Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold climbed as high as $1,411 overnight, its best level since August 2013…as of 7:00 am Pacific, bullion is up another $7 an ounce at $1,406 after last week’s surge…exchange-traded-fund investors are moving back into Gold with Friday’s inflow the largest in close to 3 years, according to Commerzbank…“Gold is currently being bought by both ETF investors and speculative financial investors,” the bank said…“The Gold ETFs tracked by Bloomberg registered an inflow of over 32 tonnes on Friday, which took place exclusively in the SPDR Gold Trust. This was the largest inflow in nearly 3 years (and the biggest daily percentage gain since in the SPDR Gold Trust since September 2008). ETF holdings have thus been increased by 95 tonnes since the beginning of the month. The Gold price has risen by $100 during this time”…Russia continues to add Gold to its reserves, buying another 200,000 ounces or 6 tonnes of Gold in May, according to the country’s central bank…this put the total of Russia’s total Gold holdings at 2,190 tonnes as of June 1, up by 0.3% from May…large speculators sharply hiked their bullish positioning in Gold futures for the 4th straight reporting week, according to data compiled by the Commodity Futures Trading Commission…Silver, in the early stages of what could turn out to be a monster move in 2019, is up slightly at $15.33…Copper, Nickel and Zinc are all relatively unchanged at $2.68, $5.44 and $1.17, respectively…Crude Oil has added a nickel to $57.48 after a 9% jump last week…political tensions between the U.S. and Iran continue to simmer…President Trump has announced plans for further sanctions against the rogue regime after Iran’s downing of a U.S. drone last week…the U.S. Dollar Index, clearly in a downtrend, has retreated one-tenth of a point to 96.12…
2. Bitcoin’s bull run continues, with the cryptocurrency climbing above $11,000 (U.S.) this morning, likely a combination of traders buying into their own fear-of-missing-out (FOMO) as well as institutions chasing the tail end announcement of Facebook’s Libra project…Bitcoin’s ride back accelerated in April, puzzling onlookers trying to pinpoint a reason for the surge…a study by Indexica, an alternative data provider, showed 3 main drivers: a more complex conversation surrounding Bitcoin, fewer concerns about fraud and a shift in the tense of how Bitcoin is talked about from the past to the future…the advent of Libra “is validating the crypto space and sending all the major digital coins higher,” said Edward Moya, chief market strategist at Oanda Corp. in New York…“Bitcoin volatility is likely to persist, with $12,000 and $15,000 as the next two critical resistance levels”…
3. The pool of negative-yielding government bonds around the world hit a fresh record high of $13 trillion last week…a number of European countries’ intermediate government bond yields sagged to record lows…French and Swedish 10-year yields fell below 0% for the first time ever…close to 100% of all debt issued by the Swiss government, from 1-month to 20-year maturities, now carries a negative yield…that’s closely followed by Sweden (91% of all debt), Germany (88%), Finland (84%) and the Netherlands (84%) – no wonder Gold has been soaring…
4. Gold’s most recent move through $1,400 an ounce could attract more buyers than the metal’s previous key $1,300 level, Scotiabank says…“There’s an extraordinary amount of $1,400 strike (vol) owners. Overall, there is a growing ‘FOMO risk’, where Gold could attract more buyers at $1,400 than $1,300, reaffirming the belief of some well-known investors that if $1,400 breaks, $1,700 (somewhat of a stretch) will happen ‘very quickly’,” commented Scotiabank commodity strategist Nicky Shiels…
5. Socialist Bernie Sanders has a new crazy plan, consistent with the new direction of the Democratic Party…he’s now proposing a tax on financial transactions, including a 0.5% tax on stock transactions and a 0.1% tax on bonds to erase the country’s $1.6 trillion outstanding student loan tab…the Presidential candidate’s legislation would release all 45 million Americans from their student debt…outstanding education debt in the U.S. has eclipsed credit card and auto debt…the average college graduate leaves school $30,000 in the red today, up from $10,000 in the 1990’s, and 28% of student loan borrowers are in delinquency or default…Sanders’ plan would also make 2 and 4-year public colleges and universities tuition-and-debt-free…“This is truly a revolutionary proposal,” Sanders told The Washington Post…“In a generation hard hit by the Wall Street crash of 2008, it forgives all student debt and ends the absurdity of sentencing an entire generation to a lifetime of debt for the ‘crime’ of getting a college education”…
