Visit the BMR comments section throughout the day for updates and helpful information.
1. Gold has traded between $1,219 and $1,229 so far today…as of 7:00 am Pacific, bullion is off $5 an ounce at $1,224 thanks to pressure from a U.S. dollar that hit 2-and-a-half month highs this morning vs. a basket of other major currencies…Bloomberg reported yesterday that Washington is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between President Trump and Chinese President Xi Jinping fail to ease trade tensions…however, that report was tempered by a Trump interview with Fox News last night when the President said he believes the U.S. will make a “great” trade deal with China…those comments have also given equity markets a boost today…Silver is up 4 pennies at $14.46…Copper has retreated 4 cents to $2.77…Nickel is up slightly at $5.31 while Zinc is off a penny at $1.19…Crude Oil remains under pressure, down $1.31 a barrel to $65.73, while the U.S. Dollar Index is off its highs of the day but still in the green at 96.75…the Conference Board said its consumer confidence index rose to a print of 137.9 this month, driven primarily by a hot labor market and expectations that economic growth will remain solid in the near-term…the reading is the highest level since September 2000…economists polled by Reuters had expected the index to slip to 136…..
2. The International Energy Agency (IEA) said this morning that “high” Oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity, though it’s hard to imagine how current Oil prices can be considered “high”… “There are two downward pressures on global Oil demand growth. One is high Oil prices, and in many countries they’re directly related to consumer prices. The second one is global economic growth momentum slowing down,” IEA chief Fatih Birol told an energy conference in Singapore…consultancy JBC Energy said the current Oil price weakness has “probably been driven by the wider negative market sentiment amid speculation about additional U.S. tariffs on Chinese imports, should upcoming talks fail to produce the desired results”…Oil is also under pressure from rising output by the world’s biggest producers – Russia, the United States and Saudi Arabia – which is helping to replenish global Oil inventories after more than a year of stock draws…Oil production from these Big Three reached 33 million barrels per day (bpd) for the first time in September, according to the latest data…that’s an increase of 10 million bpd since the start of the decade and means these 3 producers alone now meet a third of global Crude demand…the U.S. is set to impose new sanctions on Iranian Crude from next week and exports from the Islamic Republic have have already started to fall significantly…however, Saudi Arabia and Russia have said they will pump enough to meet demand once U.S. sanctions are imposed…
3. Marathon Gold (MOZ, TSX) has released an updated independent Preliminary Economic Assessment (PEA) on its 100%-owned Valentine Lake Gold Project in Newfoundland…the numbers feature an after-tax NPV(5) of $493 million (U.S.), an after-tax IRR of 30% and a capital payback period of 2.5 years (assuming a $1,250 Gold price)…the new PEA optimizes the development of the Valentine Lake resource by open-pit mining and Gold recovery by a combination of a milling circuit and heap leaching, incorporating gravity and flotation circuits with leaching of the concentrate and tails…the study is based on an initial 12-year mine life and average annual production of 225,000 ounces at an All-In-Sustaining Cost of $666 (U.S.) per ounce…the updated study has benefited from 20,000 m of additional drilling since February 2018, 9,000 metallic screen assays on historical drill core since the last PEA resource, and an internal review of the project…MOZ is off a penny at 75 cents as of 7:00 am Pacific, well off its multi-year high of $1.28 last year and within a dime of its rising 1,000-day moving average…
4. The Dow is up 239 points as of 7:00 am Pacific…we’ll see if it can hold those gains…yesterday the index experienced a 918-point swing after a triple digit gain at the open…in Toronto, the TSX is up 97 points while the Venture is off a point at 629…pot stocks have accounted for more than a third of the 11% decline in the Venture so far this quarter, with cannabis companies making up 10 of the 15 biggest contributors to the benchmark’s downside through yesterday…marijuana stocks are trying to rebound today after a rout that intensified last week…Aphria (ACB, TSX) announced this morning that its common shares have been approved for listing on the New York Stock Exchange and will commence trading effective at the open this Friday…Pascal Biosciences (PAS, TSX-V) announced this morning that it has entered into an exclusive license agreement with the University of Washington in Seattle to develop a cannabinoid-based product for the treatment of glioblastoma multiform and brain metastases…the program, developed in