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 $1,193 and $1,203 so far today…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,202 as traders anxiously await today’s Fed announcement (11:00 am Pacific) and Jerome Powell’s news conference shortly thereafter…Gold remains stuck beneath technical resistance at its 50-day moving average (SMA) and its 4-month downtrend at $1,220…a key resistance band stretches from about $1,210 to $1,220…Silver is off 5 cents at $14.38…Copper, Nickel and Zinc are up slightly at $2.84, $5.84 and $1.14, respectively, while Cobalt is back above $28 a pound at $28.12…Crude Oil has retreated 33 cents to $71.95 while the U.S. Dollar Index has added one-tenth of a point to 94.30…
2. The Federal Reserve is prepared to raise short-term interest rates by a quarter percentage point after its 2-day policy meeting concludes today, the 8th such move since late 2015…officials will also present revised projections of future rate moves along with their outlook for inflation, employment and growth…the tone is likely to be hawkish with the Fed sounding more confident about the economic outlook…yesterday, U.S. consumer confidence surged to an 18-year high in September as households grew more upbeat about the labor market, pointing to sustained strength in the economy…
3. The Dow has added 52 points through the first 30 minutes of trading…SurveyMonkey (SVMK, NASDAQ) soared more than 60% in its market debut this morning after opening at $18.75 per share…the software company offers digital survey and data analytics services for enterprise and personal use…it priced its shares at $12 a piece last night…in Toronto, the TSX is 40 points higher as of 7:00 am Pacific while the Venture is off 2 points at 712…the Flowr Corp. (FLWR, TSX-V) began trading on the Venture this morning…this follows the recent completion by the company of both an oversubscribed $36 million capital raise and RTO of a capital pool company previously listed on the exchange…“This is an exciting day and important step toward our goal of becoming one of Canada’s top licensed producers,” said Vinay Tolia, Flowr’s CEO…Flowr was founded by MedReleaf’s Tom Flow and a team of industry pioneers, successful start-up executives and top industry scientists…the company’s purpose-built cultivation facilities are designed to generate high crop yields and produce premium and ultra-premium cannabis products, creating the potential for significant growth…FLWR opened at $4 and is trading at $5.71 as of 7:00 am Pacific…
…PUF Ventures (PUF, CSE) is puffing hard on the CSE this morning, up 42 cents at $1.37 on high volume, after announcing that it has signed a deal with Delta Organic Cannabis which provides for up to $40 million in investment at a price of $2.24 per PUF share for the development of a large-scale, commercial medical cannabis cultivation operation in Delta…the proceeds of the subscriptions shall be used exclusively to develop the Delta propagation facility consisting of 2.2 million sq. feet of illuminated greenhouse space and 1.7 million sq. feet of “ebb and flood” irrigation space…Romios Gold (RG, TSX-V) is coming back to life…shortly after announcing a deal with Crystal Lake Mining (CLM, TSX-V), Romios is carrying out a $1 million private placement (above the market) which, among other things, will allow for first-ever drilling next month of the promising Burgundy Ridge target in the Eskay Rift as well as follow-up drilling at a recent massive sulphide Copper-Gold-Silver discovery on strike with Goldcorp’s (G, TSX) Musselwhite mine in Ontario…more problems in Peru…Trevali Mining’s (TV, TSX) operations at the Santander mine have been temporarily halted as a result of an illegal blockade…protesters allege that Trevali has failed to satisfy its community investment obligations under its agreement with the Santa Cruz de Andamarca community…
4. The Vancouver Police Department (VPD) says it won’t be using the federally-approved Drager DrugTest 5000 as a screening device when recreational marijuana use becomes legal in Canada next month…speaking on CKNW’s Lynda Steele Show, police Chief Adam Palmer stated, “It’s not something that we’re going to be deploying here in Vancouver. There may be other agencies in British Columbia that will deploy it, and other places in Canada, but our experts have looked at it, and it doesn’t meet our requirements so we’re going to pass on this one”…the VPD leader added that the device is quite bulky to carry and doesn’t always work properly in cold weather…traders who dumped Cannabix Technologies (BLO, CSE) in late July on news that the feds had approved the Drager DrugTest5000 got duped by mainstream news headlines and shoddy reporting (Liberal spin doctors feeding their media friends)…
