Visit the BMR comments section throughout the day for updates and helpful information, and watch for the latest version of Daniel’s Den.
1. Gold is building on last week’s gains, hitting a new 10-week high this morning…the yellow metal has traded between $1,220 (potential new support) and $1,234 so far today and is up $12 an ounce at $1,230 as of 7:00 am Pacific…holdings of SPDR Gold, the largest Gold-backed ETF, rose nearly 2% last week…that was the biggest weekly inflow since January, having registered declines of more than 4 million ounces since hitting a peak in late April…the International Monetary Fund last week said that risks to the global financial system, which have risen over the past 6 months, could increase sharply if pressures in emerging markets escalate or global trade relations worsen…Silver is up 15 cents at $14.73…Copper is steady at $2.86…Nickel has added 4 pennies to $5.75 while Zinc is flat at $1.20…Cobalt is unchanged at $26.31 a pound…Crude Oil has eased off 14 cents to $71.20 a barrel while the U.S. Dollar Index has fallen one-quarter of a point to 95.11…
2. U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly 2 years…the Commerce Department reported this morning that retail sales edged up only 0.1% last month, well below the consensus estimate, after a similar gain in August…however, excluding automobiles, gasoline, building materials and food services, so-called “core” retail sales jumped 0.5% last month…core retail sales correspond most closely with the consumer spending component of GDP…
3. Sears, the once-dominant retail chain that changed how North Americans lived, filed for bankruptcy this morning…the 132-year old company, which had already shut its Canadian stores, has been struggling for years…the final straw was a $134 million debt payment due today that it could not afford…Sears Holdings (SHLD, NASDAQ), the parent company of Sears and Kmart, is among dozens of prominent retailers to declare bankruptcy in the era of Amazon…however, many of Sears‘ problems were self-inflicted…its management tried to compete by closing stores and cutting costs…it slashed spending on advertising and failed to invest in the upkeep and modernization of its outlets…Sears and Kmart stores grew barren and rundown, sales declined, losses piled up in the billions of dollars, debt mounted, and the company’s cash reserves disappeared…the company sold many of its most valuable assets, including its massive real estate footprint, to raise the cash it needed to survive…although retailers typically file for bankruptcy with the intention of staying in business, many end up going bust after filing…
4. Hampered by a labor shortage and other issues, Aphria (APH, TSX) says it does not have enough recreational cannabis to satisfy the initial orders made by provincial distributors…most growers, in fact, do not have enough product to satisfy their orders so “there will be sold-out signs” at on-line and in-store retailers across Canada soon after recreational cannabis become legal on Wednesday, Aphria CEO Vic Neufeld says, adding that he hopes the industry will have resolved the issues by January…“This situation will need 2 or 3 months of unravelling as a) more harvest comes on and b) we get a better understanding of consumer uptake,” Neufeld said Friday on Aphria’s Q1 earnings call…“It’s like trying to merge a 5-lane highway into a 1-lane country road. It’s tough to get everything through the bottleneck on a timely basis”…Neufeld’s comments come a week after 4 provinces, including British Columbia and Nova Scotia, warned that there will initially be less inventory and variety available to consumers because growers have shipped less product than expected…
5. The Dow, coming off a 4%+ decline last week, is relatively unchanged as of 7:00 am Pacific…S&P 500 companies are expected to report earnings growth above 20% for the 3rd straight quarter, according to FactSet…Apple (AAPL, NASDAQ) earnings, however, may end up disappointing investors thanks to a marked deterioration in Chinese demand for iPhones, according to Goldman Sachs in a note published yesterday…in Toronto, the TSX has climbed 50 points…the TSX Gold Index, which advanced 7.2% last week, is up another 5.5 points or 3.3% at 174…the resurgent Venture is 8 points higher at 707 through the first 30 minutes of trading…the Venture fared much better than the broader indices last week, losing just 1% while the Dow, S&P 500 and the NASDAQ slipped 4.2%, 4.1% and 3.7%, respectively…cannabis stocks are strong this morning, just 2 days shy of legalization of recreational marijuana…it’s a great week for an update from Cannabix Technologies (BLO, CSE) on development of its marijuana breathalyzer…BLO