RCKS Talk

31-Aug-2018

Monarques Gold Corp.

Beaufor Shifts from Production to Exploration

Impact: Neutral

Monarques Gold has announced that it plans to suspend production at the company’s Beaufor Mine in Quebec as of December 14, 2018 and place the mine on care and maintenance.

  • The decision to place Beaufor on care and maintenance was driven by a combination of low metal prices and low gold grades
  • At Beaufor, the company is refocusing on exploration, following up on recent high-grade results, including 10.38 g/t Au over 7.65m (QF1 vein) and 84.80 g/t Au over 1.65m (QF veins)
  • It is important to note that, the company’s custom milling operations at the Camflo mill, which grew 31% in FQ4, are expected to continue generating revenue as the company advances its key development projects Wasamac and Croinor
Monarques continues to trade at a discount to peers (C$8/oz vs. peers at C$27/oz) and we believe the upcoming resource expansion drilling and technical studies including a conceptual study on Wasamac that should demonstrate the projects potential and help close the valuation gap to peers.

31-Aug-2018

Brixton Metals Corp.

Diamonds in Cobalt

Impact: Positive

Brixton Metals has announced that it has intersected a kimberlitic body in three drill holes at its Langis project in the Cobalt Camp of Ontario while targeting cobalt-nickel-silver mineralization in the shallow Archean rocks.

  • A total of 53.6kg from the three holes has been sent to SRC Geoanalytical Laboratories Diamond Services (GLDS) in Saskatoon for micro diamonds recovery tests where micro diamonds recovery tests returned one diamond from drill hole LM-18-37 (Figure 1)
  • Given the small sample size of three drill holes, recovering a diamond fragment is an interesting new development for the Langis project, the distance between the three holes (Figure 2) suggests that the property may host a large kimberlite pipe or multiple smaller pipes
  • The discovery of diamond-bearing kimberlitic rocks on the property warrants further investigation, which the company intends to pursue with further core and RC drilling to test for the extent of the kimberlitic body while consulting with diamond exploration experts to evaluate and assess the potential of the discovery 
While this is an exciting new discovery for the company, we expect that the company’s focus to remain on Co-Ag exploration while the company assesses the diamond exploration potential. Based on peers in the Cobalt Camp, we believe Brixton remains undervalued based on these assets alone. In our view, continued exploration success in the Cobalt camp, along with planned work at the company’s other properties, should benefit shareholders through Brixton.

29-Aug-2018

Honey Badger Exploration Inc.

Honey Badger Intersects High-Grade Ag-Co

Impact: Mildly Positive

Honey Badger Exploration announced that it has received all the initial assay results from the Spring 2018 drilling program at its Thunder Bay Co-Ag project.

  • Highlights include: 0.085% Co over 24.1m, including 0.28% Co over 4.6m in hole BM-18-002 (on a metal equivalent basis, 1% Co grades equate to ~10% Cu), and 292g/t Ag over 4.43m, including 921 g/t Ag over 1.4m in hole BM-18-004
  • Drilling is continuing to target the Beaver Mine structure below the known underground workings of the mine and results suggest there is potential for the discovery of shallow high-grade Ag-Co mineralization
  • The theory that a highly prospective cobalt-silver camp potentially exists at the Thunder Bay project continues to hold. Notably, the company continues to intersect high-grade mineralization over good widths, which are better than many of the recent results from the Cobalt Camp near Cobalt, Ontario
 
With an experienced management team and an extensive land package in an under-explored and prospective Ag-Co district, we expect pending assay results from 2018 drilling to reflect this potential and be important catalysts for the stock.

28-Aug-2018

Standard Lithium Ltd.

Initial Testing Delivers Good Li Grades; New Resources Coming

Impact: Positive

Standard Lithium released initial sampling results from its 30,000 acre project on the Smackover Formation in Southwestern Arkansas. We view the results positively, as they represent good Li grades, particular when you consider the in-place infrastructure.

  • Four brine samples from the project area returned grades between 347-461 mg/L, putting this project middle of the pack when looking only at Li grades globally, but front of the line for brine development projects in North America
  • Samples were taken, be re-entering existing oil wells on the project, significantly reducing exploration costs and providing the company significant exploration and development cost advantages
  • These results are expected to lead to a near-term maiden resource for this project in the very near-term. As well, the company is working on a maiden resource from its neighboring flagship operation, where it has an agreement to access lithium rich brine from a 150,000 acre active brine extraction operation
Standard Lithium is unique with respect to other junior lithium companies, in that, rather than developing a new resource, their plan is to tap into existing brine production, significantly reducing development costs and permitting requirements as they progress towards developing a pilot plant. Over the next few months, we believe there are going to be a number of catalysts in the near-term that should demonstrate the value of this unique company.

27-Aug-2018

Pacton Gold Inc.

Pacton Adds More Conglomerate Ground

Impact: Positive

Pacton Gold has announced that it has entered into a binding letter of intent (LOI) to acquire the conglomerate gold rights from Calidus Resources Limited (ASX:CAI) over a portfolio of eight exploration licenses, which includes six granted exploration licenses and two exploration licenses under application for a total of 357.5 sq. km within the Pilbara region of Western Australia.

  • Included in this land package is 40km of favourable stratigraphy for conglomerate, but the property has seen little work to date
  • We highlight that Haoma announced the discovery of gold hosted in conglomerates at its nearby Marble Bar tenements and Calidus has previously discovered watermelon seed nuggets in this area as well (Figure 1)
  • Under the terms of the LOI, Pacton would make a non-refundable payment of C$10,000 and issue to Calidus or its nominees 7M common shares in addition to the right to deferred compensation whereby Calidus may receive up to 3M additional common shares of Pacton on the first anniversary of completion of the transaction based on Pacton’s 30-day VWAP
This acquisition continues with Pacton's strategy to use the valuation gap between Australian and Canadian listed Pilbara conglomerate gold explorers to consolidate a significant land position (Figure 2).

27-Aug-2018

InZinc Mining Ltd.

