June 10, 2020
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information!
1. Spot Gold has traded between $1,716 and $1,729 so far today…as of 7:00 am Pacific the yellow metal is up $9 an ounce at $1,723…all eyes will be on the Fed later today as the central bank wraps up its 2-day meeting and reveals its first forecasts for the economy and interest rates since late last year…the Fed skipped making projections in March just as the pandemic forced the abrupt shutdown of the economy…investors will be searching for clues about its “dovishness”, its willingness to keep interest rates ultra-low and inject additional stimulus…the Fed, which has already delivered epic amounts of support, still has plenty of ammunition in its arsenal, according to Chairman Jerome Powell, though investors have stopped pricing in the possibility that the central bank will adopt negative interest rates…TDS on Gold: “Can you hear the stampede of bulls on the horizon? Those selling Gold in response to risk-on could be missing the forest through the trees – the Fed will maintain its uber-easy policy for the foreseeable future, and may even utilize more tools (such as yield-curve control) to support yields amid massive Treasury issuances”…real interest rates, which are adjusted for inflation, are likely to remain “suppressed” for the foreseeable future, TDS added…all of this means that “macro drivers will continue to drive capital to seek shelter in the yellow metal”…Spot Silver has jumped 34 cents to $17.90…base metals continue to strengthen…Copper is up 5 cents at $2.63, pushing through its 200-day SMA…Nickel has jumped 5 cents to $5.84 while Zinc is steady at 91 cents…Crude Oil is off 78 cents at $38.16 a barrel while the struggling U.S. Dollar Index, gripped in oversold conditions, is down more than one-tenth of a point at 96.18…Mexico’s socialist President Andres Manuel Lopez Obrador continues to battle with the private sector on energy policy…Lopez Obrador has allowed officials to call into question contracts worth billions of dollars signed by companies from Canada, the United States and Europe under the previous administration, setting up a potentially messy legal scrap (and ultimately an exodus of business)…Lopez Obrador is also complaining about some Canadian mining firms allegedly “behind on their tax payments“…if that’s the case, they’re being taxed too much and that’s not good…the U.S. Labor Department reported this morning that its Consumer Price Index fell 0.1% in May, after a 0.8% rise in April…the data was weaker than consensus forecasts as economists were expecting to see no change in inflation…stripping out volatile food and energy prices, core inflation also dropped more than expected, falling 0.1% in last month…
2. Big restaurant companies with eateries in a number of states are struggling to navigate a thicket of rules as they seek to reopen dining rooms closed by the coronavirus pandemic…one of their biggest challenges, they say, is parsing the sometimes conflicting, sometimes minute guidelines set out by governments and chain owners…McDonald’s franchisees must follow a 59-page guide the chain created for reopening, while Arby’s, the roast-beef sandwich chain owned by private-equity-backed Inspire Brands, issued a 96-page guide to franchisees last month, according to a copy viewed by The Wall Street Journal…large franchisees have been engines of growth for many of the largest U.S. restaurant brands, but the rules for reopening are testing their businesses…while they have bigger operations and financial reserves than independent restaurants, the money spent to make stores ready to reopen comes out of their pockets…figuring out what, exactly, is allowable – and when – has been a headache, they say…everyone in the restaurant sector is facing challenges…ironically, though, this has never been a better time to visit your favourite dining establishments – they’re not as busy, they’re clean and sanitized like never before, and owners are focused on delivering the best experience possible to recapture business…
