Visit the BMR comments section throughout the day for updates and helpful information!
1. Gold has traded between $1,279 and $1,287 so far today…as of 7:00 am Pacific, bullion is up $5 an ounce at $1,284 as the Fed begins a 2-day policy meeting…the central bank is expected to leave interest rates unchanged as it seeks to balance robust economic growth against low inflation…money managers’ net-short position in Gold more than doubled last week from the prior week, according to the latest COT data…Copper is up 2 cents at $2.91…Nickel is off slightly at $5.56 while Zinc has added a penny to $1.33…Cobalt remains steady at $15.76…Crude Oil has jumped 43 cents a barrel to $63.93 while the U.S. Dollar Index has retreated one-third of a point to 97.49…U.S. consumer confidence numbers for April have exceeded expectations with a reading of 129.2 vs. the consensus estimate of 126 as reported by the Conference Board minutes ago…that’s up from the March figure of 124.2…the report suggests consumers are feeling upbeat going into the 2nd quarter of the year…the euro zone reported its GDP growth for the 1st quarter at 1.5%, year-on-year, which is better than the 0.9% growth rate seen in the 4th quarter and better than forecast…the euro zone also reported its jobless rate at the lowest level in over 10 years…according to a new study being released this week by the Fraser Institute, insufficient pipeline capacity cost Canada’s energy sector $20.6 billion, or 1% of the country’s economy, in foregone revenues last year – Canada’s self-inflicted wound, all in the name of “saving the planet” while others pump Oil at record levels…this loss of revenue has far-reaching consequences – less investment, less job creation and ultimately less prosperity for Canadians, but the delusional left seems perfectly okay with that…Jason Kenney, who officially becomes the new Premier of Alberta today, will hopefully help change the national narrative…
2. China’s factory activity grew in April despite continued trade tensions with Washington, 2 surveys showed this morning, adding to signs that the worst of the slowdown in the world’s 2nd-largest economy is over…activity was weaker than the previous month but an improvement over February, when manufacturing indicators fell to a 3-year low…Caixin’s monthly purchasing managers’ index (PMI) decelerated to 50.2 from March’s 50.8 on a 100-point scale while a separate index by the China Federation of Logistics & Purchasing declined 0.4 points to 50.1, just above the 50-point line that indicates activity is accelerating…meanwhile, China’s auto sales fell again in March but the pace of decline was the smallest in 7 months…
3. Oil prices turned higher again this morning as Venezuela’s opposition leader called on the military to back him to end Nicolas Maduro’s rule and after Saudi Arabia said a deal between producers to curb output could be extended beyond June to the end of 2019…the situation in Venezuela, an OPEC member whose Oil exports have been hit by U.S. sanctions and an economic crisis, remains volatile…the government promptly dismissed any suggestion of a military insurrection…the Saudi comments from Energy Minister Khalid al-Falih came despite pressure from President Trump yesterday to raise output to make up for a supply shortfall expected from tightening U.S. sanctions against Iran…despite a shaky global economy, Oil prices have surged by almost 40% percent since January, lifted by OPEC supply cuts as well and U.S. sanctions against producers Iran and Venezuela…
4. The Canadian mining sector needs to act now or it could face a serious labor shortage as it struggles to find new talent to replace an aging workforce…the industry’s labor challenges have been a major topic among mining executives during the CIM Convention 2019, with many saying that the industry needs to do a better job reaching out to youth, women, indigenous people and visible minorities…in a discussion group during the conference, the Mining Human Resource Council (MiHR) said its baseline scenario predicts that the Canadian mining sector will need to hire around 97,000 workers within the next 10 years…if there is an expansionary boom in the commodity space, the sector would need to fill more than 135,000 positions…the new hiring initiative comes after the sector saw its longest period of high unemployment in recent history…from early 2015 to late 2016 the industry unemployment rate was well above the national average, hovering between 10% and 12%…Ryan Montpellier, executive director at MiHR, said that the labor crunch is coming at a time when enrollment in post-secondary mining programs has dropped significantly in the last few years…MiHR data showed enrollment in undergraduate mining programs has fallen nearly 50% from 2015 to 2017…