Strong Step-Out Results Suggest West Desert Should Grow

Impact: Positive

InZinc Mining has released the remainder step-out drill results from West Desert in Utah, which intersected high-grade zinc mineralization in previously untested areas, following up on hole WD18-01. We view these results positively and, in our view, suggest that the West Desert has room to grow.

  • Results were highlighted by 6.8m of 16.5% Zn, 0.3% Cu, 60 g/t In and 14 g/t Ag (WD18-05) to the west of the deposit (Figure 1) and 1.8m of 9.31% Zn, 0.3% Cu, 14 g/t In, and 19 g/t Ag to the east of the deposit.
  • Results look good and point to meaningful resource growth, confirming geophysical and surface sampling results
  • Phase 2 drilling is expected to follow-up WD18-05 targeting the deeper sulphide zones
InZinc currently trades at C$0.001/lb ZnEq versus peers at C$0.031/lb ZnEq. In our view, this relates to both the company’s low-profile over the last few years and the plan currently laid out by the PEA. In our view, with the company refocused on exploration and an active exploration program at both Indy and West Desert, a re-rating is likely, with ongoing exploration results being the likely catalyst.

26-Aug-2018

IDM Mining Ltd.

Site Visit: On the Path to Production

Impact: Positive

Last week we visited IDM Mining Ltd’s (TSXV:IDM) Red Mountain project in British Columbia. We were impressed with our tour and the progress the company has made on the project since our last visit in 2016. It is a busy and interesting time for IDM as the EA/EIS review process nears completion by Q3/Q4 2018 and as value engineering progresses towards an updated feasibility study (FS) expected in Q1 2019.

  • IDM continues to de-risk Red Mountain, on-track for first production in 2022
  • Optimized mine plan could significantly improve project economics
  • Re-interpreted geological model & Lost Valley highlight Red Mountain’s exploration upside
  • Expecting a re-rating by year-end as the project is de-risked
On an EV/oz basis, IDM continues to trade at a discount to peers and we believe that as the company continues to de-risk the current project and demonstrate the potential for resource growth, it should trade at least in-line with similar stage development peers.

22-Aug-2018

Pacton Gold Inc.

Pacton Accelerates Acquisition of Arrow Pilbara

Impact: Mildly Positive

Pacton Gold has agreed to terms to acquire the remaining 49% of Arrow Pilbara Pty Ltd, (currently owns 51%) from Arrow Minerals Limited (ASX:AMD), accelerating the previous Share Purchase and Option Agreement to acquire 80% of the company. The remaining 49% is being acquired for C$1M in cash and the issue of 2M shares of Pacton.
  • Arrow Pilbara holds a strategic land package totaling 609 sq. km comprised of two granted tenement licences and two applications for licences; it is an advanced portfolio consisting of conglomerate gold targets within the Mallina Basin
  • This continues to be an earlier stage conglomerate gold target; however, conglomerate hosted and nuggets have recently been discovered on the property and seven conglomerate gold targets have been identified to date, follow-up work is needed
  • The property is adjacent to and in close proximity to key exploration properties controlled by Novo Resources, De Grey Mining, and Kairos Minerals (Figure 1)
We view this acquisition as another step forward for the company in continuing to execute its strategy of land consolidation in the Pilbara. Pacton is quickly advancing its interest in the Pilbara, taking advantage of the valuation gap between Canadian and Australian listed conglomerate gold companies.

22-Aug-2018

Artemis Resources Ltd.

Radio Hill Plant Approvals Received; Construction Teams Mobilized

Impact: Mildly Positive

Artemis Resources has provided an update on the refurbishment of its Radio Hill processing plant and has received all necessary gold circuit approvals.
  • Artemis has received permits to construct and operate a gold ore treatment plant of 500k tpa (~1400 tpd) at the Radio Hill plant site. We note that while the company received approvals to process gold ores, permitting is ongoing for tailings facility expansions (for both gold and base metals) and the permits do not appear to cover the use of cyanide, which is needed to process fine gold.
  • With approvals in place, installation of gold circuit, product sampling, dewatering and tertiary crushing equipment will commence immediately; also progressing well is the refurbishment of crushing, materials handling and grinding circuits.
  • Radio Hill is on-track to become the only mill in the Kawartha region capable of processing gold ore potentially making it a strategic asset. This is important because Novo Resources (TSXV:NVO) plans to eventually progress from the 5 tonne bulk samples underway to trial mining which would likely require a plant of this size.
Our view on Artemis is beginning to be more positive, in particular with the advancement of the Radio Hill plant towards being able to process gold ore, the restart of exploration work at Purdy’s Reward and the companies renewed focus on its base/battery metal targets around the Radio Hill plant site. As of June 30, 2018, the company had A$27M in cash, which has it well positioned to meet its near-term objectives and represents ~A$0.04/share of value. Additionally, we value Artemis’ 50% interest in Purdy’s Reward at A$0.075-0.30/share, suggesting some upside to the current share price (A$0.17). We highlight that this assumes no value for the Radio Hill plant, or its wholly owned conglomerate or base metal projects which the company is advancing.

21-Aug-2018

Lupaka Gold Corp.

Lupaka Commences Toll Processing Development Ore at Invicta

Impact: Mildly Positive

Lupaka Gold has announced that the processing of mineralized development material has commenced at the Invicta Gold Development Project and the first concentrates have been successfully produced.
  • ~6,500t of mineralized material was extracted from the 3400 Level and sampled on surface returning an average grade of 7.21g/t AuEq; the 6,500t of material was transported for the evaluation of the local toll processing facilities where 1,900t have been processed
  • Lupaka is now able to start generating initial cash flow from the project, in line with our estimates, bringing the company a step closer to steady-state production
  • This recent update from activities underway at the project puts Lupaka one step closer to production at Invicta; the project’s operations team is on track to commence test mining within the budgeted timeline
Based on the company’s recently released PEA, our valuation of Lupaka suggests a NAVPS10% of C$0.55 assuming a 350tpd operation. Based on our site visit and the company’s continued exploration success, we see potential for a 500tpd operation at Invicta. We believe that the establishment of steady-state mining and processing, expected in Q3 2018, is going to be the next key re-rating catalyst for Lupaka.

