May 18, 2018
7 @ 7:00
Check back later today for Danniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,286 and $1,292 so far today…as of 7:00 am Pacific, the yellow metal is off $2 an ounce at $1,288…Silver has slid 5 cents to $16.36…Nickel has been the big winner of the week, up another 7 cents at $6.68 as the rising impact of the electric vehicle market continues to boost sentiment…the Nickel chart is exceptionally bullish…Copper is down a penny at $3.09…Zinc is flat at $1.38 while Cobalt is unchanged at $41.28…on the Oil front, WTIC is up slightly at $71.52 while the U.S. Dollar Index has retreated one-tenth of a point to 93.46…Gold discounts in India widened to the highest level in nearly 2 months this week due to sluggish demand amid high local rates, while buying in other major Asian centers ticked up as global prices slid to 2018 lows…in top consumer China, demand for physical Gold has improved in recent days with premiums of $8 to $9 per ounce being charged over the benchmark price, versus $6 to $8 last week…
2. WTIC is headed for its 3rd straight weekly gain with prices steadying above $71 a barrel…strong demand, looming sanctions on Iran, plummeting Venezuelan production (isn’t socialism great!) and Nigerian disruptions are all contributing to a robust market…Brent Crude, the international benchmark, is up for the 6th straight week and broke through $80 yesterday for the first time since November 2014…British bank Barclays says it expects average prices of $70 per barrel for Brent this year and $65 a barrel for 2019, up from estimates of $63 and $60 previously, but they are likely on the low side given Crude’s overall technical posture and improving fundamentals…
3. Garibaldi Resources (GGI, TSX-V) has expanded to a 40-person Camp at Nickel Mountain as the company prepares to commence drilling in the next 7 days…state-of-the-art geophysics is being carried out by 2 companies including industry leader Lamontagne for precise drill hole locations within the HC-1 conductor south of 2017 Discovery Hole EL-17–14…that was the last hole of the 2017 program and it returned a whopping 8.3% Nickel and 4.2% Copper, plus 0.19% Cobalt, 6.4 g/t combined Platinum-Palladium, 1.1 g/t Gold and 11.1 g/t Ag over 16.7 m (approximate true width) within a broader 40.4-m mineralized zone highlighted by 3.9% Nickel and 2.3% Copper starting at a depth of just 100 m…18 kilometers of heavy gauge, insulated Copper wire is being used as part of a hybrid ground-air/deep penetrating HeliSam survey over a broad area in all directions surrounding the Discovery zone, the first time such technology has been used in the prolific Eskay Camp…meanwhile, preliminary results from a VTEM survey completed during Q1 have extended the Nickel Mountain trend of conductors by 3.5 km to the northeast of “Anomaly A” which is approximately 6 km northeast of the discovery zone…the Nickel Corridor in the heart of the producing Eskay Camp is now more than 10 km long and reaches onto Metallis Resources‘ (MTS, TSX-V) Kirkham Property contiguous to the southern border of GGI’s Nickel Mountain…Nickel grades in massive sulphides at Nickel Mountain are among the highest ever recorded in global magmatic Nickel sulphide deposits, according to Nickel sulphide specialist Dr. Peter Lightfoot who has published the only comprehensive textbook on the Sudbury Nickel Camp…in the Eskay Camp, grade and tonnage have typically come together…
4. The Dow has edged up slightly as the U.S. and China continue with a 2nd round of trade talks…as of 7:00 am Pacific, the Dow is 7 points higher…in Toronto, the TSX is relatively unchanged at 16,141 but appears set to post its first weekly close above 16,000 since January…the Venture is up 4 points at 785…Canadian volumes are light entering a long holiday weekend…Cornerstone Metals (CCC, TSX-V), which has had impressive results from its Carlin Vanadium Project in Nevada, has pushed quite a bit higher since yesterday on no news with the stock up another 3 pennies at 60 cents as of 7:00 am Pacific…keep in mind that the trading symbol for National Access Cannabis on the Venture has changed from NAC to META…there is no change in the company’s name and no consolidation of capital…
