Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,457 and $1,448 so far today…as of 7:00 am Pacific, the yellow metal is off $4 an ounce at $1,451…President Trump is scheduled to speak at noon ET (9:00 am Pacific) at the Economic Club of New York where he could give clues to the status of trade talks between the U.S. and China…his speech comes amid questions regarding plans to sign a “Phase 1” trade deal in the coming weeks…Gold is trying to stabilize at and just above $1,450 support after experiencing its worst week in nearly 3 years…the latest trade data from the Commodities Futures Trading Commission (CFTC) shows money managers still have a lot of bullish bets in Gold…the COT report for the week ending November 5 showed money managers increased their speculative gross long positions in Comex Gold futures by 2,503 contracts to 233,167…at the same time, short bets rose at a faster pace by 3,814 contracts at 35,920…Gold’s net-long positioning currently stands at 197,247 contracts, relatively unchanged from the previous week, but the data doesn’t cover the significant selling pressure seen at the end of last week as Gold prices dropped to a 3-month low…Silver is off 11 cents at $16.73 but oversold conditions have formed on the short-term chart…nearest support is in the $16.60’s…the bullish primary trend remains fully intact…Copper is steady at $2.65, trading at the bottom of a 2-month up channel…Nickel is 2 cents higher at $7.08 while Zinc and Cobalt are both steady at $1.14 and $16.10, respectively…Hong Kong police fired tear gas today in the Central financial district, over the harbour in Mong Kok and at universities to break up pro-democracy protests which they said were leading the city to the “brink of total breakdown”…the clashes came a day after police shot a protester at close range and a man was doused with petrol and set on fire (by so-called pro democracy protestors) in some of the worst violence in the Chinese-ruled city in decades…a flash mob of more than 1,000 protesters, many wearing office clothes and face masks, rallied in Central for a 2nd day during lunch hour, blocking roads below some of the city’s tallest skyscrapers and most expensive real estate…
2. The left in Canada has gone insane, and Canadians need to wake up to the damage that’s being done…common sense this morning from Terence Corcoran in The Financial Post: “As the political convulsions within Canada over Alberta’s fossil fuel future unfold, including divisive talk of separation and Wexit, one has to wonder what alternative planet Canadians inhabit. After an election filled with emergency calls to end fossil fuel use within a decade or two, the country that was built on natural resources is now being torn apart over whether to build a pipeline to carry a few driblets of Oil through the Trans Mountain pipeline to the West Coast. Driblets is the right word in the context of Planet Earth. Global Oil production may already exceed 100 million barrels a day. The additional volume of Oil to be delivered through the proposed TMX expansion line – about 600,000 barrels a day – is equivalent to 0.6% of global production. By way of comparison, imagine standing in front of a supermarket aisle of 2,000 cans of beer; proportionately, TMX would add 2 six-packs. While Planet Earth is cranking out more and more Oil and other fossil fuels, Planet Canada is off in another orbit, internally obsessed with carbon emissions as though it exists in complete isolation, as if the future of global energy and emissions somehow depended on what Canada does. No other region is engaging in serious internal battles to curtail production of fossil fuels. In fact, on Planet Earth the opposite trends prevail”…
3. Saudi Arabia’s middle class is preparing to invest billions of dollars in Aramco shares, as ownership of the kingdom’s prized asset – the world’s Oil giant and most profitable company – transfers to the populace for the first time…fueled by a mix of national pride and fear of missing out, Saudi citizens are getting ready to shell out to be part of Aramco’s IPO which promises to be the largest ever…a bombardment of marketing around the long-awaited sale is aimed directly at them…Saudi banks are offering customers loans to buy Aramco stock while billboards and ATMs across the kingdom advertise the IPO and state-controlled newspapers are urging citizens to invest…Saudi Arabian Oil Co., known as Aramco, plans to offer 0.5% of the company to retail customers, at least a quarter of the share sale, and the company promises to give a bonus share for every 10 shares to individuals who hold their listing allocation for at least 180 days..depending on the size and valuation, the listing on Saudi Arabia’s Tadawul exchange could raise up to $50 billion from investors…