5. Royal Nickel (RNX, TSX) has received proceeds of $8.4 million from the exercise of 19.4 million common share warrants at prices ranging from 24 cents to 50 cents per share…”This infusion, in addition to the $38 million in cash to be received from the sale of the previously announced 24,000 ounces of Gold recovered from the Fathers Day vein discovery, will allow the company to repay all of its debt and achieve a substantial net cash position,” said Mark Selby, President and CEO of Royal Nickel. “This cash is expected to fully fund all corporate activities for the foreseeable future, including most importantly the upcoming exploration program at Beta Hunt. With exploration and development ongoing, we will continue to provide timely updates on this very important Gold discovery”…
6. First Cobalt (FCC, TSX-V) is firming up after releasing a maiden NI-43-101 mineral resource estimate this morning for its 100%-owned Iron Creek Cobalt Project in Idaho…the Inferred mineral resource is 29.6 million tons (26.9 million tonnes) grading 0.11% Cobalt equivalent (0.08% Cobalt and 0.30% Copper) under a base case scenario pit-constrained and deeper mineral resource…an alternative underground-only scenario results in 4.9 million tons (4.4 million tonnes) grading 0.30% Cobalt equivalent (0.23% Cobalt and 0.68% Copper)…the resource contains 45 million pounds (20,411 tonnes) of Cobalt and 175 million pounds (79,379 tonnes) of Copper for 62.9 million pounds (28,528 tonnes) of Cobalt equivalent…the resource is considered to be open along strike and at depth, with true widths between 10 m and 30 m…preliminary metallurgical testing concludes that simple flotation methods are applicable, yielding recoveries of 96% for Cobalt and 95% for Copper in rougher floatation…a 30,000 m drill program ongoing to double the strike length for an updated resource estimate planned for early 2019…
7. White Gold (WGO, TSX-V) has encountered multiple high-grade surface samples along strike from its recent Vertigo discovery and has further expanded the footprint of the high-grade mineralized system…surface grab samples were taken on the Vertigo target along trend from the recently announced discovery hole (56.25 g/t Au over 3 m within a broader intercept of 17.3 g/t Au over 10.7 m from 3 m depth) as well as on the undrilled Suspicion target area 4.1 km along trend from Vertigo on the company’s JP Ross Property…the samples are interpreted as being in-place and representative of the bedrock below due to the unglaciated nature of the area…highlights include 140 g/t Au, 135 g/t Au and 133 g/t Au over a 685-m strike length on the Vertigo target with 7 samples grading over 10 g/t Au, 11 samples over 1 g/t au and 5 samples encountering Silver exceeding 100 g/t…
Most Popular Recent BMR Posts
Video: How This Innovative Junior Is Winning The “Battery Arms Race” In Northern Ontario
“The Enemies Of Progress, The Radical Environmentalists, Are Ramping Up For A War In The Woods”
Why Are These People Smiling? – Their Stock Has Tanked 80%!
The Template For The Next 10% Stake In Garibaldi Resources
The Nickel Mountain Magma Highway
Two Big Plays Emerge in B.C., Setting The Stage For A Summer To Remember
How To Bring A Junior Resource Market To Life!
Northern Ontario Cobalt Junior Attracts Interest From Metal Trading Companies
The Most Important Venture Development Since The New Bull Market Began
This is getting silly. Well managed junior mining companies meeting or exceeding expectations and their reward? The share price goes down.
Comment by DavidW — September 26, 2018 @ 11:22 am
Any comments on the price action of GGI and MTS? Are we at support here or do you figure we will continue to drift/fall lower as we have been?
Comment by ED — September 26, 2018 @ 11:39 am
GGI and MTS are forming a base from which they will move up in October. I am bullish on both…sit back and relax or go and buy some.