6. Wall Street, ignoring Crazy Bernie, has pushed the Dow up another 39 points through the first 30 minutes of trading…equity markets have welcomed the announcement that a full-blown standalone U.S.-China ‘bilateral’ meeting will be held on the margins of the annual G20 Summit in Japan starting this Friday…the Dow (through last Friday) is up about 7.7% in June…if the gains hold, it will be the Dow’s best monthly performance since October 2015 and its best June since 1938…in Toronto, the TSX is off 15 points in early trading…the Gold Index, which pushed above important resistance at 211 last week, is aiming for its 10th straight winning session…nearest resistance is in the high 220’s…the Venture is flat at 593…the Venture has slipped 1.4% this month, though that’s a much better performance than the Canadian Marijuana Index which was down 9% for the month entering today…Canopy Growth’s (WEED, TSX; CGC, NYSE) weaker than expected 4th quarter financials were mostly due to challenges scaling up at its largest greenhouse facilities in B.C. and Quebec – roadblocks that cost it $24 million in operating expenses for facilities not yet cultivating, cultivating but not yet harvesting, or facilities that had under-utilized capacity…between January 1 and the end of March this year, Canopy sold 9,326 kilograms of cannabis to domestic and international markets, about 800 kilograms less than what it sold the previous quarter, which reflected just 10 weeks of post-legalization recreational sales…it generated $82.3 million in gross revenue from weed sales, with $68.9 million coming from the recreational market, a slight decline from $71.6 million in the previous quarter…Canopy brought in $94.1 million in net revenue in its 4th fiscal quarter, up slightly from the previous 3 months…about a quarter of the company’s overall gross revenue came from other streams besides cannabis, including sales from medical cannabis device manufacturer Storz and Bickel that Canopy acquired earlier this year…WEED is trying to hold support at its still-rising 300-day SMA at about $51…
7. Robert Friedland’s Ivanhoe Mines (IVN, TSX) reported this morning that with the onset of the dry season in the Congo (DRC), construction of the new highway directly linking the company’s Kamoa-Kakula Copper Project to the Kolwezi airport, located southeast of the city of Kolwezi, is progressing rapidly…The new 34-km, east-west road is approximately 25% complete and is expected to be fully operational by the end of 2019…when complete, the road will significantly improve Kamoa-Kakula’s transportation corridor that is being used to bring in mining equipment and construction materials, and that will be used to transport copper concentrates…the new road also will improve the safety and commuting time for employees between Kamoa-Kakula and Kolwezi and Lubumbashi, as well as for mine visitors arriving at the Kolwezi airport…the new road will provide Kamoa-Kakula with a direct, high-quality connection to the national road between Kolwezi and Lubumbashi, and to a proposed, new south-bound provincial road that will connect to Lumwana, Zambia and the Zambian rail system, via a planned new border crossing…this proposed heavy-haul route to Zambia would significantly streamline truck freight to and from Kamoa-Kakula…Ivanhoe is above $4 a share for the first time since the start of 2018…
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
Mr. Jon, I noticed you’ve said warrant situation is way more under control. It seems odd every time CCW gets close to key break-out points, there’s a SERIOUS dump of shares or a huge asks pop up. Anon just unloaded 150k. Any thoughts what is going on? It’s been a fairly recent trend over the past little bit.
Comment by Jean — June 24, 2019 @ 9:21 am
Some good volume again on CCW. Still a big wall in the .30 range, bought a few more today. Not sure who the sellers are, hopefully the finishing touches on the .10 warrants.
Comment by Danny — June 24, 2019 @ 10:13 am
356k volume (good volume as you Danny) for CCW…still 29.5…let’s see better days for CCW shareholders…
Comment by flyinthru_u — June 24, 2019 @ 1:01 pm
It looks like we have bottomed out flyinthru but I have been wrong before. Let’s get that permit!!!