3. The global economy will suffer the biggest peace-time downturn in a century before it emerges next year from a coronavirus-inflicted recession, the Organization for Economic Cooperation and Development (OECD) said today…updating its outlook, the OECD forecast the global economy would contract 6% this year before bouncing back with 5.2% growth in 2021 – providing the outbreak is kept under control…however, the Paris-based policy forum said an equally possible scenario of a 2nd wave of contagion this year could see the global economy contract 7.6% before growing only 2.8% next year…“By the end of 2021, the loss of income exceeds that of any previous recession over the last 100 years outside wartime, with dire and long-lasting consequences for people, firms and governments,” OECD chief economist Laurence Boone wrote in an introduction to the refreshed outlook…the U.S economy is seen contracting 7.3% this year before growing 4.1% next year…in the event of a 2nd outbreak, the U.S. recession would reach 8.5% this year and the economy would grow only 1.9% in 2021, the OECD said….the Canadian economy is expected to decline 8% in 2020 and recover to 3.9% growth in 2021…a 2nd wave of infection this year would cause the economy to shrink 9.4% and grow only 1.5% in 2021…
4. Tesla (TSLA, NASDAQ) has rallied above its record closing high, and touched the $1,000 per share mark in early trading today, after data showing sales in China rebounded in May…car sales in China rose last month for the first time in almost a year and Teslas were the top selling new-energy vehicles with more than 11,000 units sold, according to the China Passenger Car Association…the electric-vehicle maker’s shares have jumped this week, surpassing February’s all-time high closing price…registrations of Tesla vehicles in China rose to a record in March after the company resumed production at its Shanghai plant that was temporarily idled because of the Wuhan COVID-19 pandemic…in April, registrations of Tesla vehicles fell to 4,633, compared with 12,710 the month before…the California-based company has cut prices in China twice in the past 2 months amid rising competition…
5. The Dow’s 6-session winning streak was snapped yesterday but the NASDAQ managed to push above 10,000, albeit briefly, for the first time ever, and it’s slightly above 10,000 in early trading today…the Dow is off 139 points as of 7:00 am Pacific…the U.S. 12-month forward price-to-earnings now stands just shy of 23 times, in its 96th percentile based on data starting in 1985 and only surpassed at the peak of the tech bubble in the late 1990s, according Oxford Economics…however, these are extraordinary times…most “expert” analysts are making the mistake of telling the market what they think it’s supposed to be doing right now, instead of listening to Mr. Market…in Toronto, the TSX has slipped 66 points…Bombardier (BBD.B, TSX) is facing the boot from Canada’s main index…Bombardier’s share price (62 cents in early trading today) has been below $1 since early March, potentially making it ineligible to stay in the S&P/TSX Composite Index and in turn the S&P/TSX 60 Index of large companies…a departure from the index could hurt demand for Bombardier’s shares as ETFs drop the stock…the Venture is up 2 points at 567…Artemis Gold (ARTG, TSX-V) keeps charging higher, up 55 cents at $2.89, after announcing yesterday that it has signed an asset purchase agreement with New Gold (NGD, TSX) to acquire the Blackwater Gold Project in central British Columbia (9.5 million ounces, Measured and Indicated)…Artemis will pay New Gold $190 million in cash comprising $140 million upon closing of the transaction and $50 million payable 12 months following closing…KABN Systems (KABN, CSE) started trading on the CSE this morning after successfully completing its RTO of Torino Power including a $2.2 million raise at 15 cents a share…KABN is a Canadian FinTech company that specializes in continuous online identity verification, management and monetization and is currently in development to launch a digital banking and financial services platform…with the evolving macroenvironment and the increasing amount of time spent online, digital identity is becoming more important as users look to work, play, educate, game and shop virtually and will need to protect, manage and control the use of their digital identity…KABN, which has only 65.7 million shares outstanding, is trading at 20.5 cents as of 7:00 am Pacific…Haywood Securities analyst Geordie Mark has started coverage of Fiore Gold (F, TSX-V), one of our favorite Gold plays we first highlighted for subscribers when it was trading in the 40’s…“Fiore is on the cusp of a new phase of its organic growth plan having now bedded down incremental production expansion at the Pan Gold Mine in Nevada, and together with mine and near mine exploration discovery looks well positioned to extend Pan’s operating life. With the projected start of the Goldrock mine, only five miles away, in early 2023, we see the company growing to a dual asset 110,000 ounce Gold per annum producer over the nearer term”, Mark wrote…
