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1. Gold has traded between $1,341 and $1,346 so far today…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,344 after a big jump yesterday…the yellow metal is now trading at its highest levels since last April…Silver has added 6 pennies to $16.02…a confirmed breakout above the critical $15.70’s is very bullish for Silver…base metals are pushing higher as well…Copper has added 3 pennies to $2.88, Nickel has jumped 7 cents to $5.77 while Zinc is up 2 pennies at $1.23…Crude Oil has eased off 22 cents to $55.87 while the U.S. Dollar Index has gained one-tenth of a point to 96.60…the Chinese Communist Party-run newspaper Global Times says in an editorial that if “the U.S. imposes more tariffs on Chinese products while China responds with fiercer countermeasures, it would be a catastrophic strike to global stock markets”…investors are looking ahead to the release of a summary later this morning (11:00 am Pacific) from the Fed’s meeting in January…the Fed said on January 30 it will be “patient” in tightening monetary policy moving forward and kept interest rates unchanged…investors will parse through the minutes, looking for more clues about how long the Fed plans to remain patient…the minutes could shed some light on which members continue to advocate caution and which members are more hawkish…at the moment, the market isn’t pricing in any rate hikes for the balance of the year…
2. A large convoy of Oil workers/pipeline supporters from Western Canada arrived in Ottawa yesterday to deliver a stern message to the anti-Oil Liberal government about Alberta’s desperate need (and Canada’s urgent need) for more pipelines…the long line of semi trucks sat idling on Wellington Street in Ottawa, blocking off the street that passes in front of Parliament as part of a protest by United We Roll, a pro-industry group…the Ottawa rally marked the final destination for the convoy, which started its journey in Alberta 4 days ago…semi trucks were hitched to trailers emblazoned with calls to “build the pipeline” and “kill Bill C-69“, the Liberals’ environmental assessment reforms that represent a major threat to the country’s resource sector…the Senate is still studying Bill C-69…meanwhile, in a great example of left-wing mainstream media bias and bigotry, Maclean’s columnist Tabatha Southey tweeted, “Guys, they’re not ‘rolling into’ Ottawa. They drove there, on roads people drive on and that doesn’t oblige you to mythologize this thing to their liking. This is not Furiosa and Mad Max storming the Citadel. It’s more National Lampoon’s White Nationalist Vacation”…
3. The Alberta government is spending $3.7 billion to connect the Oil patch to the prized U.S. Gulf Coast market via rail, as the province aims to lift prices amid a shortage of export pipelines…“We have successfully negotiated deals with the Canadian Pacific Railway and Canadian National Railway to start moving Oil by rail this July,” Alberta Premier Rachel Notley said yesterday as she announced the province had signed 3-year contracts to lease 4,400 rail cars…the cars will initially ship 20,000 barrels per day out of the province but as more come into service, the shipping commitment will ramp up to 120,000 bpd by the middle of 2020…all because we can’t get a pipeline project approved in this country due to climate change extremism and after 8 years of Obama convincing many Canadians that their Oil is “dirty”…
4. The Globe and Mail reported this morning that a review of lobbying records shows that SNC-Lavalin (SNC, TSX) met frequently with the highest ranks of the Trudeau government, including top officials in the Prime Minister’s Office, cabinet ministers, their chiefs of staff, senior public servants including Privy Council Clerk Michael Wernick and Canada’s Ambassador to the United States, David MacNaughton…The Globe’s Bill Curry and Tom Cardoso write that in all, SNC has had 19 contacts with the PMO since the start of 2017, placing it near the top of the list of nearly 700 groups that met at least once with the PMO during that period…only 13 other organizations had more meetings with the PMO than SNC in that time frame…at the top of the list with 38 meetings with the PMO over the past 2 years is Bombardier, which received $372.5 million in 2017…the data provide further context amid questions about how the Trudeau government handled SNC’s requests to stay a criminal prosecution on bribery and fraud charges in favour of a negotiated settlement…since the beginning of 2017, SNC representatives met with government officials or parliamentarians more than 50 times on the topic of justice and law enforcement…