4. The Dow is up 49 points through the first 30 minutes of trading…the Dow and S&P 500 have both climbed by more than 3% over the past month while the NASDAQ has risen 5.4% during that time as record highs continue…in Toronto, the TSX is up 35 points while the Venture has added 1 point to 536…Vulcan Minerals (VUL, TSX-V) jumped 10-fold early yesterday, from 2 cents to 21 cents, on a bullish CBC News report about the company’s salt project on the east coast…the move was on less than 2 million shares as the stock was quickly halted, pending company contact…VUL has come back down to Earth this morning…Probe Metals (PRB, TSX-V) has arranged a $10 million bought deal flow-through private placement at $1.80 per share…Sprott Capital Partners LP and Canaccord Genuity will act as co-lead underwriters (the PP includes a half warrant exercisable at $1.30 for 2 years)…gross proceeds from the offering will be used to finance exploration at Probe’s advanced-stage Val d’Or East Project…also in Northwest Quebec, Amex Exploration (AMX, TSX-V) has announced it’ll be carrying out an additional 100,000 m of drilling at its Perron near Rouyn-Noranda through 2020…27,500 m has been drilled to date with 12,500 m remaining to year-end, followed by another ~90,000 m next year…drilling has focused on the 3 distinct high-grade Gold zones discovered in 2019, namely the Eastern Gold zone (EGZ), the Gratien and Upper Gratien zones, and the Grey Cat zone…multiple prospective areas elsewhere have yet to be tested…Cronos Group (CRON, TSX; NASDAQ) fell short of quarterly revenue estimates today as the Canadian cannabis producer’s revenue per gram of cannabis sold fell in a market suffering from surplus supply…meanwhile, total operating expenses rose nearly 5-fold to $34.8 million, driven by a surge in general and administrative expenses…
5. Drilling has commenced at Pure Nickel’s (NIC, TSX-V) Neal Gold Project located nearly 30 km southeast of Boise, Idaho…the program consists of approximately 1,000 m of reverse circulation drilling and is designed to target un-mined quartz-Gold vein structures downdip and on strike of known historic mines and mineralized structures…results from this initial exploration program will form the basis for a larger spring dual reverse circulation and diamond drilling program…the company acquired the operating and 51% controlling interest in Neal Development LP earlier this year from Eric Sprott…the Neal LP holds a lease to operate the Neal Gold Project…pursuant to terms of the acquisition, the company issued Sprott 10.2 million shares of Pure Nickel, making him a significant strategic shareholder who currently holds 11.8% of the issued and outstanding shares of the company…Pure Nickel has an option to earn in an additional 27% interest in the Neal LP…upon completion of the earn-in option, ownership interest in the Neal LP will be 78% Pure Nickel, 20% Sprott and 2% minority party…the stock is trading at a nickel with nearly 90 million shares outstanding…
6. RBC is exploring building a cryptocurrency trading platform for investments, as well as in-store and online purchases, according to a Financial Post report this morning…the trading platform would facilitate the buying and selling of individual digital coins, including Bitcoin and Ether, as well as the transfer of funds combining different types of cryptocurrencies…the bank is also looking into letting customers open bank accounts containing cryptocurrency…RBC would be the first Canadian bank to launch a cryptocurrency exchange or offer its customers crypto accounts…
7. A majority of the most wealthy investors around the world are bracing for a big sell-off next year, according to a UBS survey…55% of more than 3,400 high net worth investors surveyed by UBS expect a significant drop in the markets at some point in 2020…amid intensifying geopolitical risks, the super-rich have increased their cash holding to 25% of their average assets, the survey showed…“Investors see reasons to be cautious in the new year,” said UBS Global Wealth Management’s client strategy office in a note today…“Two in three global investors believe markets now are driven more by geopolitical events than business fundamentals such as profitability, revenue and growth potential”…the ultra-wealthy’s top geopolitical concerns include U.S.-China trade tensions and the 2020 U.S. elections…
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
Jon what is the hold up for CCW to close their PP? Seems Frank never comes through when he sets a timeframe
Comment by Don — November 12, 2019 @ 11:32 am
Frank more than came thru, Don. This has turned out to be an over-over-subscribed PP, exceeding what he had originally laid out. I am one of the participants and I know the mechanics of the closing are wrapping up today/tomorrow. Back offices were closed yesterday for Remembrance Day which delayed things slightly. They said “on or about the 8th”…a few new entrants at last minute as well, I’m sure…all’s good, and they’re going to rock…
Comment by Jon - BMR — November 12, 2019 @ 1:23 pm
What is the latest on ggi I have been an investor since the very early years (.18).. have sold and reentered many times..are the last results indicate that they missed the magma highway or are the odds that they know exactly what they are doing and will entice the majors to buy in…what does extending the warrants mean as far as ggi predicting their future.
