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1. Gold has traded between $1,276 and $1,286 so far today as U.S. investors return from the Memorial Day long weekend…as of 7:00 am Pacific, the yellow metal is off $7 an ounce at $1,278…Silver has lost 26 cents to $14.30…Nickel, which surged as much as 5% Friday, has retreated 14 cents to $5.46 while Copper and Zinc are flat at $2.69 and $1.23, respectively…Cobalt is off 23 cents at $15.42…Crude Oil has rebounded 33 cents to $58.96…Kuwait’s Oil minister, Khaled al-Fadhel, said today that he expects the Crude market to be balanced during the 2nd half of 2019, adding that the impact of U.S. sanctions on Iran “has yet to be felt”…the U.S. Dollar Index is up more than one-tenth of a point at 97.76…the yield on the benchmark 10-year Treasury Note fell to a 19-month low today as Wall Street grew more confident that the U.S.-China trade battle will last longer than first thought and potentially drag down growth…a flurry of U.S. economic data will be released today…Fiat Chrysler and Renault, 2 automakers looking to curb costs producing vehicles and pool resources for developing the next generation of automobiles, announced this morning that they are planning a merger to create the world’s 3rd largest automaker…
2. TD Securities on Gold: “Gold is set to improve and trend toward $1,300/oz. Lower rates, a flat curve and a growing likelihood of rising equity market volatility are all factors helping Gold…suggesting buying the dips may well be the order of the day in the precious space. The risk from a slower global economy will drive the Fed to cut sooner rather than later, keeping the global yield curve flat and interest rates low. The FOMC minutes suggested rates will be on hold even if the economy improves, which has seen the U.S. dollar strength abate, while rates continue to price a cut as the curve moves back into inversion, helping Gold recover off the lows”…
3. AltaGas (ACI, TSX) officially opens Canada’s first propane export terminal today in northwest B.C. near Prince Rupert, with the aim of targeting Asian markets…AltaGas is keen on Asia, given that the United States has been accelerating energy production for many years, including Natural gas liquids such as propane…AltaGas is focusing on exports to Japan…the new plant, constructed for about half a billion dollars, chills propane on Ridley Island after the fuel arrives in pressurized rail cars…the brownfield site has a history of industrial development and benefits from excellent railway access and a world class marine jetty with deep water access to the Pacific Ocean…AltaGas was granted approval from the National Energy Board in late 2016 for a 25-year licence to export up to 1.35 million tonnes of propane per year…“The completion of this game-changing project and the shipment of our first cargo are historic milestones for AltaGas, as well as for our project partners, customers, local Indigenous Peoples, surrounding communities, and western Canada’s upstream energy sector,” said Randy Crawford, AltaGas President and CEO…
4. No wrinkles in this story this year, so far: Sirona Biochem (SBM, TSX-V) continues its 2019 surge…the stock hit a new multi-year high of 54 cents in early trading this morning on news that safety testing on the lead glycoprotein compound in its anti-wrinkle program has yielded strong results and the company will immediately move to the next steps of development…the comprehensive safety analysis was performed by CEHTRA, a cosmetic toxicology specialist in Paris…key in vitro measures and in silico analyses of safety were evaluated, including skin irritation, skin sensitization, ocular tolerability, phototoxicity, genotoxicity and carcinogenicity…it was concluded that there is no evidence of these issues in the testing…also, based on in silico analysis, no systemic toxicity is expected…“These are very encouraging results for our anti-wrinkle program. Sirona’s scientists at our French subsidiary, TFChem, will be focusing their efforts on the next set of tests and a detailed project plan to make this a priority. There is still work to be done in the lab, but we have nicely derisked the project by conducting these safety assays,” reported Sirona CEO Dr. Howard Verrico…
