February 23, 2019
Daniel’s Den
February 22, 2019
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,321 and $1,331 so far today…as of 7:00 am Pacific, bullion has rebounded $6 an ounce to $1,329 as investors jump in after yesterday’s healthy pullback…Silver has added 9 cents to $15.85…Copper is attempting to push through the critical $2.90 level, and that’s a positive sign for a lot of things…it’s up 5 cents at $2.92…Nickel has gained 10 cents to $5.86 while Zinc is 2 cents higher at $1.24…Crude Oil has gained 54 cents to $57.50 while the U.S. Dollar Index is unchanged at 96.91…President Trump is scheduled to meet with Chinese Vice Premier Liu He later today as China and the U.S. end another week of trade talks…Liu has been named a “special envoy” to Chinese President Xi Jinping, meaning he has the authority to negotiate directly on trade matters with the United States…The Wall Street Journal reported this morning that the White House is counting on getting China to accept key structural changes on issues such as improper subsidies to state-owned companies and unlawful technology transfers…however, Reuters reported that U.S. and Chinese officials are struggling to come up with language that will address some of these issues…the meeting between Liu and Trump comes as the 2 countries try to strike a trade deal before the start of next month…if they don’t, additional U.S. tariffs on Chinese goods could come into effect…however, Trump said earlier this week that the March 1 deadline was not a “magical date,” hinting the deadline could be moved…all part of the “Art of the Deal”…
2. $100 billion down the drain…a new report shows $100 billion in planned spending on resource projects in Canada has evaporated, and a further drop should be expected without substantial amendments to the Liberal government’s planned regulatory overhaul in Bill C-69…as Senate hearings into the controversial bill continued yesterday, the C.D. Howe Institute released a report detailing how recent declines in planned energy, mining and forestry investment in Canada totalling $100 billion is equivalent to erasing 4.5% from Canada’s GDP…what sane country in the world would allow this to happen?…as Kevin O’Leary stated Wednesday evening at an event in Vancouver, management of this country’s economic affairs by a wide swath of politicians is poor, to say the least…TransCanada’s $15 billion Energy East pipeline, CNOOC’s Aurora LNG and Petronas Bhd’s $36 billion LNG Project are among the major resource projects that have been cancelled in recent years after long and uncertain regulatory processes, contributing to the $100 billion figure…a staggering total of potential jobs has been lost, all in the name of “saving the planet” as if man, and not God, controls the universe…
3. Deja vu…the National Energy Board has recommended, once again, that the Trans Mountain pipeline expansion be approved for construction…the NEB is recommending the project be approved subject to 16 new recommendations, in addition to the 156 conditions it had proposed in its previous recommendation…the report goes to the federal government to make the final decision on construction…“The NEB listened to a range of diverse views and carefully considered all of the evidence submitted, the results of which are reflected in the conclusions, conditions and recommendations presented in the report,” NEB chief environment officer Robert Steedman said in the release…“The report recommends on overall sections that the project is in the national interest and should be approved,” Steedman said…the project would twin an existing Oil pipeline between Alberta and British Columbia, boosting the system’s ability to ship oil to the West Coast by 590,000 barrels per day at a cost that could reach $9.3 billion…
4. U.S. stocks are sitting pretty, if history is any guide…the S&P 500, which has surged 11% to start 2019, is on pace for its biggest early-year advance in nearly 3 decades and is sitting 5.3% below September’s all-time high…that could bode well for the rest of the year…the index moves in the same direction in the first 2 months and the remainder of the year 64% of the time, according to Dow Jones Market Data (DJMD)…a more flexible approach to monetary policy from the Federal Reserve, easing U.S.-China trade tensions and a better-than-feared corporate earnings season are among the factors driving this year’s rally, following the 4th quarter’s bruising sell-off…in 1991, the last time the S&P 500 climbed more than 10% in January and February, it rose an additional 14% over the following 10 months, according to DJMD…and in the other 5 years when the index added at least 10% to start the year, it rose at minimum 6% from March through December 3 times…the two cautionary tales: 1931, in the midst of the Great Depression, and 1987, the year known for Black Monday…in both cases, the S&P 500 rallied at the beginning of the year before suffering a major crash…
