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June 9, 2020

7 @ 7:00

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

1. Spot Gold has traded between $1,691 and $1,722 so far today…as of 7:00 am Pacific the yellow metal is up $21 an ounce at $1,720Gold ETFs recorded their 3rd straight day of outflows yesterday, the longest phase of outflows since mid-March…the Fed could strike a dovish/cautious tone tomorrow, following its 2-day meeting that starts this morning, despite Friday’s encouraging jobs report…this would provide continuing support to Gold, though investors have stopped pricing in the possibility that the Fed will adopt negative interest rates…Spot Silver is off a dime at $17.66…nearest support is in the $17.30’s…Palladium has slipped $76 to $1,886…Copper is steady at $2.56…Nickel has retreated 12 cents to $5.75 while Zinc is off a penny at 91 cents…Crude Oil is down slightly at $38.09 a barrel while the struggling U.S. Dollar Index, gripped in oversold conditions, is down another one-fifth of a point at 96.43U.S. retailers could announce between 20,000 and 25,000 closures in 2020, according to  tracking by Coresight Research, with 55% to 60% of those situated in America’s malls…that would also mark a new record, eclipsing last year’s total of more than 9,300 locations…in recent weeks, bankruptcy filings have begun to mount…Minneapolis’ first survey of property damage shows that nearly 1,000 commercial properties in the city were damaged during the recent riots, including 52 businesses that were completely destroyed and 30 other locations that sustained severe damage…owners and insurance experts estimate the costs of the damage could exceed half a billion dollars…that would make the Twin Cities riots the 2nd-costliest civil disturbance in U.S. history, trailing only those in Los Angeles in 1992, which were also sparked by racial tensions with police and had $1.4 billion in damages in today’s dollars…

2. If Canada’s Prime Minister and his friends in the World Health Organization (WHO) have no problem with the violation of physical distancing guidelines when it comes to left-wing protests attracting tens of thousands of people, the left should have no problem with President Trump resuming his trademark rallies, correct?…Trump will resume his rallies later this month, it has been announced, returning one of the President’s most potent weapons to his arsenal as the 2020 campaign season enters a pivotal stretch with major implications for the markets…“Americans are ready to get back to action and so is President Trump,” Trump campaign manager Brad Parscale told Fox News“The Great American Comeback is real and the rallies will be tremendous. You’ll again see the kind of crowds and enthusiasm that Sleepy Joe Biden can only dream of”…Jonah Goldberg wrote for the G-File,“We spent the last couple of months being hectored by public health experts and earnestly righteous media personalities who insisted that easing lockdown policies was immoral, that refusing to social distance or wear masks was nigh upon murderous. They even suggested that protests were somehow profane. But now that the George Floyd protests are serving as some kind of Great Awokening, many of the same are saying ‘never mind’ about all of that. Protests aren’t profane, they’re glorious and essential—if they agree with what you’re protesting about”

3. The spread of the Wuhan COVID-19 virus by people not showing symptoms “appears to be rare”, according to research collected by the World Health Organization“We have a number of reports from countries who are doing very detailed contact tracing – they are following asymptomatic cases, they are following contacts and they are not finding secondary transmission onward, it’s very rare,” stated WHO official Dr. Maria Van Kerkhove in a news briefing…“Much of that is not published in the literature. “We’re constantly looking at this data, and we’re trying to get more information from countries to truly answer this question. It still appears to be rare that an asymptomatic individual actually transmits onward”…meanwhile, more than 136,000 cases of COVID-19 were reported to WHO on Sunday, the most reported in a single day so far during the pandemic, prompting a stark warning that the outbreak is getting worse in some parts of the globe…nearly 75% of Sunday’s cases originated from 10 countries, mostly in the Americas and South Asia…countries in the African region are also beginning to see an increase in cases…

4. Marathon Gold (MOZ, TSX) has recommenced exploration activities at its Valentine Gold Project exploration camp in central Newfoundland…this follows the successful move to the COVID-19Alert Level 3” announced by the Newfoundland and Labrador Department of Health and Community Services yesterday…Marathon intends to recommence site activities in a staged approach, beginning with 1 drill rig and support functions and moving to 3 drill rigs over the coming weeks…enhanced safety protocols for site access as well as camp and field-based activities have been established, and camp facilities will be expanded to allow for dedicated accommodation for each employee supported by additional housekeeping staff…as of June 8, Newfoundland and Labrador have had a total of only 261 cases of COVD-192 active cases are currently reported in the province, with no new cases having been reported over the previous 11 day period…as of March 14, when the Valentine camp was closed, Marathon had completed approximately 9,500 m of drilling from a planned 2020 program of 44,000 m budgeted at $8.9 million…this included approximately 5,000 m in 24 drill holes out of a planned 32,000 m within the 6-km-long Sprite Corridor located between the Leprechaun and Marathon deposits…this corridor includes the promising new “Berry Zone” where winter drilling confirmed the presence of characteristic “Main Zone”-type Quartz-Tourmaline-Pyrite-Gold (“QTP-Au”) vein mineralization over multiple sections…

