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Retreating icefields in the Eskay Camp have allowed Seabridge Gold (SEA, TSX) to build the world’s largest reserves of Gold and Copper at its KSM Project where recent exploration success at Iron Cap, extending beneath a glacier, shows a deposit approaching near vertical continuity to depth of at least 1,800 m.

At Nickel Mountain, just in recent weeks, apparent Nickel-Copper-rich massive sulphides have started poking out above the ice between the Discovery and Northwest zones, while a significant new crack in the glacier in the same area has exposed more massive sulphides – all previously hidden from geologists, suggesting the 1.6-km-long, 1-km-wide E&L icefield could feature an “Iron Cap-type” scenario.

There are multiple examples elsewhere in the district where retreating glaciers have exposed impressive mineralization, creating exciting new exploration targets, not the least of which is Burgundy Ridge (north of the Snip mine and south of Galore Creek) where the icefield has pulled back hundreds of meters in recent years and approximately 1.6 km in total since the turn of the century.  Geologists are so intrigued by this virgin target, and the weather has been so cooperative, that Crystal Lake Mining (CLM, TSX-V) is on the verge of pulling off what traditionally was considered nearly impossible – an October drill program.

Increasingly, glacial retreat is emerging as a major new theme in Northwest British Columbia exploration.  Investors who are paying attention to this can position themselves to reap potential huge rewards near-term and in the years ahead.

Below, the “cooked up” rocks and structures exposed at Burgundy Ridge are about to be drill-tested for the first time.

Burgundy Ridge, south of Galore Creek and north of the Snip mine in the broader Eskay Camp, where a retreating icefield has exposed extensive Copper mineralization plus Gold, Silver, Zinc, Cobalt and even Scandium.

Check back later today for Daniel’s Den and be sure to visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,197 and $1,206 so far today…as of 7:00 am Pacific, the yellow metal is up $4 an ounce at $1,204…Silver has climbed 10 cents to $14.67…Copper has eased off 3 pennies to $2.82…Nickel is 4 cents higher at $5.67 while Zinc is steady at $1.20…Crude Oil has retreated 16 cents to $74.17 while the U.S. Dollar Index is relatively unchanged at 95.69…the benchmark 10-year Treasury yield has hit its highest level since 2011 after the Labor Department’s monthly jobs report showed another month of rising wages and a sharp revision higher to August’s non-farm payrolls…the Barrick-Randgold merger, one of the largest mergers ever in the mining industry, is indicative of an important turning point for Gold, according to Frank Holmes, CEO of U.S. Global Investors…“Usually these things happen at the bottom of the cycle, not the top, and that’s really interesting because they start to drive economies of scale to get growth,” Holmes told Kitco News…

2. The U.S. unemployment rate has dropped to a level not seen in nearly half a century, despite the fact that job creation for September fell to its lowest in a year as reported this morning by the Labor Department…non-farm payrolls rose just 134,000, well below the consensus estimate of 185,000 (the worst performance since last September 2017 when a labor strike weighed on the numbers), though this was more than offset by a big upward revision to the August number…the unemployment rate has fallen two-tenths of a percentage point to 3.7%, the lowest level since December 1969 and one-tenth of a percentage point below expectations…the closely watched average hourly earnings component showed a 2.8% year-over-year increase, in line with Wall Street estimates…the average work week was unchanged at 34.5 hours…meanwhile, in another example of how the over-regulated, over-taxed Canadian economy is under-performing vs. the Trump economy, Canada lost 16,900 full-time jobs last month…

3. Holdings in global Gold-backed exchange-traded funds (ETFs) and similar products fell by 23.7 tonnes in September, equivalent to $932 million in outflows, the World Gold Council (WGC) says…this was the 4th straight monthly decline, leaving total holdings at 2,329 tonnes…when combined with a 1.1% drop in the Gold price during September, Gold ETF assets under management in U.S. dollars fell by 2.3%…ETFs posted net outflows of Gold in all regions of the world during September, the Gold Council reported…holdings in European-based ETFs fell by 10.2 tonnes, while those based in Asia decreased by 6.5 tonnes…North American ETFs recorded outflows of 6.1 tonnes, while the rest of the world posted outflows amounting to a tonne…

4. The Dow is up slightly first 30 minutes of trading…in Toronto, the TSX is flat while the Venture is 1 point lower at 706…the Venture, which already has far too many listings, welcomed 15 new issuers in September, compared with 8 the previous month and 10 in September 2017…the new listings were 12 capital pool companies, 2 mining companies and 1 financial services company…total financings raised in September 2018 increased 6% compared to the previous month, but were down 5% compared to September 2017…there were 96 financings in September 2018, compared with 116 in the previous month and 116 in September 2017…Blue Moon Zinc (MOON, TSX-V) is among the volume leaders, up half a penny at 6 cents as of 7:0o am Pacific…the company launched a drill program late last month at its Zinc-rich VMS deposit in Northern California with holes targeting massive sulphide mineralization…Great Bear Resources (GBR, TSX-V), which closed at a new high of $2.55 yesterday, was halted pre-market and resumes trading at 8:00 am Pacific following a news release stating that management is unaware of any material change in the company’s operations that would account for the recent increase in market activity…