5. Nighthawk Gold (NHK, TSX) has drilled the best hole to date at its 100%-owned India Lake Gold Property in the Northwest Territories, 56 m (35 m true width) grading 13.5 g/t Au including 30.5 m @ 22.1 g/t at Zone 1.5 (C19–08)…wide zones of strong mineralization were also reported from Zones 2.0 and 3.0…hole C19–08 was drilled into an opening 75 m south of the high-grade Zone 1.5 discovery hole C14–06, reported September 18, 2018, and intersected an intensely mineralized region 240 m below surface…this recent drilling has confirmed the presence of high-grade Gold mineralization further south and deeper on this section than previously known while underscoring the zone’s somewhat nuggety but widespread high-grade nature…holes C19–02 and C19–02B were collared 125 m north of C19–08 to test the zone down-plunge to the north…C19–02 intersected 111 m of 2 g/t Au, including 23.75 m of 3.7 g/t, to a vertical depth of 340 m…the steeper of the 2 holes, C19–02B, deviated off section to the south but stayed within mineralization almost 200 m below C19–02, intersecting 89.5 m of 1.1 g/t Au, including 32.3 m of 2 g/t, to a depth of 740 m…“Backstopped by our recently announced $11 million bought-deal financing, we are now ensured the resources to implement our most active and expansive drill program (which) is now expected to exceed 35,000 m in 2019, surpassing all previous year totals in terms of drilled metres,” stated Dr. Michael Byron, Nighthawk President and CEO. “We are incredibly excited and encouraged by our record of discoveries; and are convinced that given the scope and aggressive nature of our planned programs, much more is left to be uncovered within this highly prospective Gold camp”…NHK is up 3.5 cents at 40 cents as of 7:00 am Pacific…
6. The Dow has started a new trading week up 104 points through the first 30 minutes of trading…the Dow has posted 5 straight weekly declines, its longest losing skid since 2011…the S&P 500 and NASDAQ recorded their 3rd straight weekly declines, their longest slide since December of last year…interestingly, the Venture has outperformed the Dow, S&P 500, NASDAQ and TSX over the past 5 weeks since Easter…the Venture is flat in early trading while the TSX is 8 points lower…Radius Gold (RDU, TSX-V) is under pressure in early trading after reporting disappointing results from several additional holes at its Amalia Project in Mexico…the first hole, reported last month, was a whopper, cutting 44 m grading 12.4 g/t Au and 309 g/t Ag…an additional 5 holes to complete Phase 1 failed to build on that success, but the system – much of it not yet tested – remains open for expansion and more holes are planned…Tudor Gold (TUD, TSX-V) is raising an additional $2 million in flow-through and non-flow-through at 32 cents and 30 cents, respectively, to provide more funds for drilling at its Treaty Creek Project in the Eskay Camp…Doubleview Capital (DBV, TSX-V) reports that 2 >1.2 km-long vertical and several satellite high chargeability targets have been identified by high resolution deep 3D IP at the company’s Hat Copper-Gold porphyry project, optioned to Hudbay Minerals (HMB, TSX)…
7. Snowpack levels are below normal over broad parts of the Golden Triangle, allowing for an extended exploration season with multiple companies putting “boots on the ground” over the next week or two…Garibaldi Resources (GGI, TSX-V) is expected to be the first company to start drilling in the Eskay Camp where temperatures have been reaching into the low teens under beautiful sunny skies…Garibaldi, Crystal Lake Mining (CLM, TSX-V), Metallis Resources (MTS, TSX-V), Etruscus Resources (ETR, CSE), Skeena Resources (SKE, TSX-V), Aben Resources (ABN, TSX-V) and Tudor Gold (TUD, TSX-V) all have major programs lined up with targets more advanced than at any time since the district came to life again in 2016…
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Blood in the streets…..we’ll its here folks. The junior minors are just canibalizing each other with no new money coming into this sector. The venture may be holding its own but it’s not due to the miners. Money is just moving from one stock to another…when the story gets old they decimate that stock and move to another. Not sure what will be the ignition point to bring money back in. And so we wait.