Comment by Danny — June 24, 2019 @ 6:57 pm
I’ll bet we get wind of it shortly…?
Comment by flyinthruu — June 24, 2019 @ 7:10 pm
Great pick-up for cheap by CLM…will be interesting to see what they do with it…
CRYSTAL LAKE MINING SIGNS BINDING LOI TO ACQUIRE THE FOREMORE CLAIMS LOCATED TO THE NORTH OF ITS NEWMONT LAKE PROJECT IN NORTHWEST B.C.’S ESKAY DISTRICT
Crystal Lake Mining Corp. has signed a binding letter of intent (LOI) to acquire a 100-per-cent interest in the Foremore claims located to the northern boundary of the company’s 551-square-kilometre Newmont Lake project in northwest British Columbia’s Eskay camp.
The Foremore claims comprise 143 sq. km (14,300 hectares) and host an abundance of known precious and base metal-rich mineralization including boulder fields and outcrops. Multiple geochemical and geophysical anomalies also exist over a broad area. Drilling last occurred at Foremore in 2008. Since then, snowfields have literally disappeared, opening fresh ground for exploration. The claims are considered highly prospective for new high-grade mineral discoveries.
Richard Savage, Crystal Lake President and CEO, commented: “Acquiring the Foremore claims is a strategic move on the part of the Company in the broader context of district developments. Crystal Lake’s focus this summer is squarely on the high-grade gold potential and copper-gold porphyry potential of the four key zones already identified at the Newmont Lake Project (Northwest Gold zone, Chachi Corridor, Burgundy Ridge and KGO) with crews rapidly progressing to the drilling stage.”
The Deal
Pursuant to the LOI with Lorne Warren (the “Optionor”), the Company has been granted the exclusive right to earn a 100% undivided interest in the Foremore claims (the “Option”). The Company may exercise this right, at its sole discretion, by completing the following:
– Within 3 business days following the execution of this LOI, delivering to the Optionor the sum of $10,000 (the “Deposit”). In the event that the acquisition does not close, the deposit shall be immediately returned to the Company.
Making total cash payments of $300,000 over 4 years to the Optionor as follows:
– $50,000 on or before the date that is 3 business days after the date upon which both parties have received approval from the TSX Venture Exchange of this LOI (the “Effective Date”);
– $50,000 on or before the first anniversary of the Effective Date;
– $66,667 on or before the second anniversary of the Effective Date;
– $66,667 on or before the third anniversary of the Effective Date; and
– $66,667 on or before the fourth anniversary of the Effective Date.
Issuing an aggregate of 1,250,000 common shares in the capital of the Company (the “Shares”) to the Optionor over 4 years as follows:
– 250,000 Shares on the Effective Date;
– 250,000 Shares on the first anniversary of the Effective Date;
– 250,000 Shares on the second anniversary of the Effective Date;
– 250,000 Shares on or before the third anniversary of the Effective Date; and
– 250,000 Shares on or before the fourth anniversary of the Effective Date
Incurring exploration expenditures of $1,200,000 (CDN) on the claims over 5 years as follows:
– $150,000 on or before the first anniversary of the Effective Date;
– $150,000 on or before the second anniversary of the Effective Date;
– $300,000 on or before the third anniversary of the Effective Date;$300,000 on or before the fourth anniversary of the Effective Date;
– $300,000 on or before the fifth anniversary of the Effective Date.
As of the date of this news release, the Company has made payments to the Optionor in the amount of $60,000.
Upon exercise of the Option, the Optionor will be entitled to a royalty of 3% of net smelter returns. The Company has the right to purchase back the royalty of 2% for $2,000,000 and an additional royalty of 0.5% for $1,000,000.
Investor Relations Agreement
Crystal Lake is also pleased to announce that it has retained the services of Momentum Public Relations Inc. (“Momentum PR”), a Montreal-based investor and media relations agency that provides market awareness through its network of institutional investors, analysts and retail relationships within the North American investment community.
In connection with the engagement, which is subject to TSXV approval, Momentum has been awarded an investor relations contract for an initial term of 12 months expiring April 1, 2020. Pursuant to the terms of the contract, Momentum has been paid a one-time fee of $90,000 CDN + applicable taxes and was granted 500,000 incentive stock options of the Company (separate from the stock options granted below).
