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1. Gold has traded between $1,278 and $1,286 so far today…as of 7:00 am Pacific, bullion is off $7 an ounce at $1,279…Silver has slipped 24 cents to $14.86…Copper and Nickel are off slightly at $2.89 and $5.58, respectively, while Zinc has gained a penny to $1.32…Cobalt is steady at $15.76…Crude Oil is 46 cents lower at $63.84 while the U.S. Dollar Index is relatively unchanged at 98.06…the Fed is the big event for markets in the week ahead, although there are about 150 S&P 500 companies reporting and some major economic data, including Friday’s jobs report…Fed Chairman Jerome Powell is expected to try to keep markets calm and stress the Fed has patience and that it will hold rates steady…trade talks between the U.S. and China are now in the final stages, said U.S. Treasury Secretary Steve Mnuchin, ahead of this week’s meeting in Beijing between negotiators from both sides…“We’re getting into the final laps,” a report quoted Mnuchin as saying in an interview at the Milken Institute Global Conference in Los Angeles…“I think both sides have a desire to reach an agreement. We’ve made a lot of progress”…according to the report, Mnuchin said that while both countries are nearing a deal, the negotiations are reaching a stage where either an agreement could happen – or it could end without a deal…the United Arab Emirates (UAE) and China signed $3.4 billion worth of new deals over the weekend as part of China’s Belt and Road Initiative – a massive infrastructure project that involves building roads, railways and shipping lines between China and more than 60 countries in Asia, Europe, the Middle East and North Africa…China is already the UAE’s second largest trading partner, and the UAE serves as a major gateway for Chinese exports to the Middle East…
2. The S&P 500 and NASDAQ each closed at record highs on Friday as better-than-expected economic data offset a mixed batch of corporate earnings…in Canada, the TSX closed Friday just 56 points below its closing record high of 16,669 set earlier in the week…if history is a guide, then it looks as if there’s a lot more joy to come on Wall Street…historically, following periods when new highs were not recorded for at least 6 months, S&P 500 returns over the next 12 months averaged 12.9%, with 17 of the 18 periods recording a positive return, according to LPL Financial Research…notably as well, U.S. equity markets have risen significantly in the year after all 18 mid-term elections since World War II, with the S&P 500 delivering an average return of 14.5%, also according to LPL Financial…the pattern is pointing to a longer bull run even after this year’s epic rebound…the S&P is up 6.7% since the mid-terms last November, so there is indeed a lot of room for stocks to run in 2019 based on historical patterns…the S&P 500 has soared 17% this year, building on gains after closing out its best quarter in nearly a decade…the Dow has advanced 14%…whether the gains last depends in part on data continuing to show the economy is growing at a just-right pace: one that is fast enough to support corporate profits but slow enough to prevent inflation from racing higher, which might cause the Fed to raise rates again…that’s why President Trump can be expected to maintain pressure on OPEC to keep Oil prices from breaking out…
3. Alberta can’t get a new pipeline, but eastern Canada keeps increasing Saudi imports: Canada’s Oil imports from Saudi Arabia have been rising steadily during the Trudeau era, according to Statistics Canada trade data reviewed by CBC News…the total volume of Canadian imports from Saudi Arabia has increased by a whopping 66% since 2014, with imports rising every year during that period…last year, Canadian companies spent $3.54 billion importing 6.4 million cubic meters of Saudi Oil, up from 5.9 million cubic metres worth $2.5 billion in 2017…in January 2019, Saudi Oil accounted for roughly 10% of Canadian consumption, up from about 8% in 2017…Saudi Arabia is the 2nd-largest source of foreign Oil for Canada, after the United States, but of course the wacky left in Canada seems to have no problem with Saudi Oil while it attacks “dirty Oil” from Alberta…
4. A little education can go a long way: Victoria’s “Green New Deal” far left Mayor toured an Oil sands project in northern Alberta Friday as part of an education effort launched by Calgary city councillors and energy sector advocates…Lisa Helps’s trip to Cenovus’ (CVE, TSX) steam-assisted gravity drainage (SAGD) Oil sands project at Foster Creek, southeast of Fort McMurray, was arranged by pro-Oil and gas advocacy group Canada Action….Calgary city Councillor Jeff Davison and Canada Action founder Cody Battershill also travelled with the Victoria mayor…back in Calgary Friday night, Helps said it was “too soon for me to say” whether the tour had impacted her views on the Oil sands and the resource industry…“But I believe in the work that’s happening here and that I saw today,” the mayor quickly added…“If the Oil sands are going to have a future, what I saw today really lends itself well”…SAGD is a method of drilling to extract Oil that’s too deep below ground to mine…Canada Action said the technique is used in 97% of the Oil sands land area, as well as for 80% of reserves and about half of current production…Helps said she was impressed about the level of pride the staff took in the project, and was happy she took the trip to expand her perspective on the Oil sands and share that with her fellow councillors in Victoria…SAGD emissions are equivalent to what is emitted by the steam flood projects which have long been used to produce heavy Oil in California’s Kern River Oil Field and elsewhere around the world…