Comment by Weatheritout80 — May 28, 2019 @ 8:30 am
That’s typically around the time a turnaround occurs, Weatheritout80…simple solution is that a junior or 2 needs to hit big – that’s why the Eskay Camp/Golden Triangle is so huge at the moment as multiple companies are active there and they’ve had no trouble raising money, biggest spend up there in a long time…
Comment by Jon - BMR — May 28, 2019 @ 8:42 am
Hard to believe where CCW is at…..is there a mistrust of their management .i.e. assay result etc??? I want to buy more but what if this keeps churning for month on end….????
Comment by john — May 28, 2019 @ 8:49 am
I want to average down on CCW….would that be prudent at these levels..???? In other words do you guys see gains in the medium to short term???
Comment by john — May 28, 2019 @ 8:54 am
Morning BMR, will GEMC be included in the SS part 2?
Comment by flyinthruu — May 28, 2019 @ 8:59 am
Hard to believe where a lot of companies are right now, John, so just a reflection of broader market dynamics but CCW has a built a great value proposition and has the unique advantage of being one of the few juniors with cash flow possibilities…I expect a big Q3, for a variety of reasons…this is the type of market when fortunes are born, though most investors don’t look at it that way…
Comment by Jon - BMR — May 28, 2019 @ 9:05 am
The fact is that CCW has put in higher yearly highs and higher yearly lows since 2017, John, and remains the top performing Cobalt play since the beginning of 2017…not without some big swings but that’s the nature of the game…catching the downturns has been the money-making strategy…if you look at the news since February, every reason to expect another major surge to new highs…that’s also what the long-term chart is saying…
Comment by Jon - BMR — May 28, 2019 @ 9:11 am
Yes, flyinthru…
Comment by Jon - BMR — May 28, 2019 @ 9:11 am
Great Bear news looks good. 14 meters of 12.33 g/t on a brand new discovery north west of Dixie.
Comment by charles — May 28, 2019 @ 11:56 am
Yes excellent news from GBR…could use a few more like that…
Comment by Jon - BMR — May 28, 2019 @ 12:07 pm
Funny how the market works Jon. I would have thought we would have seen a 300k volume day in the UP direction easy given some of the recent news from CCW.
Comment by flyinthruu — May 28, 2019 @ 12:53 pm
Hi Jon,
MLG, ML Gold closed up $.14 at $.74 and has continued its rise from $.455 last week.
They own a monster of an iron ore deposit in Labrador, which could be sold for a good
price. Any idea of fair market value for this deposit? Thanks.
Bishkek
Comment by Rick — May 28, 2019 @ 1:07 pm
Yes, Rick, the interest in Iron ore continues to build, and MLG has been sitting on a big deposit in Labrador that’s definitely in play from a valuation perspective…a better option to run with at the moment than the porphyry up north…
Comment by Jon - BMR — May 28, 2019 @ 1:32 pm
Jon, do you think the .10 warrants expiring in September are part of the reason for the sell off in CCW? As of last financials they hadn’t been exercised yet and you would think those holders would be exercising now while they still have a decent profit.
Comment by Danny — May 28, 2019 @ 2:29 pm
.32 support broke on CCW, what is the next level of support Jon?
Comment by Don — May 29, 2019 @ 5:24 am
Not sure where you get the “0.32” support from, Don, and rules with regard to support/resistance also require confirmation. Weekly closes are also more important than daily gyrations. My point being, I’m certainly not panicking over CCW – quite the opposite in fact, and I took advantage of yesterday’s weakness triggered by a CIBC flipper by adding more at 0.30. This is a stock headed to new highs in Q3, based on continuing improving fundamentals, and that’s the same thing I said around this time last year after CCW had plunged from the mid-50’s to 19 cents and the nervous nellies were unfortunately (for them) bailing prior to a move to 90 cents.
Comment by Jon - BMR — May 29, 2019 @ 5:31 am