5. Hundreds of technology firms raising money in the fevered market for cryptocurrencies are using deceptive or even fraudulent tactics to lure investors, according to a report from the Wall Street Journal…in a review of documents produced for 1,450 digital coin offerings, the WSJ found 271 with red flags that include plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams…meanwhile, British Columbia’s securities regulator has joined its Ontario counterpart in issuing a warning about investing in cryptocurrencies amid worries about scams in the market…the B.C. Securities Commission has noticed an increase in the number of cryptocurrency offerings involving an initial coin or token offering, in which companies try to raise capital by issuing newly invented coins or tokens…it says B.C. residents should exercise extreme caution when deciding whether or not to invest in an ICO or ITO as some companies follow through on their business plan or idea and others do not…
6. How Canadians are being abused at the gas pumps by their tax-and-spend governments: “On average, 33% of the price at the pump is gas taxes,” says Canadian Taxpayers Federation (CTF) federal director Aaron Wudrick. “If the federal government proceeds with its ill-advised carbon tax (increase), things will only get worse. In fact, if existing taxes on gasoline were simply labelled as ‘carbon taxes,’ they would already be at an average of $192 per tonne. Gas prices across most of the country are going through the roof. Canadians need relief, and eliminating the federal excise tax is an immediate way to help ease that burden.” The report from the CTF shows that taxes make up most of the price difference from province to province…Manitoba and Saskatchewan have the lowest gas prices because they have the lowest gas taxes, while Vancouver has the highest prices because it’s subject to some of the highest gas taxes…meanwhile, the B.C. government’s illegal and unconstitutional obstruction of the Kinder Morgan pipeline expansion will only make matters worse…when the Green Monster grabbed the reigns of power in that province last year, it promised to make life more “affordable” for British Columbians…that, of course is socialism’s Great Lie…destruction of wealth makes life less affordable…
7. Asia is is now home to more billionaires than North America, according to the latest study from the ultra high net worth research firm Wealth-X… the region’s billionaire population shot up by almost a third last year (29.2%) to 784 individuals, Wealth-X’s Billionaire Census 2018 found…North America, meanwhile, experienced more modest gains of 11.2%, taking the number of billionaires who reside there to 727…this marks the first time Asia’s billionaire population has exceeded that of North America…of course the U.S. remains the country with the great number of billionaires – 680 individuals – but the increase in Asia marks a broader shift in regional wealth trends…Asia is now home to 28.5% of the world’s 2,754 billionaires, slipping in just behind Europe which leads with 29.8%…North America now ranks as the world’s 3rd most populous continent for billionaires…well behind in 4th, 5th and 6th spots, respectively, are the Middle East, Latin America and the Caribbean…
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May 17, 2018
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,285 and $1,294 so far today…as of 7:00 am Pacific, the yellow metal has bounced off its low and is off $1 an ounce at $1,289…Gold has been under pressure this week due to gains in the greenback and a jump in U.S. 10-year Treasury yields to 7-year highs…Silver has recovered 6 cents to $16.42…Nickel remains robust, up 10 cents to $6.63…Copper has added a penny to $3.09, Zinc is flat at $1.38 while Cobalt is unchanged at $41.28…on the Oil front, WTIC has jumped 36 cents to $71.85 while Brent prices have hit $80 a barrel for the first time since November 2014…several banks in recent days have raised their Oil price forecasts, citing tighter supplies and strong demand…the U.S. Dollar Index is flat at 93.37…the euro remains under pressure, hovering near a 5-month low on concerns that political developments in Italy could cause wider disruption in the common currency bloc…