5. Just a week after becoming the first company to begin 2019 exploration in the Eskay Camp, Etruscus Resources (ETR, CSE) has added a significant northwest extension to its Rock & Roll Property, tripling the size of the land package to 160 sq. km…expansion through staking consists of an additional 18 separate claim blocks totaling 10,779 hectares, contiguous to the original Rock & Roll claims hosting the Black Dog VMS discovery made 3 decades ago…the northwest extension features several precious and base metals occurrences and is underlain in part by the same package of rocks that host the known mineralization at the Black Dog deposit…historic airborne survey data suggest that the Black Dog zone may extend to the northwest on the original claims and possibly even further to the newly-acquired claims…Dr. Dave Webb, VP-Exploration for Etruscus, stated: “VMS deposits occur within Triassic to Middle Jurassic volcanic and sedimentary rocks at the Black Dog and SRV zones and geophysical and geochemical anomalies suggest that there is room for other zones on the property. Etruscus‘ expanded land position covers prospective terrain with limited exploration work, including ground newly exposed by receding glaciers”…the Rock & Roll Property is adjacent to the Snip mine to the southwest and CLM’s Newmont Lake Project to the east-northeast…ETR is up 3 cents at 48 cents as of 7:00 am Pacific after a 600,000 share cross…
6. The Dow is flat after the first 30 minutes of trading…Dow component McDonald’s (MCD, NYSE) posted quarterly earnings and revenue that topped analysts’ expectations with global same-store sales growing 5.4% in Q1, more than the 3.4% consensus estimate…the tech-heavy NASDAQ has taken a hit, pulled down Alphabet (GOOD, NASDAQ) whose quarterly numbers disappointed investors…in Toronto, the TSX is unchanged while the Venture – gunning for its 4th straight gain – has added 2 points to 614…Organigram Holdings (OGI, TSX-V) has cracked the $10 barrier for the first time in early trading…OGI has received an expanded cultivation licence from Health Canada in line with its previously announced Phase 4A and 4B expansion plans for its Moncton campus…tightly-held GoldON Resources (GLD, TSX-V) has touched a fresh multi-year high of 36 cents after announcing that it entered into a binding LOI with Great Bear Resources (GBR, TSX-V) to acquire an initial 60% interest and a subsequent 100% interest in GBR’s West Madsen Gold Property in the Red Lake Camp…West Madsen is a 39 sq. km package contiguous with Pure Gold’s (PGM, TSX-V) feasibility-stage deposit…Salazar Resources (SRL, TSX-V) just traded at a new multi-year high of 19 cents…
7. Azimut Exploration (AZM, TSX-V) has expanded the potential of its InSight discovery (Gold-Silver-Copper) at its Munishiwan Property in the James Bay region after results of an IP survey…the next exploration phase will start in June and will consist of detailed prospecting followed by diamond drilling…the property is jointly owned with SOQUEM, a subsidiary of Ressources Quebec, under a strategic alliance…the InSight discovery is currently defined as a 150-m by 600-m envelope based on outcropping mineralization with grab samples yielding up to 100.5 g/t Au, 435 g/t Ag, 156 g/t Te and 1.7% Cu…the IP survey shows that the area is characterized by a 300-m by at least 1,000-m coincident IP anomaly striking NNW-SSE…other IP anomalies, subparallel to and/or on strike with the InSight discovery, constitute highly prospective targets within a 1-km by at least 3-km trend…meanwhile, heliborne magnetic data (Geotech 2017) show a good spatial correlation with the IP anomalies, thereby strengthening the target definition…the discovery of the InSight prospect is the direct outcome of Azimut’s predictive modelling using the AZtechMineTM expert system over the James Bay region…
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So, no ccw April news…
Comment by flyinthruu — April 30, 2019 @ 10:09 am
Some nice Copper hits by ROCK on their Saskatchewan property:
2019-04-30 07:39 ET – News Release
Also News Release (C-EPL) Eagle Plains Resources Ltd
Mr. Jordan Trimble of Rockridge reports
ROCKRIDGE INTERSECTS HIGH GRADE COPPER IN FIRST TWO DRILL HOLES AT KNIFE LAKE PROJECT INCLUDING 1.28% CU AND 1.49% CUEQ OVER 33.1M STARTING FROM 7.5M DOWNHOLE
https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aROCK-2750278&symbol=ROCK®ion=C
Comment by adrobyshev — April 30, 2019 @ 10:14 am
CCW news just out, nice developments on Re-2OX front.