Comment by Wade — November 12, 2019 @ 7:19 pm
GALWAY METALS INTERSECTS 20.7 G/T AU OVER 9.5M PLUS 14.2 G/T AU OVER 7.5M IN ONE HOLE,
AND 5.5 G/T AU OVER 16.7M IN ANOTHER, EXTENDING CLARENCE STREAM RICHARD ZONE
Galway Metals Inc. has released assay results from drilling at the recent Richard zone discovery, the Jubilee zone and some exploratory Wildcat holes. The Richard Zone was first reported in January, 2019, and lies midway between the Jubilee Zone and the Company’s first discovery, the George Murphy Zone (initially reported in December, 2017). It is thought that all 3 zones (the George Murphy, Richard and Jubilee), which cover 2.5 km of strike length, are part of the same system. None of these zones are in the resource. (Figure 1)
Robert Hinchcliffe, president and chief executive officer of Galway Metals, said: “The Richard zone discovery hole returned 7.3 grams per tonne gold over 36.7 metres, including 38.1 g/t Au over 6.5 m, and the latest drilling has returned high grades over multiple wide zones. Galway Metals will continue to drill our new discoveries in order to maximize the resource that will be undertaken in early 2020. The new intersections represent step-outs of 54 m to 91 m to the west at Richard. Galway Metals believes that Clarence Stream is an emerging new gold district in Eastern Canada.”
Richard zone highlights:
– 19BL-72: 20.7 g/t Au over 9.5 m (including 92.0 g/t Au over 0.75 m, 51.9 g/t Au over 0.9 m and 23.5 g/t Au over 1.1 m) plus 14.2 g/t Au over 7.5 m (including 63.6 g/t Au over 0.8 m, 49.1 g/t Au over 0.5 m and 17.5 g/t Au over 0.75 m) starting at vertical depths of 185 m and 151 m below surface;
– 19BL-69: 5.5 g/t Au over 16.7 m (including 50.7 g/t Au over 0.5 m, 9.5 g/t Au over 0.5 m, 8.4 g/t Au over 0.6 m, 32.4 g/t Au over 0.5 m, 43.2 g/t Au over 0.6 m and 11.7 g/t Au over 0.6 m) starting at a vertical depth of 142 m below surface.
The Richard zone continues to return high grade gold over significant widths
At the new Richard Zone discovery, RUSH assays have been returned for parts of two drill holes that have Visible Gold in multiple spots. Hole 72 intersected 20.7 g/t Au over 9.5m (including 92.0 g/t Au over 0.75m, 51.9 g/t Au over 0.9m and 23.5 g/t Au over 1.1m) plus 14.2 g/t Au over 7.5m (including 63.6 g/t Au over 0.8m, 49.1 g/t Au over 0.5m, and 17.5 g/t Au over 0.75m) (Figure 2). The 20.7/9.5m and 14.2/7.5m are thought to be the same zone as the 1.5/16.0m intersection from hole 30 (previously reported) and is located 91m and 66m west of it respectively. The two intersections are separated by 25.7m of 0.32 g/t.
Hole 69 intersected 5.5 g/t Au over 16.7m (including 50.7 g/t Au over 0.5m, 9.5 g/t Au over 0.5m, 8.4 g/t Au over 0.6m, 32.4 g/t Au over 0.5, 43.2 g/t Au over 0.6m, and 11.7 g/t Au over 0.6m.) The 5.5/16.7m is thought to be the same zone as the 1.5/16.0m intersection from hole 30 (previously reported) and is located 54m west of it. The intersections in holes 72 and 69 are 181m, 153m, and 140m respectively from the discovery hole intersection.