is on the cusp of a major technical breakout, up 4 cents at $2.22 in early trading…Chemesis International (CSI, CSE) has added 3 pennies to $1.98, just 6 cents off its high…GT Gold (GTT, TSX-V) has hit a new yearly high of $1.64 on the heels of more world class drill results last week from its Saddle North Gold-Copper porphyry discovery in Northwest British Columbia…to the south, in between the Red Chris district and the Eskay Camp, Golden Ridge Resources (GLDN, TSX-V) has cut 20 m grading 11.6 g/t Au, including 2.85 m @ 67.3 g/t Au, in the 1st of 3 holes drilled over the summer in the Boiling zone at its Hank Property, northeast of the northern edge of Aben Resources‘ (ABN, TSX-V) Forrest Kerr Project…the hole has revealed a new mineralization style never previously encountered on the Hank Property…in the Northern Ontario Cobalt Camp, rumors are swirling around the hot Gowganda area with multiple companies active including Canada Cobalt (CCW, TSX-V), up nearly 40% last week, iMetal Resources (IMR, TSX-V), Tahoe Resources (THO, TSX) and privately held Battery Mineral Resources…
6. Great Bear Resources (GBR, TSX-V) reported this morning that it has identified a critical ultramafic rock unit in outcrop with an interpreted strike length of at least 2 km, a new geological discovery at its Dixie Project in the Red Lake district…the unit is folded into the D2 fold axis that is associated with Gold in the primary drill areas at Dixie…ultramafic rocks, together with D2 folding, are considered to be primary controls on high-grade Gold mineralization across the Red Lake district…a fully-funded 30,000-m drill program (150 holes) is currently in progress at Dixie and will continue through the remainder of 2018 and 2019…Chris Taylor, President and CEO of Great Bear, commented: “With generally a few metres of overburden covering most of the project, bedrock is mostly concealed at Dixie and the extensive Gold system was completely missed during the historical Red Lake Gold rush. This also means our drill area was not geologically mapped. Great Bear’s geological interpretation suggests we are drilling a dominantly mafic greenstone belt with comparable geological, structural, alteration and Gold mineralization characteristics to the main Red Lake greenstone belt, where over 30 million ounces of Gold has been produced from 28 Gold mines”…
7. Westhaven Ventures (WHN, TSX-V) is up 2.5 cents at 37 cents in early trading…BMR has learned that two individuals connected with Barkerville Gold (BGM, TSX-V) have staked a nearly 200-km-long belt of claims in the interior of British Columbia from Clinton to Princeton, covering Spences Bridge geology prospective for Gold…this is believed to be the largest single claim block staked by one entity in B.C. exploration history, a total of 189,000 hectares – nearly 2,000 sq. km – acquired for a total cost of $331,000…the question is, who’s really behind this?…interestingly, the claims were staked over a 12-hour period September 29 and 30, just a couple of days prior to a news release issued by Westhaven whose Chairman and largest shareholder is Gren Thomas…on October 2, WHN released partial results from a recently completed drill campaign at its 155 sq. km Shovelnose Gold Property, located within the Spences Bridge belt, approximately 30 km south of Merritt…initial results from 10 holes (3,721 m) of drilling featured the highest-grade Gold assays to date at the property including 1.65 m grading 175 g/t Au and 249 g/t Ag, visible Gold in 5 drill holes including 6 separate areas in hole SN18–14, and a 20-m quartz vein in SN18–15…the strike length of the South zone was extended an additional 300 m southeast for a total of 700 m..
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Comment by Sameer — October 15, 2018 @ 8:57 am
Hi Jon, wondering if you can share some of your thoughts. I bought into ggi last year and while my position is decent, my average is quite high (low 3’s) given the current share price. I also have a sizeable position in ccw and don’t want to sell that to average down on ggi. Given the way the drilling program has been progressing with ggi, do you anticipate a turn of events before winter sets in?
Comment by Donnelly7 — October 15, 2018 @ 8:36 pm
Nickel Mountain is moving along nicely, Donnelly7, just like GTT’s drill program was moving along very well yet the stock got hit pretty hard and dropped in half after first news in August. With CCW, I’m hanging on to every share I’ve got and even added to my position last week.
Comment by Jon - BMR — October 16, 2018 @ 5:16 am
Just out on BLO…
The Cannabix Marijuana Breathalyzer is being developed to give law enforcement and employers a tool to enforce public safety.
VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) — Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF) (the “Company or Cannabix”) developer of the Cannabix Marijuana Breathalyzer for law enforcement and the workplace provides the following statement related to the legalization of marijuana for recreational use across Canada:
“The introduction of legalized marijuana use in Canada is a watershed moment as it relates to public safety on our roads and workplaces. Cannabix applauds the significant efforts that are underway by the Government of Canada and others to increase public awareness of the dangers of drugged driving on our roadways and the acute problems of being under the influence of drugs in the workplace. A recent survey by the Angus Reid Institute (dated September 25, 2018) finds a majority of Canadians lack confidence in the ability of their community police to assess and punish those driving under the influence of marijuana. Furthermore, according to MADD Canada, drugs are present in fatal crashes nearly twice as often as alcohol and that Canada’s existing system does a very poor job of detecting drivers under the influence of drugs (news release May 29, 2018).
“The Human Resources Professionals Association in January 2018, conducted a survey in Ontario and found that 71 per cent of its members do not feel prepared for legalization, with almost 48 per cent citing concerns about ensuring a safe workplace. As the issue of drugged driving and influence of drugs in the workplace becomes increasingly acute, Cannabix is using its technology, research and development (R&D) and scientific experience to develop effective tools to aid law enforcement and help governments and the public transition to marijuana legalization in various jurisdictions. Cannabix Technologies has been on the forefront in R&D to create an accurate breath test for ∆9-tetrahydrocannabinol – the psychoactive component of marijuana that causes impairment. We believe that establishing point-of-care breath testing technology for cannabis is the future for law enforcement and workplace testing, as it is non-invasive, will be easy to use, and will look to provide superior sensitivity to help better determine impairment. Cannabix is a well funded Canadian company that is rapidly developing marijuana breathalyzer technology”
Cannabix has been building upon its promising characterization results from August and with a secondary bench version device to establish repeatable results in multiple devices. Thus far testing has demonstrated the ability to isolate ∆9-tetrahydrocannabinol (“THC”) and suppress background substrates and scientists are continuously working to improve resolving power. Cannabix is developing an innovative FAIMS (field asymmetric waveform ion mobility spectrometry) based instrument for the detection of THC.
FAIMS works as an “ion blocking” technology, essentially blocking unwanted ions/analytes and allowing specified ions to pass through for detection. The characterization work has been conducted using a bench version of the FAIMS device. Cannabix scientists have been actively tuning the FAIMS device coupled to real time switchable mass spectrometry to detect key molecules and their complex pathways in the body to enable the identification of recency of use.
The Company also reports that it has short listed 2 potential medical device development companies in order to develop the next version of the device as well as create multiple devices, that would be used for pilot testing.
About Cannabix Technologies Inc.
Cannabix Technologies Inc. is a leader in marijuana breathalyzer development for law enforcement and the workplace. Cannabix has established breath testing technologies in the pursuit of bringing durable, portable hand-held tools to market to enhance detection of marijuana impaired driving offences on roads at a time when marijuana is becoming legal in many global jurisdictions. Cannabix is working to develop drug-testing devices that will detect THC- the psychoactive component of marijuana that causes intoxication- using breath samples. In particular, Cannabix is focused on developing breath testing devices for detection of recent use of THC, in contrast to urine testing for THC metabolite that requires an invasive collection and reflects usage, days or even weeks earlier. The devices will also be useful for other practical applications such as testing employees in the workplace where impairment by THC can be hazardous.
We seek Safe Harbor.
On behalf of the Board of Directors
“Rav Mlait”
CEO
Cannabix Technologies Inc.
For further information, contact the Company at [email protected]
Comment by Jon - BMR — October 16, 2018 @ 6:25 am
Might add more ccw if it hits low 50s
Comment by Gregory — October 16, 2018 @ 6:26 am
Wishful thinking, Gregory…
Comment by Jon - BMR — October 16, 2018 @ 6:28 am
Hi Jon,
I know you have given a rough personal share count on CCW, Would your GGI shares equal or be greater than the number of CCW shares? Very curious about this,
however understand if you don’t want to go down this road.
Comment by DJD1 — October 16, 2018 @ 6:35 am
I hope your right Jon, lol I don’t really need more!
Comment by Gregory — October 16, 2018 @ 6:35 am
WHITE GOLD CORP. INTERSECTS 3.76 G/T GOLD OVER 66.2M SUCCESSFULLY EXTENDING THE GOLDEN SADDLE DEPOSIT AT DEPTH AND ALSO DISCOVERS NEW MINERALIZED ZONE “GS WEST” LOCATED 750M ALONG TREND FROM THE GOLDEN SADDLE DEPOSIT
White Gold Corp. has discovered a new shallow zone of gold mineralization on trend with the Golden Saddle deposit at the Golden Saddle West (GS West) target on its White Gold property, Yukon. The GS West target is located approximately 750 metres west of the Golden Saddle deposit, along a structural trend containing several other targets, including the high-grade Ryan’s Showing discovery announced Sept. 6, 2018.
