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 $1,223 and $1,235 so far today…as of 7:00 am Pacific, bullion is up $7 an ounce at $1,231…Silver has added 12 cents to $15.55…Copper is flat at $2.84…Copper miner Antofagasta today reported a 6.1% increase in Q2 Copper production and a fall in costs, a trend the miner said would continue for the rest of the year…Nickel is up slightly at $6.14 while Zinc is off a penny at $1.19…Cobalt is holding steady at $31.75…Crude Oil has gained 26 cents a barrel to $68.78 while the U.S. Dollar Index is hovering around 94.50, relatively unchanged…President Trump, trying to fix a trade imbalance with the EU, meets with EU trade chief Jean-Claude Juncker at the White House later this morning…one area of contention is the 10% European tax on U.S. cars, compared to the 2.5% duty the U.S. applies on European cars…Brussels argues that while this is true for cars, it is not the same for trucks, lorries and other items such as shoes and clothes…
2. Crude Oil continues to firm on the back of data showing that U.S. inventories declined more than estimated in the week ending July 20…the latest bounce reflects broadly upbeat investor sentiment…government data this morning showed U.S. Crude inventories fell to the lowest since February 2015…overall, Crude inventories tumbled by 6.1 million barrels, EIA data showed, much more than the anticipated decrease of 2.3 million barrels…prices have also been buoyed this week in part by escalating tensions between the U.S. and Iran…
3. The world’s top Gold-producing nation posted a drop in output during the 1st half of the year as miners feel the effects of tighter environmental regulations, according to the latest data from the China Gold Association…in a report released today, the CGA said that China produced just over 190 tonnes of Gold from January to June, a drop of 7.9% compared to the 1st half of 2017…China is well on its way to its 2nd consecutive annual decline in Gold output…last year the nation produced 426 tonnes, a fall of 6% from the previous year, which was the first decline in nearly 2 decades…the report attributed the decline in Gold production to the government’s environmental crackdown on illegal mining, including withdrawal of mining rights in natural reserves…government changes to mining rights transfers and royalty payments also led Gold producers to curtail production, the report said..while China’s domestic Gold production dropped in the first 6 months of the year, the CGA said that demand saw a modest 0.3% increase, totaling 541 tonnes…many analysts have been watching the Chinese government’s growing focus on environmental issues…many have noted that stronger environmental regulations have led to a significant drop in global production in base metals like Zinc and Copper…
4. The Dow has retreated 52 points through the first 30 minutes of trading…nearly 30% of S&P 500 companies have reported quarterly results thus far…of those companies, 82.6% have reported better-than-expected earnings, according to FactSet…in Toronto, the TSX has slipped 18 points as of 7:00 am Pacific while the Venture is up a point at 708…Sokoman Iron (SIC, TSX-V), yesterday’s volume leader and price gainer, is up another 3 pennies at 14.5 cents through the first 30 minutes of trading…the company reported impressive high-grade Gold assays yesterday, including 386 g/t Au over 1.35 m within a broader interval of 11.9 m grading 45 g/t, from the first 3 holes of a recently completed 15-hole program at its Moosehead Project in Newfoundland…results from 12 more holes are pending but the next round of drilling is not expected to begin until the early fall…meanwhile, Tasca Resources (TAC, TSX-V) announced this morning that it has acquired the Beaverhead claims that are contiguous to Moosehead…the newly acquired property is 2.5 km long x 1.5 km wide, contiguous to the northwest of Sokoman’s project…Havilah Mining (HMC, TSX-V) has commenced trading on the Venture this morning, opening at 60 cents…HMC is a newly-listed company formed from the spin-out of the Canadian operations of Klondex Mines (KDX, TSX) including the True North mine and mill complex in Bissett, Manitoba…the U.S. operations of Klondex were officially acquired by Hecla Mining Company less than a week ago…Havilah issued 22.8 million common shares to the former Klondex shareholders, and Hecla has subscribed for an additional 3.5 million common shares to bring the total shares outstanding to 26.3 million…
5. A.I.S. Resources (AIS, TSX-V) are MGX Minerals (XMG, CSE) are suddenly doing business together, which is interesting…AIS announced this morning that it has entered into an option agreement to acquire 5 Lithium brine mining tenements (“Salitinas”) in the Salinas Grandes Salar in Salta province, Argentina, and has immediately turned around and optioned that 43 sq. km property package to MGX…Salitinas is in the Puna region of northwest Argentina, in an area renowned for its Lithium and potassium-rich brine resources…to secure the option agreement, MGX has agreed to pay $250,000 (U.S.) to AIS by the end of this month…the company can acquire an undivided 80% interest in the project at any time during the agreement by making payments totalling $3.2 million (U.S)…MGX has also agreed to incur total expenditures of at least $1.2 million (U.S.) prior to May 31, 2020…MGX plans to conduct a transient electromagnetic method (TEM) geophysical study along with trenching, which will be followed by a drill program along the edge of the salar, to test for shallow, near-surface brines and determine locations with anomalous concentrations of Lithium…