The discovery hole, BL18-12, returned 7.3 g/t Au over 36.7m, including 38.1 g/t Au over 6.5m (previously released) in multiple quartz veins containing abundant visible gold, starting only 51 metres downhole and 36 metres vertical. Follow-up drilling in hole BL19-15 intersected 5.4 g/t Au over 11.0m, including 20.9 g/t Au over 2.55m (previously released), plus 1.4 g/t Au over 9.0m, and plus 1.5 g/t Au over 7.5m. The original drilling consisted of 1,222m in 4 holes. Drilling was stopped early 2019 due to the rapid snow melt and subsequent flooding in New Brunswick. Since resumption of drilling in early June, 2,438m in 12 holes have been drilled (all are pending assays, including non-RUSH assays from the holes reported herein), with multiple gold-bearing structures intersected in multiple drill holes (Figure 2).
With the interpretation of the horizontal trend (strike) for the Richard Zone as being identical to the NE trends of the Jubilee and George Murphy Zones (generally following the granite contact to the NW that might be the source of the gold-bearing fluids), and dipping south, the new intersections appear to line up with the middle of 3 vein zones at Richard.
Jubilee zone highlights:
– BL19-48: 2.2 g/t Au over 2.2 m (1.4 m true width (TW)), plus 0.9 g/t Au over 4.5 m (3.0 m TW), plus 1.9 g/t Au over 2.4 m (1.6 m TW) starting at vertical depths of 79 m, 128 m and 166 m below surface;
– BL19-46: 0.7 g/t Au over 10.45 m (10.3 m TW) (including 3.3 g/t Au over 1.3 m), plus (previously reported) 0.5 g/t Au over 11.95 m (11.95 m TW) (including 1.7 g/t Au over 0.5 m), plus several narrow low-grade zones, starting at vertical depths of 75 m and 43 m below surface;
– BL19-47: 1.0 g/t Au over 5.3 m (3.5 m TW) (including 5.6 g/t Au over 0.6 m), plus 0.7 g/t Au over 5.0 m (3.4 m TW), plus 3.5 g/t Au over 0.7 m (0.5 m TW), plus 0.5 g/t Au over 4.8 m (3.2 m TW), plus 4.1 g/t Au over 0.5 m (0.3 m TW), starting at vertical depths of 122 m, 99 m, 173 m, 182 m and 158 m below surface.
Jubilee Zone has wide, near-surface intersects
At Jubilee, Galway continues to add gold mineralization to the deposit. Pending assays were received from hole 46 since the last press release. Multiple intersections have been received from holes 47 and 48.
Hole 46 contains 5 intersections, with the best being 0.7 g/t Au over 10.45m (10.3m TW) (including 3.3 g/t Au over 1.3m), plus (previously reported) 0.5 g/t Au over 11.95m (11.95m TW) (including 1.7 g/t Au over 0.5m). These are located 81-92 m from the 1.9 g/t Au over 43.3 m (35.7m TW), including 21.2 g/t Au over 2.35m in hole BL19-21 (previously released).
Hole 47 contains 9 intersections, with the best being 1.0 g/t Au over 5.3m (3.5m TW) (including 5.6 g/t Au over 0.6m), plus 0.7 g/t Au over 5.0m (3.4m TW), plus 3.5 g/t Au over 0.7m (0.5m TW), plus 0.5 g/t Au over 4.8m (3.2m TW), plus 4.1 g/t Au over 0.5m (0.3m TW). These are located 42-82m from the 1.9 g/t Au over 43.3 m.
Hole 48 contains 4 intersections, with the best being 2.2 g/t Au over 2.2m (1.4m TW), plus 0.9 g/t Au over 4.5m (3.0m TW), plus 1.9 g/t Au over 2.4m (1.6m TW). These are located 69-85m down-dip and east from the 1.9 g/t Au over 43.3 m.
Other intersections of note in the west end of Jubilee (previously released) include 1.2 g/t Au over 20.5m (19.3m TW) in hole 19-20A, and 2.3 g/t Au over 10.0m (8.0m TW) (including 32.9 g/t Au over 0.5m), plus 1.2 g/t Au over 16.4m (13.2m TW) in hole 19-43. Jubilee was also extended to the NE by 175 metres previously with an intersection of 2.1 g/t Au over 7.0m (6.9m TW) in hole BL19-17 such that a resource on Jubilee would extend approximately 465 metres (365m between intersections). Since resumption of drilling in mid July, 2,765 m in 11 holes have been drilled in Jubilee on the west side (most pending all assays). To the east, wildcat drilling for Jubilee is 1,740m in 6 holes to date.