5. Positive sign for the Canadian Oil and gas sector, despite the current gloom – Precision Drilling (PD, TSX) is buying smaller rival Trinidad Drilling (TDG, TSX) in a deal valued at $1.03 billion, trumping a hostile bid from Ensign Energy Services (ESI, TSX)…Trinidad’s board in August rejected a $1.68 per share all-cash bid from Oilfield services provider Ensign…that compared to Precision’s all-stock offer for Trinidad of $1.98 per share based on the bidder’s closing price yesterday…a recovery in the Canadian Oil industry has lagged a global rebound, with pipeline bottlenecks leading to a bigger-than-usual price discount for Western Canada Select heavy Crude compared with U.S. Crude prices…those differentials have left Canadian Oil-producing companies trailing their U.S. peers and kept them cautious about spending…Trinidad has lost money for 3 consecutive years and posted losses through the first 2 quarters of 2018…

6. Constellation Brands‘ (STZ, NYSE) CEO Rob Sands says the politics around cannabis in the United States are shifting rapidly towards legalization…Sands believes the upcoming mid-term elections could be pivotal for the legalization of cannabidiol, commonly known as CBD, a component of the cannabis plant that is not psychoactive and widely used in medical marijuana products…“We expect [CBD] to become legalized potentially as soon as shortly after this election because there’s a provision in the farm bill that will actually legalize CBD, the non-psychoactive component,” Sands told “Mad Money” host Jim Cramer in an exclusive interview…Sands, whose alcohol distributor boasts popular brands including Corona and Modelo, said Constellation is looking forward to working with Canopy Growth (WEED, TSX; CGC, NYSE) on non-alcoholic cannabis drinks that resemble beer, champagne, spirits, water and tea…“I think you’ll see a lot of beverages introduced, probably non-alcoholic or in, I would say, most cases, non-alcoholic, to take advantage of at least the CBD legalization,” he said..

7. The supply of legal pot in Canada will only meet 30% to 60% of demand after legalization, keeping the black market very much alive and stunting the government’s tax take, according to a new study…cannabis supply will reach about 210 tonnes, or 210,000 kilograms, in the first year after Canada legalizes marijuana this month, according to a study to be released next week by researchers at the University of Waterloo and the C.D. Howe Institute…demand, meanwhile, will be about 610 tonnes…“There will not be enough legal supply, especially during the first half of the year following legalization, primarily because of the slow rate of licensing producers,” according to the C.D. Howe report…

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Be sure to visit the BMR comments section throughout the day for updates and helpful information!

1. Gold has traded between $1,195 and $1,205 so far today…as of 7:00 am Pacific, the yellow metal is up $6 an ounce at $1,203…geopolitical risks, such as those surrounding Italy, could trigger a short-covering rally in Gold, according to Standard Chartered…Tuesday’s rally, ignited by Italy’s fiscal and political issues, shows that Gold “remains on investors’ radar” during times of uncertain geopolitical developments, the bank stated…Gold ETF’s tracked by Bloomberg have seen outflows of 14.5 tonnes since the start of the month…Silver is up 8 cents at $14.70…Copper has added 4 pennies to $2.87…Nickel is 3 cents higher at $5.79 while Zinc and Cobalt are steady at $1.22 and $26.12, respectively…Crude Oil has retreated 75 cents to $75.66 while the U.S. Dollar Index has dipped one-third of a point to 95.73…yesterday, the yield on the 10-year Treasury note hit its highest level since July 2011 while the yield on the 30-year Treasury bond reached the highest it has been since October 2014…yields surged following new data that showed that private payrolls rose by 230,000 in September, according to ADP and Moody’s Analytics, which far surpassed the 168,000 jobs in August…meanwhile, the ISM non-manufacturing index has hit its highest level on record…Fed Chair Jerome Powell stated yesterday that the U.S. central bank had a long way to go before interest rates hits neutral, suggesting to markets that more hikes are on the horizon…

2. China’s overseas expansion will spread over land that is home to more than half the world’s population, potentially boosting Copper use by 1.6 million tonnes, or roughly 7% of annual demand, major miner BHP said today…BHP has analyzed the impact of China’s Belt and Road Initiative (BRI), a network of overseas construction projects, on commodity demand on the basis of a database it constantly updates…it said China’s overseas expansion plan now covers 115 partners across Eurasia, parts of Africa, Latin American and Oceania, up from 68 countries or regions just over a year ago…its latest analysis estimated the BRI represented one-third of the global economy and would drive spending of up to $1.3 trillion over the decade to 2023…Vicky Binns, BHP’s vice president for minerals marketing, told Reuters if anything the expectation an extra 1.6 million tonnes of refined Copper would be needed over the same time period was conservative…such initial investment could lead to knock-on demand from other sectors…“Increasing the international competitiveness of manufacturing in these regions may create a major lift in future demand from Copper intensive sectors, such as automobiles, consumer durables and machinery,” BHP says…Binns downplayed the impact of mounting trade tensions between the United States and China on demand, saying long-term fundamentals are likely to be robust…

