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February 22, 2019

7 @ 7:00

Visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,321 and $1,331 so far today…as of 7:00 am Pacific, bullion has rebounded $an ounce to $1,329 as investors jump in after yesterday’s healthy pullback…Silver has added 9 cents to $15.85…Copper is attempting to push through the critical $2.90 level, and that’s a positive sign for a lot of things…it’s up 5 cents at $2.92…Nickel has gained 10 cents to $5.86 while Zinc is 2 cents higher at $1.24…Crude Oil has gained 54 cents to $57.50 while the U.S. Dollar Index is unchanged at 96.91…President Trump is scheduled to meet with Chinese Vice Premier Liu He later today as China and the U.S. end another week of trade talks…Liu has been named a “special envoy” to Chinese President Xi Jinping, meaning he has the authority to negotiate directly on trade matters with the United States…The Wall Street Journal reported this morning that the White House is counting on getting China to accept key structural changes on issues such as improper subsidies to state-owned companies and unlawful technology transfers…however, Reuters reported that U.S. and Chinese officials are struggling to come up with language that will address some of these issues…the meeting between Liu and Trump comes as the 2 countries try to strike a trade deal before the start of next month…if they don’t, additional U.S. tariffs on Chinese goods could come into effect…however, Trump said earlier this week that the March 1 deadline was not a “magical date,” hinting the deadline could be moved…all part of the “Art of the Deal”…

2. $100 billion down the drain…a new report shows $100 billion in planned spending on resource projects in Canada has evaporated, and a further drop should be expected without substantial amendments to the Liberal government’s planned regulatory overhaul in Bill C-69…as Senate hearings into the controversial bill continued yesterday, the C.D. Howe Institute released a report detailing how recent declines in planned energy, mining and forestry investment in Canada totalling $100 billion is equivalent to erasing 4.5% from Canada’s GDP…what sane country in the world would allow this to happen?…as Kevin O’Leary stated Wednesday evening at an event in Vancouver, management of this country’s economic affairs by a wide swath of politicians is poor, to say the least…TransCanada’s $15 billion Energy East pipeline, CNOOC’s Aurora LNG and Petronas Bhd’s $36 billion LNG Project are among the major resource projects that have been cancelled in recent years after long and uncertain regulatory processes, contributing to the $100 billion figure…a staggering total of potential jobs has been lost, all in the name of “saving the planet” as if man, and not God, controls the universe…

3. Deja vu…the National Energy Board has recommended, once again, that the Trans Mountain pipeline expansion be approved for construction…the NEB is recommending the project be approved subject to 16 new recommendations, in addition to the 156 conditions it had proposed in its previous recommendation…the report goes to the federal government to make the final decision on construction…“The NEB listened to a range of diverse views and carefully considered all of the evidence submitted, the results of which are reflected in the conclusions, conditions and recommendations presented in the report,” NEB chief environment officer Robert Steedman said in the release…“The report recommends on overall sections that the project is in the national interest and should be approved,” Steedman said…the project would twin an existing Oil pipeline between Alberta and British Columbia, boosting the system’s ability to ship oil to the West Coast by 590,000 barrels per day at a cost that could reach $9.3 billion

4. U.S. stocks are sitting pretty, if history is any guide…the S&P 500, which has surged 11% to start 2019, is on pace for its biggest early-year advance in nearly 3 decades and is sitting 5.3% below September’s all-time high…that could bode well for the rest of the year…the index moves in the same direction in the first 2 months and the remainder of the year 64% of the time, according to Dow Jones Market Data (DJMD)…a more flexible approach to monetary policy from the Federal Reserve, easing U.S.-China trade tensions and a better-than-feared corporate earnings season are among the factors driving this year’s rally, following the 4th quarter’s bruising sell-off…in 1991, the last time the S&P 500 climbed more than 10% in January and February, it rose an additional 14% over the following 10 months, according to DJMD…and in the other 5 years when the index added at least 10% to start the year, it rose at minimum 6% from March through December 3 times…the two cautionary tales: 1931, in the midst of the Great Depression, and 1987, the year known for Black Monday…in both cases, the S&P 500 rallied at the beginning of the year before suffering a major crash…