6. Copper’s slump amid global trade tensions offers a long-term buying opportunity, according to Citigroup which has shrugged off fears regarding world growth to boost its long-term forecasts…“Prepare for a decade of Dr. Copper on steroids,” analysts including Max Layton and Tracy Liao wrote in a recent note…the bank sees average annual prices at $8,000 (U.S.) a metric ton in 2022, passing $9,000 a ton by 2028 under its baseline scenario…“We look beyond the potential trade war to longer-term Copper market fundamentals and we find that current prices of around $6,000 a ton are nowhere near high enough to enable the market to clear,” the analysts said…“Copper is set to outperform most other commodities under our coverage over the coming decade on a lack of mine supply growth”…the bullish outlook chimes with other analysts and miners who see a supply shortage looming as urbanization and the rise of renewable energy and electric vehicles fuels the world’s need for the metal…demand can keep growing at an average of 2.7% a year through 2030, with new energy sectors and EV’s contributing most of the increase, according to Bloomberg Intelligence…the market is entering a long period of deficits starting this year, Citigroup said…
7. No surprise – the federal government has failed to find a private sector buyer for the Trans Mountain pipeline before the July 22 deadline and is set to become the official owner of the project…Kinder Morgan will now take Ottawa’s $4.5 billion offer to purchase the project to its shareholders…pending their approval, the sale, which includes the existing pipeline, the pumping stations and rights of way, and the Westridge marine terminal in Burnaby, will close sometime in August or September…at the time of its taxpayer-funded buyout at the end of May, the federal Liberal government stated: “The Government of Canada has reached an agreement with Kinder Morgan to immediately restart construction…(We) will guarantee financing for the 2018 summer construction season…this guarantee will ensure that construction work on the project is restarted without delay”…more Liberal deception and incompetence…on Wednesday, in a conference call with investors, Kinder Morgan Canada explained it had spent about $1.25 billion on its Trans Mountain Expansion Project before the federal government bought the pipeline in late May…and how much has been spent on the pipeline since the Liberal government took over?…just $41 million…something similar has been going on with construction permits…in June, the feds revealed about 1,100 permits would be needed during the construction phase…the number applied for before federal purchase: just over 700…the number applied for since the Trudeau Liberals bought Trans Mountain: 1…the urgent goal, the Liberals claimed, was to take full advantage of this year’s weather-window and build, build, build…Finance Minister Bill Morneau even promised construction was “going to start this week”, meaning the first week of June…the Liberals reek of incompetence on the energy file, scaring off the private sector which explains why they’ve had to nationalize a pipeline…and this is the same government Canadians trust to complete a trade deal with the United States?…
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Comment by robtr31 — July 25, 2018 @ 10:33 am
Poor day on all picks it seems… what the sudden fall in CLM? Starting to look for exits on some of these plays. Seems like nothing can hold gains except for CCW..
Comment by Danny7 — July 25, 2018 @ 11:02 am
Mmm, I just can’t seem to find it, Jon, but wasn’t resistance for ggi right around where it is right now on the last chart a while back, has that changed at all? Thanks.
Comment by Laddy — July 25, 2018 @ 12:11 pm
Certainly not looking very favourable … WDO doing nicely though …. CLM ???? What gives, or should I say ” taketh away ” !
Comment by farmer — July 25, 2018 @ 12:31 pm
I can’t wait for the “visually aided” drill core results on CCW. Oh look there is a pile of gold silver and cobalt lying around stick the drill into that boys! Imagine how high those numbers will be!
Comment by large — July 25, 2018 @ 12:45 pm
Hi Jon, Does the deal between AIS and MGX include access to MGX lower cost extraction system ? MGX seems to have its tentacles in many places, including Argentina, Chile , BC, and NEvada.
Comment by donald — July 25, 2018 @ 12:59 pm
I am not trying to be a negative nilly here! But… Is it just me or are you, John and Danial BMR skirting a awful lot of questions about the many star performers doing a absolutely terrible job of communicating to there stock holders? GGI, MTS (Very Late on the Drill) AIS, CCW, MOON??? I really have noticed a total lack of responses! So my question first of all to you would be have you dumped your holdings on any? And if not, what happened to all the coverage? And what the hell is going on with these managers and their responsibilities to their stock holders? Sorry if I sound sharp but I am really confused to all the hype and then silence! You have basically avoided any of these stocks for almost an entire week! Disgruntled but patiently awaiting some answers! Patrick.