21-Aug-2018

Aston Bay Holdings Ltd.

Aston Bay Acquires Jack’s Fork Exploration; Don Taylor Joins Team

Impact: Mildly Positive

Aston Bay has entered into a definitive agreement with Jack’s Fork Exploration (JFE) to acquire all the issued and outstanding stock of the Delaware-based private company, to acquire the Blue Ridge Project located in central Virginia.
  • Blue Ridge is located within a Cu-Pb-Zn-Au-Ag mineralized sedimentary and volcanic belt and through the acquisition, Aston Bay has gained access to an integrated geophysical, geochemical and geological dataset, including an airborne EM/Mag survey covering ~500,000 hectares
  • With the addition of Blue Ridge to Aston Bay’s Storm/Seal assets in the arctic, the year-round access to the project puts the company in the position to provide continuous news flow as they develop the two projects which both host significant base metal discovery potential
  • President of JFE Don Taylor, former COO of Arizona Mining, will take up a role on the Aston Bay team as Technical Advisor to the Blue Ridge Project and will leverage experience in the district to successfully explore the data- and target-rich project with near term discovery potential
Following a number of material changes in 2017 we believe 2018 will be an important year for Aston Bay with an important catalyst being results from planned drilling at Storm Copper and Seal Zinc which are expected to be released this fall.

20-Aug-2018

Brixton Metals Corp.

Hog Heaven Now Drill Ready

Impact: Mildly Positive

Brixton Metals has provided an update on its Hog Heaven project data review, new geophysical data acquisition and short-term project development plans.
  • Work completed to date at Hog Heaven includes the data entry of historic assay for 57,498m from 722 drill holes and the acquisition of 60 sq. km of Lidar and digital air photography
  • A total of 724 line-km of VTEM Plus and horizontal magnetic gradiometer survey have been completed over the project and have been successful in identifying several anomalies, which Brixton is planning to drill test with the objective to identify additional high-grade Ag-Au-Cu-Pb-Zn mineralization (Figure 1)
  • With no work completed since the 1990’s, the Hog Heaven project is now drill ready for initial programs, which should focus on infill and confirmation drilling to support a NI 43-101 resource estimate and to confirm the presence of new mineralization; Brixton is planning to initiate a nine-hole drill plan for the Fall 2018
Based on peers in the Cobalt Camp, we believe Brixton remains undervalued based on these assets alone. In our view, continued exploration success in the Cobalt camp, along with planned work at the company’s other properties, should benefit shareholders through Brixton.

20-Aug-2018

SolGold Plc.

SolGold Plans for 100km of New Drilling Ahead of Updated Resource

Impact: Mildly Positive

SolGold has provided an update on recent drilling at Alpala Central at the Cascabel project located in Ecuador, which showed wide intercepts of visible copper sulphide mineralization and visual estimates of chalcopyrite.

  • Alpala Central infill drill hole 41-D1-D2 intersected 0.64% Cu and 0.85g/t Au over 582m (1.18% CuEq), including 340m of 0.78% Cu and 1.21g/t Au (1.54% CuEq)
  • A total of 83km of drilling has been completed since the Alpala maiden resource estimate, which included an initial 53,616m of drilling, and has confirmed that the gold-rich high grade core of the deposit has uninterrupted true dimensions of up to 750m vertically, 700m long, and 300m wide, at a cut-off grade of 1.5% CuEq
  • Additional high-grade tonnage is being defined along the western lobe, adjacent to the high-grade core, and with 17,000m of planned drilling outstanding, a total of 100km of drilling is expected to be incorporated into an updated resource estimate to further boost the resource base for the project
In our view, the SolGold's current valuation (C$0.032/lb vs. peers at C$0.026/lb CuEq) does not fully reflect the exceptional nature of the existing Cascabel project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

20-Aug-2018

Adventus Zinc Corp.

Curipamba Infill Hits 4.58m of 35.92% CuEq

Impact: Positive

Adventus Zinc has additional drill results from the infill drilling program on the El Domo VMS deposit, a part of the Curipamba project in Ecuador.
  • Highlights include drill hole CURI-278, which intersected 4.58m of 5.29% Cu, 19.60g/t Au, 31.75% Zn, 364.2g/t Ag, and 2.88% Pb (35.92% CuEq), which highlights the potential of the high-grade core of the El Domo VMS system
  • To date, infill drilling (completed 42 of 52 holes) continues to successfully intersect high-grade massive sulphides, which aligns with the company’s objective of upgrading the confidence level of the higher-grade portion of the open-pit constrained mineral resource
  • This phase of drilling commenced in early March 2018 with the goal of decreasing drill spacing for the purpose of boosting confidence in the high-grade portion of the resource while generating material for a H2 2018 metallurgical program; the program is expected to be completed before the end of Q3 2018
The company is currently trading at a slight discount to peers, which we expect to close given the exploration potential and quality of the company’s exploration assets. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets.

17-Aug-2018

Monarques Gold Corp.

Operations Steady in FQ4; Projects Continue to Advance

Impact: Neutral

Monarques Gold has reported production results for its fourth quarter ending June 30, 2018 which were effectively in line with recent quarters.
  • Monarques produced 4,695oz Au this quarter, down 5% from the previous quarter. The modest decrease was the result of slightly lower tonnes processed (Figure 1)
  • Despite modestly lower production, revenue grew by 2% to C$10 million, as the company saw a 31% increase in custom milling operations at the Camflo mill that is expected to be maintained
  • The company continues to advance its growth projects and its planned feasibility study for Wasamac (expected in Q4) is expected to use the Rail-Veyor system (used by Agnico-Eagle at Goldex), which is likely to material reduce initial capital versus a traditional shaft based approach
Monarques continues to trade at a discount to peers (C$8/oz vs. peers at C$27/oz) and we believe the upcoming resource expansion drilling and technical studies including a conceptual study on Wasamac should help close the valuation gap to peers.