5. Chemesis International (CSI, CSE) is pushing higher in early trading on news that it has commenced the process to expand its operations into the central United States…the company will concentrate on establishing operations in Michigan, Wisconsin, Missouri, and Illinois…it’s now in the application stage in each state and is also in the process of completing due diligence on assets that include cultivation, extraction, and distribution…currently, each state is in different stages of developing its medical and recreational cannabis markets…Michigan has passed both recreational and medical cannabis laws, and state regulators are forming recreational cannabis laws with anticipated sales to begin early 2020…in Michigan, Chemesis has applied for a Hemp Co-Processing License, Hemp Cultivation License, Medical Cannabis Processing License, and will apply for the Adult Use Cannabis Processing License in Calendar Q4, 2019…Illinois is developing a medical cannabis program which allows patients that qualify for certain medical conditions to obtain cannabis flower and derivatives…the company will apply for licenses when the state begins accepting applications and is currently evaluating assets and other opportunities in the state…in addition, Chemesis will look to build a first mover advantage in Wisconsin, where the state is in the early stages of forming a basis for legalization…lastly, Chemesis will be pursuing opportunities in Missouri where the state is in the process of shaping a framework of regulations for a medical cannabis program…
6. The Dow is flat after the first 30 minutes of trading to begin the new week…in Toronto, the TSX is off 14 points while the Venture is unchanged at 611…Transition Metals (XTM, TSX-V) is the big early mover on the resource side after North American Palladium (PDL, TSX) drilled into the best mineralization yet at the Sunday Lake Project north of Thunder Bay – hole SL-19–26 returned 41.2 m @ 3.2 g/t Platinum, 2.1 g/t Palladium, 0.21 g/t Au, 0.57% Cu and 0.19% Ni…this includes a 15.8-m section containing 9.1 g/t combined Platinum-Palladium-Gold…that hole targeted the strongest conductivity anomaly in the western part of the intrusion…hole SL-19–29, a 275-m step-out from SL-19–26, cut 32.0 m @ 1.89 g/t Pt, 1.23 g/t Pd, 0.23 g/t Au, 0.33% Cu and 0.18% Ni…true widths are estimated at 80% to 95%…the Sunday Lake Project is held by JV partners Transition Metals and Implats (IMP, JSE), the world’s 2nd-largest Platinum miner…PDL holds the right to acquire Implats‘ 75% ownership in the Sunday Lake Project by completing work commitments totaling $4.5 million and making cash payments of $3.5 million over a 5-year period…Transition retains a 25% interest in the project carried to feasibility, providing its shareholders a significant stake in a premium PGE project as it is progresses towards production…good news – fresh blood is coming into Marathon Gold (MOZ, TSX)…President and CEO Phillip Walford announced his retirement this morning, once a successor is hired, though he’ll continue to serve as a director of the company…Marathon has commenced a global search for a new President and CEO who has the expertise and track record to lead the company through the next phase of development and construction of the Valentine Gold Camp…Khiron Life Sciences (KHRN, TSX-V) is up 20 cents at $3.34 in early trading after announcing that it has signed an LOI with Colombia’s largest pharmacy chain to distribute Khiron’s medical cannabis products across the country…the companies have agreed to initial discounting and commercial fees and will work toward establishing a definitive commercial contract and detailed distribution plan to begin sales in the second half of 2019…
7. Canopy Growth (WEED, TSX; CGC, NYSE) has reached a key milestone in establishing its hemp industrial park in the Southern Tier region of New York State…the company has secured a 308,000 sq. foot facility on a 48-acre property in Kirkwood, NY…design activities will commence immediately with construction slated to start this summer…the vision for the property is to build the infrastructure necessary to support hemp-derived cannabinoid extraction and related manufacturing together with providing an opportunity for participation by other businesses in the hemp industry…“As we establish a stronger foothold in the exciting U.S. market, we want to do so in a way that prioritizes local vendors and creates meaningful career opportunities for people in the communities where we operate,” stated Bruce Linton, Chairman and co-CEO Bruce Linton…“The vision for our investment is to create an ecosystem that inspires new entrepreneurs and generates more economic stimulus than a single company can offer. As we build the facilities, we’ll also attract like-minded businesses who share our excitement for the emerging hemp and hemp-derived cannabinoid markets”…
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Comment by flyinthruu — April 29, 2019 @ 5:06 pm
Interesting, ETR boosts size of Rock & Roll Property to 160 sq. km just a week after announcing start of 2019 exploration season…
Etruscus Triples Size of Rock & Roll Property
VANCOUVER, April 30, 2019 /CNW/ – Etruscus Resources Corp. (CSE: ETR) (the “Company” or “Etruscus”) is pleased to announce that the Company has added a significant northwest extension to its Rock & Roll Property in the prolific Eskay region, tripling the size of the land package to 16,088 hectares.
Highlights:
– 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 volcanogenic massive sulphide (“VMS”) discovery nearly 3 decades ago (click here to view map);
– 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 of 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.”
Qualified Person
Technical aspects of this news release have been reviewed and approved by Dr. Dave R. Webb, Ph.D., P.Geol., P. Eng. designated as a qualified person under National Instrument 43-101.
About the Rock & Roll Property
Etruscus Resources Corp. is a Vancouver-based exploration company focused on the development of its 100%-owned Rock & Roll Project situated in the heart of Northwest B.C.’s prolific Eskay region. The property was originally staked in 1988 on behalf of the Prime Resources Group, one of Murray Pezim’s companies.
Comment by Jon - BMR — April 30, 2019 @ 4:38 am