2. Peak Gold?…all major Gold deposits have already been found, according to Goldcorp (G, TSX) Chairman Ian Telfer who added that mining production can only go downhill from where it’s at now. “We’re right at peak Gold here,” Tefler told the Financial Post. “Gold produced from mines has gone up pretty steadily for 40 years. But this year or next it will start to go down, or it’s already going down.” The dwindling production will boost Gold’s prices in the long-run, says Telfer, who remains very bullish on the yellow metal despite this week’s drop below $1,300 an ounce…Telfer says he sees Gold prices heading all the way up to $1,500 or $1,600 an ounce by the end of this year…the argument of peak Gold has been gaining support within the mining industry…the World Gold Council (WGC) said in September that annual global Gold production will not be able to exceed current levels in the future…for Goldcorp, production has been on the decline since 2015…its output since then has fallen from 3.4 million ounces to 2.8 million (2016) and 2.5 million (2017)…notably, Goldcorp has taken more interest in the Eskay Camp for potential new Gold discoveries in that high-grade district, while the Golden Triangle’s best new Gold discovery is being watched carefully by some majors as GT Gold (GTT, TSX-V) commences drilling shortly at Saddle South – about a 2-hour drive north of the prolific Eskay Camp…
3. Marathon Gold (MOZ, TSX) has released an encouraging maiden Preliminary Economic Assessment (PEA) for its 100%-owned Valentine Lake Gold Camp Project (open-pit) in central Newfoundland…highlights include an after-tax NPV (5%) of $367 million (U.S.) and an after-tax IRR of 25%…average annual production would be 188,000 ounces per year with a 2.8-year after-tax payback period, an 11-year mine life and a life-of-mine average cash cost of $557 (U.S.)…pre-production capital would be $380 million (U.S.)…Phillip Walford, President and CEO of Marathon commented, “The results demonstrate that a very robust, low cost operation is possible. The study has also identified several opportunities to enhance the mine plan and economics of the project as well as to extend mine life. There is exploration potential for additional open-pit resources at the Sprite Deposit including the bog extension area, the Marathon deposit to the southwest, the Victory deposit and other mineralized zones such as the Frank zone and the Rainbow zone. There is also a large underground resource at the Marathon deposit that is not at present drilled off in sufficient detail to develop into a mine plan. Additional drilling in 2018 is planned to further define this underground resource in time for the next economic study. The cost of finding a new ounce of Gold on the property remains at $10 per new ounce so our exploration program continues to be highly cost-effective.” MOZ is up 6 cents at $1.09 through the first 30 minutes of trading…
4. “I’m ready and prepared to turn off the taps,” says Alberta Premier Rachel Notley…Alberta has passed landmark legislation giving it sweeping powers to intervene in Oil and gas exports that could result in punitive price spikes in British Columbia in the dispute over the Trans Mountain pipeline expansion. “Albertans, British Columbians and all Canadians should understand that if the path forward for the pipeline through B.C. is not settled soon, I’m ready and prepared to turn off the taps.” The comments are the most direct threat Notley has made regarding the province’s new powers to cut off all Oil shipments to B.C. in light of the Horgan-Weaver (Green Monster) illegal, unconstitutional obstruction that the federal government has so far done nothing about…all export pipelines leaving Alberta are full and that has resulted in Canadian Oil being heavily discounted relative to U.S. and global Oil benchmarks…if Alberta does turn off the taps, the result would be an immediate increase of 30 to 45 cents per litre in Vancouver, according to GasBuddy senior analyst Dan McTeague…the current average wholesale price of gasoline in the Vancouver area is $1.56 per litre, the highest in the country. “The numbers clearly show that the market is extremely sensitive to these kinds of disruptions,” McTeague said, noting the existing Trans Mountain pipeline and refineries in Edmonton currently supply most of the Oil used in Vancouver and in cities like Kamloops and Kelowna…the Kinder Morgan pipeline expansion has received all necessary approvals, and even public opinion polls show a strong majority of B.C. voters support the project…yet, the radical new NDP-Green coalition, with a razor-thin majority in the B.C. legislature, remains glued to climate change extremism and insists on playing politics by courting its urban base…