17-Aug-2018

Honey Badger Exploration Inc.

Honey Badger Intersects Ag-Co Beneath Beaver Mine

Impact: Mildly Positive

Honey Badger Exploration has released partial results from drill hole BN-18-004 at the Thunder Bay Silver Cobalt Camp; additional assays are pending for multiple drill holes.
  • Highlights include: 292g/t Au over 4.43m, including 921g/t over 1.4m, and also returned 0.35% Co over 4.5m, including 0.5% Co over 3m
  • The drill hole was targeting the Beaver Mine structure below the known underground workings of the mine and results indicate that high-grade silver mineralization extends below the lower-most level of the mine
  • Honey Badger continues to modify its interpretation of the mineralization for both silver and cobalt; the company is planning for further exploration
With an experienced management team and an extensive land package in an under-explored and prospective Ag-Co district, we expect pending assay results from 2018 drilling to reflect this potential and be important catalysts for the stock.

17-Aug-2018

Novo Resources Corp.

Conglomerate Continuity Supports our View on Scale Potential

Impact: Mildly Positive

Novo Resources has provided an exploration update based recent surface mapping and trenching at the Comet Well and Purdy’s Reward properties in the Pilbara.

  • Recent exploration at Comet Well indicates that the upper gold-bearing conglomerate appears to be continuous with the basal gold bearing conglomerate at Purdy’s Reward, the Novo - Artemis Resources 50-50 joint venture, for a current explored strike of 3.4km
  • The apparent continuity of the gold-bearing conglomerates which are generally shallow and accessible for bulk sampling is an encouraging sign and 5-10 tonne bulk samples are currently being collected from newly opened areas
  • Novo and Artemis have re-commenced exploration activities at Purdy’s Reward, which includes infill diamond drilling to collect data on the depth and thickness of the gold-bearing conglomerate
Now that the company has overcome the processing challenges encountered for the first samples, we expect steady newsflow going forward (24 samples currently in the queue). We continue to believe that Novo is worth between C$4.70-17.90/sh , suggesting upside from the current share price. 

15-Aug-2018

Anaconda Mining Inc.

Expecting a Strong H2 2018 from Anaconda

Impact: Positive

We are reiterating our positive view on Anaconda Mining as we enter H2 2018 and following the termination of the takeover bid for Maritime Resources (TSXV:MAE).

  • Going into H2 2018, Anaconda continues to exceed expectations
  • While actively drilling Goldboro, the clock starts ticking on permitting
  • Higher grades expected from recently developed Stog’er Tight pit
  • Anaconda continues to trade at a significant discount to peers.
Anaconda continues to trade at discount to peers (0.28x NAV, peers 0.61x); ongoing exploration at Goldboro and Argyle and improved cash flow in H2 2018 should close the gap to peers.

15-Aug-2018

Osisko Mining Inc.

Osisko Mining to Acquire Beaufield Resources

Impact: Positive

Osisko Mining has entered into a definitive agreement to acquire all the issued and outstanding shares of Beaufield Resources at a 54% premium.
  • This move advances Osisko’s resource portfolio, adding Beaufield's Urban-Windfall project which is located next to Osisko's Windfall project within Quebec’s Urban Barry Camp
  • The offer consists of an exchange ratio of 0.0482 of a common share of Osisko for each Beaufield share held, representing an implied offer price of $0.082 per Beaufield Share (C$17.5M) based on Osisko's closing price as of August 14, 2018 and a premium of approximately 54% based on the 20-day VWAP
We view this proposed acquisition as a positive development for Osisko, as it allows the company to expand exploration activities for the Windfall Lake project to the neighbouring Beaufield claims. Osisko Mining has already identified several gold zones located on strike and a few hundred meters away from Beaufield’s property, which are being targeted by 2018 drilling.

14-Aug-2018

Red Pine Exploration Inc.

Surluga Drilling Intersects 27.9m of 3.13g/t Gold

Impact: Positive

Red Pine Exploration has announced the results of sixteen additional holes at its Wawa Gold Project as a part of its drill program designed to in fill gaps in the Surluga and Minto Mine South Zone.
  • Drilling in the near-surface extension of the historic Jubilee Mine at the Surluga Deposit returned results of: 3.13g/t Au over 27.9m, including 37.3g/t over 1.1m (SD-17-172), 1.77g/t Au over 32.6m (SD-17-170) and 2.12g/t over 14.1m (SD-18-176)
  • A new gold zone was discovered in the footwall of the Surluga Deposit with hole SD-17-172 returning 7.74g/t Au over 2.9m, which is a positive development for the company as high-grade gold mineralization has been primarily intersected in the hanging wall and shear zone
  • Drilling continues to fill gaps in the Surluga Deposit with high-grade mineralization and the company is working to target strategic gaps in the existing database in order to maximize the impact of the program on the upcoming resource
Red Pine currently trades at a discount to peers (C$27/oz vs. peers at C$51/oz), valuation does not reflect the exploration upside we believe the property has, or the likely re-rating should the current project ownership structure be cleaned up.

13-Aug-2018

Ascot Resources Ltd.

Ascot to Acquire Neighbouring Silver Coin Property

Impact: Positive

Ascot Resources has entered into definitive agreements with Jayden Resources Inc. (TSXV:JDN) and Mountain Boy Minerals Ltd. (TSXV:MTB) to acquire 100% interest in the Silver Coin property in northwestern B.C.
  • The Silver Coin property adjoins the Ascot property boundary, has a current resource of ~244,000oz AuEq at 4.4 g/t AuEq, appears to have meaningful exploration upside and has access to the Big Missouri haul road
  • Pursuant to the agreement, Ascot will acquire all shares of Jayden Resources in exchange for 14,987,497 Ascot shares plus an additional 1,715,684 shares and will issue 4,175,795 shares in exchange for Mountain Boy’s 20% joint venture, which equals a total value of C$19.63M based on last close or C$80/oz AuEq
  • We view the acquisition favourably as it moves Ascot a step closer towards its goal of building sufficient resources to justify the restart of the Premier Mill. It is worth noting that in the early 1990’s, the Silver Coin property was mined and fed into the Premier mill, which is ~5km away
Based on the company’s recent resource update (open pit & underground), Ascot trades at a discount (C$24/oz versus peers at C$78/oz). We expect the ongoing news from exploration and infill drilling on higher-grade underground resources to close the gap to peers.