Stock Options
Pursuant to its stock option plan, Crystal Lake has granted incentive stock options to its directors, officers, employees and consultants to purchase an aggregate of 760,000 shares at an exercise price of $0.35 cents per share for up to five years.
Qualified Person
The technical information in this news release has been reviewed and approved by Mr. Maurizio Napoli, P. Geo., VP Exploration for Crystal Lake Mining, a Qualified Person responsible for the scientific and technical information contained herein under National Instrument 43-101 standards.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the large Newmont Lake Project in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
Comment by John - BMR — June 24, 2019 @ 7:14 pm
Spinout for Crystal Lake – interesting…
CRYSTAL LAKE ANNOUNCES SIGNING OF ARRANGEMENT AGREEMENT TO CREATE SASSY SPINOUT
Crystal Lake Mining Corp. has entered into an arrangement agreement dated June 25, 2019, with wholly owned subsidiary Sassy Resources Corp.
Crystal Lake will transfer to Sassy its Northwest Ontario nickel asset (Nicobat Project), and its Letter of Intent dated June 24, 2019, to acquire the Foremore claims in Northwest B.C.’s Golden Triangle, by way of a plan of arrangement pursuant to the Business Corporations Act of British Columbia. Sassy Resources will become a reporting issuer in the provinces of British Columbia and Alberta upon completion of the arrangement.
Highlights:
– Pursuant to the arrangement, shareholders of Crystal Lake on the Share Distribution Record Date (to be determined) will receive a total of 10 million common shares of Sassy Resources;
– The spinout will keep Crystal Lake strategically focused on its Newmont Lake Project in the prolific Eskay Camp while CLM shareholders as of the record date will get ownership in an attractive new entity aimed at unlocking the value of the Nicobat Project and the Foremore claims;
– Following Crystal Lake shareholder approval and regulatory approvals of the arrangement, Sassy Resources will apply for listing on the TSX Venture Exchange.
Richard Savage, President and CEO of Crystal Lake, commented: “Sassy will have a team and a brand that will excite investors and advance its projects in an efficient and bold way. We look forward to announcing the Sassy CEO in the very near future. Sassy also intends to complete a financing on its own before the completion of the arrangement for general working capital purposes including certain exploration initiatives.”
Nicobat and Foremore The Nocobat Project consists of the “Emerald Lake” assets, specifically the Iron Property, Farm Property, EL1 and EL5 Properties, and Properties #1, 2, 3, 4, 5, 7 and 8 and Property 6, located in Dobie, Kingsford, Mather, Potts and Tait townships, in the Dogpaw Lake and Heronry Lake areas of Emo, Ontario.
The Letter of Intent with Lorne Warren dated June 24, 2019, includes the Foremore claims covering 145.3 sq. km adjacent to the northern boundary of Crystal Lake’s Newmont Lake Project.
Required Approvals
The arrangement is subject to the approval of the Supreme Court of British Columbia, the approval by the Crystal Lake shareholders at an annual general and special meeting to be held on September 25, 2019 (the “Meeting”), and the approval by TSX Venture Exchange.
Details of the arrangement will be provided in a management information circular that will be mailed to all Crystal Lake shareholders prior to the September 25 Meeting. At the Meeting, shareholders will be asked to vote on a special resolution approving the arrangement, among other resolutions.
The arrangement will be posted on SEDAR under the profile of the Company.
Share Distribution Record Date
The Share Distribution Record Date will be determined by the board of directors of Crystal Lake and will be announced by way of a news release following required approvals. No outstanding warrants or options of Crystal Lake will be exchanged for the warrants or options of Sassy Resources.
About Crystal Lake Mining
Crystal Lake Mining is a Canadian-based junior exploration company focused on building shareholder value through high-grade discovery opportunities in British Columbia and Ontario. The Company has an option to earn a 100% interest in the large Newmont Lake Project in the broader Eskay region in the heart of Northwest B.C.’s Golden Triangle.
Comment by John - BMR — June 25, 2019 @ 6:14 am