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 $1,341 and $1,351 so far today…as of 7:00 am Pacific, bullion is up $4 an ounce at $1,349…Silver has added 11 cents to $16.73…Copper is up 4 pennies to $3.12…Nickel has climbed another 9 cents to $6.39 after a powerful run last week while Zinc is a penny higher at $1.42…Cobalt remains unchanged at $41.50…Palladium is up $16 an ounce at $998 after posting its biggest weekly gain in more than a year, as concerns that supply from #1 producer Russia could be disrupted by U.S. sanctions fed into a strong technical rebound following the metal’s 20% correction from its January record high…Crude Oil has retreated 83 cents to $66.56 but has strong new support in the mid-$60’s…the U.S. Dollar Index has slipped one-third of a point to 89.43…
2. Wall Street liked these numbers this morning: U.S. consumers bounced back in March and bought more cars, furniture and appliances after 3 months of declining retail sales…the Commerce Department reported that retail sales rose 0.6% last month, the largest increase since November…auto sales jumped 2%, the most in 6 months…overall retail sales rose 4.1% in the 1st quarter of 2018 compared with the same period a year ago…consumer spending is the main driver of the U.S. economy, accounting for more than two-thirds of economic output…strong March sales are a sign consumers are beginning to spend savings realized due to the Trump tax cuts…unemployment levels are at historic lows and incomes are rising, while the effects of U.S. tax reform are expected to further strengthen discretionary consumer spending in the months ahead…
3. What a pathetic sight in Ottawa yesterday – the Prime Minister and the premiers of Alberta and British Columbia, three lefties whose policies have done great harm to the Canadian Oil and gas industry, discussing the already approved Kinder Morgan pipeline expansion, another major Canadian resource project that’s on the verge of being cancelled…what’s ironic is that the policies have been so bad, two of them (Trudeau and Notley) are actually now considering potential government financial guarantees and investment in the pipeline after Kinder Morgan gave an ultimatum of May 31 that it’ll walk away from the project if the B.C. government continues its opposition…the Green Monster’s attempts to block an approved pipeline are unconstitutional and send a horrible message to international investors…the reality is that the Trans Mountain Pipeline expansion will never proceed until the radical NDP minority government in B.C., propped up by Andrew “Wacky” Weaver’s Green Party, collapses and the pro-resource free enterprise coalition regains power…Notley can aid that process if she has the courage to halt the Oil and gas flows to B.C., a move that would give naive climate change fanatics on the left coast an immediate glimpse of what a carbon-free future might look like…Trudeau was all talk and no action again yesterday while Horgan walked out of the meeting as defiant as ever…Jason Kenney, Alberta United Conservative leader, tweeted, “If the federal government was serious about this, the simplest thing would have been 2 weeks ago, to pick up the phone and say, ‘You know that meeting we scheduled to sign the $4.1 billion in infrastructure funds? That’s on indefinite hold.”
4. Evrim Resources (EVM, TSX-V) is up significantly again this morning on more high-grade trenching results from Phase 2 exploration at its 100%-owned Cuale high sulphidation epithermal Gold Project in Jalisco, Mexico….results from 2 cross trenches to complete the Phase 2 program show significant widths and consistency of mineralization within the La Gloria prospect as well as high grades over shorter intervals…trench 4 assayed 13.6 g/t Au over 106.2 m from 29.4 m along the trench, including including 50 m grading 26.1 g/t Au from 85.6 m along the trench…a second line of induced polarization (IP) geophysics demonstrates a similar character to the first line and defines additional quality drill targets…Charles Funk, Evrim’s VP of new opportunities and exploration, stated, “These new results build on the previous trenching to define consistent outcropping mineralization extending over 106 m by 263 m in trenches 1 and 4. This area of mineralization, the new evidence of bonanza grades and the resistivity targets in a project at such an early stage indicates tremendous potential at Cuale. Evrim will proceed immediately with drill permitting, additional geophysics and exploration with a view to drilling the property in the coming months.”
