BullMarketRun.ca

1. Gold has traded between $1,201 and $1,207 so far today…as of 7:00 am Pacific, bullion is up $3 an ounce at $1,202…Silver is flat at $14.70…base metals are off slightly with Copper, Nickel and Zinc at $2.75, $6.08 and $1.13, respectively…Cobalt remains steady at $29.26…Crude Oil has added 58 cents to $69.11 while the U.S. Dollar Index is up one-fifth of a point at 94.89…the Chinese government will continue implementing measures in order to cushion its economy from the impact of an ongoing trade spat with the U.S., a leading China economist said today…“We are not expecting any major growth correction because we think the potential impact from trade tariffs will be partially cushioned by the policy easing measures taken by the policy makers,” Robin Xing, chief China economist at Morgan Stanley, told CNBC at the Morgan Stanley Technology, Media and Telecom Conference in Beijing…

2. U.S. economic growth was a bit stronger than initially thought in the 2nd quarter, notching its best performance in nearly 4 years as businesses boosted spending on software and imports declined…GDP increased at a strong 4.2% annualized rate, the Commerce Department reported this morning in its second estimate of GDP growth for the April-June quarter…that was slightly up from the strong 4.1% pace of expansion it reported in July and was the fastest rate since the 2nd quarter of 2014…businesses spent more on software than previously estimated in the 2nd quarter and the national also imported less petroleum…stronger business spending and a smaller import bill offset a small downward revision to consumer spending…

3. The Dow is off slightly through the first 30 minutes of trading while the NASDAQ has hit a new all-time high…in Toronto, the TSX is up 22 points…the Venture, showing continued strength, is up another 3 points at 720 as of 7:00 am Pacific as it pushes above its 50-day moving average (SMA)…this strong August close bodes well for a potentially powerful September…Organigram Holdings (OGI, TSX-V) has hit a new high after announcing that it has signed a supply agreement with Nova Scotia Liquor Corp. (NSLC)…“We are pleased to announce our supply agreement with NSLC,” stated Organigram CEO Greg Engel…“Our home markets have always been a key priority for Organigram and this announcement solidifies our position as the market leader here in the Maritimes.  With supply arrangements in place in six provinces, we take great pride in our place as a national leader working toward a responsible, sustainable and successful adult-use recreational cannabis market”…Gungnir Resources (GUG, TSX-V) has intersected a new wide zone of conglomerate-hosted sulphide mineralization at its Knaften Project in northern Sweden, including the presence of chalcopyrite…the newly discovered sulphide mineralization is located 400 m west of the company’s 2017 discovery of Copper-Nickel-bearing sulphides and approximately 5 km northwest of the Knaften 300 Gold zone…assays are pending…

4. Blue Moon Zinc (MOON, TSX-V) has commenced a Phase 1 drill program at its 100%-owned Blue Moon Zinc-rich VMS deposit in Mariposa county, California…this is the first drilling at this project in more than 25 years with new interpretations of the system providing strong potential for fresh discoveries to significantly expand the known Zinc-Copper-Silver-Gold resource…Patrick McGrath, Blue Moon CEO, commented: “It’s an exciting new time for Blue Moon shareholders as we put our extensive review of historical data to work to identify potential new zinc-rich massive sulphide zones that could dramatically change the scale and dynamics of this project”…initial drilling (approximately 4,000 feet or 1,200 m) will target northern and southern extensions of the upper Main and West lenses between a depth of 500 and 1,000 feet from surface…Blue Moon geologists also recently performed a comprehensive review of historical data and identified multiple additional priority targets that could represent potential new high-grade zones and/or expansion of current zones…meanwhile, a review of drilling logs of the historical holes used in the NI-43–101 resource calculation revealed numerous intervals of massive and semi-massive sulphides that were not analyzed…the company will systematically sample and assay these intervals as part of the current drilling program…

5. Evrim Resources (EVM, TSX-V) has arranged a strategic investment with Newmont Mining (NMZ, NYSE) through its wholly-owned Canadian subsidiary…Newmont has agreed to purchase 4.8 million shares of the company at a price of $1.50 per share for gross proceeds of $7.3 million…this will go toward Evrim’s Cuale high sulphidation epithermal Gold project in Jalisco, Mexico…“The investment by Newmont is a strong endorsement for the potential of the Cuale Gold project,” commented Evrim CEO Paddy Nicol.  “Evrim and Newmont have established a strong exploration relationship for several years undertaking targeted generative exploration in two areas of North America, and this investment is a natural evolution of that relationship. We are pleased to once again utilize Newmont’s technical knowledge and expertise in high sulphidation Gold systems to advance Cuale”…

6. Sokoman Iron (SIC, TSX-V) is under pressure this morning after releasing assay results from the remaining 12 holes of Phase 1 drilling its Moosehead Project in central Newfoundland…highlights were holes MH-18–07 and MH-18–08 which intersected near-surface, high-grade visible Gold veins…MH-18–08 cut 2 zones assaying 1.05 m at 207.51 g/t Au from 8.5 m downhole, and 42.4 g/t Au from 33 m downhole…diamond drill holes MH-18-04 to MH-18–13 focused on the Western Trend approximately 250 m west of the Eastern Trend…8 of the 15 holes completed in Phase 1 reported visible Gold-bearing quartz vein zones…Phase 2 drilling, as much as 10,000 m, is expected to commence on or about October 1, pending receipt of all necessary permits…SIC is off a nickel at off 5.5 cents at 20.5 cents as of 7:00 am Pacific as the stock tries to hold nearest technical support at 21 cents…

7. This could get interesting – the Tsilhqot’in Nation is calling on the provincial NDP to revoke a mine exploration permit granted at the last moment by the previous Liberal government to a company whose mine proposal had already been rejected by Ottawa twice…the Tsilhqot’in Nation, however, doesn’t seem to understand a very key point highlighted by Taseko Mines (TKO, TSX) – “If exploration work in B.C. cannot proceed unless the outcome is guaranteed to be a mine, then there will be no more exploration in B.C.”…meanwhile, in further explaining the exploration permit approval granted last year, the B.C. government’s senior official who made the decision said he considered the federal rejection of Taseko’s project but noted that Taseko isn’t precluded from applying with a new project design…the Tsilhqot’in Nation’s renewed push for government action follows a B.C. Supreme Court decision published online last Friday that upheld Taseko Mines’ permit, allowing the company to undertake exploration work in the area despite fierce opposition by the Tsilhqot’in….“If they want to talk about reconciliation with First Nations people, this is where it starts,” said Chief Joe Alphonse, the tribal chairman of the Tsilhqot’in national government…Alphonse called the court’s decision “very disheartening”…the exploration permit allows Taseko to clear 76 km of new or modified road and trail, drill more than 120 holes, excavate more than 360 test pits and clear 20 km of seismic lines in an area about 125 km north of Williams Lake..the area includes Teẑtan Biny, also known as Fish Lake, and Nabas, an area of cultural and spiritual significance, according to the Tsilhqot’in Nation…Taseko has undertaken exploration work in the area for the last 20 years…

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