5. The Dow has retreated 70 points through the first 30 minutes of trading…Walmart (WMT, NYSE) reported fiscal Q1 earnings this morning that beat expectations on the top and bottom lines, as its e-commerce business rebounded (U.S. online sales grew 33%)…Tesla (TSLA, NASDAQ) may require as much as $10 billion in additional capital by 2020 to fund the company’s operations, according to Goldman Sachs which adds, “We see several options available to the company to refinance maturing debt and raise incremental funds, which should allow Tesla to fund its growth targets”…in Toronto, the TSX is up 55 points while the Venture is off 1 point at 781…AnalytixInsight (ALY, TSX-V) is up another 2 cents to 50 cents in early trading after a significant jump yesterday on news that the company has added Thomson Reuters as a content distributor…
6. Drill result of the day goes to Wesdome Mining (WDO, TSX) which cut 77.4 g/t Au over 14.4 m (10.8 m true width) underground at the Kienna Deep A zone at its 100%-owned Kienna mine complex in Val d’Or…recent drilling has extended the known mineralization at least 50 m down plunge, and confirms the presence of 3 high-grade lenses…drilling continues with 3 rigs…a total of 20 holes comprising nearly 7,000 m have been completed to date at the A zone…Wesdome will continue to define the extent and geometry of Gold mineralization in multiple areas in advance of an updated resource estimate by the end of the year…Wesdome currently has $26 million in cash and recorded net income of $2.9 million (2 cents per share) in Q1…the stock is up 7 cents at $1.95 as of 7:00 am Pacific…
7. Aphria (APH, TSX) and Great North Distributors, a wholly-owned Canadian subsidiary of Southern Glazer’s Wine & Spirits dedicated to the representation of cannabis products, have signed an agreement for Great North Distributors to serve as exclusive manufacturer’s representative for Aphria’s adult-use cannabis products throughout Canada, following the legalization of recreational cannabis for adult-use anticipated later this year…the first-of-its kind deal gives Aphria 100% coverage of all cannabis retailers, whether provincially or privately operated, across Canada from the first day of legal adult-use sales. “With this agreement, Aphria has established an unparalleled sales network and will hit the ground running from the very first day of legal adult-use sales,” stated Jakob Ripshtein, chief commercial officer of Aphria. “Great North Distributors provides us with an experienced, dedicated team with a proven track record of driving sales and exceptional performance across all provinces. This deal will ensure that Aphria’s brands and products are proudly represented by cannabis retailers throughout the country.”
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May 16, 2018
Daniel’s Den
7 @ 7:00
Check back later today for Daniel’s Den and visit the BMR comments section throughout the day for updates and helpful information.
1. Gold dipped this morning to its lowest level since late December on some limited follow-through selling after its biggest single-day drop since 2016 yesterday…as of 7:00 am Pacific, the yellow metal has bounced off its morning low of $1,285 and is now unchanged for the day at $1,290…Silver has added 4 cents to $16.27…Copper is flat at $3.07…Nickel is up 2 pennies at $6.54, Zinc is unchanged at $1.38 while Cobalt is steady at $41.28…Crude Oil has slipped 41 cents to $70.90…government data just released showed a drop in U.S. Crude stockpiles as refineries hiked output, contradicting an earlier industry report that showed a rise in inventories…the U.S. Dollar Index is up slightly at 93.40 as it remains within a strong resistance band between 93 and 94…
2. Commerzbank says it only sees “limited additional downside potential for Gold” with “the low price level stimulating physical buying interest…geopolitical tensions in the Middle East (violent protests in Gaza, uncertainty over the Iranian nuclear agreement) point to solid demand for Gold as a safe haven, as does the Korea conflict that is flaring up again”…in Canadian dollar terms, Gold has landed at Fib. support in the mid-$1,650’s which coincides with a still-rising 200-day moving average (SMA)…Gold’s uptrend line in Canadian dollars has held for several years and currently intersects through about $1,625, meaning further potential downside is indeed very limited…well-known hedge fund managers John Paulson and Ray Dalio essentially maintained their holdings in Gold ETF’s during the 1st quarter, according to latest filings…meanwhile, Soros Fund Management LLC has remained out of Gold since exiting from its shares of Barrick Gold (ABX, TSX) in the 4th quarter of 2016…
