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1. Spot Gold has traded between $1,920 and $1,952 so far today…as of 7:00 am Pacific, Gold is up $20 an ounce at $1,951…Silver has jumped 31 cents to $26.93…base metals are relatively quiet with Copper up 2 pennies at $3.06 while Nickel and Zinc are both flat at $6.79 and $1.09, respectively…Crude Oil has rebounded 63 cents to $37.39 while the U.S. Dollar Index has backed off one-fifth of a point to 93.26…veteran hedge fund manager Stanley Druckenmiller warned this morning that actions by the Federal Reserve have raised the chances for both inflation and deflation…Druckenmiller, the chairman and CEO of the Duquesne Family Office, said on CNBC’s “Squawk Box” that the central bank’s new willingness to let inflation run hot posed a risk to price stability, saying, “For the first time in a long, long time, I’m actually worried about inflation”…he added, “The merging of the Fed and the Treasury, which is effectively what’s happening during COVID, sets a precedent that we’ve never seen since the Fed got its independence. It’s obviously creating a massive, massive mania in financial assets”…watch Druckenmiller’s moves with regard to Gold…just weeks after helping to broker peace between Israel and the United Arab Emirates (UAE), President Trump has been nominated for the 2021 Nobel Peace Prize (if Obama had helped secure such a deal, much of the mainstream media would have lauded him with non-stop coverage – of course they have barely mentioned this historically significant agreement between Israel and the UAE)…the nomination was submitted by Christian Tybring-Gjedde, a 4-term member of the Norwegian Parliament and chairman of the Norwegian delegation to NATO…“For his merit, I think he (Trump) has done more trying to create peace between nations than most other Peace Prize nominees”…
2. Wall Street is bouncing back after several days of losses, highlighted by a 10% drop in the NASDAQ...history suggests that sell-offs of this magnitude so quickly are typically followed by strong rebounds, if not immediately then certainly within weeks or months, according to data from Bespoke Investment Group...the Dow is up 388 points through the first 30 minutes of tradig while the NASDAQ has climbed 188 points…in Toronto, the TSX is 243 points higher, aided by Gold stocks…the Venture, which has experienced back-to-back bullish intra-day reversals, has gained 7 points to 738…the Venture outperformed the broader markets last week and into yesterday, a clue stocks remain solidly within a continuing bull market…HighGold Mining (HIGH, TSX-V) is up sharply in early trading after announcing that it has has cut 74.1 m of 17.9 g/t Au, 0.50% Cu and 7.3% Zinc at its Johnson Tract Project in south-central Alaska (estimated true width is 37.1 m)…“HighGold’s 2020 drill program has started right where we left off last season with the intersection of exceptional widths of high-grade mineralization,” commented President and CEO Darwin Green…“These intersections continue to confirm and expand the mineralized zone and, more importantly, include higher-grade mineralization than the closest neighboring drill holes. The results also support our exploration model which suggests that the lower part of the known JT Deposit, the thickest and highest-grade portion, is open to expansion. One drill rig continues to systematically test this resource expansion target, while 2 other drill rigs remain focused on surrounding targets including the high-priority NE Offset area“…Skeena Resources (SKE, TSX) has drilled 39.66 m (core length) grading 11 g/t AuEq at Eskay Creek (infill drilling)…6 rigs are currently active (2 more to be added shortly) during this first phase of 2020 drilling aimed at the 21A, 21B and 21C Zones…the company is also drilling in the near-mine environment, testing the Water Tower Zone and the largely under-explored Lower Mudstone sequences which lie beneath the Contact Mudstone that was historically mined…on the non-resource front, Else Nutrition (BABY, TSX-V) has struck a partnership with celebrity author, podcast host and parenting expert Hilaria Baldwin…she has joined BABY as part of its U.S. launch marketing efforts around its complete toddler nutrition…CloudMD (DOC, TSX-V), a telehealth company revolutionizing the delivery of healthcare to patients, has appointed experienced healthcare executive Karen Adams as Chief Health Innovation Officer…Adams is a tenured senior executive and has over 20 years’ experience in building insurance companies and driving innovation and growth in public, private and not-for-profit organizations supporting employee/consumer mental health and wellness in Canada…DOC is in the process of completing a recently announced $18 million financing at $1.38 a share…marijuana stocks continue to struggle…Aurora Cannabis (ACB, TSX) has appointed a new CEO and announced another round of writedowns, including a goodwill impairment charge of up to $1.8-billion, as it continues to grapple with a history of lavish spending and short-sighted deal-making…