the lab of renowned cannabis researcher Dr. Nephi Stella, founder and co-director of the UW Center for Cannabis Research, includes a lead therapeutic, ST-403…Pascal plans to begin human clinical studies of ST-403 in 2019…former high flier Pure Energy (PE, TSX-V) announced this morning that’s restructuring is management, under which the board of directors is assuming day-to-day leadership of the company for a period of time…Patrick Highsmith and Paul Zink have tendered their resignations from the company as CEO and CFO, respectively, effective tomorrow which of course coincides with Halloween…another scary thought is that the company needs to raise cash quickly in order to make option payments on its flagship Clayton Valley Property or risk being put into default by the optionors…another mismanaged Venture company…
5. Big deposit under the ice: The first 2 holes completed in this summer’s drilling on the Iron Cap deposit at Seabridge Gold’s (SEA, TSX) 100%-owned KSM Project in the Eskay Camp have intersected some exceptional widths of Gold and Copper mineralization with grades exceeding the KSM resource average, including 583 m grading 0.59 g/t Au and 0.41% Cu in IC-18–75…results from another 12 holes are expected in the next several weeks…this year’s principal exploration objectives were to test the down plunge projection of the high-grade core zone of the Iron Cap deposit to the west of the current resource and evaluate the relative positioning between Iron Cap and the currently planned alignment of the Mitchell-Treaty Tunnel (MTT)…due to its proximity to the MTT and its higher grade, Iron Cap could potentially improve KSM’s economics by mining it before the Kerr deposit…the 2018 program successfully tested the down plunge projection of the Iron Cap core zone, assessed the distribution of post-mineral intrusions on the south end of the Iron Cap deposit and obtained data for the re-alignment of the proposed MTT to avoid conflicts with mining operations…Rudi Fronk, Seabridge Chairman and CEO, commented: “Site conditions were challenging for this program, but we have still been able to realize the progress we anticipated. Our expectation is to extend and improve our resource model for Iron Cap, which is on course to becoming one of the best deposits in the KSM complex. A new resource estimate should be completed in the first quarter of the new year”…
6. Distribution issues that have plagued the cannabis industry in the first 12 days of legalization are threatening to significantly impact the financial performance of major licensed producers, predicts GMP Securities analyst Martin Landry…“The extremely limited distribution network in many provinces, fulfillment challenges in Ontario, inventory shortage in Quebec and LPs coping with limited availability of excise stamps may take several months to be resolved,” Landry wrote in a Monday morning note…“It becomes increasingly clear that recreational cannabis sales in 2018 will be much lower than previously expected”…Canopy Growth (WEED, TSX), which tumbled 21% last week and is down in 9 out of the last 10 sessions, opened at $42 this morning, slightly above strong support at its rising 200-day SMA, before starting to rebound…
7. November rally?…the investors who helped pull the market down during the October plunge could be the same ones who fuel a rally into the end of the year, according to J.P. Morgan Chase strategist Marko Kolanovic…with markets hovering around technical correction levels, Kolanovic notes that hedge funds went from their record high long positions in September to the highest level of bets against the market since 2015 in October…managers who rebalance their portfolios monthly are at their shortest levels since February 2009, just before a market bottom that led to the longest bull run in history…with that much money going against a market that still has a solid fundamental underpinning, a “short squeeze” could be just the thing that allows equities to undo the damage from this month…
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New GGI core photos out on website!
Comment by Foz1971 — October 30, 2018 @ 10:50 am
Few new pics out on ggi.
Comment by Laddy — October 30, 2018 @ 10:57 am
Jon, do you think if a “deal” gets made, the markets will get back to where they were right before these tariffs started happening?
Comment by flyinthruu — October 30, 2018 @ 11:38 am
Wonder if GGI and GTT are still drilling? Who will be the first to have to quit? Seems GTT is at a lower elevation so they may be able to continue a little longer.
Comment by Dan1 — October 30, 2018 @ 12:07 pm
Even though GGI is higher up, Dan1, I would say the advantage goes to them in terms of being able to keep drilling…the experience they went thru last year prepared them a lot for winter mountaintop conditions in 2018…
Comment by Jon - BMR — October 30, 2018 @ 12:11 pm
Facebook Q3 announcement and conference call will help set the tone for NASDAQ in about an hour.