Comment by PatrickLamane — July 25, 2018 @ 4:51 pm
NEWSSS. CCW
CANADA COBALT LAUNCHES PILOT PLANT, CLOSES $1.5 MILLION FINANCING
COQUITLAM, BC, July 25, 2018 /CNW/ – Canada Cobalt Works Inc. (TSX-V: CCW) (OTCPK: TAKRF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to provide a corporate and exploration/development update as the Company accelerates its activities in the prolific Northern Ontario Cobalt Camp.
Highlights:
– Pilot plant assembly at the Castle mine is proceeding ahead of schedule with the jaw crusher, cone crusher and ball mill having been wired and commissioned. Mineralized material from the first level of the mine is now being crushed, while gravity and screen equipment is expected to be operational in the coming days;
– Underground drilling targeting high-grade cobalt continues (25 holes completed to date) and is being extended through the balance of 2018 – a consistent flow of results will commence this quarter;
– The company has closed a private placement with strategic investors in the amount of $1,449,054 at 65 cents per unit (further details below) and is well-positioned and financed to achieve key milestones in 2018.
Jacques Monette, Canada Cobalt director and mine supervisor, commented: “Underground and pilot plant crews are doing an exceptional job. Shaft #3 has also been opened for a pump test as part of a study requirement related to permitting for a potential 600 tpd milling operation.”
Gravity concentrates will be shipped from the Castle mine site to SGS Lakefield in Peterborough, Ontario, for conversion into a Cobalt sulphate product through the company’s proprietary Re-2OX process. Canada Cobalt eagerly anticipates updating shareholders on Re-2OX during the first half of August.
Private Placement Details
The Company has issued 2,229,314 units at a purchase price of $0.65 per unit for total proceeds of $1,449,054. Each unit comprises one common share and one half of one share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.90 per share for a period of two years from closing, subject to TSX Venture Exchange (“Exchange”) approval.
Finder’s fees were paid in connection with the private placement in the amount of $36,629.97 in cash and 56,354 broker warrants on the same terms as the purchaser warrants, subject to Exchange approval.
All securities issued in connection with the private placement are subject to a four-month-and-a-day hold period expiring November 26, 2018, in accordance with applicable securities laws.
Proceeds of the private placement will go toward the expanded underground drilling and cobalt sulphate programs at the past producing Castle mine near Gowganda, Ontario, and for general working capital purposes.
Qualified Person
The technical information in this news release was prepared under the supervision of Frank J. Basa, P.Eng., Canada Cobalt’s President and Chief Executive Officer, who is a member of Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt is a pure play cobalt company focused exclusively on the Northern Ontario Cobalt Camp, Canada’s most prolific cobalt district. With three 100%-owned past producing mines, a proprietary hydrometallurgical process known as Re-2OX, and plans for a 600-tonne-per-day mill at its flagship Castle Property near Gowganda, CanadaCobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Cobalt Works Inc.
Comment by flyinthruu — July 25, 2018 @ 5:07 pm
Looks like CCW is full throttle ahead… very aggressive sounding NR, Plus a PP thats already closed
BOOM !!!
New highs coming….
Comment by Silverhook — July 25, 2018 @ 5:53 pm
Patrick
all of the stocks you mentioned above except GGI were covered in last Sundays Sizzler, plus did you not see the note that Jon is traveling this week, thus not able to respond as quickly as normal. BMR has done an awesome job of bringing great plays to their subscribers, give them a break sheesh…
Comment by GREGH — July 25, 2018 @ 5:55 pm
something re: v.ggi https://media.discordapp.net/attachments/459461021548150794/471752726355640330/image.png?width=373&height=663
hope it shows
Comment by robtr31 — July 25, 2018 @ 6:18 pm
some times stocks need to cool for a bit , some just canèt or will not give you weekly or monthly reports some do it for a reason to help deal with shorters ,or sell on news stuff,,, there are members here on bmr most likey if not there stupide,, just to watch get the feel of things and watch the market tells the story of the future to a degree, your friendly charts which bmr shows well althought not perfect tell what the market thinks
Comment by robtr31 — July 25, 2018 @ 6:26 pm
There you go…….fantastic news from CCW tonight! GGI next, patience required.
Comment by Dan1 — July 25, 2018 @ 7:32 pm
Agree, Danny … and not sure who else provides this boots-on-the-ground coverage to give us the best shot.
Comment by Silverhook — July 25, 2018 @ 7:39 pm
Big news from Cameco though not entirely unexpected…
Comment by flyinthruu — July 25, 2018 @ 7:45 pm
July 27, 2017 GGI Went from .18 to .27, and it climbed steadily from there. It’s always darkest before the dawn.
Comment by Merlin789 — July 25, 2018 @ 8:45 pm
Very unusual timing for a NR but heyy, I didn’t even know CCW was doing a Financing !! Well, with that extra bit of an Update, and with Friday being month end and end of the week, it should be interesting to see what kind of legs CCW will have tomorrow and Friday. Imagine CLM and GGI following suit with News from their respective Camps !!
Comment by farmer — July 25, 2018 @ 9:32 pm