3. Tudor Gold (TUD, TSX-V) continues to intersect wide intervals of Gold-rich Copper porphyry mineralization at its Treaty Creek Project in the Eskay Camp…the company reported this morning that it has completed the 3rd set of diamond drill holes at Treaty Creek where 6 rigs are currently active, building out a large system on trend from the Seabridge Gold (SEA, TSX) massive KSM Project to the southwest…3 drill holes have intersected the newly discovered Gold-dominant “PerfectStorm” (PSZ) System located approximately 2 km southwest of Goldstorm…these diamond drill holes targeted a 1.5 km wide mag high…Tudor discovered this new thrust-hosted porphyry-style Gold-Copper-Silver bearing system on trend, and approximately 4 km northeast from Seabridge’s Iron Cap deposit located at the southwestern boundary of the Tudor Claim block…drill hole GS-20–73 cut 775.5 m (29 m to 804.5 m) averaging 0.93 g/t AuEq containing an enriched portion that averaged 1.5 g/t AuEq over 229.5 m (519.5 m to 749 m)…this was a southwest offset to earlier reported drill hole GS-20–57 that averaged 1.4 g/t AuEq over 217.5 meters (544.5 to 762.0 m) within an overall composite averaging 0.84 g/t AuEq over 973.05 m (34.5 to 1007.55 m)…notably, drill hole GS-20–73 is undercut by GS-20–65, an impressive 348-m intercept of 2.1 g/t AuEq within a larger 930-m intercept of 1.2 g/t AuEq, which is currently the best intercept on the project to date (reported at the end of July)…meanwhile, diamond drilling on the Goldstorm System, traced for 1,100 m along the northeast axis, has successfully expanded the mineralization to the northeast, southwest and southeast as well to depth…Ken Konkin, Tudor’s VP of Project Development, is excited about the newly-discovered Gold-rich “PerfectStorm” system: “The exploration target area is at least 1.5 km long and 500–800 m wide. We are very excited to see the results confirming that large mineralized polymetallic systems occur at a predictable frequency along the Sulphuretes-Treaty Thrust Fault belt. We are planning an aggressive diamond drill-hole program for 2021 to further expand the limits of the PSZ System’s potential mineralization, searching for the center of the metal pile as we have successfully done with the Goldstorm System”…
4. Kirkland Lake (KL, TSX, NYSE) released encouraging results this morning from the early stages of a 250,000 m drill program at Detour Lake…the company is targeting completion of the program by the end of next year in order to collect information for updated and potentially expanded Mineral Resource and Mineral Reserve estimates…the new holes announced this morning are all from drilling in the Saddle Zone, located in an area between the Main Pit and West Pit locations that is under-explored, has no Mineral Reserves and only limited Mineral Resources…drilling in the central portion of Saddle Zone has intersected a broad zone of mineralization, including 142 m (core length) grading 1.1 g/t Au, confirming continuity of the mineralized structure between the Main and West pits…meanwhile, drilling in the eastern portion of Saddle Zone has intersected mineralization up to 420 m below the Main Pit reserve shell…Tony Makuch, President and CEO of Kirkland Lake Gold, commented: “Today’s results are extremely encouraging and support our view that there is a much larger deposit around the Main Pit and West Pit locations than is currently included in Mineral Reserves. In fact, based on results and observations to date, there is increasing evidence that there is a broad and continuous corridor of mineralization extending between the two pit locations to a depth of up to 820 m below surface. Upon completing the acquisition of Detour Gold Corporation at the end of January, we immediately focused in on the Saddle Zone as a high-potential target where there had been very limited previous drilling. Results from drilling in the Saddle Zone have included numerous intersections containing attractive grades over substantial widths, which highlight the potential for significant growth in open-pit Mineral Resources and also are supportive of a potential underground mining concept, which could add higher-grade mill feed to our production profile”…
5. New Found Gold (NFG, TSX-V) has commenced drilling on the Keats “Discovery” Zone at its Queensway Project near Gander…an initial 12,000 m program at Keats has commenced following up on the intercept of 19 m of 92.9 g/t Au starting at 96 m drilled in hole NFGC-19–01 by New Found in late 2019…a 2nd drill rig has been added to the Queensway North program and commenced drilling at the Keats Zone yesterday…the first rig has completed 6 holes at the Little/Powerline Zone and is now drilling at the Lotto Zone…