3. Canadian mergers-and-acquisitions activity nearly doubled in the 3rd quarter, fueled by deals in the mining, real estate and cannabis sectors, according to Thomson Reuters‘ data released this morning…quarterly deal volume was up 91% to $75.7 billion from $39.6 billion in the same period last year, the data showed, bucking a global trend of declines in Europe and Asia…mining transactions in the quarter included Barrick Gold’s (ABX, TSX, NYSE) planned $6.5 billion acquisition of Africa-focused miner Randgold Resources (GOLD, NASDAQ) as well as China’s Zijin Mining Group’s $1.86 billion deal to acquire Nevsun Resources (NSU, TSX)…it was the strongest period for Canadian mining M&A since the 2nd quarter of 2011…mining deals have slowed in recent years, due in part to commodity price pressures, balance sheet weakness and investor pushback against miners seen as overpaying for assets…

4. Endless “consultation” and more foot-dragging by the federal government with regard to the TransMountain Pipeline…Natural Resources Minister Amarjeet Sohi announced yesterday that the feds would be reopening Trans Mountain pipeline consultations with 117 First Nations with no timeline…“We haven’t set a deadline for ourselves,” declared Sohi…“We will not put a stop clock on the consultations.  We’re going to take our time to figure this right”…meanwhile, Canadian heavy Crude’s discount to WTI increased to the widest in 5 years yesterday, raising the spectre of local Oil producers curtailing operations…Western Canadian Select’s discount for November widened $1 to a whopping $41.75 a barrel…while increasing volumes of Oil are being shifted onto rail cars, the pickup hasn’t been fast enough…Cenovus said last month it signed Oil-by-rail agreements to ship about 100,000 barrels a day on tracks but the agreements won’t go into full effect until the 2nd quarter of next year…quite simply, there is no margin for error…if in the coming days or weeks there’s a transportation problem, or Oil operators produce more supply than the pipes can handle, then the overhang in Canada will worsen…

5. The Dow has slipped 115 points through the first 30 minutes of trading…in Toronto, the TSX has lost 69 points while the Venture is 1 point lower at 706…Cannabix Technologies (BLO, CSE) continues to look strong, up another 8 cents at $2.21 as of 7:00 am Pacific…Enthusiast Gaming Holdings (EGLX, TSX-V) commenced trading on the Venture this morning…“As one of the few gaming companies trading publicly…we look forward to a beneficial relationship with our shareholders as we carry out our vision of growing our platform both online and through our Enthusiast gaming Live Expo, EGLX,” said Enthusiast Founder, President and CEO Menashe Kestenbaum…a drill program has commenced at Evrim Resources’ (EVM, TSX-V) Cerro Cascaron Gold and Silver project in southwestern Chihuahua, Mexico…Evrim and exploration partner Harvest Gold (HVG, TSX-V) have planned up to 3,000 m of diamond drilling, with HVG holding an option to earn up to 80% in the project…Cerro Cascaron is a large underexplored and undrilled project with known areas of strong and veining outcropping Gold and Silver mineralization…

6. Pretium Resources (PVG, TSX), up strongly in early trading, has refinanced its construction credit facility, securing a commitment letter for $480 million (U.S.)…”We are focused on execution and delivery at Pretium, and securing a signed commitment letter to refinance our construction credit facility is another 2018 milestone we have delivered on,” stated Joseph Ovsenek, President and CEO.  “With a strengthened balance sheet and a focus on operational efficiency we will continue to build free cash flow”…Pretium anticipates meeting production guidance of 200,000 to 220,000 ounces of Gold and all-in sustaining cost guidance of $710 to $770 (U.S.) per ounce Gold sold for the 2nd half of 2018, with production weighted more heavily in the 4th quarter than the 3rd quarter…meanwhile, the approval process to increase the permitted production rate at Brucejack to 3,800 tonnes per day from 2,700 tonnes per day is on track, with a decision expected later this year…in addition, grassroots exploration in the Bowser claims located approximately 20 km southeast of the Brucejack mine is continuing, with 2 drills turning…

7. Balmoral Resources‘ (BAR, TSX) has expanded drilling at its Grasset and adjacent Fenelon properties, focused on the continued evaluation of the Nickel-Copper-Cobalt-Platinum-group-element potential of the Grasset ultramafic complex (GUC)…a second drill has been added with 11,000 m of drilling now expected to be completed…“Three years ago we suspended expansion drilling on the Grasset deposit and exploration drilling within the broader GUC following the dramatic crash of the Nickel price,” stated Darin Wagner, Balmoral President and CEO…“Today with the strengthening of the Nickel market and the outlook for increasing demand for Nickel sulphide deposits to help meet the burgeoning electric vehicle battery market, we are excited to return to the evaluation of the Grasset deposit and nearby discoveries.  This new Nickel sulphide belt is in its infancy from an exploration perspective and Balmoral controls it in its entirety”…

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