a person’s life (unfortunately the entry deadline expired at midnight Tuesday)…

2. Rhodium prices have skyrocketed, which analysts and traders are attributing to strong industrial demand – particularly from the Chinese car market – at a time when supplies are unable to keep pace…further, Rhodium is one of the smallest metals markets, meaning huge spreads right now between “bid” and “ask” prices in limited trading conditions…Rhodium has already jumped about 30% during this 1st half of January with prices last trading around $7,300 an ounce…some commodity analysts and traders say that the 2008 record high near $10,000 is the new target to watch, and prices could remain at historically higher levels even when they do finally correct…“Everyone needs this metal, and we are seeing speculators now entering the market,” said Jonathan Butler, precious-metals analyst and head of business development at Mitsubishi…“This has all the makings of a squeeze, and who knows where it will end”…Suki Cooper, precious-metals analyst with Standard Chartered, described the market as undersupplied…“It has very much been a demand-driven story,” Cooper said…“The prospect for future supply is a concern. But in the near term, it’s being driven by higher (auto) emissions standards. And given that it’s a small market, we see that tightness materializing in much sharper moves higher”…

3. Skeena Resources (SKE, TSX-V), focused on the Eskay Creek and Snip high-grade Gold opportunities in the Eskay Camp, continues to hit new highs…this morning the company provided the remaining results from its 2019 10-hole Phase I surface exploration drilling program at Snip…drilling totalled 1,924 m and tested the 200 Footwall Corridor…highlights included drill hole S-19–035 which successfully intersected a new zone of high-grade Gold mineralization averaging 16.6 g/t Au over 5.10 m (core length) including 2 sub-intervals grading 96.2 g/t Au over 0.50 m and 39.8 g/t Au over 0.85 m in the 200 Footwall…this zone is located 100 m vertically below surface and 370 m east of the recently reported Phase I 200 Footwall discovery intercept which graded 1,132 g/t (36.4 oz/t) Au over 1.50 m (S19–044)…the area surrounding the new zone is open down-dip and down-plunge…SKE is up a nickel at 84 cents as of 7:00 am Pacific…

4. The Dow is suddenly at a new record high again, up 120 points through the first 30 minutes of trading…the TSX is up 42 points with the Gold Index dipping as low as 250 before rebounding to 252 as of 7:00 am Pacific…the Venture is off a point at 577…a strong new Venture support band stretches from 580 to 560…Granada Gold (GGM, TSX-V) is up sharply on strong volume after drilling 33 m from surface grading 11.45 g/t Au at its Granada Gold deposit near Rouyn, Noranda…this intersection was within the existing resource but points to the strong potential for areas of significantly higher grade…also in Quebec, QMX Gold (QMX, TSX-V) – in a new uptrend – has retreated to its 20-day SMA at 8 cents…Eldorado Gold (ELD, TSX; EGO, NYSE) recently completed a private placement in QMX at 6 cents…Eric Sprott has purchased 39 million common shares of Jaguar Mining (JAG, TSX) at a price of 18 cents per share ($7 million)…the stock was purchased by way of a block trade with a single vendor…Sprott now owns nearly 50% of Jaguar…the company is developing a Gold project in Brazil…Oreninc tabulates that from May to August 2019 alone, Sprott financed 29 companies and invested a total of $176 million…the Venture, already with too many listings, welcomed 12 new issuers in December compared with 4 in the previous month and 12 in December 2018…the new listings were 6 capital pool companies, 5 mining companies and 1 clean technology company…total financings raised last month increased by 75%, compared with the previous month, and were unchanged from December 2018…

5. Palladium One Mining (PDM, TSX-V) has entered into a binding letter of intent (LOI) to buy back an existing 2% net smelter return (NSR) royalty in respect of the historic Haukiaho deposit that forms part of the Palladium dominant LK PGE-Ni-Cu Project in Finland…“The historic Haukiaho deposit is now royalty free,” said Derrick Weyrauch, President and CEO…“Buying back the existing royalty on Haukiaho eliminates a dilutive overhang on the project while also providing future optionality”…the terms of the royalty buyback include a cash payment of $50,000 and issuance of 375,000 common shares of the company on closing…the Haukiaho zone is hosted in the basal unit of the Koillismaa complex and was first discovered in the 1960’s by Outokumpu while exploring for Copper and Nickel…widely spaced historic reconnaissance drilling indicates the mineralized zone extends for at least 12 km along this basal unit…the 2013 historic Haukiaho resource estimate only covers about 2 km of this 12 km trend…the Haukiaho deposit shares many similarities to the nearby Kaukua deposit yet has a higher Copper-Nickel endowment…the historic 2013 Haukiaho resource was based on very widely spaced drilling, and as such the company decided that additional infill drilling was necessary prior to conducting a National Instrument 43-101 resource estimate…as a result, in 2019, the company focused its efforts on the Kaukua deposit and published a resource estimate last September…PDM is up half a penny at 18 cents in early trading…