3. “A rising Oil price brings upside price risk to all commodities,” Morgan Stanley said in a note to clients this week…the CRB Index is trading at levels not seen in more than 2-and-a-half years and is likely to accelerate quickly once it successfully punches through stubborn resistance slightly above 200…the CRB has been flirting with that resistance since early April and is off a fraction at the moment at 203…
4. Canada’s federal government demonstrated this morning just how badly it has botched the pipeline issue when Finance Minister Bill Morneau declared that the Feds are willing and prepared to financially back the Trans Mountain Project, whether or not Kinder Morgan is the company that ends up building it…Morenau said the Liberals’ 3 guiding principles are to 1) indemnify the project from any financial loss; 2) offer this financial security to any company that wants to build the pipeline, should Kinder Morgan back out; 3) ensure that the financial backing is fair and beneficial to Canadians…what a tangled web Canadian governments (federal and provincial) have weaved when it comes to the Oil and gas sector just recently and over the last few years…Canadians should be outraged by this stunning lack of competence while Americans grab market share from their climate change obsessed northern neighbor…Morneau of course accepted no responsibility for his own government’s blunders but took aim at B.C. NDP Premier John Horgan during his remarks to media, placing the blame for the current situation on his shoulders, and calling the delay “politically motivated”…
5. The Dow is up 39 points through the first 30 minutes of trading…in Toronto, the TSX is 12 points higher while the Venture is off 1 point at 780…the Index has closed above that level at the end of each month since October…theScore (SCR, TSX-V), up more than 150% this week, touched resistance in the mid-40’s in early trading and has pulled back slightly…the stock broke above a long-term downtrend line Monday after the U.S. Supreme Court decision to allow states to legalize sports betting…Skeena Resources (SKE, TSX-V) has completed 28 drill holes in Phase 2 infill and exploratory underground drilling at the Snip mine in the Eskay Camp, with more high-grade results reported…drilling has just started at the promising 200 Footwall Zone and a large portion of the balance of Phase 2 will be directed toward this newly modeled and largely untested area…Dolly Varden (DV, TSX-V) announced this morning that a 25,000-m diamond drilling program consisting of 60 to 75 holes is set to begin during the first week of June at its Dolly Varden Silver Property near Stewart…the program is designed to focus on resource delineation and verification, particularly in the areas of new discoveries from the 2017 season…Constantine Metal Resources (CEM, TSX-V) has received regulatory approval for a 1-for-4 share consolidation that becomes effective on Friday…the company also says its $10 million non-brokered private placement announced May 1 is fully subscribed with the first tranche closing next week…post-financing and consolidation, total outstanding shares are projected to be 44 million…the company’s flagship asset is the high-grade Copper-Zinc-Silver-Gold Palmer Project in Alaska that is being advanced as a JV between Constantine (51%) and Dowa Metals & Mining (49%), with Constantine as operator…
6. The big mover on the Venture in early trading is Ventripoint Diagnostics (VPT, TSX-V) which gapped up at the open on high volume after announcing that it has received market clearance from the U.S. Food and Drug Administration to sell its VMSplus machine with the 4-chamber heart-analysis system in the United States…the intended use is for the analysis of ejection fraction (function) and volumes of any chamber of the heart, where they are warranted or desired. “The VMSplus is the first simple echocardiography system to be approved by the FDA for the 3-D volumetric analysis of all 4 chambers of the heart using 2-D ultrasound,” stated Dr. George Adams, Ventripoint CEO. “Now we can offer the VMSplus to American physicians so they can accurately and easily evaluate and monitor hearts in children and adults during a routine cardiology appointment.” The U.S. is the largest medical-device market in the world with more than 40 million cardiac ultrasound exams per year…2-D ultrasound is the modern stethoscope and is employed worldwide as the first step in evaluating heart disease…VPT opened at 40 cents and is up 17 cents at 47 cents through the first 30 minutes of trading…