6. Uranium play Baselode Energy (FIND, TSX-V) made its Venture debut this morning…the company has less than 29 million shares outstanding with only 9.8 million shares in the float…CEO James Sykes is a renowned uranium exploration geologist who has been involved in the discovery of over 550 million pounds Uranium in the Athabasca Basin…most notably, he was integral in the discovery of NexGen Energy’s (NXE, TSX) Arrow deposit…Baselode will be focused on discovering high-grade, basement-hosted, near-surface uranium deposits in Saskatchewan’s Athabasca Basin, host of the world’s highest-grade Uranium deposits with average grades in the basin showing ~3.9% U3O8 compared to the rest of the world average of ~0.15% U3O8…the Athabasca Basin accounts for 15% of global Uranium production…Baselode says it will release details on its assets, exploration plans and timelines in the coming days…
7. The President of Silicon Valley medical technology company Arrayit (ARYC, OTC) was charged yesterday with misleading investors by falsely claiming the company had developed a government-approved blood test for COVID-19, the first criminal securities fraud prosecution related to the pandemic… Arrayit President Mark Schena was charged with one count of securities fraud and one count of conspiracy to commit health care fraud after authorities said his company billed Medicare $69 million for coronavirus and unnecessary allergy tests…Schena touted that the company based in Sunnyvale had the only laboratory in the world that offered “revolutionary microarray technology” that allowed it to test for allergies and the coronavirus with the same finger-stick test kit, prosecutors said…beginning in 2018 and through February 2020, Schena and other employees allegedly paid bribes to recruiters and doctors to run an allergy screening test for 120 allergens ranging from stinging insects to food allergens on every patient, authorities said…as the COVID-19 pandemic began to escalate, Schena instructed patient recruiters and clinics to add its test for the coronavirus, prosecutors said…he also is accused of publishing false claims on social media and in company emails to investors about Arrayit’s ability to provide accurate, fast, reliable and cheap coronavirus tests in compliance with state and federal regulations…Schena told investigators he thought developing a test for the coronavirus based on his allergy test would be simple, “like a pastry chef” who switches from selling “strawberry pies” to selling “rhubarb and strawberry pies“…Arrayit never disclosed that the Food and Drug Administration informed it on April 17 that its COVID-19 test was not at an acceptable level of performance, federal prosecutors said…the company also claimed partnerships with Fortune 500 companies, government agencies and public institutions, without disclosing they were either trivial or did not exist, federal prosecutors said…Arrayit’s stock price, albeit in the pennies, more than doubled by mid-March even as the broader market was crashing…“The allure of cheap reliable alternatives to today’s standard blood tests panels has captured the imagination of the health care industry, making such alternatives a prime subject for fraudsters,” said U.S. Attorney David L. Anderson of the Northern District of California…
How This Pandemic Will Ultimately Help Copper
The Cost Of Doing Business With China (The CCP)
“Silver Lining”: Innovative Vancouver Company Provides Help During Crisis
Smithers Shakes Off Turmoil For A Major 3-Day Event Connecting Hockey And The Resource Sector
June 9, 2020
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information!