6. Galway Metals (GWM, TSX-V) has drilled 20.9 g/t Au over 4.75 m at its Clarence Stream Project in southwestern New Brunswick…the latest drilling continues to fill in the gap (now just 425 m vs. 1 km a year ago) with high-grade intercepts between the Richard and Jubilee Zones…given results in this gap area to date, Galway is demonstrating that its interpretation that the Jubilee, Richard and the George Murphy Zones, which cover 2.5 km of strike length, are part of the same system…none of these three zones is in the existing resource which will be updated to incorporate them around the middle of this year…Robert Hinchcliffe, President and CEO, stated, “The Richard and Jubilee Zones are expanding towards each other, which is what we thought would happen, but at higher grades than expected. Given the strong exploration results and the company’s successful equity financing, Galway has increased its 2020 drilling budget at Clarence Stream to 25,000 m, up from 15,000 m previously. Galway Metals believes that Clarence Stream is an emerging new Gold district in eastern Canada”…

7. Goldman Sachs is calling Gold a “better hedge than Oil” in the wake of heightened U.S.-Iran tensions…“While tensions in the Middle East have undeniably escalated with Iran reportedly committing to retaliating, we believe that the current risk premium embedded in Brent prices (through time spreads) is already elevated, with an actual supply disruption now necessary to sustain Oil prices near current levels of $69 (Brent) per barrel,” Goldman said in a research report yesterday…“History shows that under most outcomes, Gold will likely rally to well beyond current levels. This is consistent with our previous research, which shows that being long Gold is a better hedge to such geopolitical risks”…Goldman says the Oil market has effectively already priced in an outage of 800,000 barrels a day for 3 months or a 30% chance of a 2.7 million-barrel-per-day outage for 3 months…further, the aftermath of Abqaiq attack last September shows the market has “significant supply flexibility” when Brent is around $70 a barrel, even before shale production rises, suggesting “only moderate upside” in Oil from here…

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January 8, 2020

7 @ 7:00

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

1. Gold shot up as high as $1,612 as Iranian missiles flew over Iraq last night, targeting military bases housing U.S. and coalition targets…there were no U.S. casualties in what seemed like a symbolic response for domestic Iranian consumption after the Trump administration took out Quds Force Gen. and terrorist Soleimani last week…Trump, who is scheduled to address the nation at 8:00 am Pacific (11:00 am EST), has so far shown restraint after last night’s Iranian aggression, temporarily de-escalating the situation…as of 7:00 am Pacific, Gold is down $2 an ounce at $1,572…strong new support at $1,550…Iranian Supreme Leader Ayatollah Ali Khamenei vowed further retaliation for the U.S.’s targeted killing of Soleimani, hours after last night’s attacks in Iraq…“Last night, they were given one slap,” he said in a speech broadcast live on state television…“Such military actions are not enough as far the importance of retaliation is concerned. What’s important is that their corruption-creating presence should end”…Iraqi security forces said 22 surface-to-surface ballistic missiles fell on sites housing U.S. and coalition forces, including 2 that didn’t explode, but there were no casualties…Iran has about 2,000 of these missiles, partly paid for by the flawed Obama-led nuclear deal with Iran that gave the rogue nation and the world’s leading sponsor of state terror access to tens of billions of dollars…meanwhile, was Iran responsible for the downing of a Ukraine plane on its territory last night?…Ukraine has refused to rule out that the Boeing 737 that crashed in Iran and killed all 176 on board, including dozens of Canadians, was struck by a missile…asked at a briefing in Kyiv if the plane could have been downed by a missile, Ukraine’s Prime Minister Oleksiy Honcharuk refused to rule it out, but cautioned against speculation until the investigation concluded…Silver, which ran up as high as $18.93 last night, is now off 7 cents at $18.30…however, strong new support now exists at $18…base metals are firming up with Copper, Nickel and Zinc trading at $2.79, $6.33 and $1.09, respectively…Crude Oil has eased off 71 cents to $61.99 while the U.S. Dollar Index has added more than one-tenth of a point to 97.15…U.S. private payroll growth ended 2019 on a strong note with companies adding 202,000 positions in December in another sign of a healthy labor market, according to a report this morning from ADP and Moody’s Analytics…the total was well above the 150,000 consensus estimate from economists surveyed by Dow Jones and sets the stage for the government’s official count that will be released Friday…economists expect the Labor Department’s tally to show a gain of 160,000…

2. Not surprisingly, inflows into exchange-traded products ended a record-breaking year on a strong note, according to the latest data from the World Gold Council (WGC)…in its monthly report, the WGC said that global Gold-backed ETF’s saw net inflows in December of 13.8 tons valued at $486 million…the increase came as prices rallied 4%, pushing back above critical resistance at $1,500 an ounce…according to the WGC, European investors led the way last month, investing $67 million in funds in France, Germany and Switzerland…looking at 2019 as a whole, the WGC noted that Gold holdings hit a new record level of nearly 2,900 tons in the 4th quarter…in total, global holdings for the year increased by 400 tons…North American Gold ETFs accounted for nearly half of all inflows in 2019, the WGC figures show, thanks to growing geopolitical tensions and the first Federal Reserve rate cuts in a decade…along with increased investor interest, the WGC also noted that global central bank demand also helped add to Gold’s bullish lustre last year…looking ahead, analysts at the council said that they expect investor demand to remain robust through 2020…