Canada Cobalt Initiates Re-2OX Patent Process
COQUITLAM, BC, April 30, 2019 /CNW/ – Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”), a technology leader in the Northern Ontario Cobalt-Silver Camp, is pleased to announce that the Company has made important breakthroughs in its proprietary and environmentally green Re-2OX process for the recovery of cobalt, precious metals and base metals.
New Testing Highlights:
– Further optimization of Re-2OX has enabled SGS Lakefield in Peterborough, Ontario, to recover silver and copper for the first time while also increasing recovery rates for cobalt and nickel (refer to May 31, 2018, news release);
– In refining the Re-2OX process through a one-step leach extraction, overseen by Canada Cobalt adviser Dr. Ron Molnar, SGS has recovered >99% cobalt, >99% silver, 99% nickel and 99% copper while removing 99% of arsenic from a composite of gravity concentrates;
– The gravity concentrates were from Castle mine waste material and graded 10.2% cobalt, 11,000 g/t silver, 0.26% copper, 1.49% nickel and 45.1% arsenic.
Canada Cobalt Initiates Re-2OX Patent Process
As the electric vehicle supercycle intensifies, Canada Cobalt is the only company in Canada’s cobalt heartland to produce a technical grade cobalt sulphate test product from its own feed (refer to August 15, 2018, news release). Significantly, Re-2OX skips the normal smelting process to create battery grade cobalt sulphate while nickel-manganese-cobalt (NMC) battery grade formulations are also in the pipeline.
In addition, the ability of Re-2OX to achieve exceptionally high recovery rates for both cobalt and silver, plus nickel and copper, while also removing 99% of arsenic, expands the potential of the Castle mine given Phase 1 underground results released February 19, 2019, and a second phase starting soon. Furthermore, Re-2OX is a value-driver for the company’s planned tailings programs at Castle and elsewhere in the district, and will also be used by Canada Cobalt to immediately build a new model of “streaming” opportunities for the Company with respect to other battery metal projects while protecting the process.
Given the current optimization level of Re-2OX, and the growing importance of this hydrometallurgical process to Canada Cobalt and its shareholders, the Company has initiated the process of submitting a patent application for this proprietary metal extraction method.
Frank J. Basa, Canada Cobalt President and CEO, commented: “The fact that SGS has demonstrated that Re-2OX can very efficiently recover a broad set of metals from arsenic-rich material, ranging from low grade to high-grade, further de-risks the Castle mine project and expands opportunities to build shareholder value. Further Re-2OX optimization will target the recovery of gold.”
Quality Assurance/Quality Control
A hand-cobbed, 73-kilogram sample of waste material was taken from the Castle mine and crushed to negative-10 mesh and then blended by SGS Laboratories in Lakefield, Ontario. From this, a representative sample was submitted for analysis by lead fusion fire assay for silver and gold. Other metals were assayed by ICP after multi-acid digestion. The material was subsequently used for testing the proprietary Re-2OX process. Canada Cobalt relies on internal SGS laboratory independent QA/QC, which allows the disclosure of the results provided.
Qualified Person
The technical information in this news release was prepared under the supervision of Frank J. Basa, P.Eng., Canada Cobalt’s President and Chief Executive Officer, who is a member of Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101
About Canada Cobalt Works Inc.
Canada Cobalt is focused on immediate and longer-term value drivers at its past producing Castle mine and adjoining land package in the historic Northern Ontario Silver-Cobalt district, Canada’s cobalt heartland since the start of the electric vehicle revolution. With underground access at Castle, an innovative tailings program with a plan to recover silver, gold and cobalt, a recently installed pilot plant to produce gravity concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX, Canada Cobalt is strategically positioned to become a vertically integrated North American mining company.
“Frank J. Basa”
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE Canada Cobalt Works Inc.