Step out and infill drilling at Golden Saddle has also continued to return significant results, expanding the footprint and definition of the deposit. Maps to accompany this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/ .
The Company is also currently drilling at its JP Ross property to follow up on the high-grade Vertigo discovery as part of its fully funded regional exploration program backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). Additional results will be released in due course, along with further results from the additional testing performed along trend with the Golden Saddle Deposit on its White Gold property including the Ryan’s Showing discovery.
Highlights Include:
– WHTGS18D0194 intersected 6.90 g/t over 23.64m from 427.11m depth, within broader mineralization of 3.76 g/t Au over 66.2m from 385.2m depth and 2.32 g/t Au over 115.61m from 346.24m depth extending the GS Main Zone and high-grade core of the Golden Saddle deposit by 60m (14%) down-dip in the area.
– GS West: A new shallow mineralized zone open at depth and along strike was discovered 750m to the west of the Golden Saddle deposit along the structural trend, intersecting Golden Saddle style mineralization in all three holes, including 1.92 g/t Au over 24m from 117m depth WHTGS18D0184 within broader mineralization of 2.97 g/t Au over 10m from 118m depth.
– WHTGS18D0193 intersected 3.95 g/t Au over 68m from 210m depth, including 5.42 g/t Au over 47.3m from 225.7m depth, and 9.55 g/t Au over 11.9m from 256m depth infilling a 70m gap in the GS Main Zone and extending mineralization towards surface. This intercept represents one of the strongest and most consistent intercepts of high-grade (>5 g/t Au) mineralization to date for the Golden Saddle.
– WHTGS18D0191 extended the projection of the GS Main Zone approximately 200m (69%) down dip in the area, intersecting 4.87 g/t Au over 6.3m from 362m depth within broader mineralization of 1.95 g/t Au over 22.3m from 347.6m depth.
The Company continues to test additional targets along trend with the Golden Saddle deposit as part of the program designed to expand the existing resource on the White Gold property, with only limited historical exploration having been performed in these areas.
“We are very pleased with these results from our 2018 program on the White Gold property. Making up approximately half of our 2018 budget, the goal of this program was to grow the Golden Saddle deposit through expansion along strike and down dip as well as through the discovery of new mineralization within close proximity to the deposit,” stated Jodie Gibson, VP Exploration of the Company. “Our program has done just that {A –} making meaningful step outs to the deposit and also making two significant discoveries this year along trend with Golden Saddle. With only limited exploration performed in the area, we are very optimistic about the potential for additional mineralization in close proximity to the Golden Saddle deposit.”
About White Gold Corp.
The Company owns a portfolio of 21,218 quartz claims across 34 properties covering over 423,000 hectares representing over 40% of the Yukon’s White Gold District. The Company’s flagship White Gold property has a mineral resource of 960,970 ounces Indicated at 2.43 g/t gold and 282,490 ounces Inferred at 1.70 g/t gold as set forth in the technical report entitled “Independent Technical Report for the White Gold Project, Dawson Range, Yukon, Canada”, dated March 5, 2018, filed under the Company’s profile on SEDAR. Mineralization on the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. Regional exploration work has also produced several other prospective targets on the Company’s claim packages which border sizable gold discoveries including the Coffee project owned by Goldcorp Inc. (TSX: G, NYSE:GG) with a M&I gold resource(1) of 4.1M oz and Western Copper and Gold Corporation’s Casino project which has P&P gold reserves(1) of 8.9M oz Au and 4.5B lb Cu. The Company has outlined an aggressive exploration plan backed by partners Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corp (TSX: K, NYSE: KGC). For more information visit http://www.whitegoldcorp.ca .
(1) Noted mineralization is as disclosed by the owner of each property respectively and is not necessarily indicative of the mineralization hosted on the Company’s property.