The Jubilee Zone horizons appear to trend northeast, parallel to the granite intrusive located to the northwest. True widths for all drill holes to date at Jubilee have now been calculated, based on an interpreted horizontal trend (strike) of 50degree and south dips of -52degree. The George Murphy Zone, located 2 km northeast of Jubilee, is interpreted to have a similar horizontal trend (strike) but is steeper dipping. The newly-discovered Richard Zone is half way between. (Figure 1 and Figure 3).
Wildcat drilling highlights:
SW19-01: 0.4 g/t Au over 1.0 m (unknown TW), starting at a vertical depth of 138 m below surface;
SW19-03: 1.8 g/t Au over 1.0 m (unknown TW), starting at a vertical depth of 19 m below surface;
SW19-05: 0.6 g/t Au over 0.75 m (unknown TW), starting at a vertical depth of 277 m below surface.
Wildcat Drilling intersected what appears to be extensions of the South Zone
Wildcat drilling was undertaken using the newly ordered third drill in two locations west of the resources from the South Zone. The two locations are 4.8 km and 1.5 km to the west and are interpreted to be extensions of the South Zone. The target at 4.8 km away trends parallel to high soil anomalies of greater than 300 ppb Au, and is located where boulders returned up to 56.2 g/t Au with visible gold. The target at 1.5 km away features soil, till, and geophysical anomalies and where a boulder was found that returned 35.5 g/t Au (Figure 3).
Three zones of mineralization were returned from the first hole (BL19-44)- two with significant widths of 20-40% quartz veining (18 and 22m) and 2% arsenopyrite, plus 5% pyrite, plus 5% pyrrhotite, and one zone being a mineralized gabbro dyke (similar to the South Zone) that returned up to 0.5 g/t Au over 1.15m. The third and northern-most structure appears to be the down-dip extension of the Jubilee Zone, while the southern two structures are on-strike with the South Zone. Assays are pending from other holes. A previous drill hole (GWM17CL-09) located midway between this hole and the South Zone (2.4 km from each) had intersected a similar 14.15m wide mineralized structure consisting of 10-20% quartz veining with up to 0.4 g/t Au over 0.65m. The drilling 1.5 km west of the South Zone also intersected quartz veining and altered gabbros. The best assay returned to date is 1.8 g/t over 1.0m in an altered gabbro. A strongly mineralized arsenopyrite-bearing quartz vein in hole SW-05 returned 0.6 g/t over 0.75m.
New Brunswick Junior Mining Assistance Program
Galway would like to acknowledge financial support from the New Brunswick Junior Mining Assistance Program, which partially funded drilling of the GMZ, Jubilee, and Richard Zones.
Geology and Mineralization
The recent discovery of the Richard Zone in hole 12 contains elevated levels of bismuth, arsenopyrite, and antimony, with tungsten in the vicinity. This is similar to other Clarence Stream deposits, which can be characterized as intrusion-related quartz-vein hosted gold deposits. Richard Zone contains multiple zones of quartz veining with sulfides and sericite alteration. In general, mineralization at Clarence Stream consists of 10-70% quartz stockworks and veins with 1-5% fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite altered sediments. A more complete description of Clarence Stream’s geology and mineralization can be found at http://www.galwaymetalsinc.com.
Review by Qualified Person, Quality Control and Reports
Michael Sutton, P.Geo., Director and VP of Exploration for Galway Metals, is the Qualified Person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals Inc. All core, chip/boulder samples, and soil samples are assayed by Activation Laboratories, 41 Bittern Street, Ancaster, Ontario, Canada, who have ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by Fire Assay, with gravimetric finish, and other elements assayed using ICP. The Company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately five percent (5%) of the pulps and rejects are sent for check assaying at a second lab with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99%.
About the Company
Galway Metals is well capitalized with two gold projects in Canada, Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former producing, high-grade VMS mine in Quebec. The Company began trading on January 4, 2013, after the successful spinout to existing shareholders from Galway Resources following the completion of the US$340 million sale of that company. With substantially the same management team and Board of Directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.
Comment by Jon - BMR — November 13, 2019 @ 8:19 pm