1. Spot Gold has traded between $1,691 and $1,722 so far today…as of 7:00 am Pacific the yellow metal is up $21 an ounce at $1,720…Gold ETFs recorded their 3rd straight day of outflows yesterday, the longest phase of outflows since mid-March…the Fed could strike a dovish/cautious tone tomorrow, following its 2-day meeting that starts this morning, despite Friday’s encouraging jobs report…this would provide continuing support to Gold, though investors have stopped pricing in the possibility that the Fed will adopt negative interest rates…Spot Silver is off a dime at $17.66…nearest support is in the $17.30’s…Palladium has slipped $76 to $1,886…Copper is steady at $2.56…Nickel has retreated 12 cents to $5.75 while Zinc is off a penny at 91 cents…Crude Oil is down slightly at $38.09 a barrel while the struggling U.S. Dollar Index, gripped in oversold conditions, is down another one-fifth of a point at 96.43…U.S. retailers could announce between 20,000 and 25,000 closures in 2020, according to tracking by Coresight Research, with 55% to 60% of those situated in America’s malls…that would also mark a new record, eclipsing last year’s total of more than 9,300 locations…in recent weeks, bankruptcy filings have begun to mount…Minneapolis’ first survey of property damage shows that nearly 1,000 commercial properties in the city were damaged during the recent riots, including 52 businesses that were completely destroyed and 30 other locations that sustained severe damage…owners and insurance experts estimate the costs of the damage could exceed half a billion dollars…that would make the Twin Cities riots the 2nd-costliest civil disturbance in U.S. history, trailing only those in Los Angeles in 1992, which were also sparked by racial tensions with police and had $1.4 billion in damages in today’s dollars…
2. If Canada’s Prime Minister and his friends in the World Health Organization (WHO) have no problem with the violation of physical distancing guidelines when it comes to left-wing protests attracting tens of thousands of people, the left should have no problem with President Trump resuming his trademark rallies, correct?…Trump will resume his rallies later this month, it has been announced, returning one of the President’s most potent weapons to his arsenal as the 2020 campaign season enters a pivotal stretch with major implications for the markets…“Americans are ready to get back to action and so is President Trump,” Trump campaign manager Brad Parscale told Fox News…“The Great American Comeback is real and the rallies will be tremendous. You’ll again see the kind of crowds and enthusiasm that Sleepy Joe Biden can only dream of”…Jonah Goldberg wrote for the G-File,“We spent the last couple of months being hectored by public health experts and earnestly righteous media personalities who insisted that easing lockdown policies was immoral, that refusing to social distance or wear masks was nigh upon murderous. They even suggested that protests were somehow profane. But now that the George Floyd protests are serving as some kind of Great Awokening, many of the same are saying ‘never mind’ about all of that. Protests aren’t profane, they’re glorious and essential—if they agree with what you’re protesting about”…
3. The spread of the Wuhan COVID-19 virus by people not showing symptoms “appears to be rare”, according to research collected by the World Health Organization…“We have a number of reports from countries who are doing very detailed contact tracing – they are following asymptomatic cases, they are following contacts and they are not finding secondary transmission onward, it’s very rare,” stated WHO official Dr. Maria Van Kerkhove in a news briefing…“Much of that is not published in the literature. “We’re constantly looking at this data, and we’re trying to get more information from countries to truly answer this question. It still appears to be rare that an asymptomatic individual actually transmits onward”…meanwhile, more than 136,000 cases of COVID-19 were reported to WHO on Sunday, the most reported in a single day so far during the pandemic, prompting a stark warning that the outbreak is getting worse in some parts of the globe…nearly 75% of Sunday’s cases originated from 10 countries, mostly in the Americas and South Asia…countries in the African region are also beginning to see an increase in cases…
4. Marathon Gold (MOZ, TSX) has recommenced exploration activities at its Valentine Gold Project exploration camp in central Newfoundland…this follows the successful move to the COVID-19 “Alert Level 3” announced by the Newfoundland and Labrador Department of Health and Community Services yesterday…Marathon intends to recommence site activities in a staged approach, beginning with 1 drill rig and support functions and moving to 3 drill rigs over the coming weeks…enhanced safety protocols for site access as well as camp and field-based activities have been established, and camp facilities will be expanded to allow for dedicated accommodation for each employee supported by additional housekeeping staff…as of June 8, Newfoundland and Labrador have had a total of only 261 cases of COVD-19…2 active cases are currently reported in the province, with no new cases having been reported over the previous 11 day period…as of March 14, when the Valentine camp was closed, Marathon had completed approximately 9,500 m of drilling from a planned 2020 program of 44,000 m budgeted at $8.9 million…this included approximately 5,000 m in 24 drill holes out of a planned 32,000 m within the 6-km-long Sprite Corridor located between the Leprechaun and Marathon deposits…this corridor includes the promising new “Berry Zone” where winter drilling confirmed the presence of characteristic “Main Zone”-type Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) vein mineralization over multiple sections…