13-Aug-2018

SolGold Plc.

Alpala Central Drilling Enhances High Grade Core; Points to Resource Growth

Impact: Positive

SolGold has provided an update on recent infill drilling at the Alpala Central zone of the Cascabel project in Northern Ecuador, where the company continues to successfully execute its strategy of enhancing the high-grade core of the Alpala deposit.

  • Highlights from this round include infill results of 832m of 0.72% Cu and 1.10g/t Au at Alpala Central and 1062m of 0.69% Cu and 0.52g/t Au at the Alpala Central northwest extension
  • These results point to not only a stronger resource base, but also to a larger and more cohesive high-grade core which could support a higher mine production rate in early years, which would boost project economics
  • Since the maiden mineral resource estimate of 16.18Blb CuEq (1.08Bt grading 0.68% CuEq), a total of 80,538m of additional drilling has been completed and signficant resource growth is expected with a revised resource estimate
In our view, the SolGold's current valuation (C$0.038/lb vs. peers at C$0.026/lb CuEq) does not fully reflect the exceptional nature of the existing Cascabel project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

10-Aug-2018

Pacton Gold Inc.

Pacton Terminates Deal to Acquire Bellary Dome

Impact: Negative

Pacton Gold has announced that with regards to the letter of intent (LOI) entered into on June 20, 2018 to acquire the Bellary Dome Project, it has elected to terminate its agreement with Marindi Metals, following the completion of its legal and technical due diligence investigation into the exploration licence.

  • Under the terms of the LOI, Pacton would have paid C$2M and issued 10,098,000 common shares to Marindi upon the closing of the transaction, in addition to paying C$1M or issued shares equal to that amount both on 12 months and 18 months after completion of the transaction
  • The Bellary Dome property hosts ~25km of strike extent between the Mt. Roe Basalt and the conformably underlying Bellary Formation with fine visible gold panned across the project
  • We view the Bellary Dome property as highly prospective for conglomerate gold mineralization and would have been one of the better assets in Pacton’s portfolio, therefore, we see this as a negative development for Pacton
The company recently acquired a 146.8 sq. km land package from Gardner Mining Pty Ltd and we expect the company is likely to continue executing its strategy of land consolidation in the Pilbara. In addition to the recent strategic investment from Eric Sprott, Pacton is quickly advancing its interest in the Pilbara and is well-positioned to commence exploration activities on its properties.

10-Aug-2018

Nicola Mining Inc.

Nicola Drills Positive Results from Historic Wastepiles

Impact: Mildly Positive

Nicola Mining has released results from its 20-hole Phase 1 Reverse Circulation (RC) drill program designed to test the 80-90Mt historic wastepile surrounding the Craigmont Mine Pit, at the New Craigmont Project in B.C.
  • The deepest hole in the program returned 0.25% Cu over 40m (CC-RC-18-12) with the discovery of potential high-grade copper mineralization in the southern side of the wastepiles
  • A clear zone of interest has been established in the largest volume section of the wastepiles on the southern side of the pit and results have warranted a follow up program to delineate copper mineralization and trace the extent of higher grade material within the wastepiles
  • Nicola was encouraged that the grading of the wastepiles were associated with location and not depth, which would limit waste rock; the value of the wastepile has been deemed significant and warrants a Phase 2 program of ~100 holes, which Nicola currently has the funds to complete
We conclude that preliminary results from the RC drilling program on historic waste piles are encouraging and it suggests that the south-central portion of the wastepiles may host economic copper mineralization at surface. The Phase 2 drilling program on the wastepiles is expected to commence shortly and likely to be completed by Fall 2018.

09-Aug-2018

Ascot Resources Ltd.

High Grade Gold Intercepted at Big Missouri’s Unicorn and Province Zones

Impact: Mildly Positive

Ascot Resources has announced that it has intercepted high-grade mineralization in the Unicorn and Province zones at Big Missouri, as part of the release of results for 37 holes drilled at this area of the flagship Premier-Dilworth Property.
  • Highlights include: 14.30g/t AuEq over 5.8m (P18-1678) and 6.53g/t over 4.0m (P18-1708) at Unicorn as well as 2.0m of 25.45g/t AuEq (P18-1691) and 2.0m of 14.65g/t AuEq (P18-1696) at the Province zone
  • Ascot is working towards restarting underground production at the Premier site using existing infrastructure and identifying new high-grade mineralized zones for underground extraction using higher drilling density compared to historic drilling previously meant for an open pit operation
  • The results from this announcement increases management’s confidence that the resource update for Premier and Big Missouri will establish a resource base, in support of engineering studies that commenced in Q2 2018, that will be sufficient enough for the restart of the Premier Mill
Based on the company’s recent resource update (open pit & underground), Ascot trades at a discount (C$30/oz versus peers at C$94/oz). We expect the ongoing news from exploration and infill drilling on higher-grade underground resources to close the gap to peers.

09-Aug-2018

Callinex Mines Inc.

Callinex Mines Provides Exploration Update at Nash Creek

Impact: Positive

Callinex Mines has provided an update on the 2018 drilling program at its Nash Creek Zinc Project in New Brunswick’s Bathurst Mining District (Figure 1).