5. Garibaldi Resources (GGI, TSX-V) has drilled into a shallow new zone of Nickel-Copper-rich mineralization at Nickel Mountain, with high quality disseminated mineralization beginning at surface and exceptionally high-grade Nickel in massive sulphides starting at a depth of just under 80 meters…all 3 holes ever drilled into the “Northeast” zone have confirmed this new discovery which rests above the “Upper” and “Lower” Discovery zones, and shows strong potential to build out to the east following a trend of massive sulphide boulders and favorable geology…EL-18–33 returned the thickest intercept yet east of the historic Northwest zone – 49 m grading 1.34% Nickel and 0.89% Copper, highlighted by 4.8 m grading 7.7% Nickel and 2.95% Copper…2 other intervals exceeding the 1% Nickel-Copper threshold were intersected in that hole a little deeper down…EL-18–30 and EL-18–23 also intersected the new Northeast zone…fresh maps show excellent potential for building tonnage, especially in light of the fact that geologists now have a much better understanding of the structural controls on mineralization around the E&L Intrusion…meanwhile, Dr. Peter Lightfoot sees a textbook style system analogous to other Nickel sulphide deposits around the globe…“What’s most striking to me about the Upper and Lower Discovery zones, upon review of extensive data, is not just the grades but how the massive sulphide sheets are gently dipping and appear to be stacked at the southern margin of the E&L Intrusion. The observation these zones are stacked open the south flank of the intrusion and also developed on the north flank adds an important guide in exploration of the E&L Intrusion at depth and along strike”…the system remains open in all directions and a further review of data related to Garibaldi’s first hole in August 2017 suggests that EL-17-01 was even more significant than first believed…Lightfoot sees geochemical and geological evidence that there is a separate and deeper chamber approximately 160 m below the Lower Discovery zone…investors’ typical “sell on news” mentality has pushed GGI lower in early trading but the stock is still trading above its levels of last week while the long-term chart confirms the bottom occurred in January in the mid-80’s at the rising 1,000-day moving average (SMA), just below Fib. support around $1…this classic unwinding out of technically overbought conditions in late 2017 suggests new highs are on the way later this year…
6. The Dow is up 114 points after 30 minutes of trading…the index is aiming for its 9th straight weekly gain while also retaking the 26,000 level for the first time since early November…in Toronto, the TSX is 38 points higher…Barrick Gold (ABX, TSX) has confirmed that it has “reviewed” a potential merger with Newmont Mining (NEM, NYSE) but said no decision has been made…Barrick issued a 2-sentence announcement after a Globe and Mail report saying Barrick is eyeing a hostile bid to take over Newmont…the Venture, battling resistance beginning at 623, is flat at 621…Khiron Life Sciences (KHRN, TSX-V), enjoying a strong week, has pushed back above $4 a share…Sun Metals (SUNM, TSX-V) appears to be breaking out above Fib. resistance in the mid-40’s…the stock came to life in late October last year when the company drilled into a Copper-rich intersection outside of the known resource at Stardust – the best drill result ever at the property, actually, as DDH18-SD-421 returned 5% CuEq over 100 m – 2.5% Cu, 3 g/t Au and 52.5 g/t Ag…geologists are confident that they are successfully tracking a major mineralizing fluid pathway toward the heart of this high-grade system which has been reinterpreted after a detailed review of an enormous amount of historic data…no holes have been drilled yet to follow up on the results of #421 which will be the primary focus of a minimum 15,000-m 2019 program starting this spring…Stardust is a large, coherent integrated porphyry-skarn-CRD-epithermal system…Torino Power (TPS, CSE) announced this morning that the company has shipped one of its power line monitoring (PLM) sensor systems to a BC Hydro substation located in the northeastern Peace River region…in January, the company reported receiving a purchase order from BC Hydro for the installation of its PLM system…the unit is expected to be used for a 138-kilovolt transmission line and to be installed at the end of March…
7. Pan American Silver (PAAS, TSX) and Tahoe Resources have completed their previously announced transaction whereby Pan American acquired all of the issued and outstanding shares of Tahoe…Michael Steinmann, President and CEO of Pan American, stated: “The completion of the arrangement establishes the world’s premier Silver mining company with an industry-leading portfolio of assets, a robust growth profile and attractive operating margins. We are also now the largest publicly traded Silver mining company by free float, offering Silver mining investors enhanced scale and liquidity. We have a 25-year track record in Latin America of building successful partnerships with the communities around our operations, respecting the diversity of local populations and safeguarding the natural environment. We welcome the opportunity to work with local communities around the new operations for the benefit of all stakeholders”…by virtue of taking over Tahoe, Pan American now also owns ground in Northern Ontario with a Gold deposit contiguous to iMetal Resources (IMR, TSX-V) with the Gowganda Silver Camp just 15 km to the east…
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February 21, 2019