Comment by John - BMR — September 26, 2018 @ 12:12 pm
Chart John (hope that’s ok to say), are you happy with the way CCW is technically setting up for up-coming news? As you said the other day, looks like strong support at 47.
Comment by flyinthruu — September 26, 2018 @ 12:18 pm
Any update on CCW front, end of september… are the assays clogged in ontario too ?
Comment by roychr — September 26, 2018 @ 12:51 pm
GUG at a new 52 week high this week? news soon?
Comment by Daniel — September 26, 2018 @ 3:37 pm
Yes, doing well, Daniel…likely speculation on upcoming results…has pushed through resistance in the low 30’s and may very well challenge the top of an upsloping channel on John’s long-term monthly chart near 50 cents…
Comment by Jon - BMR — September 26, 2018 @ 5:14 pm
Re-checks, roychr, I’m sure, for CCW core…which means we’re going to see some very high Cobalt (and Silver) numbers…
Comment by Jon - BMR — September 26, 2018 @ 5:16 pm
Jon, any update on MOON or IMR? Moon has been drilling with no updates? Also, IMR drilling anytime soon?
Comment by STEVEN1 — September 26, 2018 @ 5:27 pm
Jon, someone posted that Basa stated he would release assays even if they were partial assays before end of Sept. If so, we could see CCW assays tomorrow or Friday.
Comment by Dan1 — September 26, 2018 @ 6:24 pm
flyinthruu…re technical position of CCW..looks great.
Comment by John - BMR — September 26, 2018 @ 6:41 pm
Dan1, I doubt what that “someone” posted was factual…
Comment by Jon - BMR — September 26, 2018 @ 7:20 pm
From the Canada Cobalt Works forum:
“Frank, Re partial assay results … will you be waiting until they are all in to release? Thanks
@ LindaM
Would prefer to have all results but did say they would be out in September so plan on sticking to that call.
per/ F. Basa CEO”
Comment by copycat — September 26, 2018 @ 8:13 pm
I guess we’ll see, copycat, but “planning on” is very different than “will”…in any event, look fwd to seeing how high the Cobalt grade in massive Cobalt can be…
Comment by Jon - BMR — September 26, 2018 @ 8:45 pm
CCW – Jon. I am more interested in the thickness of the cobalt high grade in the core. we know they have nice numbers but how thick ?? this is the question. last year their best value was for 0.5 meter, this is not enough no matter what grade you hit.
Comment by George — September 27, 2018 @ 6:08 am
You’re comparing exploratory surface drilling to test for structure, George, with underground drilling that’s going directly into vein structures…furthermore, material hauled out of the first level was turned into high-grade Cobalt concentrate and then a battery grade Cobalt sulphate at 21.7%…
Comment by Jon - BMR — September 27, 2018 @ 6:34 am
not loving the drop to 1.50 range this AM ugh
Comment by David — September 27, 2018 @ 8:21 am
Exactly what John’s chart was showing, David, as per his comment the other day, with strong support at $1.50…which is also very close to the rising 500-day SMA…
Comment by Jon - BMR — September 27, 2018 @ 8:26 am
that is correct Jon, underground drilling is different than surface drilling. but hitting the underground vein doesn’t mean it is all mineralized. they can see the cobalt on the surface of the vein and they can go 20 Meter in the vein but doesn’t mean the cobalt extends inside the whole 20 M
Comment by George — September 27, 2018 @ 8:26 am
No it won’t. George, but you know how long these veins run for?…hundreds of meters in some cases…Agnico Eagle successfully mined Silver for a decade at the Castle based on that…the veins pinch and swell, mineralization will vary, but these veins continue for long distances…with today’s technology, a mass mining technique might be even more effective…
Comment by Jon - BMR — September 27, 2018 @ 8:38 am
A couple of points I would like to bring up. #1) I am REALLY excited about the WHM news this morning. If Daniel was right, the grab samples should produce some fantastic results. The assays will tell the story. #2) Does anyone know how close MOON is to finishing their drill program?
Comment by Raffi14 — September 27, 2018 @ 9:03 am