5. The Dow is taking a breather after a 6-day winning streak that produced a total gain of more than 2,000 points…the Dow is off 341 points as of 7:00 am Pacific…in Toronto, the TSX has slipped only 125 points, supported by rising Gold stocks…the Venture is flat at 565…interesting acquisition announced this morning – Artemis Gold (ARTG, TSX-V) has signed an asset purchase agreement with New Gold (NGD, TSX) to acquire the Blackwater Gold Project in central British Columbia (9.5 million ounces, Measured and Indicated)…Artemis will pay New Gold $190 million in cash comprising $140 million upon closing of the transaction and $50 million payable 12 months following closing…New Gold will also receive a Gold stream on ounces produced from Blackwater in addition to $20 million in Artemis shares…Artemis will be targeting improved economics and financing potential against the 2014 Feasibility Study based on extensive due diligence and a revised approach to developing the project…both stocks are up in early trading…major change at Auramex Resource (AUX, TSX-V)…Lawrence Roulston is stepping down as President and CEO but will remain on the board of a strong new team with connections to Scottie Gold (SCOT, TSX-V), another Stewart Camp play that commands a current market cap of nearly $30 million (vs. AUX’s pre-deal market cap of $3.7 million)…Auramex is bringing on new directors (including Scottie Gold CEO Brad Rourke) and management in a package of positive changes that also includes a proposed $4 million private placement, a strategic acquisition in the Stewart Camp (Independence and Silver Crown properties from a private company), a maiden drill program at the flagship Georgia River high-grade Gold deposit, and a share consolidation (1 for 5)…AUX remains halted…Bluestone Resources (BSR, TSX-V) has cut 21.6 g/t Au over 15 m (CB20–420) and 10.7 g/t Au and 131 g/t Ag over 7 m (true widths) from infill drilling at its Cerro Blanco Gold Project…an ongoing 9,000-m drill program is focused on the South Zone of the deposit…3 drill rigs will continue drilling the South Zone from surface, and in the underground workings 2 additional rigs are expected to be added over the coming weeks…the drilling will build on the infill drill program completed in the North Zone of the deposit in 2019 which resulted in an updated resource estimate of 1.41 million ounces of Gold averaging 10.3 g/t in Measured and Indicated categories…KABN Systems, a technology play, has successfully completed its RTO of Torino Power (TPS, CSE) including a $2.2 million raise at 15 cents a share…Torino is expected to begin trading again as KABN tomorrow on the CSE…
6. Discovery Metals (DSV, TSX-V) has closed its $25 million financing at 55 cents per unit…the company has also announced that it has received approval from the Mexican government to resume operations at its Cordero Project with strict COVID-19 health and safety protocols…the company is finalizing additional measures, including mandatory testing of all onsite workers to ensure the safety of its employees, consultants, contractors and communities…the company will begin with 1 drill rig and will closely monitor the ramp-up of exploration activities…further drill rigs will only be added when the company is confident that health and safety risks can be managed effectively…Taj Singh, President and CEO of Discovery, commented, “With the closing of the financing we now have over $40 million of cash on our balance sheet, putting us in a strong position as we restart our exploration activities at Cordero. We look forward to safely resuming operations later this month and carrying on with the positive momentum we have generated from our excellent exploration results to date”…
7. We’ll just have to learn to live with COVID-19 for the foreseeable future: Texas reported a record number of coronavirus hospitalizations yesterday – weeks after Gov. Greg Abbott took the lead among governors in easing physical distancing measures to help bring jobs back…there are currently 1,935 COVID-19 patients in hospitals across the state, topping the previous hospitalization record of 1,888 patients on May 5, according to new data from the Texas Department of State Health Services…Texas was among the first states to relax its statewide stay-at-home order, allowing it to expire April 30 and some businesses to resume operations May 1…COVID-19 has infected more than 75,400 people in Texas, according to data from Johns Hopkins University…the positivity rate for COVID-19 tests in Texas reached a low of 4.27% toward the end of May but has since jumped to 7.55%, according to the state’s health department…while hospitalizations are increasing, there are more than 1,600 open intensive-care beds and more than 5,800 ventilators available for critically ill patients…some infectious disease experts say hospitalization numbers could be a better way to track a state’s reopening performance since it’s more difficult to skew than testing data, which fluctuates depending on how many tests are being run and how accurate they may be…
How This Pandemic Will Ultimately Help Copper
The Cost Of Doing Business With China (The CCP)
“Silver Lining”: Innovative Vancouver Company Provides Help During Crisis
Smithers Shakes Off Turmoil For A Major 3-Day Event Connecting Hockey And The Resource Sector
June 8, 2020
7 @ 7:00
Visit the BMR comments section throughout the day for updates and helpful information!