  • Nine holes have been previously drilled testing targets adjacent to the current mineral resource (Figure 2) and the company plans to drill an additional 13 holes as a part of the first phase of this year’s campaign, the company intends to ship the first batch of samples for analytical testing within the next week
  • Callinex also plans to complete a 250-line km induced polarization (IP) survey, which is essential to identifying the potential for additional deposits along a 20km trend within the land package and in close proximity to the current Nash Creek resource (Figure 2), which currently underpins the company’s value combined with the high-grade and near-surface Superjack deposit to the south (Figure 1)
  • An IP survey completed in 2011 played an integral part in the 2017 exploration program which led to a major expansion of the deposit, it increased ZnEq indicated pounds by 74% and inferred by 385%, which reflects the potential of the upcoming IP survey to further highlight the exploration potential of the property
Following the announcement of a resource update in April and a maiden PEA in May of this year, the company is again pursuing resource expansion in the prolific Bathurst Mining District of New Brunswick. Callinex currently trades at a significant discount to peers ($0.005/lb vs. peers at $0.030/lb ZnEq). Considering our expectation for further resource growth at Nash Creek beyond the recent update, we expect the upcoming drill results in addition to the IP survey could close the valuation gap to peers. 

08-Aug-2018

Honey Badger Exploration Inc.

Honey Badger Drills 2.4m of 682g/t Silver

Impact: Positive

Honey Badger Exploration has released partial results from one drill hole completed during its Spring 2018 program at the Thunder Bay Silver Camp, which targeted the Beaver Mine structure located below the known underground developments of the historic mine.
  • Hole BM-18-006 intersected 682g/t Ag over 2.4m including 1254g/t over 1.2m and drilling indicates that high-grade silver mineralization extends below the lower-most level of the Beaver Mine
  • This discovery suggests, based on the assumption that all the deeper extensions of the historic mines are untested, that multiple opportunities exist on Honey Badger’s Thunder Bay Silver-Cobalt property to discover additional zones of high-grade silver mineralization
  • Following the discovery of high-grade cobalt mineralization in the sedimentary sequence in the camp, the company is undergoing a re-sampling and re-logging program of drill core from 2018 drilling
With an experienced management team and an extensive land package in an under-explored and prospective Ag-Co district, we expect pending assay results from 2018 drilling to reflect this potential and be important catalysts for the stock.

08-Aug-2018

GT Gold Corp.

GT Gold Extends Saddle South with 33g/t Over 2.8m

Impact: Positive

 

GT Gold has released assay results from the initial eight holes of the company’s 2018 exploration program which is expected to be at least 18,000m of diamond drilling in ~40 holes.
  • Step out drilling intersected high-grade gold both to the east and west at the Saddle South gold discovery including an intersection of 4.67g/t Au over 40.02m in a new zone (650m vertical depth), 175m south and east of the Saddle South Main Trend
  • The trend of Saddle South has been extended 400m in an east-west manner, bringing the total strike length to over 1km; all step-out holes have intersected mineralization, which remains open in all directions and deep drilling encountered high grades and strong widths in addition to a new trend to the southeast
  • GT will follow up with drilling at Saddle North where reconnaissance holes have shown significant potential for a large copper-gold-silver porphyry system. Drilling success at Saddle North could be a major positive catalyst for the stock
In addition to continued exploration at Saddle South, the company plans to now make Saddle North a focus for exploration in 2018 as well. Using C$50-75/oz (typical for high-grade underground deposits in good jurisdictions), the current enterprise value, implies a resource of 596-894k oz Au. Based on current drilling, we believe this is possible, and that the market appears to be modestly undervaluing the work to date and fully discounting the potential of Saddle North.

 

08-Aug-2018

Red Pine Exploration Inc.

Resampling Results Suggest Current Resource May Be Understated

Impact: Mildly Positive

 

Red Pine Exploration has received partial assay results for 135 holes from historic drill core from the Wawa Gold Project, which the company is sampling as a part of its 2018 sampling program.
  • Red Pine has received assays for 7,600 of the 11,000m of core logged this year, where 51% of sampled holes returned grades greater than 0.1g/t Au
  • Sampling highlights include: 8.78g/t Au over 2.28m at the Surluga Deposit (U0728L5) 9.36g/t gold over 0.7m (S174W), 2.31g/t gold over 4.88m (U0645L5), 1.55g/t gold over 3.8m (U0683L5)
  • Previously, all unsampled cores were assigned a gold value of zero, removing any ability for extrapolation in those areas of the deposit; subsequently, the results of this sampling are likely to have a positive impact on any future resource model as 51% of holes in these unsampled areas have returned non-zero gold values
Red Pine currently trades at a discount to peers (C$27/oz vs. peers at C$50/oz), valuation does not reflect the exploration upside we believe the property has, or the likely re-rating should the current project ownership structure be cleaned up.

 

08-Aug-2018

NxGold Ltd.

Mount Roe Sampling Results Demonstrate Potential

Impact: Positive

 

NxGold has provided an update on its 2018 exploration program at the Mt. Roe Project in the Pilbara, which includes recently completed reconnaissance stream sediment sampling and the completion of a preliminary follow-up trenching/stripping program.
  • The purpose of the stream sampling was to identify areas with the potential to host lode gold style mineralization and 24 of the 45 (5 were controls) samples contained gold grains, which is indicative of that style of mineralization
  • Trenching and stripping work included 16 trenches and trench extensions totalling 508m in length, further exposing the conglomerate target horizon and further evaluating potential gold bearing structures in the "Specimen" Area, where the target structure was traced ~50m
  • The stream samples have defined key portions of the ridge with potential to host gold mineralization and vein structures were identified in the Specimen Area supports the potential existence of primary gold mineralization
We view this update as positive as it confirms the company’s interpreted strike length at Mt. Roe, we view that with ongoing exploration and newsflow, a re-rating is possible as the company’s now C$16M market cap does not properly account for the potential of the project, relative to its Pilbara peers. We expect assay results from grab sampling, mapping results and ongoing trenching to be important catalysts for the stock.

 

07-Aug-2018

Brixton Metals Corp.

