1. Gold has traded between $1,533 and $1,548 so far today…as of 7:00 am Pacific, bullion is off $2 an ounce at $1,545…Silver continues to outpace Gold…it’s up 9 cents at $19.31 as it works its way toward the $20 level…base metals are modestly higher…Nickel has added 5 cents to $8.22…Copper is 4 cents higher at $2.58 while Zinc has rebounded 4 pennies to $1.04…Cobalt has jumped to $16.10, a 13% move as the supply picture tightens somewhat…Crude Oil has climbed $1.71 a barrel to $55.65 while the U.S. Dollar Index has fallen one-third of a point to 98.64…a report this morning showed that China’s services sector expanded at its fastest rate in 3 months in August, despite broader economic headwinds…the Caixin/Markit Services Purchasing Managers’ Index (PMI) came in at 52.1 in August – its highest reading since May…Brexit battle: U.K. lawmakers delivered a blow to Prime Minister Boris Johnson ’s Brexit strategy with a vote aimed at delaying the country’s exit from the European Union, prompting the British leader to call for a general election…in a vote yesterday in the House of Commons, lawmakers defied Mr. Johnson’s pleas not to tie his hands in negotiations with the EU and took the first move toward passing a law that would stop him from pushing through a split with the bloc at the end of next month…lawmakers voted 328 to 301 to make time this week for Parliament to debate a law – now highly likely to pass – that would require Johnson to ask the EU for Brexit to be delayed until the end of January 2020 if he doesn’t secure a deal with the bloc in October to manage Britain’s exit…British lawmakers have weakened their own Prime Minister’s negotiating position with the EU…
2. New York Federal Reserve President John Williams said in a speech today that sluggish inflation is one of the central bank’s most pressing issues, and he promised to use monetary policy to sustain economic growth in the United States…“Low inflation is indeed the problem of this era. The current outlook of moderate growth, low unemployment, but stubbornly low inflation is a reflection of the broader economic picture,” Williams said…“I am carefully monitoring this nuanced picture and remain vigilant to act as appropriate to support continuing growth, a strong labor market, and a sustained return to 2% inflation”…the influential Fed policymaker spoke just 2 weeks before the FOMC is expected to cut its benchmark interest rate during its September 17–18 meeting…the Fed has consistently been overestimating inflation for years now…of course a high dollar is deflationary and so are current Oil prices…
3. GoGold (GGD, TSX) has pushed higher in early trading after announcing that drilling at Los Ricos has intersected 17.1 m averaging 6.5 g/t AuEq in the Main zone (1.6 g/t Au and 364.2 g/t Ag)…meanwhile, the first core hole drilled on the San Juan target 400 m to the northwest cut 16.9 m grading 1.45 g/t AuEq made up of 0.54 g/t Au and 67.8 g/t Ag, including a 5-m interval of 1.5 g/t Au and 148 g/t Ag…between 1915 and 1918, the Cinco Minas Mining Company explored and developed the San Juan deposit on 2 levels with crosscuts and raises and described the vein and mineralization as the northern extension of the Los Ricos vein…“Our drilling program continues to show wide intervals of Gold-Silver mineralization remain on both sides of the stopes in the historical underground workings at the Main Area as shown in these new holes,” stated Brad Langille, President and CEO…“Furthermore, we are very encouraged that our first step-out drilling 400 m along strike to the northwest and our previously announced step-out drilling 1,500 m along strike to the southeast is greatly expanding the size of the Los Ricos target. We will continue to focus on the strike length expansion of the Los Ricos target and expect more results to come”…GGD is up 3 cents at 78 cents as of 7:00 am Pacific…
4. GT Gold (GTT, TSX-V) has come under mild pressure after releasing a fresh batch of assay results from its Saddle North Gold-Copper porphyry discovery…while all 11 drill holes intersected classic porphyry mineralization, expanding the system, only 1 of them over the longest interval from each hole had a grade better than 0.60% CuEq (a whopping 1,206 m grading 0.57 g/t Au and 0.26% Cu for 0.69% CuEq, including a Gold-rich 51 m @ 4.05 g/t Au and 0.30% Cu in TTD126)…results do support the expansion of the known higher-grade mineralization by approximately 100 m along strike to the southeast at depth, and by approximately 200 m along strike to the northwest near surface…the south-southwesterly-plunging, northerly-elongate higher-grade core zone now has approximate dimensions of 1,400–1,500 m(down-plunge), 250–300 m (thickness), and 400 m (strike)…it is contained within a well-mineralized northerly-trending and west-southwesterly dipping envelope of 600 or 700 m thickness, over 1,500 m down-dip, and over 700 m along strike…the system remains open in most directions, with highly prospective targets remaining at depth, to the west, and to the southeast…GTT has fallen 19 cents to $1.04 through the first 30 minutes of trading but has strong support at the $1 level which was previous resistance…