1. Spot Gold has traded between $1,686 and $1,698 so far today…as of 7:00 am Pacific the yellow metal is up $7 an ounce at $1,691, attempting to bounce back in the wake of its biggest weekly plunge in nearly 3 months…Gold prices have gained more than 11% so far this year as central banks across the globe cut interest rates and unveiled massive stimulus to support the coronavirus-damaged economy…however, they have shed about 4% since hitting a 7-year peak in May amid hopes for a quicker-than-expected economic recovery…the Fed meets again tomorrow and Wednesday, though investors have stopped pricing in the possibility that the Fed will adopt negative interest rates…Spot Silver has gained 12 cents to $17.52…nearest support is in the $17.30’s…Palladium has climbed $63 to $1,960…base metals remain firm…Copper is up a penny at $2.56…Nickel has added 6 cents to $5.87 while Zinc is a penny higher at 92 cents…Crude Oil has eased off 70 cents a barrel to $38.85 while the U.S. Dollar Index, under continued technical pressure, has slipped one-quarter of a point to 96.67…U.S. Crude production has fallen from a record 13.1 million bpd in March to 11.2 million bpd, according to the U.S. Energy Information Administration…car sales in China rose for the first time in almost a year last month, evidence that the world’s largest auto market is rebounding from the coronavirus crisis and trade tensions with the United States…retail sales of cars, SUVs and multiple-purpose vehicles increased 1.9% from a year earlier to 1.64 million units in May, the China Passenger Car Association said today…that’s the first gain since June 2019…nearly 300 New York police officers have been injured amid the ongoing protests following George Floyd’s death, it was reported over the weekend…the 292 figure provided by police gave some initial context to the fallout of how the protests, lasting over a week, have impacted law enforcement – which has faced threats of violence, defunding and harassment in the streets…messages like “F–k the police”, “acab” (all cops are b—ards) and descriptions of cops as “pigs” have been painted across buildings and monuments in U.S. cities, and held up on protesters’ signs…meanwhile, far left City Council members in Minneapolis yesterday announced a veto-proof push to disband their police department, ramping up a major conflict inside their city…supporters of the move told Fox News, “We recognize that we don’t have all the answers about what a police-free future looks like, but our community does. We’re committing to engaging with every willing community member in the city of Minneapolis over the next year to identify what safety looks like for you”…another experiment from the Loony Left that won’t end well, including at the ballot box in November…meanwhile, the fabulous jobs numbers released on Friday happily confirm that America is starting to reopen for business across the country…the protests don’t help, however, and there are still a handful of states where lockdown orders are expected to remain in place for weeks to come…with very few exceptions, the cities and states that have ordered businesses to remain comatose and their millions of workers to go without paychecks are blue, blue, blue…this list includes New York, New Jersey, Michigan, Pennsylvania, Illinois, California and Oregon…they all have Democratic governors…
2. OPEC and its Oil producing allies agreed over the weekend to extend the group’s historic production cut for an additional month in an ongoing effort to balance the global Oil market…the 1-month extension, though, fell short of market hopes for a 3-month deal…July’s production cut will be 9.6 million bpd (vs. 9.7 million for May and again this month, with the next meeting slated for June 18)…“Today’s deal is a positive development and, unless a second COVID-19 wave hits the world, it will be the backbone of a quick recovery for the energy industry,” said Bjornar Tonhaugen, Rystad Energy’s head of Oil markets…“That is due to the Oil stocks decrease that we will see as a result of the production deficit. Stocks are now what keep prices at relatively low levels and the quicker they fall, the faster we will see prices rise”…