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 has traded between $1,330 and $1,341 so far today…as of 7:00 am Pacific, bullion has retreated $8 an ounce to $1,329 on some healthy profit-taking…Silver has slipped 19 cents to $15.83…base metals are essentially flat with Copper, Nickel and Zinc trading at $2.87, $5.78 and $1.23, respectively…Crude Oil is 12 cents lower at $57.04 while the U.S. Dollar Index is unchanged at 96.53…the chief executives of Canada’s biggest bank and its largest pipeline company warned yesterday, during an event at the Canadian Club in Toronto, that Canada is at risk of squandering a huge advantage it it does not come together to tap the potential of the energy industry…Royal Bank of Canada (RY, TSX) CEO Dave McKay added that business leaders also need to be stronger advocates for the sector to give government the cover needed to forge ahead with changes…many Canadians seem to forget that energy makes up a whopping 10% of Canada’s GDP…estimates are that the country could increase its annual GDP by 40% or more (adding another 1.1% or so to the actual GDP figure) if its Oil and gas industry gains access to the right markets and investments, but climate change extremists want nothing of that which is why Canada will continue to lag behind the growth of the United States…
2. A reading of U.S. manufacturing sentiment fell in February to the lowest level in 17 months, another sign of declining momentum in the industrial sector, though the overall economy remains strong…the flash reading of the IHS Markit manufacturing purchasing managers index fell to 53.7 from 54.9 in January, on a scale where any reading above 50 indicates improving conditions…the weakness comes on the same day the Philadelphia Fed reported its gauge of manufacturing fell into negative territory for the first time since May 2016…however, a separate reading by IHS Markit of the services industry saw improvement, rising to an 8-month high of 56.2…other data released this morning included U.S. home sales which fell in January to their lowest level in more than 3 years while house prices rose only modestly…across the globe, other manufacturing PMI readings were generally weak, including from Australia, which is particularly sensitive to Chinese demand…
3. Kirkland Lake Gold (KL, TSX) continues to please with upward revisions…the company announced this morning that it has revised and increased its consolidated 3-year production guidance and improved its unit cost guidance for 2019…the stock has responded favorably. hitting new highs…KL sees potential for 1 million ounces in 2019 with 3-year production guidance increased to 920,000 – 1,000,000 ounces for this year, 930,000 – 1,010,000 ounces for 2020 and 995,000 – 1,055,000 for 2021…Fosterville 3-year guidance has been revised to 550,000 – 610,000 ounces for 2019 and 2020, with production guidance for 2021 remaining unchanged…consolidated unit-cost guidance for 2019 has improved, with operating cash costs per ounce guidance revised to $300 – $320 from $360 – $380 previously, with AISC per ounce sold improved to $520 – $560 compared to previous guidance of $630 – $680…mineral Reserves at Macassa, which will drive production growth for KL in future years, have increased 11% to 2,250,000 ounces @ 21.9 g/t…President and CEO Tony Makuch commented, “Since November 2016, Fosterville has been transformed into one of the world’s highest-grade, most profitable Gold mines, which has greatly benefited Kirkland Lake Gold and its shareholders. The completion of Fosterville’s December 31, 2018 Mineral Reserve and Mineral Resource estimates, with the related revisions to its life of mine plan and production profile, have taken that transformation to an even higher level, with the potential for much more to come. Largely driven by the 34% increase in the Fosterville Mineral Reserve grade, we are now on track to achieve significantly higher levels of production at Fosterville in 2019 than previously expected and could reach 1 million ounces of annual Gold production as early as this year. Just as encouraging as the growth in ounces, is the fact that with a higher average grade at Fosterville, as well as at Macassa, our Mineral Reserve ounces are more valuable, which means improved unit costs and increased cash flow per ounce going forward based on current Gold prices”…
4. Marathon Gold (MOZ, TSX) has closed the sale of a 2% NSR to Franco-Nevada (FNZ, NYSE) linked to production at the Valentine Lake Gold camp in central Newfoundland, for gross proceeds of $18-million…the NSR applies to the entire Valentine Lake Property and covers the sales of precious and base metals and minerals…Marathon has an option to buy back 0.5% of the NSR for $7 million (U.S.) until December 31, 2022…“Franco-Nevada’s purchase of the NSR is a major endorsement of the Valentine Lake Project by one of the best-known and regarded public royalty companies,” said Phillip Walford, President and CEO of Marathon…“The proceeds from this strategic financing transaction will allow Marathon to fast-track the completion of the Prefeasibility Study in 2019“…Marathon is carrying out an aggressive program of engineering, drilling and environmental programs for the remainder of 2019, targeting completion of the PFS by the end of 2019…a key element of this program is an infill drilling program focused on upgrading Inferred resources in the Leprechaun and Marathon pits to the Measured and Indicated categories…in addition, an exploration drill program will test the Sprite Gap. Condemnation drilling is also planned for infrastructure locations, along with geotechnical drilling…Marathon’s ongoing metallurgical test work program being conducted by SGS, under the guidance of consulting metallurgist John Goode, is a key component of the PFS and a subsequent feasibility study…the results to date from the metallurgical test work, which commenced in September, have been very encouraging, according to the company….