5. The Dow has jumped 180 points as of 7:00 am Pacific…tensions between the government and protestors in Hong Kong have eased, giving most global equity markets a lift today, after the withdrawal of a controversial bill…in Toronto, the TSX is 106 points higher while the Venture has backed off 2 points to 590…certain stocks, focused on high-grade opportunities, are showing impressive technical strength…Benchmark Metals (BNCH, TSX-V) is carrying out an aggressive drill program at its Lawyers Project in north-central B.C. and has pushed past key Fib. resistance at 40 cents…Discovery Metals (DSV, TSX-V), a Mexico-focused Silver play, has broken through 2 technical barriers (mid-to-upper 40’s and upper 50’s) in the last several sessions and enjoyed a record volume day yesterday, closing at 66 cents…Canada Cobalt (CCW, TSX-V), up a penny at 33 cents in early trading, has overcome a down channel from early this year while its EMA-50 has reversed to the upside…RSI(14) is showing its best momentum in a year in an overall technical pattern similar to what formed immediately ahead of 3 massive upside moves in the stock since early 2017…
6. Great Bear Resources (GBR, TSX-V) charged as high as $9.34 in early trading, a penny below nearest Fib. resistance on the long-term chart, following yesterday’s impressive mid-morning news regarding multiple new Gold discoveries along 3.2 km of strike length of the approximately 18-km-long LP Fault target at its 100%-owned Dixie Project in the Red Lake district…new high-grade Gold intercepts included 101.7 g/t over 1.50 m within 10.65 g/t over 17.25 m at the Auro zone, and 27.8 g/t over 2 m within 11.1 g/t over 7 m in the Yuma zone…wide intervals of disseminated Gold mineralization have been drilled, surrounding and adjacent to the high-grade intercepts, including 42 m of 5.3 g/t in the Auro zone, 22 m of 1.1 g/t in the Yuma zone and 40.8 m of 1 g/t in the Bear-Rimini Discovery zone…these wide Gold zones project to near-surface in all locations…Gold mineralization at the Yuma zone has been extended from near-surface to 480 m vertical depth and remains open to extension…reconnaissance drilling will include up to 1 km step-outs between drill sections, with more closely spaced follow-up drilling around any new Gold discoveries that may be made…fully financed with more than $18 million in cash, Great Bear plans to drill along approximately 18 km of the strike length of the LP Fault target between now and summer 2020…the LP Fault deformation zone is not typical of the Red Lake district and appears similar in character to other large Gold-hosting deformation zones in Archean greenstone belts…well-known Canadian examples include the Larder Lake Cadillac Break that extends through Kirkland Lake and Val d’Or, the Porcupine Destor Fault Zone of the Timmins Camp, the Detour Lake Fault Zone, the Pike Fault in the Meliadine camp of Nunavut and the Cochenour-Gullrock deformation zone of the Red Lake mine complex…
7. Aurora sells its TGOD shares: Aurora Cannabis (ACB, TSX) has disposed of its remaining 28.8 million shares, representing 10.5% of the issued and outstanding shares of The Green Organic Dutchman Holdings (TGOD, TSX) at a price of $3 per share for aggregate gross proceeds of $86.5 million…that’s less than one-third the value of the stock a year ago…the completion of the sale of TGOD shares represents an approximate 50% internal rate of return for the company…as a result of this transaction, Aurora no longer holds any shares of TGOD, but does continue to hold warrants to purchase 16.7 million shares…“Aurora has a broad portfolio of strategic investments that allow us to participate in opportunities throughout the cannabis sector, while providing the company with non-dilutive access to capital,” said Terry Booth, CEO of Aurora…“We evaluate our investment portfolio on a regular basis to make sure it continues to align with our investment strategy and corporate priorities. When we acquired Whistler Medical Marijuana Corporation, an iconic and premium organic cannabis producer, our interest in TGOD became less important to our core strategy. Our return on our TGOD investment is significant and will add non-dilutive capital and further enhance our strategy to remain a dominant force in the global cannabis industry”…
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Any impressions on CLM’s news release Jon?
Comment by Weatheritout80 — September 4, 2019 @ 4:35 pm
Part of an update tonight, Weatheritout, encouraging news…note my reply earlier today at 10:12 am…
Comment by Jon - BMR — September 4, 2019 @ 7:03 pm
Goldman raising their price for spot nickel….https://smallcaps.com.au/goldman-sachs-lifts-nickel-price-forecast-supply-woes-continue/
Comment by flyinthruu — September 4, 2019 @ 7:46 pm
They’re far too conservative.
Comment by Jon - BMR — September 4, 2019 @ 8:06 pm