Comment by John - BMR — April 30, 2019 @ 11:02 am
Mind-blowing recovery %s from WASTE material on GRAVITY concentrates…GOODNESSSS SAKKKESSSS
Comment by flyinthruu — April 30, 2019 @ 11:07 am
Significant leap forward for Re-2OX – sets the table beautifully for what should unfold in May…
Comment by Jon - BMR — April 30, 2019 @ 11:14 am
600000 share cross by RBC on ETR
Comment by Weatheritout80 — April 30, 2019 @ 11:20 am
Those are great recovery numbers from CCW, I did buy a few more today. Now if they could get the permit to begin working on the tailings things would really start moving. Jon, any idea when that could happen? Thanks
Comment by Danny — April 30, 2019 @ 1:38 pm
Will elaborate on that in an update later today, Danny, but what we’re hearing from our sources in Northern Ontario is extremely positive. My hunch is we’re back into a stretch of great news flow for CCW, and it’s going to get even better IMHO.
Comment by Jon - BMR — April 30, 2019 @ 2:01 pm
A hand cobbed sample of the existing tailings for the test work is not acceptable for what Bassa is inferring. Yes they achieved excellent results from the submitted sample
BUT this sample is not at all representative of the tailings
He high graded the tailings for the test and infers it to be a true representative sample of the tailings in order to come out with higher results
I agree that in the long run this metallurgy breakthrough has much merit but I do not like Frank’s continuous subterfuge. Carver MSc, P.Eng.
Comment by Carver — April 30, 2019 @ 3:53 pm
Carver, this was NOT from the tailings…it was a representative sample of lower grade material from the Castle waste pile – when you’re at the mine site, you can see it piled up right next to the mine…this makes the results that much more impressive…SGS and Dr. Molnar put their names to this, they would have insisted on the right sample and sampling procedures…they’ve been able to demonstrate what Re-2OX can do with both the higher-grade material, and the lower-grade material…it works with anything – exceptional recoveries for cobalt, silver and base metals, and 99% of arsenic is removed…that’s why it’s now patent time…
Comment by Jon - BMR — April 30, 2019 @ 5:20 pm
Isn’t this like Dr. Molnar’s 60th project or something like that? Anyway, he is highly-regarded in his field. HIGHLY. The fact he is on the team gives it high credance imho.
Comment by flyinthruu — April 30, 2019 @ 7:03 pm
Hi Jon,
Isn’t anything that removes 99 perc not arsenic invaluable across North America from an environmental standpoint.making re2 ox an arsenic vacuum cleaner?
Is the gravity concentrate being fed into the Re2ox directly or does the high grade silver go to a smelter and this is the silver residue being captured in re2 ox. Either way the grades for cobalt and silver are amazing.
Comment by donald — May 1, 2019 @ 4:36 am
So we know that CCW can recover high grade from waste piles or tailings, or whatever – but don’t we need to know how many tonnes of material it takes to get a tonne of concentrate? There seems to be a piece missing for us to be able to make any calculations.
Thanks guys,
Comment by Phil — May 1, 2019 @ 7:20 am
I mentioned in our post last night, Phil, that yesterday’s news has the look and feel of a “table setter” – more to come, and likely sooner rather than later…with regard to Re-2OX, Dr. Molnar has a long and very successful working relationship with SGS, and they have exceptionally high standards for all testing and sampling procedures…the fact they’ve initiated the patenting process at this stage speaks volumes…
Comment by Jon - BMR — May 1, 2019 @ 7:36 am
Several interesting drill results this morning, this is the best of them (Simon Ridgway’s RDU) that’s generating strong interest…this follows previous results from Amalia that were very promising…
RADIUS GOLD INTERCEPTS 44 METERS GRADING 12.38 GT AU AND 309.3 GT AG AT AMALIA PROJECT, MEXICO
Radius Gold Inc. has released the first results from the second round of its diamond drill program at the Amalia gold-silver project in Chihuahua, Mexico. The program is operated by Radius and funded by Pan American Silver under a joint venture agreement.
The first hole of 2019, AMDD19-010, has intersected 44 m grading 12.38 g/t Au and 309.3 g/t Ag including an 11m section grading 39.9 g/t Au and 323 g/t Ag. Estimated true width of the mineralized zone is 34m. Radius’s initial drill program at Amalia (see press release December 4 th 2018 ) tested the San Pedro structural zone with 5 diamond drill holes, intercepting gold and silver mineralization in all 5 holes along a 650m strike length.
Hole AMDD18-009, the deepest hole, intersected 26 m at 7.08g/t Au and 517 g/t Ag, including 5m at 14.71 g/t Au and 1378 g/t Ag.
Comment by Jon - BMR — May 1, 2019 @ 7:53 am