5. The U.S. and China have started to outline commitments in principle on the stickiest issues in their trade dispute, marking the most significant progress yet toward concluding a deal, according to a Reuters‘ report this morning…the world’s 2 largest economies have slapped tit-for-tat tariffs on hundreds of billions of dollars of goods, slowing global economic growth, skewing supply chains and disrupting manufacturing…as officials hold high level talks today and tomorrow in Washington, they still remain far apart on demands made by the Trump administration for structural changes to China’s economy…however, the broad outline of what could make up a deal is beginning to emerge from the talks, as the two sides push for some sort of agreement by March 1…that marks the end of a 90-day truce that Trump and Chinese President Xi Jinping agreed to when they met in Argentina late last year…negotiators are drawing up 6 memorandums of understanding on structural issues: 1) forced technology transfer and cyber theft; 2) intellectual property rights; 3) services; 4) currency; 5) agriculture; and 6) non-tariff barriers to trade…the MOUs cover the most complex issues affecting the trading relationship between the two countries and are meant, from the U.S. perspective, to end the practices that led Trump to start levying duties on Chinese imports in the first place…several Chinese government sources told Reuters that the two countries have basically reached a consensus on alleviating the trade imbalances, but there were still some differences on each other’s “core demands” that they were seeking to narrow…
6. The Dow is off 92 points after 30 minutes of trading…the index is aiming for its 9th straight weekly gain…in Toronto, the TSX is 34 points lower…the TSX Gold Index touched the 200 level for the first time yesterday since January 2018…the Venture is up 1 point at 623, the start of a key Fib. resistance band…Khiron Life Sciences (KHRN, TSX-V) is hitting new highs as it approaches nearest measured Fib. resistance at $4…the stock is up 30 cents in early trading at $3.89…Westhaven Ventures (WHN, TSX-V) has started a new phase of drilling at its Shovelnose Gold Property south of Meritt in the B.C. southern interior…Westhaven completed 22 diamond drill holes for a total of 8,543 m in the newly discovered South zone during the 2nd half of last year…the limited drilling to date has located and traced substantial epithermal quartz veining over a strike length of 720 m and a vertical range of 320 m…the ultimate dimensions of this vein system remain to be determined and will require extensive drilling to test its full potential…the South zone, as presently outlined, consists of 2 large subparallel quartz veins (Zones 1 and 2) and related zones of sheeted quartz veinlets…grades are impressive…Corvus Gold (KOR, TSX) has drilled 38.1 m grading 2.58 g/t Au at its Mother Lode deposit in Nevada, extending mineralization to the east of the initial resource…results continue to show high potential for expanding the system further to the east, and also to the west as well as at depth…in addition, many of the holes have ended in mineralization and have thickening oxide zones at depth…resource expansion drilling at Mother Lode is ongoing with 15,000 m planned during the current phase…
7. The world’s biggest undeveloped Gold and Copper mining project, planned in southwestern Alaska near the largest fishery for sockeye salmon globally, moved a step closer to approval yesterday thanks to a pro-resource Trump administration after the U.S. Army Corps of Engineers released a draft environmental impact statement…the Pebble Mine would produce 70 million tons of Gold, Molybdenum and Copper ore a year and create a pit 1,970 feet (600 m) deep…a new road, pipeline and power plant would be built, according to the mine plan…the site is near Lake Iliamna in southwestern Alaska between the headwaters of two rivers that drain into Bristol Bay…the Corps‘ draft statement came after public meetings that began last April to hear views from tribes and local communities about the potential benefits and environmental risks of the project…it did not recommend any action pending a final environmental impact statement next year…a decision on a construction permit is expected in mid-2020…the statement did point to the economic benefits from the project, while noting the mining plan incorporated ways of mitigating the environmental impact…“From the broad, macroeconomic scale, the project need is reflected in the worldwide demand for Copper,” it said, adding that “the public also has an interest in improving the economy of the state, in the creation of jobs in the state, and in the extraction of natural resources for the benefit of the state”…
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February 20, 2019
