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Recently we visited Northern Empire Resources Corp.’s (TSXV:NM) Sterling mine and Crown project’s which interestingly is close to the fabled Area 51, Barrick Gold’s (TSX:ABX) past producing Bullfrog Mine (2.3M oz Au produced), and Corvus Gold’s (TSX:KOR) North Bullfrog (1.5M oz at 0.29 g/t Au and 6.6 Moz of at 1.25 g/t Ag) and Mother Lode (within Northern Empires claims) projects in Nevada. In our view, the company benefits from both an economic permitted small scale operation (30-40k oz Au/year) at Sterling and an exciting exploration project on the northern portion of the property (Crown project). Based on our site visit, we believe the current EV of ~C$31 million the market is ascribing, values either the exploration potential of the Crown project or the permitted Sterling mine, but not both. read more
Ascendant Resources Inc. (TSX:ASND) reported additional results from its ongoing underground exploration and resource definition drill program at El Mochito. Infill and step-out holes targeted Palmer Dyke, Santa Elena and Victoria which could be accessible within 6-12 months. High grade highlights include 6.6% Zn, 5.6% Pb, 81 g/t Ag and 0.1% Cu over 12m (hole 10904) and 10.1% Zn, 0.6% Pb, 31 g/t Ag and 0.12% Cu over 4.1m (hole 10884). 8,000m of drilling remain from the 33,200m program, the company is expecting to complete a resource and reserve update in the spring of 2018. We believe a progressive re-rating is likely over the year as the company executes on its ongoing optimization program and reports results from ongoing exploration. read more
Otis Gold Corp. (TSXV:OOO) reported initial results from its ongoing 2017 exploration program at its Kilgore Project, following up on previous drilling (Figure 1). Mineralization was extended at depth by hole 17 OKC-356 and by depth and laterally with hole 17 OKC-358 in Section 12,400N. In Section 11,800N hole 17 OKC-355 extended mineralization 45-50m to the northeast. Highlights include 1.66 g/t Au over 129.4m (17 OKC-356) and 1.13 g/t Au over 73.1m (17 OKC-358). The company notes initial results show potential to expand resources underneath the Kilgore deposit, in the Aspen Corridor area. Drilling will be completed by the end of the month, results are pending from the 23-hole program, 20 holes have been drilling over 6,100m. At C$45/oz, Otis currently trades at a slight discount to peers (C$54/oz). We believe this valuation does not fully account for the potential resource growth at Kilgore. We expect ongoing drill results and pending resource update (Q4 2017) for Kilgore to be important catalysts for the company. read more
Radisson Mining Resources Inc. (TSXV:RDS) reported drill results from exploration in the Vintage zone, north of the Larder-Lake-Cadillac fault, at its O’Brien gold project in Quebec (Figure 1). Results from the first four holes intersected mineralization over 200m along strike, east to west, in the Vintage zone which remains open in all directions. Additional results are pending for 6 holes over (3,506m). Highlighted intersections include holes OB-17-42 grading 13.7 g.t Au over 1.5m, OB-17-43 grading 15.0 g/t Au over 1.5m in a wider interval and OB-17-45 grading 8.6 g/t Au over 1.5m, with visible gold identified in OB-17-42 and OB-17-43. We view the discovery of the Vintage zone as material for two reasons, first by widening the mineralized area they have increased the ounces per vertical meter, suggesting both a larger resource and larger future operation are possible. Secondly, by finding a concentration of economic grades, outside the traditional Piche Volcanics (host of the current resource) the opportunity exists for the discovery of similar zones in both the Cadillac and Pontiac sediments. At C$54/oz, Radisson trades closely to peers at C$49/oz; however, this does not properly reflect the recent discovery of the Vintage, or the expected resource increase with the pending resource update (Q4 2017). 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
Sierra Metals Inc. (TSX:SMT, BVL:SMT, NYSE:SMTS) reported high grade zinc and copper results from drilling targeting the Cuye zone within the Central Mine area of the Yauricocha Mine. Result were highlighted by holes CUY 17-17-01 and CUY 17-17-04 grading 39 g/t Ag, 0.18% Pb, 0.35% Cu, 21.66% Zn and 0.33 g/t Au over 6m and 47 g/t Ag, 1.63% Pb, 0.49% Cu, 10.12% Zn and 0.62 g/t Au over 9.5m, respectively. Importantly, the company notes results suggest the Cuye and Catas zones (Figure 1) connect at depth, which with further exploration could expand the zone as it remains open at depth. These results were not included in the recent resource update for Yauricocha. We anticipate a strong 2017 from Sierra as operations continue to improve and exploration advances, all of which should further enhance the company’s value. read more
Tinka Resources Ltd. (TSXV:TK) reported results from an additional 3 holes drilled at its South Ayawilca discovery in Peru (Figure 1). Hole A17-096 intersected high-grade mineralization grading 7.8% Zn, 8 g/t Ag and 111 g/t In over 45.5m, including 15.5% Zn, 0.1% Pb, 23 g/t Ag and 320 g/t In over 10.6m. Infill hole A17-093 connected South Ayawilca with the Central Ayawilca resource zone, and step-out hole A17-094 intersected 1.6% Zn, 2.1% Pb, 193 g/t Ag over 1.2m, 200m out. Results follow recent exploration success achieved by Tinka, highlighting Ayawilca’s potential to add high-grade zinc to its resource. Drilling at South Ayawilca will continue until December with drilling also targeting Central Ayawilca. The company is expecting to complete an updated resource by early November for its Ayawilca zinc project. We believe as Tinka continues to demonstrate exploration upside at Ayawilca it should support and may expand the current premium it trades at relative to peers (C$0.03/lbs vs. C$0.01/lbs ZnEq). read more
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