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Monday, October 30, 2017 Derek Macpherson

VIT Continues to Demonstrate Continuity at Eagle Deep

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Victoria Gold Corp. (TSXV:VIT) has announced the assay results from the last two 2017 Eagle Deep drillholes, DG17-930C and DG17-937C, with 607.8m at 0.56 g/t Au and 122.3m at 0.71 g/t Au, respectively. Both holes revealed similar results to the first two holes of the Eagle Deep campaign, DG17-922C and DG17-910C. The most recent results targeted untested areas adjacent to, and below the 2016 FS pit boundary, which is the Eagle Deep target. The continuity of the gold mineralization and the higher grades at depth indicates the potential for future pit expansion and an extended mine life at Eagle. Victoria Gold currently trades at a discount on a per ounce basis, or C$33/oz versus peers at C$47/oz, which we believe does not take into account the exploration potential of the Dublin Gulch property or that the project has just transitioned from shovel ready to under-construction. Ongoing exploration should be an important catalyst for the company, as they highlight the potential to expand the resource base on the Dublin Gulch property.  read more


Sunday, October 29, 2017 Derek Macpherson

Summer Exploration Results Demonstrate Potential

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Orford Mining Corp (TSXV:ORM) has announced drill results from its summer 2017 exploration program at its Qiqavik property in northern Quebec (Figure 1). In general the results support our view that Orford’s regional scale Qiqavik property has the potential to yield a significant discovery. Drilll results were highlighted by 8.83 g/t Au and 0.49% Cu over 0.5m (QK-17-008) at the Esperance zone, 13.68 g/t Au over 0.3m (QK-17-009) at the Aurora zone and 5.6 g/t Au over 1 m (QK-17-022 – Cu assay pending) at Esperance West. Notably Esperance was successfully drill tested over 300m of a 1.3km structure, while Esperance West was successfully drill tested over 650m of a 2km structure (Figure 2). As well, the company discovered 5 new targets this summer including Aurora Central, Gerfaut South, Central Qiqavik, Horizon, and Focused Intrusive. With only, 2,723m (23 holes) drilled this summer, the Qiqavik project remains at an early stage and the drilling completed in 2017, confirmed the surface discoveries in 2016. In our view follow-up drilling on the Esperance, Esperance West and Aurora zones along with initial drilling at the five newly discovered zones is warranted. From this summer’s work at Qiqavik, there remain additional multi-element assays pending for 7 drill holes and 116 grab samples (gold mostly complete). As well, the company is finalizing plans for its first exploration program on its Carolina properties (expected to start early 2018). Orford, started trading this past Friday under the ticker “ORM”, we believe that its current value, reflects the relatively early stage of its projects; providing the potential for an upward rerating should a significant discovery be made. read more


Sunday, October 29, 2017 Derek Macpherson

Sierra Increases Mineral Reserves at Yauricocha

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Sierra Metals Inc. (TSX:SMT, BVL:SMT, NYSE:SMTS) announced an update to its mineral reserves at Yauricocha to 8.9Mt averaging 48.3 g/t Ag, 1.2% Cu, 0.8% Pb, 2.4% Zn and 0.5 g/t Au, which represents a 134% increase to the previous Reserve Estimate in August 2016 (Figure 1). This update follows the September press release announcing significant increases to Yauricocha’s mineral resources. Yauricocha is the company’s flagship project located in Peru, which represented approximately 78% of the company’s total CuEq production in Q3 2018. This increase in reserves is significant because it represents a doubling of mine-life based on current throughput levels. The company will continue to carry out brownfield exploration on the property to further increase its mineral resources. We note that to achieve 2017 production guidance, the company will require a strong Q4. In our view, the ongoing operational improvements at Cusi and Bolivar, the reserve update and potential production increase at Yauricocha and ongoing exploration are key to enhancing the company’s value and liquidity.  read more