5. Garibaldi Resources (GGI, TSX-V) has drilled into a shallow new zone of Nickel-Copper-rich mineralization at Nickel Mountain, with high quality disseminated mineralization beginning at surface and exceptionally high-grade Nickel in massive sulphides starting at a depth of just under 80 meters…all 3 holes ever drilled into the “Northeast” zone have confirmed this new discovery which rests above the “Upper” and “Lower” Discovery zones, and shows strong potential to build out to the east following a trend of massive sulphide boulders and favorable geology…EL-1833 returned the thickest intercept yet east of the historic Northwest zone – 49 m grading 1.34% Nickel and 0.89% Copper, highlighted by 4.8 m grading 7.7% Nickel and 2.95% Copper…2 other intervals exceeding the 1% Nickel-Copper threshold were intersected in that hole a little deeper down…EL-1830 and EL-1823 also intersected the new Northeast zone…fresh maps show excellent potential for building tonnage, especially in light of the fact that geologists now have a much better understanding of the structural controls on mineralization around the E&L Intrusion…meanwhile, Dr. Peter Lightfoot sees a textbook style system analogous to other Nickel sulphide deposits around the globe…“What’s most striking to me about the Upper and Lower Discovery zones, upon review of extensive data, is not just the grades but how the massive sulphide sheets are gently dipping and appear to be stacked at the southern margin of the E&L Intrusion.  The observation these zones are stacked open the south flank of the intrusion and also developed on the north flank adds an important guide in exploration of the E&L Intrusion at depth and along strike”…the system remains open in all directions and a further review of data related to Garibaldi’s first hole in August 2017 suggests that EL-17-01 was even more significant than first believed…Lightfoot sees geochemical and geological evidence that there is a separate and deeper chamber approximately 160 m below the Lower Discovery zone…investors’ typical “sell on news” mentality has pushed GGI lower in early trading but the stock is still trading above its levels of last week while the long-term chart confirms the bottom occurred in January in the mid-80’s at the rising 1,000-day moving average (SMA), just below Fib. support around $1…this classic unwinding out of technically overbought conditions in late 2017 suggests new highs are on the way later this year…

6. The Dow is up 114 points after 30 minutes of trading…the index is aiming for its 9th straight weekly gain while also retaking the 26,000 level for the first time since early November…in Toronto, the TSX is 38 points higher…Barrick Gold (ABX, TSX) has confirmed that it has “reviewed” a potential merger with Newmont Mining (NEM, NYSE) but said no decision has been made…Barrick issued a 2-sentence announcement after a Globe and Mail report saying Barrick is eyeing a hostile bid to take over Newmont…the Venture, battling resistance beginning at 623, is flat at 621Khiron Life Sciences (KHRN, TSX-V), enjoying a strong week, has pushed back above $4 a share…Sun Metals (SUNM, TSX-V) appears to be breaking out above Fib. resistance in the mid-40’s…the stock came to life in late October last year when the company drilled into a Copper-rich intersection outside of the known resource at Stardust – the best drill result ever at the property, actually, as DDH18-SD-421 returned 5% CuEq over 100 m – 2.5% Cu, 3 g/t Au and 52.5 g/t Ag…geologists are confident that they are successfully tracking a major mineralizing fluid pathway toward the heart of this high-grade system which has been reinterpreted after a detailed review of an enormous amount of historic data…no holes have been drilled yet to follow up on the results of #421 which will be the primary focus of a minimum 15,000-m 2019 program starting this spring…Stardust is a large, coherent integrated porphyry-skarn-CRD-epithermal system…Torino Power (TPS, CSE) announced this morning that the company has shipped one of its power line monitoring (PLM) sensor systems to a BC Hydro substation located in the northeastern Peace River region…in January, the company reported receiving a purchase order from BC Hydro for the installation of its PLM system…the unit is expected to be used for a 138-kilovolt transmission line and to be installed at the end of March…

7. Pan American Silver (PAAS, TSX) and Tahoe Resources have completed their previously announced transaction whereby Pan American acquired all of the issued and outstanding shares of Tahoe…Michael Steinmann, President and CEO of Pan American, stated:  “The completion of the arrangement establishes the world’s premier Silver mining company with an industry-leading portfolio of assets, a robust growth profile and attractive operating margins. We are also now the largest publicly traded Silver mining company by free float, offering Silver mining investors enhanced scale and liquidity.  We have a 25-year track record in Latin America of building successful partnerships with the communities around our operations, respecting the diversity of local populations and safeguarding the natural environment. We welcome the opportunity to work with local communities around the new operations for the benefit of all stakeholders”…by virtue of taking over Tahoe, Pan American now also owns ground in Northern Ontario with a Gold deposit contiguous to iMetal Resources (IMR, TSX-V) with the Gowganda Silver Camp just 15 km to the east…