3. China’s trade surplus ballooned as the communist country experienced a sharper-than-expected fall in imports in May, reflecting weak global growth…China’s imports tumbled 16.7% compared with a year earlier, worsening from a 14.2% decline the previous month and marking the biggest fall since January 2016…as a result, China posted a record trade surplus of $62.93 billion last month, the highest since Reuters started tracking the series in 1981, compared with the poll’s forecast for a $39 billion surplus and a $45.34 billion surplus in April…“Exports benefited from the ASEAN (Association of Southeast Asian Nations) market and exchange rate depreciation, while imports were affected by insufficient domestic demand and commodity price declines,” said Wang Jun, chief economist of Zhongyuan Bank…China’s trade surplus with the United States widened to $27.89 billion in May, according to a Reuters calculation based on customs data…the somber trade readings for the world’s 2nd-biggest economy could pile pressure on policymakers to roll out more support for a sector that is critical to the livelihoods of more than 180 million workers…total trade accounts for about a third of the Chinese economy…this comes as Sino-U.S. tensions are again on the rise, though President Trump likely has little choice but to stick with a Phase 1 trade deal for now…
4. Great Bear Resources (GBR, TSX-V) has drilled 30.5 g/t Au over a core interval of 12.4 m at Dixie (BR-133), within 25.15 m grading 15.5 g/t, starting 163.35 m downhole (true width unknown)…this is the widest, highest-grade Gold interval drilled at the LP Fault to date (previously disclosed drill hole BR-118, which assayed 18.6 g/t over 13 m, was formerly considered one of the best high-grade intervals along the LP Fault prior to BR-133)…BR-133 and BR-118 are 600 m apart and both intersect the same Gold zone…BR-133 was completed in a 140-m gap in drilling…Chris Taylor, President and CEO of Great Bear said, “The LP Fault continues to demonstrate excellent continuity of near-surface high-grade Gold, and has just yielded the highest-grade, widest drill interval to date. Deeper drilling towards the northwest margin of our planned grid program has also extended high-grade Gold mineralization in this area. Having completed our upsized private placement, we have over $50 million in cash and sufficient capital to continue aggressive drilling into 2022. Updated exploration plans reflective of our ability to undertake an expanded fully-funded drill program will be provided in the near future”…GBR is up $1.09 at $11.88 through the first 30 minutes of trading…
5. The Dow continues to build on its recent robust gains, up another 266 points as of 7:00 am Pacific…individual investors are pouring money into popular technology stocks, contributing to a booming rally on Wall Street that is leading major indexes higher even as economic uncertainty related to the Wuhan COVID-19 pandemic lingers…the faith investors have in fast-growing tech firms and historic stimulus measures by the world’s central banks and governments helps explain how stocks have shaken off the worst U.S. economic contraction and civil unrest in decades…many Internet stocks favoured by individuals are also popular for hedge funds and institutional investors seeking assets with attractive growth prospects…powered by advances from companies including Apple (AAPL, NASDAQ) and Amazon (AMZN, NASDAQ), the S&P 500 has surged to its highest level since late February and erased nearly all of its drop for 2020…the NASDAQ Composite, meanwhile, is up 9.4% for the year and on Friday eclipsed its February intra-day record…in Toronto, the TSX is 96 points higher…Copper Mountain (CMMC, TSX), showing technical and fundamental strength, is up a penny at 55 cents as it attempts to conquer its 200-day SMA…the Venture, which has posted 9 straight weekly gains, is up 5 points at 562…KABN Systems, a technology play, has successfully completed its RTO of Torino Power (TPS, CSE) including a $2.2 million raise at 15 cents a share…Torino is expected to begin trading again as KABN this Wednesday on the CSE…Canada Silver Cobalt (CCW, TSX-V) is up a penny-and-a-half at 49 cents in early trading as drilling continues at the Robinson Zone discovery at Castle East where 7.56 million ounces of Silver at an average grade of 8,582 g/t or 250 oz/ton have already been outlined as