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,341 and $1,346 so far today…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,344 after a big jump yesterday…the yellow metal is now trading at its highest levels since last April…Silver has added 6 pennies to $16.02…a confirmed breakout above the critical $15.70’s is very bullish for Silver…base metals are pushing higher as well…Copper has added 3 pennies to $2.88, Nickel has jumped 7 cents to $5.77 while Zinc is up 2 pennies at $1.23…Crude Oil has eased off 22 cents to $55.87 while the U.S. Dollar Index has gained one-tenth of a point to 96.60…the Chinese Communist Party-run newspaper Global Times says in an editorial that if “the U.S. imposes more tariffs on Chinese products while China responds with fiercer countermeasures, it would be a catastrophic strike to global stock markets”…investors are looking ahead to the release of a summary later this morning (11:00 am Pacific) from the Fed’s meeting in January…the Fed said on January 30 it will be “patient” in tightening monetary policy moving forward and kept interest rates unchanged…investors will parse through the minutes, looking for more clues about how long the Fed plans to remain patient…the minutes could shed some light on which members continue to advocate caution and which members are more hawkish…at the moment, the market isn’t pricing in any rate hikes for the balance of the year…
2. A large convoy of Oil workers/pipeline supporters from Western Canada arrived in Ottawa yesterday to deliver a stern message to the anti-Oil Liberal government about Alberta’s desperate need (and Canada’s urgent need) for more pipelines…the long line of semi trucks sat idling on Wellington Street in Ottawa, blocking off the street that passes in front of Parliament as part of a protest by United We Roll, a pro-industry group…the Ottawa rally marked the final destination for the convoy, which started its journey in Alberta 4 days ago…semi trucks were hitched to trailers emblazoned with calls to “build the pipeline” and “kill Bill C-69“, the Liberals’ environmental assessment reforms that represent a major threat to the country’s resource sector…the Senate is still studying Bill C-69…meanwhile, in a great example of left-wing mainstream media bias and bigotry, Maclean’s columnist Tabatha Southey tweeted, “Guys, they’re not ‘rolling into’ Ottawa. They drove there, on roads people drive on and that doesn’t oblige you to mythologize this thing to their liking. This is not Furiosa and Mad Max storming the Citadel. It’s more National Lampoon’s White Nationalist Vacation”…
3. The Alberta government is spending $3.7 billion to connect the Oil patch to the prized U.S. Gulf Coast market via rail, as the province aims to lift prices amid a shortage of export pipelines…“We have successfully negotiated deals with the Canadian Pacific Railway and Canadian National Railway to start moving Oil by rail this July,” Alberta Premier Rachel Notley said yesterday as she announced the province had signed 3-year contracts to lease 4,400 rail cars…the cars will initially ship 20,000 barrels per day out of the province but as more come into service, the shipping commitment will ramp up to 120,000 bpd by the middle of 2020…all because we can’t get a pipeline project approved in this country due to climate change extremism and after 8 years of Obama convincing many Canadians that their Oil is “dirty”…
4. The Globe and Mail reported this morning that a review of lobbying records shows that SNC-Lavalin (SNC, TSX) met frequently with the highest ranks of the Trudeau government, including top officials in the Prime Minister’s Office, cabinet ministers, their chiefs of staff, senior public servants including Privy Council Clerk Michael Wernick and Canada’s Ambassador to the United States, David MacNaughton…The Globe’s Bill Curry and Tom Cardoso write that in all, SNC has had 19 contacts with the PMO since the start of 2017, placing it near the top of the list of nearly 700 groups that met at least once with the PMO during that period…only 13 other organizations had more meetings with the PMO than SNC in that time frame…at the top of the list with 38 meetings with the PMO over the past 2 years is Bombardier, which received $372.5 million in 2017…the data provide further context amid questions about how the Trudeau government handled SNC’s requests to stay a criminal prosecution on bribery and fraud charges in favour of a negotiated settlement…since the beginning of 2017, SNC representatives met with government officials or parliamentarians more than 50 times on the topic of justice and law enforcement…