5. A big week for corporate earnings season kicked off on a positive note this morning with Bank of America reporting better-than-expected quarterly results…the Dow has jumped 175 points in early trading…in Toronto, the TSX is up 20 points while the Venture has added 5 points to 801 as of 7:00 am Pacific…marijuana stocks have carried Friday’s fresh momentum into the new week after Colorado Republican Senator Cory Gardner said he will end a blockade of Justice Department nominees given President Trump’s decision to let states decide how to regulate marijuana…Aphria (APH, TSX) has reported its 10th consecutive quarter of positive adjusted earnings before interest, taxes, depreciation and amortization – $2.9 million in adjusted EBITDA in the quarter, a 238% increase from the prior year…Cannabix Technologies (BLO, CSE) has jumped 15 cents to $2.10 through the first 30 minutes of trading after the company announced that several improvements have been made to its Beta 3.0 marijuana breathalyzer prototype in advance of expanded field testing…in addition, the company has filed a Patent Cooperation Treaty application titled, “Device and Method for Detection of Cannabis and Other Controlled Substances Using FAIMS”…Osisko Gold Royalties (OR, TSX) has completed the previously announced $148 million financing transaction with Victoria Gold (VIT, TSX-V), pursuant to which Osisko acquired from Victoria a 5% NSR for $98 million on the Dublin Gulch Property which hosts the Eagle Gold Project located in the Yukon, and purchased from Victoria, on a private placement basis, 100 million common shares of the company at a price of 50 cents per share…
6. GT Gold (GTT, TSX-V) announced this morning that it has joined the Tahltan and Nisga’a First Nations, the B.C. government, AME BC and industry peers, to establish the B.C. Regional Mining Alliance (BC RMA)…the BC RMA is a collaborative effort designed to promote the Golden Triangle area of northwestern B.C. as an attractive destination for mineral exploration and mine development investment…Kevin Keough, President & CEO, stated: “We’re very pleased to participate in this worthwhile new initiative. Northwestern B.C. has become exceptionally welcoming of mineral exploration and mine development and, as this alliance shows, there is a common understanding. In our experience the First Nations of northwestern B.C. have gone out of their way to be supportive of our activities. They view mineral exploration and development as key economic drivers supporting self-reliance and the well being of current and future generations.” In partnership with the BC RMA, GT Gold will attend the Canadian Mining Symposium in London, England, on the 24th and 25th of this month…
7. Copper Mountain Mining (CMMC, TSX) announced this morning that Q1 production totaled 23.2 million pounds of Copper equivalent which included 19.9 million pounds of Copper, a 10% increase over Q1 2017, 6,070 ounces of Gold and 77,900 ounces of Silver…open-pit mining averaged 184,300 tonnes of material per day during the quarter, within 3% of the company’s 190,000 topd guidance with the slight decrease related to abnormal high snow fall. Jim O’Rourke, President and Chief Executive Officer of Copper Mountain Mining, stated, “The operation performed well during the quarter despite the abnormally high snow fall causing some challenges in the pit and a minor disruption in power supply. These challenges were handled well by the crew which has kept us on track to meet our 2018 production guidance of 80 million pounds Copper.” After hitting a multi-year high of $1.85 in January, Copper Mountain has retreated to just above its rising EMA(500) at $1.15 where it has exceptional support…
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Another 10 million, will we see about 5 drills at nickel mountain ? That would be nice..
Comment by Laddy — April 17, 2018 @ 4:40 am
$10 million at a 40 cent premium to the closing price yesterday ($3.35 vs $2.95). Run for cover shorts.
Comment by Marshall — April 17, 2018 @ 5:03 am
Sweet, minimal dilution (3 million @ $3.35), cintinuing the trend of higher PP’s, and “strategic” investors. Mr. Market will like it.
Comment by Jon - BMR — April 17, 2018 @ 5:08 am
GGI at $3.18. Market seems to like the news! That is a lot of money to work with. Jon, do anticipate that it will be used this year (expand the drilling program) or held in reserve pending current program findings? Thank you and all the best.
Comment by Foz1971 — April 17, 2018 @ 7:05 am
Target Price for GGI 4 months from now when the 3.35 free-flow shares come on the market?
Comment by DavidW — April 17, 2018 @ 7:23 am
Sprott was in at 3.15, now another pp at 3.35, so anything below 3.00 is now a gift imo.
Comment by donald — April 17, 2018 @ 1:14 pm