Large Land Acquisition Makes Brixton Top Dog in Atlin Gold Camp

Impact: Positive

Brixton Metals has announced that it has entered into a series of separate asset purchases to acquire 100% interest in 29,608 hectares of mineral rights in B.C.’s Atlin Gold Camp.
  • Transaction includes the Spruce and Yellowjacket properties, which account for over 96% of the land acquired, by way of issuing 4,300,000 common shares and a payment of $50,000 to Desert Mountain Energy Corp (TSXV:DME)
  • Spruce is subject to a 1.0% NSR, which Brixton may purchase for $1,250,000 and the Yellowjacket property is subject to a net 1.5% NSR. Brixton also acquired 1,019 hectares of the McKee and Otter properties, which are subject to a 1% NSR, half of which Brixton holds the right to purchase
  • With this move, Brixton has consolidated 979 sqkm of land to become the dominant player in the Atlin Camp, which the company believes contains district scale potential for both intrusion related gold deposits and orogenic Barkerville style high-grade gold vein deposits
Based on peers in the Cobalt Camp, we believe Brixton remains undervalued based on these assets alone. In our view, continued exploration success in the Cobalt camp, along with planned work at the companies other properties, should benefit shareholders through Brixton.

07-Aug-2018

Pacton Gold Inc.

Pacton Continues to Add to Pilbara Land Package

Impact: Mildly Positive

Pacton Gold has entered into a binding letter of intent (LOI) to acquire 100% of both the Yandicoogina and Boodalyerrie exploration licenses and mining leases from Gardner Mining Pty Ltd for a total land package of 146.8 sq. km.
  • The Yandicoogina Project hosts ~4.7km of prospective strike defined by structurally controlled gold systems and the Boodalyerrie project hosts 2.3km of strike of the contact between the Hardey Formation and the Mount Roe Basalt
  • The strategic portfolio includes 2 granted mining leases and 3 granted exploration licenses, where the mining leases add the potential for immediate bulk sampling and add to the 5 mining leases acquired from the May 28, Friendly Creek transaction
  • Under the terms of the LOI, Pacton will pay C$25,000 and issue 3,000,000 common shares to Gardner Mining in order to purchase 100% interest in the properties
We view this acquisition as another step forward for the company in continuing to executing its strategy of land consolidation in the Pilbara. In addition to the recent strategic investment from Eric Sprott, Pacton is quickly advancing its interest in the Pilbara and is well-positioned to commence exploration activities on its properties.

07-Aug-2018

De Grey Mining Ltd.

Amanda Drill Results Increase Resource Size Potential

Impact: Mildly Positive

De Grey Mining has reported additional positive RC drill results at the Amanda and Amanda East gold deposits, highlighting strong continuity of mineralization.
  • Highlights out of Amanda include: 14m of 4.94g/t Au from 19m depth, including 6m of 10.85g/t Au (AMRC011). Amanda East yielded results including: 2.84g/t Au over 7m from 9m depth (AMRC032) and 1.35g/t Au over 23m from 10m depth (AMRC030)
  • Gold mineralization remains open at depth and along strike to the east and west, including the 500m of strike between Amanda and Amanda East; deposit contains longer term potential for higher grade plunging gold shoots
  • These drill results continue to highlight the prospectivity of De Grey’s Pilbara project and are to be included in the upcoming resource update, which the company expects will increase the total resource size and improve resource classification for a PFS
Our preliminary valuation of De Grey’s hard rock assets of A$0.15-0.23/share does not account for the potential of its conglomerates or the recent hard rock exploration success that the company has had. We continue to believe that De Grey’s current valuation provides investors a low-cost option on the conglomerates which is underpinned by traditional hard rock assets with resource growth potential. Next catalyst includes a PFS for the company’s Pilbara Gold Project (Q4 2018), preceded by ongoing exploration results.

03-Aug-2018

Orford Mining Corp.

Orford Intersects Thick Shallow Gold in Carolina

Impact: Mildly Positive

Orford Mining has announced the completion of its drill program at the Jones-Keystone and Faulkner properties in the Carolinas, a total of 6 holes covering 1,121m.
  • Assay results from the first hole at Jones-Keystone Property displayed thick shallow gold mineralization, returning 1.36g/t Au over 41.1m, including 9m of 2.63g/t Au. At Faulkner, drilling discovered a new sulphide mineralized zone
  • Drilling has confirmed the continuity of the historic mineralization and extended it into a previously unexplored zone, opening up the size potential of the mineralized system
  • While drilling is complete, assays are pending for some of the holes. As well, the company has started its summer exploration program at its Qiqavik project. Consequently, we expect steady news flow in the near term from both projects
 
We believe at Orford’s current value, the stock does not properly reflect the potential of either of the projects in Quebec or the Carolinas.

02-Aug-2018

AbraPlata Resource Corp.

Underground Approach Could Reduce Initial Capital and Improve Project Economics

Impact: Neutral

Following a detailed review of historic drilling data AbraPlata Resources has begun investigating if the higher grade gold and silver zones in the deposit might be better exploited by underground mining methods.
  • The company’s 2018 PEA on the project outlined an open pit plan with yearly production of 9.8Moz AgEq over an 8-year mine life, however, an underground approach could mean significantly less capex than the US$293M shown in the PEA
  • The review of the historic 450 holes over 88,000m was identified a strong correlation between high-grade mineralized cores and steeply dipping, tabular hydrothermal breccia bodies in the main Oculto deposit
  • The company is planning to do additional work to assess if this approach is less capital intensive and if a PEA would be warranted
AbraPlata currently trades at a significant discount to peers at C$3/oz AuEq (peers C$29/oz AuEq). We continue to believe that the current valuation does not reflect the value of the company’s Diablillos project nor does it reflect the exploration upside of the property. We believe ongoing exploration and continued de-risking of Diablillos are going to be important catalysts for the company.

02-Aug-2018

Anaconda Mining Inc.

Solid Q2 Financials; Set-up for Strong H2 2018

Impact: Positive

Anaconda releases financial results for Q2 2018 with higher than expected revenue and lower operating cash costs.

  • Anaconda significantly beats on costs in Q2 and lowers 2018 cost guidance.
  • Continued strong operational performance expected from Point Rousse in H2 2018
  • Strong cash balance of C$7.9M going into H2 2018
Anaconda continues to trade at discount to peers (0.31x NAV, peers 0.70x); ongoing exploration at Goldboro and Argyle and improved cash flow in H2 2018 should close the gap to peers.