3. Federal spending under Prime Minister Justin Trudeau has reached record highs, just as a new report warns that Canada is sitting on a “demographic time bomb” that will see spending on a rapidly aging population rocket…Liberal spending on public programs reached $9,066 per person in 2019, the highest in Canadian history when adjusted for inflation, according to a report by the Fraser Institute…the spending increase comes as the Trudeau government continues to expand various social programs through increased childcare benefits and higher pension plan contributions, among other things…Jason Clemens, executive vice-president of the Fraser Institute, said higher spending risks putting Canada into a difficult fiscal position that could take years to climb out of, particularly considering an aging demographic and projections of slower economic growth…

4. According to a Financial Post report this morning, senior RCMP officers are in contact with First Nations protestors opposed to the $6.6 billion Coastal GasLink pipeline, trying to negotiate a way for construction work on the project to resume in north-central British Columbia…“Our priority is to engage with CGL, Indigenous communities and government to facilitate a resolution without police enforcement,” RCMP Cpl. Madonna Saunderson said in a statement, adding that the force’s senior commander “has already been in direct contact with representatives of all these stakeholder groups, including the Hereditary Chiefs”…over the weekend, a breakaway group of hereditary Wet’suwet’en chiefs that oppose the natural gas pipeline (the elected chiefs and councils of the Wet’suwet’en support the project) actually asked the RCMP to “refrain from interference” with regard to their now illegal protest (the RCMP are just doing their job if they have to enforce a B.C. Supreme Court judgement and protect a company from those who are breaking the law)…the project is linking gas fields near Dawson Creek to the $40 billion LNG Canada export project in the community of Kitimat…

5. Discovery Metals (DSV, TSX-V) has drilled 34.7 m grading 617 g/t AgEq (200 g/t Ag, 3 g/t Au, 2.9% Pb and 1.6% Zn),including 3.7 m @ 2,524 g/t AgEq, in one of its first 4 diamond drill holes completed at its flagship Cordero Project in Chihuahua state, Mexico (Discovery acquired Cordero through the acquisition of Levon Resources) in August 2019…results released this morning are part of a 30,000–35,000 m Phase 1 drill program that Discovery plans to complete in 2020…the focus of Phase 1 is to 1) delineate, expand and then re-domain areas of higher-grade mineralization within the existing Cordero resource; and (2) test new high priority targets outside the current resource, including targets on the large 35,000 hectare property package that surrounds Cordero…Taj Singh, President and CEO, stated, “These first results from Cordero are very encouraging and support our thesis that within the very large resource area exists a shallow, higher-grade component that could redefine the Project entirely and vastly improve its economics. The presence of higher-grade Gold in the most strongly mineralized areas is also positive. Cordero has many attractive features: open-pittable, good metallurgy and excellent surrounding infrastructure. We look forward to completing the exploration in 2020 required to re-scope and optimize this very exciting property”…results from the other 3 holes were highlighted by 61.6 m @ 42 g/t Ag and 0.39 g/t Au; 94.3 m @ 47 g/t Ag and 0.27 g/t Au; and 59.9 m @ 37 g/t Ag and 0.06 g/t Au…DSV is up a penny at 61 cents in early trading…

6. The Dow is 24 points higher after the first 30 minutes of trading in the wake of last night’s events in Iraq…the TSX is up 29 points while the Venture is off 1 point at 584…a strong new Venture support band stretches from 580 to 560…Benchmark Metals (BNCH, TSX-V) has discovered a new and broadly mineralized zone at its Lawyers Project, just 50 m east of the known mineralization at Cliff Creek…results from Benchmark’s drill hole 19CCDD025 include high-grade and bulk-tonnage intercepts comprising 2.09 g/t Au and 87.8 g/t Ag or 3.19 g/t AuEq across 36.3 m core length, including 11.8 g/t Au and 513.2 g/t Silver or 18.24 g/t AuEq across 3.23 m core length…BNCH, at a new multi-year high, is up a penny at 47 cents…Kootenay Silver (KTN, TSX-V) has drilled 7.45 m grading 650 g/t Silver within 39.9 m grading 159 g/t at its Columba Silver Project in Mexico…the overall strike length of the F Vein has increased to 700 m…KTN is off a penny at 31 cents…more assays are pending (108 of 111 samples) from Canada Cobalt (CCW, TSX-V) after the first 3 samples from the first wedge hole at the company’s Castle East discovery returned 1,476 oz/ton Silver (51,583 g/t) over 0.60 m within 1.5 m grading 605 oz/ton…drilling is now being carried out from surface…

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