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34 Comments

  1. USGD performing well, lots of volume, what’s expected after closing the financing, BMR?

    Comment by Dan — February 22, 2019 @ 11:38 am

  2. Hi Jon, The USGD has shown me immediate gains! Thank you so much for the info! Did some digging today and came across this https://discoveringgold.com/

    Comment by Buckshot — February 22, 2019 @ 2:33 pm

  3. Jon/John… where do you see support on the charts for CCW? Looks to me like .45-.47 is support. I did buy more today.

    Comment by Danny — February 22, 2019 @ 6:07 pm

  4. Any idea when GGI will show us what PL’s stacking sheets look like and where the are dipping via 3D ? GGI was never a ble to produce the video from Dec of the investor presentation so I’m hoping a 3D map is easier to get together before PDAC

    Comment by David — February 22, 2019 @ 10:10 pm

  5. RSI(2) on CCW became extremely oversold during Friday’s session, Danny, in an area of strong price support as you indicated; bargain hunters stepped in and I added some more myself.

    Comment by Jon - BMR — February 23, 2019 @ 5:58 am

  6. They aren’t far off from a 3D model, David, which should should provide some fascinating new perspectives on how a robust deposit model is evolving.

    We should see the 3D model at some point during Q2 ahead of the start of 2019 drilling. Obviously the balance of drill results and geophysical info has to come in first, then the model can be finalized.

    Regoci has plans for Lightfoot’s presentation in Vancouver, and Lightfoot is also making a Nickel Mountain presentation at PDAC.

    GGI was up slightly on the week with Friday’s action mostly technically driven as the stock pulled back toward its now rising 50-day SMA after a sudden jump earlier in the week that created temporarily overbought conditions going into the news.

    If you look at the long-term chart, there was a classic bottoming formation in January, setting the stage for a great 2019 in which the 2nd half could really be spectacular as multiple technical indicators come into alignment.

    Fundamentally, Nickel Mountain continues to display all the earmarks of a world class high-grade Nickel sulphide deposit – hole 33 being a textbook example as a long intersection of taxitic gabbro, just like you would see at Norilsk, graded into semi-massive and then massive sulphides featuring the best Nickel grades you’ll find anywhere.

    Any system that can produce Nickel as clean as this (metallurgically) and at such high grades is an extremely efficient system, and efficient systems produce tonnage.

    Comment by Jon - BMR — February 23, 2019 @ 6:06 am

  7. IMR – Jon any thoughts on IMR’s fridays news release?

    Comment by MIKE — February 23, 2019 @ 6:24 am

  8. CLM – will their be an update if the regulatory authorities accepted the 43-101 technical report that was submitted Feb 8 as agreement with Romois was extended to last Friday Feb 22?

    Comment by MIKE — February 23, 2019 @ 6:31 am

  9. Mike, IMR keeps the door open for more news very quickly after they’re able to log holes 4 and 5, but I suspect those also drilled into the heart of this hydrothermal system from 50 meters out north and south (into the units identified in the first 3 holes).

    The red jasper conglomerates (pebbles to bigger stuff) is exactly what is found at Kirkland Lake, and some of this stuff at surface at Gowganda West graded slmost 40 grams per tonne thsnks to the fine-grained pyrite. Drill program continuing intobMarch – all a good sign.

    Comment by Jon - BMR — February 23, 2019 @ 6:37 am

  10. From what I am hearing, Mike, everything is fine with the Exchange on that. This was a Lightfoot report – they hold him in high regard. We should be seeing a bulletin imminently.

    Comment by Jon - BMR — February 23, 2019 @ 6:41 am

  11. Jon, do you think it would be prudent for GGI to consider spinning out some of their other properties. With full consideration on Nickel Mountain their other properties are really assigned no value. Thoughts?