5. 385 ounces per ton Silver, less than 10 m downhole!…Canada Cobalt (CCW, TSX-V) has not only hit plenty of high-grade Cobalt on the first level of the Castle mine near Gowganda, in shallow underground drilling, but the company has also intersected very high-grade Silver veins with potential to extend as “ore shoots” to considerable depths in areas where limited historical work was carried out…one of those areas is approximately 55 m southwest of the #3 Shaft where Agnico Eagle (AEM, TSX-V) made a major discovery in 1979 that put the mine back into production for another decade…drill hole CA-18–54, drilled across the vein, cut 93.7 ounces per ton Silver over 1 m including a whopping 286.3 ounces per ton over 0.33 m starting at a depth of just 9.71 m, with the hole then hitting a second vein structure a little further down beginning at 18.84 m where it bottomed in 1.66 m of high-grade mineralization featuring 11.8 ounces per ton (406.1 g/t) over 1.66 m…at the other end of the adit, a staggering 385.2 ounces per ton Silver, 0.67% Cobalt and 3.77 g/t Gold was assayed over half a meter in an earlier drill hole within a broader 5.51-m zone that also featured 1.87% Cobalt over 2.54 m and 76.4 ounces per ton Silver over a core length of 5.51 m starting at just 1.46 m…that hole was drilled perpendicular to strike, sub-parallel to the dip of the vein, so its not true width – however, it clearly demonstrates incredible grade potential and the vein system in this part of the first level is wide open for expansion…veins at Castle are known to pinch and swell and move in and out of high-grade and lower-grade mineralization over considerable distances (in some cases, in the hundreds of meters)…interestingly, CCW made reference to “a major new program involving Re-2OX“ that it “will be elaborating on in the very near future”, so obviously last night’s news, plus last Friday’s news, represent the beginning of a big “ramping up” for the company just in time for PDAC…CCW stated that “a series of initiatives, already in motion, will drive an expanded Phase 2 program to immediately build on these results and accelerate the broader 2019 corporate goal to leverage the company’s proprietary Re-2OX technology simultaneously with heightened activity at the Castle mine in ways that continue to keep CCW share dilution to a minimum”…innovative revenue stream, perhaps?…looks like more news is just around the corner at a time when the company is also resuming drilling at its Castle East Gold discovery southeast of the mine, about 15 km east of iMetal Resources‘ (IMR, TSX-V) grassroots drilling discovery at Gowganda West…
6. The Dow is up 18 points after 30 minutes of trading…the index is aiming for its 9th straight weekly gain…in Toronto, the TSX is 54 points higher on continued strength in the metals sector…the TSX Gold Index has touched the 200 level for the first time since January 2018…the Venture is up 2 more points at 624 as it pushes through its declining 100-day moving average (SMA), resistance since the early part of last year…final drill results from Barkerville Gold’s (BGM, TSX-V) 2018 Island Mountain exploration and category conversion program at its flagship Cariboo Project were released this morning and included 9.7 g/t over 14.4 m in hole IM-18–169, located 15 m from surface within a modelled vein corridor…recent intercepts around 600 m vertical depth include 16 g/t Au over 0.55 m and 14.05 g/t Au over 0.55 m in hole IM-18–176…the current resource at Shaft zone deposit is modelled to an average depth of 350 m…Barkerville is currently exploring down dip of the known Gold mineralization on Shaft zone with 3 drill rigs…other targets throughout the project are also being drilled…Harte Gold (HRT, TSX) has released an updated NI-43–101 mineral resource estimate based on 90,000 m of drilling completed in 2018…Indicated resources at the Sugar Zone Property 80 km east of Hemlo are now 1.1 million ounces Au grading 8.1 g/t and Inferred Mineral Resources are 558,000 ounces Au grading 5.9 g/t…Osisko Mining (OSK, TSX)is carrying out a reverse takeover of Chantrell Ventures (CV.H, TSX-V) as a way to unlock value for shareholders in certain non-core Osisko assets…Osisko will transfer non-core assets with a value of approximately $99 million to Chantrell in exchange for shares of Chantrell which will complete a rollback and a $10 million financing…the company name will also be changed to “O3 Mining“…
7. Government extortion: Barrick Gold (ABX, TSX; GOLD, NYSE) has announced a proposal to settle long-running disputes between Acacia Mining Plc. and the government of Tanzania, with the plan including a $300 million payment to Tanzania to settle outstanding tax claims…the proposal also calls for the creation of a local company to manage Acacia’s operations in the African nation, with economic benefits to be shared with Tanzania on a 50–50 basis…Barrick, which owns 63.9% of the shares in London-listed Acacia, said it acted as a facilitator in arriving at the proposal with Tanzanian officials…the Gold-mining giant said it will present this proposal to the independent directors of Acacia in the near future…Barrick added that the proposed framework is consistent with an agreement announced in October 2017…