7. Colombia is the new frontier for the marijuana sector – Aphria (APH, TSX) announced this morning that it has signed an exclusive supply agreement with Colcanna SAS, a Colombia-based pharmaceutical import and distribution company, which is licensed to import, sell and distribute medical cannabis, medical products and derivatives in Colombia. Vic Neufeld, Aphria CEO, stated, “We see tremendous potential for medical cannabis in several emerging markets, including Colombia. We are thrilled to enter the Colombian market through this exclusive agreement with Colcanna. Aphria will continue to expand its global leadership through strategic investments, partnerships and agreements such as this one.” Under the terms of the agreement, Aphria will be the exclusive supplier of cannabis products to Colcanna for the Colombian market and Colcanna will purchase medical cannabis products from Aphria exclusively…at the importer’s request, financial terms of the agreement are not being released…
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May 15, 2018
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has dipped below $1,300 on a surging U.S. dollar and rising yields, though bullion remains within a strong support band…as of 7:00 am Pacific, the yellow metal is off $19 an ounce at $1,294…the morning low has been $1,291.70…Silver has retreated 29 cents to $16.20…Copper is 5 cents lower at $3.05 while Nickel has eased off 10 cents to $6.44 after a big jump yesterday…Zinc is flat at $1.36 while Cobalt has surged nearly $1 a pound to $41.50…Crude Oil has corrected 43 cents to $70.53 while the U.S. Dollar Index has shot up nearly three-quarters of a point to 93.36…it’s now trading within a strong resistance band between 93 and 94…one reason for greenback strength today can be attributed to economic data from overseas as growth in the euro zone economy slowed to 0.4% in Q1, down from 0.7% in the 4th quarter of last year…economic activity cooled in Germany, France and the Netherlands…China, meanwhile, reported mixed results…industrial output quickened last month from a year earlier, but investment and retail sales slowed…
2. The yield on the benchmark 10-year Treasury note has hit a new high for 2018 today, igniting the greenback and putting pressure on Gold prices, following strong U.S. retail sales and manufacturing data…the 10-year Treasury note, which moves inversely to price, pushed above 3.06% this morning and is on the cusp of levels not seen since 2011…the Commerce Department reported that retail sales increased a solid 0.3% in April, down from sharp 0.8% gain in March which was revised higher…the spending gains were spread across most retail categories with furniture and clothing stores leading the way…meanwhile, a gauge of manufacturing in the New York region came in at 20.1 for May, much better than analysts’ estimates…
3. What a shame – actions, inaction and overall policies from Canada’s federal government and certain provinces have been deeply damaging to the Oil and gas sector in this country at a time when Crude Oil prices are at their highest levels since 2014…according to Goldman Sachs, energy stocks within the S&P 500 are expected to report a profit gain of 86% year, or roughly 4 x the pace of expected annual profit growth in the benchmark index…meanwhile, global Oil demand is rising sharply at a time when Canada seems unwilling or incapable of expanding much-needed pipeline capacity due to climate change extremism…in China, the world’s biggest Oil importer, data showed today that refinery runs rose nearly 12% in April compared with the same month a year ago, to around 12.06 million barrels per day (bpd), marking the 2nd-highest level on record on a daily basis…the tightening Oil market has all but eliminated a global supply overhang which depressed Crude prices between late 2014 and early 2017…OPEC figures published yesterday showed that Oil inventories in OECD industrialized nations in March fell to 9 million barrels above the 5-year average, down from 340 million barrels above the average in January 2017…great time to be positioned in the Oil sector like the United States is at the moment…