02-Aug-2018

Northern Empire Resources Corp.

Coeur Bids for Northern Empire; Competing Offer Possible

Impact: Positive

Northern Empire has entered into an agreement with Coeur Mining Inc. (NYSE:CDE) in which Coeur will acquire all remaining shares of Northern Empire for ~C$1.64/share (0.1850 Coeur shares for each Northern Empire share), representing a 20% premium to the August 1 closing price and a 40% premium based on the 20-day VWAP.
  • The transaction values Northern Empire at C$117 million, valuing the company at C$123/oz or 0.79x NAV
  • Transaction could be the beginning of a consolidation in the region, suggesting that Corvus Gold (TSX:KOR) could be Coeur’s next target, although it is worth noting that Coeur recently sold its shares of Corvus
  • In our view, there is a modest possibility for a competing bid from Corvus or its major shareholder AngloGold Ashanti Ltd (JSE:ANG) as the valuation suggested by the current offer leaves room for an increased offer, the break fee (C$4.7M) is modest and because of proximity, both are likely familiar with the Sterling project. We view the probability of competing bid to be ~15-20%
The proposed transaction gives all investors in Northern Empire the opportunity for positive gains as the consideration exceeds the stock’s all-time high.

01-Aug-2018

Aston Bay Holdings

Gravity Survey Uncovers New Zinc Targets at Seal North

Impact: Neutral

Aston Bay has released additional results from the interpretation of the 2017 high-resolution airborne gradiometry survey over the >1,000,000-acre Aston Bay Property in the Polaris district on Somerset Island, Nunavut.

  • The Seal North area is northwest along trend from the Seal Zinc deposit which contains a NI 43-101 inferred resource of 1.01Mt grading 10.2% Zn and 46.5g/t Ag and shows similar mineralization to the Polaris Mine which ran for 21 years producing 21Mt grading 13.4% Zn
  • Two gravitational anomalies along trend from Seal have coincident historic zinc-in-soil anomalies, while a third target is coincident with both similar soil anomalies and the contact between the Allen Bay and Cape Storm formations, making them targets for follow up drilling, which is planned to start this month
  • We expect the pending drill results from this year’s ongoing campaign, particularly at the company’s Storm Copper prospect to be the key catalyst for the company’s share price.
Following a number of material changes in 2017 we believe 2018 will be an important year for Aston Bay with an important catalyst being results from planned drilling at Storm Copper and Seal Zinc.

01-Aug-2018

Tinka Resources Ltd.

Tinka Closes Gap Between West and Central

Impact: Positive

Tinka Resources has announced assay results for eight new step-out drill holes at the West, Central, Camp (new area) and East Ayawilca areas as a part of their ongoing resource drill program at the Ayawilca project in Peru. Results continue to point to resource growth at potentially better grades.
  • Two high-grade intersections were drilled in the ‘gap’ between West and Central Ayawilca in what has now been named the Camp area, results include 14.9% Zn over 5.7m and 10.3% Zn over 7.7m (within a wider interval of 34m grading 6.0% Zn), the new area should allow the company to connect the 200m gap in the mineral resource between West and Central (Figure 1)
  • Two follow-up holes to the previous hole A18-129 (10.4m at 44% Zn) intersected high-grade mineralization including 20% Zn over 6.9m (A18-132), which further supports high-grade resource expansion potential. While it is early days, the addition of a materially higher-grade zone as suggested by these results, would significantly improve project economics
  • In the coming weeks, Tinka is concentrating its exploration efforts on testing the repetition for mineralized limestone at the West and Central areas as well as extensions to the mineralization along strike at South and Central
Drill results continue to point to resource expansion with recent results suggesting grades are likely to improve over the current 7.3% ZnEq. The company currently trades at a discount to peers ($0.016/lb vs. peers at $0.030/lb ZnEq). Considering our expectation for further resource growth ahead of a PEA later this year, along with ongoing drill results, we believe Tinka should close that valuation gap to peers.

01-Aug-2018

Anaconda Mining Inc.

Anaconda Takes Next Step at Goldboro

Impact: Mildly Positive

Anaconda Mining has received the permits to proceed with the extraction of a 10,000-tonne underground bulk sample at the Goldboro Gold Project in Nova Scotia, which we view as an important de-risking step for the project as it progresses towards production.

  • The bulk sample is a key a de-risking step for Goldboro as it is expected to help Anaconda confirm the resource model, which is key as the project is progressed towards feasibility and ultimately into production
  • Results from the bulk sample are expected to take four months. In the interim, we expect drill results from both Point Rousse (5,000m program) and Goldboro (10,000m program) to be catalysts for the stock
  • Q2 2018 financial results are expected in the near-term. Recall the company had a strong Q2 operational and we expect that to translate into solid financial results. We currently model revenue of C$33.5M, CFPS of C$0.013 for Q2 2018
Anaconda continues to trade at a discount to peers (0.31x NAV, peers 0.57x). We continue to believe that upcoming catalysts, including ongoing operating execution, ongoing exploration results from both Goldboro and Point Rouse and advancing Goldboro as important catalysts to close the valuation gap to peers.

01-Aug-2018

Aquila Resources Inc.

Positive Feasibility Study Follows Recently Received Permits

Impact: Positive

Following the receipt of permits, Aquila has announced the results of an open pit only feasibility study (FS) for its Back Forty project in Michigan, which demonstrates positive economics for a low-cost polymetallic open pit mine. Considerable upside remains for the project with the potential addition of an underground operation that was previously outlined in a 2014 PEA.
  • Feasibility Study is in line with our expectations
  • Potential addition of an underground expansion provides material upside to the FS mine plan
  • With permits in hand and a positive FS released, focus now shifts to the pre-construction phase
We expect Aquila to continue trading at a premium to zinc explorers and re-rate towards a valuation comparable to that of zinc developers and producers in North America.


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