5. 385 ounces per ton Silver, less than 10 m downhole!…Canada Cobalt (CCW, TSX-V) has not only hit plenty of high-grade Cobalt on the first level of the Castle mine near Gowganda, in shallow underground drilling, but the company has also intersected very high-grade Silver veins with potential to extend as “ore shoots” to considerable depths in areas where limited historical work was carried out…one of those areas is approximately 55 m southwest of the #3 Shaft where Agnico Eagle (AEM, TSX-V) made a major discovery in 1979 that put the mine back into production for another decade…drill hole CA-18–54, drilled across the vein, cut 93.7 ounces per ton Silver over 1 m including a whopping 286.3 ounces per ton over 0.33 m starting at a depth of just 9.71 m, with the hole then hitting a second vein structure a little further down beginning at 18.84 m where it bottomed in 1.66 m of high-grade mineralization featuring 11.8 ounces per ton (406.1 g/t) over 1.66 m…at the other end of the adit, a staggering 385.2 ounces per ton Silver, 0.67% Cobalt and 3.77 g/t Gold was assayed over half a meter in an earlier drill hole within a broader 5.51-m zone that also featured 1.87% Cobalt over 2.54 m and 76.4 ounces per ton Silver over a core length of 5.51 m starting at just 1.46 m…that hole was drilled perpendicular to strike, sub-parallel to the dip of the vein, so its not true width – however, it clearly demonstrates incredible grade potential and the vein system in this part of the first level is wide open for expansion…veins at Castle are known to pinch and swell and move in and out of high-grade and lower-grade mineralization over considerable distances (in some cases, in the hundreds of meters)…interestingly, CCW made reference to “a major new program involving Re-2OX“ that it “will be elaborating on in the very near future”, so obviously last night’s news, plus last Friday’s news, represent the beginning of a big “ramping up” for the company just in time for PDAC…CCW stated that “a series of initiatives, already in motion, will drive an expanded Phase 2 program to immediately build on these results and accelerate the broader 2019 corporate goal to leverage the company’s proprietary Re-2OX technology simultaneously with heightened activity at the Castle mine in ways that continue to keep CCW share dilution to a minimum”…innovative revenue stream, perhaps?…looks like more news is just around the corner at a time when the company is also resuming drilling at its Castle East Gold discovery southeast of the mine, about 15 km east of iMetal Resources‘ (IMR, TSX-V) grassroots drilling discovery at Gowganda West…
6. The Dow is up 18 points after 30 minutes of trading…the index is aiming for its 9th straight weekly gain…in Toronto, the TSX is 54 points higher on continued strength in the metals sector…the TSX Gold Index has touched the 200 level for the first time since January 2018…the Venture is up 2 more points at 624 as it pushes through its declining 100-day moving average (SMA), resistance since the early part of last year…final drill results from Barkerville Gold’s (BGM, TSX-V) 2018 Island Mountain exploration and category conversion program at its flagship Cariboo Project were released this morning and included 9.7 g/t over 14.4 m in hole IM-18–169, located 15 m from surface within a modelled vein corridor…recent intercepts around 600 m vertical depth include 16 g/t Au over 0.55 m and 14.05 g/t Au over 0.55 m in hole IM-18–176…the current resource at Shaft zone deposit is modelled to an average depth of 350 m…Barkerville is currently exploring down dip of the known Gold mineralization on Shaft zone with 3 drill rigs…other targets throughout the project are also being drilled…Harte Gold (HRT, TSX) has released an updated NI-43–101 mineral resource estimate based on 90,000 m of drilling completed in 2018…Indicated resources at the Sugar Zone Property 80 km east of Hemlo are now 1.1 million ounces Au grading 8.1 g/t and Inferred Mineral Resources are 558,000 ounces Au grading 5.9 g/t…Osisko Mining (OSK, TSX)is carrying out a reverse takeover of Chantrell Ventures (CV.H, TSX-V) as a way to unlock value for shareholders in certain non-core Osisko assets…Osisko will transfer non-core assets with a value of approximately $99 million to Chantrell in exchange for shares of Chantrell which will complete a rollback and a $10 million financing…the company name will also be changed to “O3 Mining“…
7. Government extortion: Barrick Gold (ABX, TSX; GOLD, NYSE) has announced a proposal to settle long-running disputes between Acacia Mining Plc. and the government of Tanzania, with the plan including a $300 million payment to Tanzania to settle outstanding tax claims…the proposal also calls for the creation of a local company to manage Acacia’s operations in the African nation, with economic benefits to be shared with Tanzania on a 50–50 basis…Barrick, which owns 63.9% of the shares in London-listed Acacia, said it acted as a facilitator in arriving at the proposal with Tanzanian officials…the Gold-mining giant said it will present this proposal to the independent directors of Acacia in the near future…Barrick added that the proposed framework is consistent with an agreement announced in October 2017…
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Jon, do you have any insight as to whether we will see an update from Crystal Lake Mining before PDAC?
Comment by BCCOASTAL — February 20, 2019 @ 10:47 am
BCCOASTAL, I expect a significant update from CLM before month-end, as they indicated in last NR…
Comment by Jon - BMR — February 20, 2019 @ 1:21 pm