5. The Dow is taking a breather after a 6-day winning streak that produced a total gain of more than 2,000 points…the Dow is off 341 points as of 7:00 am Pacific…in Toronto, the TSX has slipped only 125 points, supported by rising Gold stocks…the Venture is flat at 565…interesting acquisition announced this morning – Artemis Gold (ARTG, TSX-V) has signed an asset purchase agreement with New Gold (NGD, TSX) to acquire the Blackwater Gold Project in central British Columbia (9.5 million ounces, Measured and Indicated)…Artemis will pay New Gold $190 million in cash comprising $140 million upon closing of the transaction and $50 million payable 12 months following closing…New Gold will also receive a Gold stream on ounces produced from Blackwater in addition to $20 million in Artemis shares…Artemis will be targeting improved economics and financing potential against the 2014 Feasibility Study based on extensive due diligence and a revised approach to developing the project…both stocks are up in early trading…major change at Auramex Resource (AUX, TSX-V)…Lawrence Roulston is stepping down as President and CEO but will remain on the board of a strong new team with connections to Scottie Gold (SCOT, TSX-V), another Stewart Camp play that commands a current market cap of nearly $30 million (vs. AUX’s pre-deal market cap of $3.7 million)…Auramex is bringing on new directors (including Scottie Gold CEO Brad Rourke) and management in a package of positive changes that also includes a proposed $4 million private placement, a strategic acquisition in the Stewart Camp (Independence and Silver Crown properties from a private company), a maiden drill program at the flagship Georgia River high-grade Gold deposit, and a share consolidation (1 for 5)…AUX remains halted…Bluestone Resources (BSR, TSX-V) has cut 21.6 g/t Au over 15 m (CB20420) and 10.7 g/t Au and 131 g/t Ag over 7 m (true widths) from infill drilling at its Cerro Blanco Gold Project…an ongoing 9,000-m drill program is focused on the South Zone of the deposit…3 drill rigs will continue drilling the South Zone from surface, and in the underground workings 2 additional rigs are expected to be added over the coming weeks…the drilling will build on the infill drill program completed in the North Zone of the deposit in 2019 which resulted in an updated resource estimate of 1.41 million ounces of Gold averaging 10.3 g/t in Measured and Indicated categories…KABN Systems, a technology play, has successfully completed its RTO of Torino Power (TPS, CSE) including a $2.2 million raise at 15 cents a share…Torino is expected to begin trading again as KABN tomorrow on the CSE…

6. Discovery Metals (DSV, TSX-V) has closed its $25 million financing at 55 cents per unit…the company has also announced that it has received approval from the Mexican government to resume operations at its Cordero Project with strict COVID-19 health and safety protocols…the company is finalizing additional measures, including mandatory testing of all onsite workers to ensure the safety of its employees, consultants, contractors and communities…the company will begin with 1 drill rig and will closely monitor the ramp-up of exploration activities…further drill rigs will only be added when the company is confident that health and safety risks can be managed effectively…Taj Singh, President and CEO of Discovery, commented, “With the closing of the financing we now have over $40 million of cash on our balance sheet, putting us in a strong position as we restart our exploration activities at Cordero. We look forward to safely resuming operations later this month and carrying on with the positive momentum we have generated from our excellent exploration results to date”

7. We’ll just have to learn to live with COVID-19 for the foreseeable future: Texas reported a record number of coronavirus hospitalizations yesterday – weeks after Gov. Greg Abbott took the lead among governors in easing physical distancing measures to help bring jobs back…there are currently 1,935 COVID-19 patients in hospitals across the state, topping the previous hospitalization record of 1,888 patients on May 5, according to new data from the Texas Department of State Health Services…Texas was among the first states to relax its statewide stay-at-home order, allowing it to expire April 30 and some businesses to resume operations May 1…COVID-19 has infected more than 75,400 people in Texas, according to data from Johns Hopkins University…the positivity rate for COVID-19 tests in Texas reached a low of 4.27% toward the end of May but has since jumped to 7.55%, according to the state’s health department…while hospitalizations are increasing, there are more than 1,600 open intensive-care beds and more than 5,800 ventilators available for critically ill patients…some infectious disease experts say hospitalization numbers could be a better way to track a state’s reopening performance since it’s more difficult to skew than testing data, which fluctuates depending on how many tests are being run and how accurate they may be…

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4 Comments

  1. So, do you approve of the reverse takeover of Torino? A one-for-ten rollback, and, it seems, a complete change of industry for the company. Reminds me of the late ’90’s, before the tech crash, when lots of forgotten gold companies declared themselves tech companies to try to get their share price up. Or, maybe, when weed was hot, how some loser juniors reinvented themselves as pot stocks. But, perhaps there is something I am missing here? Are they really dumping all that hot technology we bought the stock for?

    Comment by Tad — June 9, 2020 @ 5:39 pm

  2. Absolutely, Tad…this has been in the works for several months. Again, a company that needed to get going in a much better direction to deliver shareholder value. Starts trading tomorrow as KABN. I believe this will be an extremely successful deal, aided actually by general global developments the last few months. I met David Lucatch in Vancouver, he’s a very capable individual and extremely motivated to hit big on this. I averaged down my Torino position by taking more than 400,000 units in the PP. Excited how this could play out.

    Comment by Jon - BMR — June 9, 2020 @ 7:20 pm

  3. Thanks, Jon, for your take on Torino. I had 100,000 shares. Down to 10,000. Guess I’ll just let them ride.

    Comment by Tad — June 9, 2020 @ 9:10 pm

  4. Wow. A stong day for SONA!

    Comment by Bryan — June 10, 2020 @ 1:57 pm

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