an Inferred resource…CCW’s rising 50-day SMA is about to push above its rising 200-day SMA in a classic “Golden Cross”…such an event last occurred in November of last year and was followed by a 70% jump in the share price…a new Silver stock began trading on the Venture this morning, Reyna Silver (RSLV, TSX-V) after a successful RTO of Century Metals…RSLV raised $5 million at 25 cents as it prepares to tackle its 45 sq. km Guigui Property in Chihuahua, Mexico, covering a major portion of the Santa Eulalia mining district…RSLV, with 73 million shares outstanding, opened at 64 cents and is trading at 58 cents as of 7:00 am Pacific…Northwest B.C. exploration play Auramex Resource (AUX, TSX-V) remains halted, pending news…
6. “Progressives”, rounded up and stirred up by much of the liberal Trump-hating mainstream media, and aided by Antifa and other anarchist organizations, have also become a threat to America’s economic recovery amid Trump’s aggressive reopening strategy: Protests across the U.S. over the death of George Floyd could lead to new surges in coronavirus cases, Dr. Anthony Fauci warns…“It is the perfect set-up for the spread of the virus in the sense of creating some blips which might turn into some surges,” Fauci stated in an interview with Washington, D.C. radio station WTOP-FM…“As I sat in front of the TV and watched the screen go from Washington, D.C., to New York City, to Los Angeles, to Philadelphia, I got really concerned,” Fauci told the Sunday Times of London…“I was going, ‘Oh my goodness. I hope this doesn’t set us back a lot.’ After all of the work in trying to maintain the physical distance and doing all the things, I became very concerned that we might see a resurgence”…while some in the massive crowds have worn masks, others haven’t – and no one is social distancing, he said…the protests bring together people from different areas, many of them virus hotspots, Fauci added…the participants then return home and create a “perfect recipe” for a resurgence of the virus…“It’s a difficult situation. We have the right to peacefully demonstrate and the demonstrators are exercising that right. It’s a delicate balance because the reasons for demonstrating are valid and yet the demonstration itself puts oneself at an additional risk”…
7. AstraZeneca (AZN, LON) has approached rival drugmaker Gilead Sciences (GILD, NASDAQ) about a potential merger, according to a Bloomberg News report yesterday…any deal would bring together 2 of the companies leading the drug industry’s efforts to fight the Wuhan COVID-19 pandemic…AstraZeneca contacted Gilead last month and it did not provide the terms of any transaction, the report added…while Gilead has discussed the merger idea with advisors, no decision has been made on how to proceed and the companies are not in formal talks, Bloomberg News added…at this point in time, Gilead is not believed to be interested in selling to or merging with another big pharmaceutical company, preferring instead to focus its deal strategy on partnerships and smaller acquisitions…AstraZeneca said on June 4 it had doubled manufacturing capacity for its potential coronavirus vaccine to 2 billion doses in 2 deals involving Microsoft billionaire Bill Gates that guarantee early supply to lower income countries…it is unclear if a vaccine will work, but AstraZeneca’s partnership with Oxford University to develop one is among a handful of initiatives President Trump’s COVID task force has backed…Gilead has also been at the forefront…its Remdesivir antiviral is the first drug to lead to improvement in COVID-19 patients in formal clinical trials…however, it was reported over the weekend that Gilead’s supply of Remdesivir is running out…the company has given a general range of product delivery for July and August, which then significantly expands beginning in September, October, and through the fall as they open the spigot of their production and processing, according to a U.S. Department of Health and Human Services official…while not a blockbuster drug, a study shows that Remdesivir helps COVID-19 patients by shaving several days off a hospital stay, from an average of 15 to 11 days…
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June 7, 2020
June 6, 2020
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