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1. Gold has traded between $1,289 and $1,293 so far today…as of 7:00 am Pacific, bullion is steady at $1,293…Silver is also flat at $16.39…there’s strength in base metals today…Copper has added another 3 pennies to $3.19, Nickel – continuing its hot run – has climbed to $7.08 while Zinc is up 2 pennies to $1.44…Crude Oil (WTI) is 33 higher at $65.42 while the U.S. Dollar Index is up slightly at 94.08…Canadian heavy Crude prices, under pressure in recent months, surged yesterday to narrow the large gap with WTI after Enbridge – the country’s biggest Crude-export pipeline operator – told shippers that it won’t proceed with recently announced rules capping the amount of Crude companies could nominate for transport on its mainline…
2. The U.S. government has quietly asked Saudi Arabia and some other OPEC producers to increase Oil production by about 1 million barrels a day, according to a Bloomberg report this morning…the rare request came due to concerns about a drop in Iranian exports due to renewed U.S. sanctions, and after U.S. retail gasoline prices surged to their highest in more than 3 years last month…President Trump publicly complained about OPEC policy and rising Oil prices as WTI showed signs of potentially pushing through key resistance in the mid-$70’s…OPEC now estimates commercial Oil stocks in its sphere are now 20 million barrels below their 5-year average…however, some OPEC officials are expressing increasing concern about China’s huge and opaque store of Oil and how it needs to be taken into account after being ignored for years…Beijing has been shoring up its Oil reserves as a buffer against potential Oil shocks…local refiners are also scooping up Crude to maintain their ‘use it or lose it’ import quotas…unlike the U.S. and other countries, China doesn’t release data on the size of its Oil reserves…analysts use a variety of methods, including satellite technology, to try and track how much Oil is there…
3. The Dow is off 12 points through the first 30 minutes of trading…the NASDAQ posted a record closing high yesterday for the first time since March 12 on strength in tech stocks as Amazon and Apple climbed to fresh all-time highs…in Toronto, the TSX is up 85 points while the Venture has added 1 point to 763…Colombia continues to grab increasing attention from the cannabis sector…ICC Labs (ICC, TSX-V) announced this morning that it has entered into a pre-sale agreement with a Colombia-based company, Hlessing Industries, to supply cannabidiol and tetrahydrocannabinol derivatives for medicinal purposes in that country…Alejandro Antalich, CEO of ICC Labs, commented, “By taking steps to gain access to the domestic medicinal cannabis market of Colombia, we are very excited to be continuing our expansion plans for Latin America. We view the Colombian market as having good potential, given that in the last 10 years, its gross domestic product has averaged 4.7% and it has a population of approximately 48 million people. As we are fully licensed for both CBD and THC production within Colombia, we expect to operate within both segments of the domestic medicinal market”…
4. Organigram Holdings (OGI, TSX-V), closing in on a new high, has received an expanded cultivation licence from Health Canada related to its previously announced Phase 3 expansion…once the remaining Phase 3 rooms are on line, the company will have a target production capacity of 36,000 kilograms per year of dried flower equivalent. “Based on our review of publicly available data we believe we will be one of the top five licensed producers in terms of current production capacity once the remaining rooms from Phase 3 are approved,” said CEO Greg Engel. “Given our existing inventory, production volume, and consistency and quality of supply, we believe we are well positioned to be a supplier of choice for many of the provincial cannabis boards and private retailers across Canada”…OGI is up 34 cents at $5.34 as of 7:00 am Pacific, less than 40 cents below its all-time high…
5. Seabridge Gold (SEA, TSX) has commenced lower elevation geotechnical and confirmation drilling at its KSM Project in the Eskay Camp…3 additional rigs will be added when snow conditions permit…in total, Seabridge is budgeting nearly $20 million for drilling and surface work in the 2018 exploration program…one of the key objectives this summer will be to test the down plunge projection of the high-grade core zone of the Iron Cap deposit to the west of the current resource…Seabridge Chairman and CEO Rudi Fronk commented, “This is an aggressive program at KSM. We believe that Iron Cap has considerable room to grow and its superior grade and proximity to planned infrastructure could have a major impact on KSM economic projections”…
6. Pure Gold Mining’s (PGM, TSX-V) recent underground drilling continues to successfully delineate initial mining shapes that will underpin the early years of production at the Madsen Gold Project in the Red Lake District…tightly spaced drilling of the bulk sample area in the McVeigh domain has defined a wide mineralized structure with an internal zone of high-grade Gold mineralization that exhibits strong vertical and lateral continuity…intercepts include 22.1 m grading 57.1 g/t Au, including 1,175 g/t Au over 1 m, in drill hole PGU–0109…several mineralized structures have been intersected with very encouraging results that should upgrade parts of the mineral resource…new ramp development is underway, providing access to these mining shapes and to test mining locations in advance of the planned extraction of a 7,200 tonne bulk sample…PGM is up 2 pennies at 66 cents through the first 30 minutes of trading…
7. Ventripoint Diagnostics (VPT, TSX-V) is up in early trading after announcing that the #1 ranked cancer center in the United States, MD Anderson Cancer Center in Houston, Texas, has ordered the VMS+ complete heart analysis system for use in clinical evaluations of cancer patients…“With our recent market clearance from the FDA, the doctors at MD Anderson will be using the VMS+ to monitor cardiac function in cancer patients,” commented Desmond Hirson, President of Ventripoint….according to the Centers for Disease Control and Prevention, there are 23 million people in the U.S. diagnosed with cancer and these patients visited their physicians 25 million times in 2015…there are over 1,500 cancer centers in the U.S. which monitor these existing patients and treat over 1.7 million new patients annually…
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LION One announced an excellent financing package yesterday with no dilution of shares, but there has been little reaction in the market which is surprising, since the company has so much going for it.
https://liononemetals.com/2018/06/lion-one-announces-us40-million-debt-financing-for-construction-of-the-tuvatu-gold-project-in-fiji/
Comment by Carl N — June 5, 2018 @ 12:47 pm
Venture is still sleeping Carl… other than pot stocks the CDNX is stagnant…
Comment by Jeremy — June 5, 2018 @ 6:26 pm
Weed Stocks are starting to sizzle once again but it sure isn’t helping most at the BMR Club cuz we’re all waiting on GGI/MTS and CLM , with PAS making a tiny bit of noise and that’s about it for now. Sure hope to see the Triangle starting to make some progression.
Comment by jerseyman — June 5, 2018 @ 8:20 pm
Hi Jon. Is AIS still a good buy @ current prices? Do u feel it will reach $1 or more again this summer? When can we expect drill results from company? Thanks Jon
Comment by Sooch — June 5, 2018 @ 9:32 pm
The key for AIS remains Guayatayoc, Sooch – it’s drill-ready and all sampling and chemistry work point to this being a Lithium brine producer in the making…company still requires the drill permits, though – that process continues…with those permits, AIS will enjoy a much higher valuation…
Comment by Jon - BMR — June 6, 2018 @ 5:04 am