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 $1,186 and $1,198 so far today…as of 7:00 am Pacific, bullion is up $12 an ounce at $1,196…Fed Chairman Jerome Powell is currently addressing attendees of the Jackson Hole Symposium in Wyoming where leading central bankers are meeting to discuss the future of monetary policy…Powell says he sees “further, gradual” rate hikes ahead as the economy continues to hum…Silver is 23 cents higher at $14.69…Copper is up 3 pennies at $2.73…Nickel is ahead slightly at $6.00…Zinc has added 2 pennies to $1.14 while Cobalt is steady at $29.26…Crude Oil has jumped $1.37 a barrel to $69.20…“Third-party reports indicate that Iranian tanker loadings are already down by around 700,000 bpd in the first half of August relative to July, which if it holds will exceed most expectations,” U.S. investment bank Jefferies said this morning…”We expect that by Q4 the market will be dealing with either undersupply, dwindling spare capacity – or both,” it added…
2. ANZ analysts on Gold: “Investor appetite for Gold has been in the doldrums in recent months. Rate hikes, low inflation, rising equity markets and a strong dollar have significantly diminished Gold’s appeal. (However), the fall in Gold prices could invigorate a pick-up in physical demand. Overall we see prices stabilizing at current levels, with the probability of a short-covering rally increasing substantially”…
3. The Dow is up 79 points through the first 30 minutes of trading…Wall Street has shrugged off the mainstream’s media’s Trump-bashing frenzy, cheering a week featuring strong corporate earnings and economic data…this is now the longest bull market in U.S. history…in Toronto, the TSX is 23 points higher…another loss in the courts for Canada’s Oil haters…the Supreme Court announced yesterday that it has dismissed the application from the City of Burnaby, which had asked the country’s highest court to consider overturning a lower court decision that denied the port city leave to appeal a ruling by the National Energy Board…the Venture, continuing to gain steam as a new uptrend forms, has jumped another 5.5 points to 705…Great Bear Resources (GBR, TSX-V), which has soared this week on impressive drill results from its Dixie Property in the Red Lake district, was halted late yesterday with news just out that the company has arranged a financing led by Rob McEwen for up to $10 million at $1.45 per unit…McEwen has agreed to purchase $4.8 million of the PP while McEwen Mining (MUX, TSX, NYSE) has agreed to purchase $1.2 million for a total of $6 million…on completion of the financing, Rob McEwen and McEwen Mining will collectively own 18.8% of Great Bear Resources on a partially diluted basis…
4. Canada Cobalt (CCW, TSX-V) has just announced that it has drilled into multiple vein structures enriched with Cobalt-Nickel arsenides and Cobalt arsenides (high-grade Cobalt), with the latest underground drilling occurring near the #3 Shaft where Agnico Eagle (AEM, TSX) hit a “glory hole” in 1979 (that vein was rich enough in Silver – many hundreds of ounces per tonne – to put the mine into production for the next decade)…CCW has completed 40 holes to date from the first level of the mine, covering a distance of 200 m, with most of them intersecting visible Cobalt…initial assays are pending…CCW is the only company drilling underground in Canada for high-grade Cobalt, and it’s also the first company in Canada’s most prolific Cobalt district during this “battery arms race” to produce a premium grade Cobalt sulphate product…the company is also now working on Nickel-Manganese-Cobalt (NMC) formulations through its proprietary Re-2OX process…meanwhile, Canada Cobalt also announced this morning that dewatering of level 2 of the mine has just started while the company has also launched a 2,000-m surface drilling program targeting a potential new discovery area approximately 1.5 km east of the #3 Shaft…results from stripping of outcrop, trenching and MMI soil sampling within a large Nipissing diabase basin are supported by strong IP conductivity and chargeability anomalies including a 725-m-long IP anomaly with an associated chargeability halo…just 2 km southwest of the mine on an adjoining property, recent sampling of waste rocks at the Big Four showing has returned multiple high-grade Cobalt values up to 3.04% as reported earlier this week…
5. White Metal Resources (WHM, TSX-V) announced within the last hour that it has started an important channel sampling program on 7 priority targets at its Gunners Cove Gold property in Newfoundland…to date, 120 channel samples have been submitted for lab analysis and a further 300 samples are expected to be taken in the coming weeks…the 7 priority targets feature the Thompson Zone, the East and West Gunners Pit (discovery pit), and the Hidden Pit, also located in the Gunners Pit area…also included in the program are the Stephens Zone, the Totem Zone, and the Bazooka Zone…grab samples taken across strike at the Bazooka Zone area yielded anomalous Gold concentrations over 1000 metres across strike…White Metal technical personnel have designed the channel sampling program as the best way to properly evaluate the Gold tenor and continuity of the various zones, as well as assist in the delineation of targets for future diamond drilling…Gunners Cove has been traced intermittently for 18 km along strike (N-S) and from 1.3 to 3 km in width (E-W)…to date, 15 new areas of Gold mineralization have been discovered of which 7 have been identified as high priority targets…