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February 19, 2019
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,322 and $1,335 so far today…as of 7:00 am Pacific, bullion is up $7 an ounce at $1,335…$1,350 is the next logical immediate/near-term target…Silver has added 4 pennies to $15.81…a confirmed breakout above the critical $15.70’s could sent the metal rocketing higher…Copper, Nickel and Zinc all up modestly at $2.86, $5.67 and $1.21, respectively…Copper stockpiles available to the market in LME-registered warehouses are near 13-year lows and LME time spreads have tightened rapidly, suggesting a shortage of nearby metal…WTI is up another 15 cents a barrel to $55.75…supply cuts led by OPEC have lifted Crude prices by more than 20% this year, despite a global economic slowdown…U.S. sanctions against Iran and Venezuela have also tightened the market…the U.S. Dollar Index is relatively flat at 96.77…another socialist has entered the Democratic primary for the battle against President Trump in 2020, which won’t be much of a battle if it’s Trump vs. socialism…Bernie Sanders, who of course was beaten by Hillary Clinton in the 2016 Democratic primary, confirmed today that he’s seeking the 2020 Democratic Presidential nomination in an increasingly crowded field (mostly far left) vying to take on Trump in the general election…
2. A new round of talks between the United States and China to resolve trade tensions will take place in Washington today, with follow-up sessions at a higher level later in the week…the talks follow a round of negotiations that ended last week in Beijing without a deal but which officials said had generated progress on contentious issues between the 2 trading partners…the talks are aimed at “achieving needed structural changes in China that affect trade between the United States and China. The two sides will also discuss China’s pledge to purchase a substantial amount of goods and services from the United States,” the White House said in a statement…
3. Spot Palladium rose to a peak of nearly $1,500 an ounce overnight, its highest on record…autocatalyst manufacturer Johnson Matthey said in a report last week that the deficit in the Palladium market will widen dramatically this year as stricter emissions standards increase demand…”The market is fundamentally strong,” Julius Baer analyst Carsten Menke said…“(The) ongoing deficit and autocatalyst producers saying they are not seeing broad-based substitution from Palladium to Platinum really reinforce the prevailing positive sentiment”…both metals are primarily consumed by automakers for use in catalytic converter manufacturing, but Platinum is more heavily used in the diesel vehicles that have fallen out of favour since the Volkswagen emissions-rigging scandal broke in 2015…Palladium, unlike Platinum, has benefited from a switch to petrol engines and expectations for growth in hybrid electric vehicles, which tend to be partly gasoline-powered…this has helped the metal largely ignore falling car sales across the globe…
4. Copper prices are up since yesterday on concerns that supply will tighten after a court ruling cast doubt on the future of a smelter in India…India’s Supreme Court has refused to allow reopening of Vedanta’s Copper smelter plant which was at the centre of massive protests (hysteria) over pollution concerns, but granted the company liberty to approach the high court…in doing so, the Supreme Court set aside an order by an environmental court which had cleared the way for reopening of the smelter…the government of Tamil Nadu state ordered the smelter shut permanently in May after violent protests at the plant in the city of Thoothukudi in which 13 people were killed…in December, India’s National Green Tribunal (NGT) revoked the state decision to shut the plant, prompting the state government to appeal in the Supreme Court…
5. The Dow is off slightly in early trading after a 444-point surge Friday…the index has climbed for 8 straight weeks…Walmart (WMT, NYSE) has reported earnings and revenue for the holiday quarter that topped analysts’ expectations, as its e-commerce sales surged 43% thanks to more shoppers using its online grocery delivery service and spending more per trip…CEO Doug McMillon said “a favorable economic environment” has been helping Walmart grow sales and take market share from rivals…in Toronto, the TSX is 71 points higher on strength in the metals sector…the TSX Gold Index is rapidly approaching a new 52-week high…the Venture is up 4 points at 620 as it pushes through its declining 100-day moving average (SMA), resistance since the early part of last year…Khiron Life Sciences (KHRN, TSX-V) has jumped out of the gate quickly this morning, adding 23 cents to $3.28 – a new high – as of 7:00 am Pacific…the cannabis company announced a $25 million bought deal financing earlier this month at $2.20…red-hot Amex Exploration (AMX, TSX-V), which has been drilling into high-grade Gold at its Perron Property north of Rouyn-Noranda, has crossed the $1 level for the first time in 5 years…Canada Cobalt (CCW, TSX-V) has been halted, pending more news…on Friday, following the market close, CCW announced that nearly 2,000 m of drilling in holes CS-18–15 through CS-18–18 had intersected a pyrite-rich Archean Gold system at Castle East in association with newly discovered fault structures and a strong geophysical signature approximately 1.5 km east of the Castle mine and 2 other past high-grade Silver producers in Gowganda, 75 km from the Kirkland Lake Gold Camp…fresh drilling at Castle East begins this week…assays are pending but visuals (abundant fine-grained pyrite, intense quartz veining, multiple styles of alteration) back up the model for Gold in the area…the fine-grained pyrite can run very high in Gold…iMetal Resources (IMR, TSX-V), CCW’s Gowganda neighbor to the west, is also in the midst of a new Gold discovery contiguous to Pan American Silver’s (PAAS, TSX) deposit…Gowganda West has never been previously drilled but initial holes are showing that the rocks, veining and alteration found at surface (chip samples returned high-grade Gold values) are present at depth…IMR has broken out powerfully above a multi-year downtrend line and appears to be ready to conquer 20 cents on the charts after a 67% gain last week on record volume, one of the best indicators of all…
6. Gran Colombia Gold (GCM, TSX) has firmed up this morning, hitting new highs, thanks to rising Gold prices and news from the company regarding the opportunity it sees in the evolving changes in Venezuela to recover and develop its Gold exploration assets that were nationalized in 2011…this would add to GCM’s pipeline of Latin America-based projects which could fuel the company’s mid-to long-term growth objectives…Gran Colombia says it recognizes Juan Guaido as the legitimate interim President of Venezuela and has communicated to its government the company’s firm intention to re-start its mining project in Venezuela as soon as circumstances allow…for the purposes of holding, developing and financing its Venezuelan assets and carrying out its Venezuelan investment strategy, Gran Colombia intends to spin off such assets into a separate listed special purpose vehicle…through the spin off, Gran Colombia will retain a major stake in the new company while leveraging the capital markets to provide the funding required for exploration and development of the mining assets…Serafino Iacono, Executive Co-Chairman of Gran Colombia, stated, “We are incredibly excited with the future prospects of Venezuela and are eager to be a partner in the reconstruction of the country. We have been successful in executing our turnaround strategy over the last couple of years, focused primarily on implementing our mining plan at our core producing asset, the Segovia Operations, which remains at the heart of our exploration and development programs for near-term growth. We believe Gran Colombia is uniquely positioned to use this experience to efficiently develop Gold mining assets in Venezuela through a separate listed vehicle in a sustainable and environmentally responsible manner. We are the largest Gold and Silver producer in Colombia with a 2018 output of 218,001 ounces (equivalent to approximately 6.8 tons) of Gold and our senior management team has unmatched experience in the Venezuelan greenstone belt, having also financed and developed what was, until the nationalization of the Gold industry, the largest operating Gold project in the country”…
7. Canopy Growth (WEED, TSX) managed to lock down nearly a third of Canada’s recreational cannabis market last year, according to a Financial Post report over the weekend…BMO Capital Markets estimates Canopy’s recreational sales volume during the quarter ended December 31 represented a market share of 30%…CEO Bruce Linton expects to “dominate” the weed market in Canada…rival Aurora Cannabis (ACB, TSX) reportedly had about 20% of the recreational market…Canopy has made a number of acquisitions over the past year, including the purchase of hemp researcher Ebbu…It has vowed to make further investments where it was granted a hemp processing and production licence in January…subsidiary Canopy Health Innovations has begun “in-human” clinical trials to test out the use of medical marijuana in treating insomnia…Canopy reported Friday that it got off to a solid start in the early days of cannabis legalization in Canada, although rising costs associated with breaking into the market dampened some of the enthusiasm…the company booked a profit of $74.9 million for the 3 months ended Dec. 31, up from $11 million a year before…
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