    Comment by Weatheritout80 — February 23, 2019 @ 6:52 am

  12. Well, that’s an interesting point u bring up, Weatheritout80.

    I said back in 2016-2017 that among GGI’s 14 or so properties, most of which could be flagship assets for other juniors, there are easily 3 or 4 that could create $300 million or more in market cap for the company. E&L (Nickel Mountain) became the first.

    Regoci won’t talk about other properties right now because if he were, all of a sudden the you-know-who’s would come out and accuse GGI of trying to “change its story”. So it’s Nickel Mountain all the time. However, work is occurring elsewhere and a few of these properties, even including some ground in the Eskay Camp, are absolutely stellar.

    To unlock that value, I expect we’ll see dividend spin-outs and other deals, starting this year (even the creation of a pure high-grade Gold play that Eric Sprott and others would love). That makes the current share price all the more ridiculous. Astute investors who understand this will really benefit handsomely in 2019.

    Comment by Jon - BMR — February 23, 2019 @ 7:11 am

  13. Thanks Jon …. I Hope Regoci goes that route

    Comment by Weatheritout80 — February 23, 2019 @ 7:18 am

  14. Our prayers go out to John, our TA genius, who had an accident just outside his home in Peterborough yesterday and was taken to hospital. I spoke to him very briefly this morning, he couldn’t talk much, but he’s back home under doctor’s orders for complete rest for a week. A week’s recovery and he should be doing again what he loves, which is charts/TA at BMR. Prayer is powerful, so please keep John and his wife Grace in your prayers in the days ahead for strength and a speedy recovery for John.

    Comment by Jon - BMR — February 23, 2019 @ 7:38 am

  15. Yikes…best wishes to John.

    Comment by flyinthruu — February 23, 2019 @ 7:40 am

  16. In Prayers John…speedy recovery and best wishes!!!

    Comment by Weatheritout80 — February 23, 2019 @ 7:45 am

  17. Sorry to hear about John. Thoughts and prayers for John and Grace and return to good health.

    Comment by toro — February 23, 2019 @ 7:55 am

  18. John, our prayers are with you – wishing you a speedy recovery!

    Comment by MIKE — February 23, 2019 @ 8:00 am

  19. John, wishing you all the best in your recovery. Winter driving in Canada has been bad this winter, travel safe everyone!

    Comment by Danny — February 23, 2019 @ 8:05 am

  20. John… hoping each day brings you closer to a full and speedy recovery.

    Comment by GregJ. — February 23, 2019 @ 8:19 am

  21. REst well John… very powerful stuff this rest stuff:)

    Comment by Jeremy — February 23, 2019 @ 9:27 am

  22. My prayers are with John, praying for a quick recovery !

    Comment by Gregh — February 23, 2019 @ 9:42 am

  23. All to best to John and family, including a very speedy recovery.

    Futureisbright (Frank)

    Comment by Frank — February 23, 2019 @ 11:54 am

  24. My thoughts and prayers are with you John. Wish you a speedy recovery.

    Comment by Foz1971 — February 23, 2019 @ 12:23 pm

  25. Thoughts and prayers are with John. Wishing him a fast recovery so he can get back to what he loves.

    Comment by Dan1 — February 23, 2019 @ 1:52 pm

  26. Best wishes for a full and speedy recovery John

    Comment by DavidW — February 23, 2019 @ 3:06 pm

  27. Wishing you a speedy recovery. Hope you’re feeling better real soon.

    Comment by Dgambler — February 23, 2019 @ 3:16 pm

  28. Wishing John a speedy recovery. Hope you’re feeling better real soon.

    Comment by Dgambler — February 23, 2019 @ 3:20 pm

  29. Get well soon John.

    Comment by Laddy — February 23, 2019 @ 3:35 pm

  30. Take care John ….REST!!! My prayers and thoughts are with you and your family!

    Comment by Ciara — February 23, 2019 @ 3:53 pm

  31. Get well soon John

    Comment by Silverhook — February 23, 2019 @ 5:24 pm

  32. Our family is praying for you John, for a recovery full of rest.

    Comment by DBReese — February 23, 2019 @ 9:08 pm

  33. Sorry to hear about your accident John. But I’m happy it wasn’t to serious and you should be ok in a week or so. Rest up and get well soon.

    Comment by Dwight — February 23, 2019 @ 9:34 pm

  34. Best wishes to John and his family!

    Comment by adrobyshev — February 24, 2019 @ 7:46 am

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