6. Torino Power Solutions (TPS, CSE), which recently signed an MOU with French-based SICAME, reported this morning that it plans to install its Power Line Monitoring (PLM) sensor technology in mid-September for one of the largest utility companies in the northeastern United States…the installation will be on a problem distribution line in a major city center in Connecticut…the utility, based in New England, controls several regulated subsidiaries offering retail electricity and natural gas service to more than 3 million customers…the PLM is being installed on a pilot basis with terms for purchase after an evaluation period is successfully completed…Torino’s patented microwave cavity sensor technology delivers real-time temperature measurements of overhead powerlines that allow for increased transmission capacity, improved grid resiliency, lower energy costs and bottleneck elimination…
7. Two new studies from researchers at St. Francis Xavier University in Antigonish, Nova Scotia, and the University of Victoria tracked young cannabis users for 10 years and the results are troubling: Those who started using the drug early and continued to use it are less healthy and less successful than their peers…just how big a problem is it?…pretty big, considering Canadian youth use more marijuana than any other demographic in the developed world, and they now have a Prime Minister to encourage them…according to Statistics Canada, nearly one-third of young Canadians use cannabis, with the highest use recorded in those between the ages of 15 and 24…meanwhile, drug-impaired driving is on the rise and there is evidence that it’s leading to a rise in car accidents…last month, Public Safety Canada announced that it will provide $919,065 over 3 years to researchers at CAMH to study how cannabis affects drivers ranging in age from 19 to 45…the study, which should be concluded by June 2020, will look at whether THC (the main active ingredient in cannabis) has an impact on a driver’s reaction time, speed, risk-taking behaviour, as well as their ability to anticipate road hazards…it will also examine whether THC affects people differently based on their age and gender…
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….. and then there’s CLM moving up quietly from .38 a couple of days ago to now offered at .58 !!! Have a nice day in Red Lake !
Comment by farmer — August 24, 2018 @ 8:46 am
Bayhorse Silver (BHS) is indicating they are releasing in early September a 43-101. Most holders think the ounces will be in the millions as well as a long mine life. High grades and other important recoverable minerals have already been proven. Stock still sells for .10. You guys are the pros so if you want you make the call.
Comment by Carl — August 24, 2018 @ 1:22 pm
CCW break of the neck line today. Any update?
Comment by Guillaume — August 24, 2018 @ 4:20 pm
Guillaume, 65 cents which was also the PP price for CCW is a major support level, and it has been on each one of John’s charts since the beginning. No surprise then, and very encouraging, that the stock reversed from its intra-day lows to close there. Again, today’s trading was distorted because it did NOT matter what the CCW news was today, or how good it was, the TD trader was determined to sell CCW and move directly into CLM on speculation. There is “Fake News” and there are “Fake Trading Days”. This was a “Fake Trading Day” for CCW, distorted by someone unloading one of his big positions, for no fundamental reason, to accumulate CLM on speculation. I suspect it won’t be long b4 we see the TD trader jump right back in again on CCW.
I eagerly grabbed some more CCW today, and so did John, because not only was the news very good, but the Re-2OX process is more valuable than First Cobalt’s refinery, and that refinery has helped put a market cap of $160 million on FCC (vs. $45 million for CCW).
Comment by Jon - BMR — August 24, 2018 @ 6:14 pm
Jon, sorry to ask again, any thoughts on Fancamp and the Magpie process?
Comment by Donnelly7 — August 24, 2018 @ 6:49 pm
Not yet, maybe tomorrow, Donnelly7.
Comment by Jon - BMR — August 24, 2018 @ 6:57 pm
Jon do you have the link to the clip that was posted by BMR in June where Jacques stated they intercepted visual cobalt over 15-20+ metres on the first few holes? I tried to go back to previous posts but couldn’t find it. Thanks
Comment by TradingAgent — August 24, 2018 @ 7:37 pm
Friday was an enjoyable day watching CLM moving up in anticipation of their NR ….. I also noticed the CCW sell-off and entry into CLM …. heck why not ! They say , ” sell on News ” , and that’s exactly what CCW had …. good news but a few days away from any substantial News, so hey, go for the CLM …. we haven’t heard a thing from them for months !!
Comment by jerseyman — August 25, 2018 @ 5:50 am
Actually the Friday trading shock treatment was a good thing for CCW and us longs. It tested the resilience of the CCW market which came thru’ with flying colours. We also were able to pick up some more cheap stock and with so much news and marketing power to be unleashed in the near future, I think the CCW buyers could end up being the big winners.
Comment by John - BMR — August 25, 2018 @ 7:26 am
I agree John, when TD dumped close to a million shares yesterday and CCW still closed @ .65 showed great strength…. with assays coming, chance of new discovery ,RE-2OX , pilot plant producing cobalt…I’ll stick long with those odds and pick up more on days like Friday…
Comment by Silverhook — August 25, 2018 @ 7:54 am