QA/QC
The analytical work for the 2018 program has been performed by Bureau Veritas Commodities Canada Ltd., an internationally recognized analytical services provider, at its Vancouver, British Columbia laboratory. Sample preparation was carried out at its Whitehorse, Yukon facility. All GT Probe, RAB, RC, and diamond core samples were prepared using procedure PRP70-250 (crush, split and pulverize 250 g to 200 mesh) and analyzed by method FA430 (30g fire assay with AAS finish) and AQ200 (0.5g, aqua regia digestion and ICP-MS analysis). Samples containing >10g/t Au were reanalyzed using method FA530 (30g Fire Assay with gravimetric finish). Metallic-screen analysis may also be utilized if coarse gold mineralization is encountered (FS600).
The work was completed using industry standard procedures, including a quality assurance/quality control (QA/QC) program consisting of the regular insertion of certified standards and blanks into the sample stream. The qualified person detected no significant QA/QC issues during review of the data.
Qualified Person
Jodie Gibson, P.Geo. and Vice President of Exploration for the Company is a “qualified person” as defined under National Instrument 43-101 (“NI 43-101”) and has reviewed and approved the content of this news release.
Comment by Jon - BMR — October 16, 2018 @ 6:45 am
CCW – It’s down to .56. Good time to add
Comment by Dan1 — October 16, 2018 @ 6:55 am
That’s actually very bullish action, Dan1, as it’s a very brief technical pullback on low volume to the rising EMA-8 with the EMA-20 directly beneath it…saw the same thing during CCW’s last major uptrend…looks like the third hammer reversal in less than 2 weeks on CCW, then kaboom…
Comment by Jon - BMR — October 16, 2018 @ 6:58 am
Can’t wait Jon. I’m hopeful we get news this week
Comment by Dan1 — October 16, 2018 @ 7:09 am
Jon, when I first started this journey on the Venture and then subscribing to guys, I hated the pullbacks. Now I see what’s going on and how healthy it was actually is. Staying chill now though I REALLY WANT news.
Comment by flyinthruu — October 16, 2018 @ 7:15 am
CCW – Added another 10k at .56 this morning. Now let’s get this party started
Comment by Dan1 — October 16, 2018 @ 7:47 am
I’ve been thinking, probably not good though :). I know the results were delayed to to lab backup but it may be entirely possible something else is in the works? Basa has been quiet for a while now and not posting on his forum. Maybe a major wants a piece or the entire pie? Anyway just a thought.
Comment by Dan1 — October 16, 2018 @ 7:53 am
A lot of moving parts, Dan1, including Battery Mineral swarming around…I fully expect superb Cobalt numbers from underground soon…the original cutting of the smaller diameter underground core (tricky), the mix of metals in the system, the high-grade re-checks and more than 1 analysis required for the Silver and Gold help explain lab delays, in addition to the fact labs in general all over are really backed up now…
Comment by Jon - BMR — October 16, 2018 @ 8:00 am
Hi Jon, can you expand on your comment “smaller diameter underground core.” Is this a normal process for underground drilling or more specific to what CCW is doing?
Comment by flyinthruu — October 16, 2018 @ 8:21 am
Normal, flyinthru, in underground drilling in tight spaces as you would have seen on some of the video footage…
Comment by Jon - BMR — October 16, 2018 @ 8:28 am
Thanks Jon. Do you know if CCW has any plans to “open things up” or do they have to continue with this type of drilling?
Comment by flyinthruu — October 16, 2018 @ 8:49 am
Things open up a lot immediately around Shaft #3, flyinthru…lots of room there and much more can be created…
Comment by Jon - BMR — October 16, 2018 @ 9:00 am
Jon: Any thoughts on AIS Guayatayoc geophysics report?
https://aisresources.com/ais-resources-completes-geophysics-analysis-at-guayatayoc-salar-jujuy-province-northern-argentina-with-outstanding-results/
Comment by adrobyshev — October 16, 2018 @ 9:09 am
Thanks Jon. Glad CCW taking the bull by the horns are drilling that Shaft #3 area. Certainly not messing around. Nice to know how much area can be explored too.
Comment by flyinthruu — October 16, 2018 @ 9:24 am
Sorry for another post…just cool to see the trading action (like you said, “very bullish) this morning after the quick reversal on CCW. Added at 58.
Comment by flyinthruu — October 16, 2018 @ 10:15 am
Ok took the plunge and bought more CCW today too, too many good things going for it , hoping for great news and a buy out by yrs end. That would make for a very nice Christmas!
Jon are you going to make a quick trip to Gowa?
Comment by Gregh — October 16, 2018 @ 6:46 pm