- Initial drilling at Keats will include 8 holes on a 10 m x 10 m grid pattern around the intercept in NFGC-19–01 with the objective of determining the initial spatial trend of the high-grade Gold mineralization intercepted in NFGC-19–01;
- Due to the very high-grade nature of the mineralization, a significant number of Gold ounces can be contained in relatively small volumes of rock;
- Other holes will be drilled to test the extent of the mineralization along 950 m of strike length and to vertical depths of 500 m;
- The NFGC-19–01 interval demonstrates an epizonal style of mineralization similar to that found at the high-grade Swan Zone at Kirkland Lake’s Fosterville mine in Australia…at the Swan Zone, close-spaced drilling is required to define the geometry of the high-grade Gold mineralization and New Found has designed its drill program on the basis that Keats may be analogous (the comparison to Fosterville’s Swan Zone is made as a model for the genesis of Gold mineralization at Keats, it is not made to imply resource potential at Queensway).
Denis Laviolette, President of New Found, stated: “We are excited to now be stepping out from the high-grade NFGC-19–01 discovery interval. The initial holes will be relatively shallow, drilled to approximately 200 m in depth, and we anticipate completing a number of step-out intervals in short order. Two drills are now active at Queensway North and we will be adding a third in the next several weeks. This will accelerate our program to grid drill much of the 5 km trend along the Appleton Fault Zone defined by numerous high-grade Gold occurrences, and as well to initiate drilling on the parallel JBP Fault Zone”…
6. The U.K.’s health minister has rushed to defend AstraZeneca’s (AZN, NYSE) decision to pause a closely-watched coronavirus vaccine trial due to safety concerns, saying that the decision is not necessarily a setback to its development…AstraZeneca announced yesterday that the pause was due to a potentially unexplained illness in 1 of its trials…the pharma giant’s shares fell slightly in early trading this morning…“It is obviously a challenge to this particular vaccine,” U.K. Health Minister Matt Hancock told Sky News when asked about the pause in the trial of the vaccine which is being developed with Oxford University…“It’s not actually the first time that it’s happened to the Oxford vaccine and it’s a standard process in clinical trials whenever they find something that they need to investigate,” he added…AstraZeneca released a statement, saying: “This is a routine action which has to happen whenever there is a potentially unexplained illness in one of the trials, while it is investigated, ensuring we maintain the integrity of the trials. In large trials, illnesses will happen by chance but must be independently reviewed to check this carefully. We are working to expedite the review of the single event to minimize any potential impact on the trial timeline. We are committed to the safety of our participants and the highest standards of conduct in our trials”…earlier yesterday, AstraZeneca joined 8 other companies in signing a pledge promising they would not seek premature government approval for any coronavirus vaccine…they promised they would wait until they had adequate data showing any potential vaccine worked safely…
7. Amazon (AMZN, NASDAQ) is adding 33,000 new corporate jobs, the tech giant announced in a bog post this morning…the corporate job additions come ahead ahead of the tech giant’s first virtual “Career Day” on September 16, which will give job seekers of all levels and interests the opportunity to attend live-streamed discussions and interviews with industry leaders, according to the event website…“COVID-19 continues to affect millions of people across the country, and people are eager for the opportunity to get back to work,” stated Beth Galetti, Amazon’s Senior VP, Human Resources…“We’ve created more jobs in the U.S. over the past decade than any other company – and we are continuing to hire people from all backgrounds and at all skill levels”...Galetti added that the company is mobilizing “more than 1,000 experienced recruiters and HR professionals to help job seekers across the country learn about opportunities at Amazon and elsewhere”…those recruiters will be assigned to meet with 20,000 event attendees to offer one-on-one career advice, according to the event website….Amazon currently has 33,000 openings for jobs that include Amazon’s smart home device, Alexa; Amazon Web Services (AWS); and Operations Technology and Prime Video…
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