With FB already down from $220 to $140 you’d think they’ll find a way to generate some sort of relief rally, at least temporarily.
Comment by Daniel — October 30, 2018 @ 12:23 pm
Thanks Jon. Little pullback in GTT today. They will need really good results the next holes to ensure the sp stays up during the winter months.
Comment by Dan1 — October 30, 2018 @ 12:24 pm
PAS sells off on news… Hopefully, a bounce back tomorrow. Just can’t catch a break in this crazy market.
Comment by adrobyshev — October 30, 2018 @ 2:13 pm
That news wasn’t a barn burner tho
Comment by flyinthruu — October 30, 2018 @ 2:26 pm
The market can remain irrational longer than you can remain solvent – John Maynard Keynes
Comment by DavidW — October 30, 2018 @ 2:51 pm
Westhaven Ventures Inc. has been halted at 5:12 a.m. PT on Oct. 31, 2018, at the company’s request, pending news.
Comment by Jon - BMR — October 31, 2018 @ 5:20 am
Happy Halloween, last day of the last half of October and about 7 days since ccw NR,hmmmm could be an interesting double whammy!
Comment by Gregory — October 31, 2018 @ 5:59 am
Let’s hope it’s this week Gregory!
Comment by flyinthruu — October 31, 2018 @ 6:18 am
Could be an exciting week. Fingers crossed for good news on WHN and of course CCW and GGI expecting news this week.
Comment by Dan1 — October 31, 2018 @ 6:26 am
VANCOUVER, British Columbia, Oct. 31, 2018 (GLOBE NEWSWIRE) — Westhaven Ventures Inc. (TSX-V:WHN) is pleased to report further drill results from its recently completed drill campaign at its 15,542 hectare Shovelnose gold property, located within the prospective Spences Bridge Gold Belt (SBGB), which borders the Coquihalla Highway 30 kilometres south of Merritt, British Columbia.
Highlights:
Drill hole SN18-15 returned 46.20 metres (m) of 8.95 g/t gold (Au) and 65.47 g/t silver (Ag), including 5.00m of 14.70 g/t Au and 215.00 g/t Ag.
SN18-15 is 100 metres southeast of hole SN18-14 which returned 17.77 m’s of 24.50 g/t Au and 107.92 g/t Ag.
The strike length of the South Zone is 700 metres and is open to the east and southeast.
Fully financed drill program to commence in early November.
Drilling to date is limited so true widths cannot be definitively determined. However, based on the strike of the vein zone with a steep dip to the west, true widths are estimated to be about 80-90% of reported interval lengths.
Gareth Thomas, President & CEO of Westhaven stated, “Drilling at the South Zone continues to intercept broad, high-grade gold intervals. Drill hole SN18-15 was drilled 100 metres to the southeast of hole SN18-14 and 360 metres to the southeast of SN18-12. It provides additional evidence to support management’s belief that we are dealing with a sizable gold system. We are preparing to initiate a fully financed follow-up drill program to begin in early November. The Shovelnose gold property benefits from its proximity to infrastructure and can be worked year-round.” Peter Fischl, P.Geo., Exploration Manager, states, “Hole SN18-15 indicates that the mineralized horizon, centered at about 1200m elevation, continues southeast into a stronger dilational environment, resulting in broader mineralized veins. Follow-up drilling will continue stepping out to the southeast to test this trend of widening veins.”
Shovelnose Gold Property Overview
There is evidence of a significant mineralized alteration system within the property. Recent drilling intersected 17.77 metres of 24.50 g/t Au, including 6.78 metres of 50.76 g/t Au. For further information on the Shovelnose Gold Property, please visit: http://westhavenventures.com/projects/shovelnose-gold/details/
The Spences Bridge Gold Belt (SBGB)
Westhaven owns a 100%-interest in 4 properties covering over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. It is close to major transportation routes and infrastructure allowing for cost-effective exploration. The SBGB is a 110-kilometre northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge Group. Sable Resources and Westhaven have a combined control of 86% of the SBGB (225,000ha). Any ground staked by Sable within 5-kilometre of Westhaven’s existing projects will be subject to a 2.5% NSR. In addition, Westhaven has a 30 day Right of First Refusal (ROFR) for a three-year period for any properties for any properties outside of the 5km area of interest.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
“Gareth Thomas”
Gareth Thomas, President, CEO & Director
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Prospect Valley, Skoonka and Skoonka North gold projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at http://www.westhavenventures.com
Qualified Person Statement
Peter Fischl, P.Geo., who is a Qualified Person within the context of National Instrument 43-101, has read and takes responsibility for this release.