4. The Dow has fallen 162 points through the first 30 minutes of trading, but keep in mind the index had posted 8 straight winning sessions entering today…in Toronto, the TSX is relatively flat after its first close above 16,000 since January…the Venture has retreated 8 points to 783…buy the dip because the Venture is on track to snap a 3-month losing skid…yesterday’s big gainer, theScore (SCR, TSX-V), has pulled back 3 pennies to 25 cents…the stock broke above a long-term downtrend line yesterday, surging 12.5 cents to 28 cents after the U.S. Supreme Court decision to allow states to legalize sports betting…this has the potential to bring such gambling out of the shadows…justices upheld a 2014 New Jersey law allowing sports betting while striking down a 1992 federal law that had banned it in states that didn’t already have a law on the books, such as Nevada…now, other states could follow the Garden State’s lead…the American Gaming Association estimates that Americans spend about $150 billion on illegal sports wagers each year…Canadian Zinc (CZN, TSX-V), already with nearly 300 million shares outstanding, announced a $20 million financing this morning at 20 cents, a significant premium to its 12.5-cent share price…proceeds will be used to repay a $10 million (U.S.) bridge loan and fund ongoing development of the company’s flagship Prairie Creek Zinc-Lead-Silver Project in the Northwest Territories…
5. Watch for countries like Spain, Italy, and Colombia to become the next growth opportunities for Canadian cannabis companies after a flurry of consolidation at home…the marijuana industry saw its largest deal to date yesterday when Aurora Cannabis (ACB, TSX) announced it was acquiring MedReleaf (LEAF, TSX) for $2.9 billion in a friendly transaction…that followed Edmonton-based Aurora’s frenzied buyout of CanniMed Therapeutics in January for roughly $1 billion and several smaller deals…Canada has lost its urgency to get its Oil to market (we need to save the planet, of course!), but pot – well, that’s a much different story…the Great White North has emerged as a global leader in the marijuana industry as it becomes the first Group of Seven country to legalize the drug for recreational use later this year while a ban at the U.S. federal level keeps pure-play American pot companies from major exchanges south of the border…there are now 90 publicly listed marijuana companies in Canada with a total market value in excess of $30 billion…
6. Gold Standard Ventures (GSV, TSX-V) announced this morning that it has completed 4,605 m of infill drilling in 28 holes at its Dark Star deposit in Nevada while 123 holes infill holes have now been completed at the nearby Pinion deposit…this year’s $25.8-million (U.S.) program includes an estimated 74,800 m of RC and core drilling in 381 holes with Dark Star and Pinion accounting for approximately half of that total while exploration should add another 34,000 m of drilling in 85 holes…Gold Standard CEO Jonathan Awde stated, “Once again, we are impressed by the grade and thickness of the intercepts from the Dark Star deposit. As we do the detailed infill drilling for our upcoming PEA (preliminary economic assessment), we are finding the smaller-scale structural features that generate exceptional grade in Carlin-style deposits. We are also discovering lateral extensions which we expect to be able to bring within the PEA’s pit configuration and include in our mine plans.” A PEA for Dark Star and Pinion is scheduled for completion during the 2nd half of 2018…in connection with the PEA, new resource estimates will be completed at Dark Star and Pinion…GSV is off slightly at $1.98 as of 7:00 am Pacific but has strong support around current levels…
7. Canada has slipped in its global ranking for innovation, falling back 3 spots compared to last year as business investment levels slumped, according to a new report…in its annual study, the Conference Board of Canada ranked Canada 12th out of 16 countries for innovation, falling behind Australia, Belgium and Japan compared with last year and earning an overall “C” grade…the report ranks countries’ innovation capability according to public spending levels, research and development, access to capital and other metrics…the Conference Board attributed the slide to a stronger performance by Canada’s peers, particularly the U.S. and Switzerland…it also said low patenting activity and lagging research and development levels are a drag on Canadian innovation more broadly…overall, Canada was among the top performers in access to venture capital and in scientific articles…
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May 14, 2018
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