Sunday, October 29, 2017 Derek Macpherson

GQC Hits More High-Grade at Cachimbo

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GoldQuest Mining Corp. (TSXV:GQC) has reported assay results from its most recent drill hole and lower portion of a previously completed drill hole at Cachimbo. Hole TIR-17-45 intersected 26.57m of 4.2 g/t AuEq (3.36 g/t Au, 21.55 g/t Ag, 0.03% Cu, 0.11% Pb and 0.55% zinc) in the eastern part of this recent VMS discovery (Figure 1). This is within a wider interval of 94.56m of 1.88 g/t AuEq (1.59 g/t Au, 8.39 g/t Ag, 0.01% Cu, 0.04% Pb and 0.16% zinc). This is very similar to hole TIR-17-44, which was 21.00m at 10.2 g/t AuEq within a wider interval of 124.77m at 2.62 g/t AuEq (lower portion of released with these results). In our view, these results continue to grow the Cachimbo discovery and because of their near surface nature suggest the potential for either an open-pit or underground target. Cachimbo is turning into a significant complimentary discovery to the feasibility stage Romero deposit, both within the company’s district scale Tireo project. GoldQuest currently trades at a slight discount to peers at $21/oz (peers $30/oz). We continue to believe that the current valuation does not reflect the exploration potential of GoldQuest’s wider land package, as demonstrated by the Cachimbo discovery. We expect continued exploration drilling, along with permitting updates at Romero to be important catalysts for the stock.  read more


Friday, October 27, 2017 Derek Macpherson

IDM Announces Step-out Drill Results

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IDM Mining Ltd. (TSXV:IDM) released drilling results from their 2017 exploration program at their Red Mountain Gold Project. The drill results include a 17.25m intersection of 7.2 g/t Au and 51.7 g/t Ag. The company’s 2017 surface and underground resource expansion program includes both infill and exploration drilling with 29,312 meters already completed this year. The step-out drilling has been quite successful for the company in increasing the understanding of the extensions of the current reserves in the Marc, AV and JW zones and resources in the NK and 141 Zones. The company has also been able to identify two new zones through exploration drilling, which includes an extensive disseminated gold system in the Bray zone and the near-surface, high grade Chicka zone. Results continue to demonstrate the growth potential of Red Mountain, as mineralization is intersected outside of current reserves. We expect ongoing drilling news and development activities to be important catalysts for the stock as the company remains focused on advancing the project towards construction (2018). IDM continues to trade at a discount to peers on a per ounce basis (C$36/oz vs. peers at C$48/oz).  read more


Wednesday, October 25, 2017 Derek Macpherson

RDS Reports Best Intercept from New Vintage Zone

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Radisson Mining Resources Inc. (TSXV:RDS) reported its widest and deepest drill results from exploration in the recently discovered Vintage zone, north of the Larder-Lake-Cadillac fault, at its O’Brien gold project in Quebec (Figure 1). The company intersected 6.9 g/t Au over 4m at a depth of 610m with hole OB-17-49 (Figure 2), which extended the Vintage zone by an additional 250m at depth, at the O’Brien gold project. The Vintage zone is open in all directions and the company is currently planning a second phase of drilling on Vintage. At C$49/oz, Radisson trades closely to peers at C$48/oz; however, this does not properly reflect the recent discovery of the Vintage, or the expected resource increase with the pending update (Q1 2018). We note the company continues to be actively exploring in the sediments around the Vintage zone (results pending) and near the current resource.  read more


Tuesday, October 24, 2017 Derek Macpherson

Sierra Provides Update on Mexican Operations

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Sierra Metals Inc. (TSX:SMT, BVL:SMT, NYSE:SMTS) announced an update regarding its operational improvement program at the Mexican operations, Bolivar and Cusi. The operational improvement plan is expected to improve production, modernize operations and lower costs at both Cusi and Bolivar by early 2018. The company’s recent update includes the strengthening of the corporate team, increases in metallurgical recoveries at both operations, new equipment at Bolivar to maximize ore delivery and drift development in the Santa de Rosa structure at Cusi. Management is expecting to complete the improvements by the end of Q1 2018 and see higher cash flow from its Mexico operations starting in Q2 2018. We note that to achieve 2017 production guidance, the company will require a strong Q4. In our view, the ongoing operational improvements in addition to ongoing exploration are key to enhancing the company’s value and liquidity.  read more


Monday, October 23, 2017 Derek Macpherson

VIT Drills 624.1m at 0.50 g/t Au from Surface

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Victoria Gold Corp. (TSXV:VIT) has announced the assay results from the second 2017 Eagle Deep drillhole, DG17-922C, with the entire hole of 624.1m returning a grade of 0.5 g/t Au from surface in an untested area, adjacent to, and below the 2016 Eagle Gold Mine Feasibility Study pit boundary. The results from this deep drilling program continues to demonstrate the potential for additional resources, around and below the planned Eagle Pit (Figure 1). Victoria Gold currently trades at a discount on a per ounce basis, or C$33/oz versus peers at C$50/oz, which we believe does not take into account the exploration potential of the Dublin Gulch property or that the project has just transitioned from shovel ready to under-construction. Ongoing exploration should be an important catalyst for the company, as they highlight the potential to expand the resource base on the Dublin Gulch property.  read more


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