QA/QC
Core samples were prepared using the PREP-31 package in ALS’s Kamloops facility each core sample is crushed to better than 70 % passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of 250 g is taken and pulverized to better than 85 % passing a 75 micron (Tyler 200 mesh, US Std. No. 200) screen. 0.75g of this pulverized split is digested by Four Acid and analyzed via ICP-MS (method code ME-MS61m (+Hg)), which reports a 49-element suite of elements. All samples are analyzed by Fire Assay with an AES finish, method code Au-ICP21 (30g sample size). Additional Au screening is performed using ALS’s Au-SCR24 method, select samples are dry screened to 100 micron. A duplicate 50g fire assay is conducted on the undersized fraction as well as an assay on the entire oversize fraction. Total Au content, individual assays and weight fractions are reported. All analytical and assay procedures are conducted in ALS’s North Vancouver facility. A QA/QC program included laboratory and field standards inserted every 25 samples. At least one field blank is inserted in every batch of 25 samples, with additional blanks inserted following samples with visible gold.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/cddfa02f-195e-4297-b2b3-136264814c97
Comment by goose90 — October 31, 2018 @ 7:29 am
WHN is doing a masterful job with marketing, communication, etc. I hope other companies are paying attention…
Comment by flyinthruu — October 31, 2018 @ 7:42 am
WHN – That’s one heck of a drill hole!
Comment by Dan1 — October 31, 2018 @ 8:48 am
Great hole for WHN again, Dan1, and keep in mind too that SAE holds 2,000 sq. km of the belt (plus other good things happening)…
All we need now is more high-grade from GGI and some eye-popping first numbers from CCW…confident!…
Comment by Jon - BMR — October 31, 2018 @ 8:59 am
And in the meantime, the manipulation continues on ggi, kudos to all for not falling for it, volume shows us that.
Comment by Laddy — October 31, 2018 @ 9:06 am
Thanks to all who offered insight in to the manipulation on GGI …. greatly appreciated ….still hanging on!
Comment by ciara — October 31, 2018 @ 9:32 am
MTS up nicely today.
Comment by Bryan — October 31, 2018 @ 10:14 am
Jon, any thoughts on PAS after yesterday’s news release. sp was creeping up nicely until yesterday and today! I continue to hold a sizeable position in it.
Comment by Bryan — October 31, 2018 @ 10:25 am
It’s a long-term hold with good things developing, Bryan…
Comment by Jon - BMR — October 31, 2018 @ 10:46 am
Just out…this is going to heat things up for IMR…clearest sign yet that drilling is imminent…
IMETAL RESOURCES INC. CLOSES $676,000 PRIVATE PLACEMENT
iMetal Resources Inc. has closed a non-brokered hard-dollar private placement with strategic investors for gross proceeds of $676,000, subject to TSX Venture Exchange approval.
The company will issue 8.45 million units at a price of eight cents per unit. Each unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share, exercisable at a price of 10 cents per share for a period of 24 months from the date of issue.
All securities issued under the private placement are subject to a mandatory hold period of four months plus one day following the closing of the private placement.
The proceeds of this private placement will be used for working capital and property development.
iMetal has recently ramped up exploration at its flagship 105 square-kilometre Gowganda West project, with more results from channel sampling of high-grade gold areas expected shortly in advance of coming first-ever drilling.
Comment by Jon - BMR — October 31, 2018 @ 10:47 am
If Frank hasn’t told warrants holders to chill out and let price run, I might throw up…let it run…let the retail have a break.
Comment by flyinthruu — October 31, 2018 @ 12:24 pm
I think we’re about to get that run, flyinthru…
Comment by Jon - BMR — October 31, 2018 @ 12:34 pm
Music to my ears….
Comment by flyinthruu — October 31, 2018 @ 1:35 pm