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Thursday, November 16, 2017 Derek Macpherson

RDS Extends Vintage Zone

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Radisson Mining Resources Inc. (TSXV:RDS) reported a drill intersection of 27.5 g/t Au over 1.4m at a depth of 65.8m in hole OB-17-56, which extends the mineralization of the Vintage zone by 500m along strike at O’Brien. The first nine holes at the Vintage zone have hit high grade gold intercepts, which brings the strike length of the Vintage zone to 825m with a vertical depth of 580m. The company currently has 2 additional exploration drill holes pending. At C$49/oz, Radisson trades closely to peers at C$41/oz; however, this does not properly reflect the recent discovery of the Vintage zone, 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


Thursday, November 16, 2017 Derek Macpherson

MTO Intersects High Grade Gold at Barry

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Metanor Resources Inc. (TSXV:MTO) has reported results from its ongoing drilling program at the Barry gold deposit, which identified multiple gold-bearing zones through four drilling intercepts including 14.5 g/t Au over 2m and 5.8 g/t Au over 4.3m. The company has now identified gold-bearing structures in every sector of the deposit, which reflects the potential to expand the size and confirm the continuity of gold mineralization in these structures. The structures currently cover a total strike length of 900m and a depth of 550m, which continues to make this project very attractive for future underground extraction. We expect further results from the ongoing drill programs at both Barry and Bachelor to be important near-term catalysts for the company.  read more


Thursday, November 16, 2017 Derek Macpherson

FCC to Assess Economic Potential of Muckpiles

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First Cobalt Corp. (TSXV:FCC) has announced an extensive sampling program at the historic mining operations within the Cobalt Camp with the objective of gaining a meaningful early insight into the geology, metallurgy and bulk mining potential of the Camp. The company will be sampling seventeen muckpiles, mine rocks that have been broken and piled on surface by previous operators, to test ore sorting technology on samples, test metallurgy of samples and assess opportunities for early cash flow. We would also highlight that we continue to believe the company’s unique attributes, including its land position and infrastructure are likely to see First Cobalt trade at a premium to other cobalt exploration peers, pro-forma. Besides pending drill results (53 holes pending assay), important upcoming catalysts are likely to include planned metallurgical test results and the completion of the planned mergers.  read more


Tuesday, November 14, 2017 Derek Macpherson

ASND Continues to Demonstrate Improving Operations

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Ascendant Resources Inc. (TSX:ASND) reported its fourth consecutive month of positive and increasing adjusted EBITDA with a total of $1.3M for the month of October. These results reflect the success of operational improvements at the El Mochito mine in Honduras and outlines the path to profitability for the company. Operational improvements included an increase in productivity at the mill by 8% MoM, from 2,055 tpd in September to 2,184 tpd, and an increase of 67% since January 2017. This was driven by the introduction of new mining equipment in mid-July and the mining of higher grade ore. The company remains focused on optimization with the additions of new equipment and availability to ultimately increase head grades and value per tonne mined. The company expects to realize these improvements over the remainder of the year. We believe a progressive re-rating is likely as the company executes on its ongoing optimization program and reports results from ongoing exploration.  read more


Tuesday, November 14, 2017 Derek Macpherson

Austral Adds Two Projects Adjacent to Amancaya

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Austral Gold Ltd. (TSXV:AGLD, ASX:AGD) has announced the completion of its purchase of a 100% interest in the San Guillermo and Reprado projects from Revelo Resources (TSXV:RVL), which was previously announced in July. The two projects are located adjacent to Austral Gold’s Amancaya project. The two projects are also located within 70km of the company’s new agitation leach plant at Guanaco, which has recently reached design performance. Therefore, this strategic asset acquisition has potential to add value to the company’s existing operations in the region. As mentioned, the company announced that all sections of the new agitation leach plant are now running at or near design specifications, which is expected to increase production at Guanaco/Amancaya going forward. In our view, Austral is poised to re-rate towards similar scale peers, as it demonstrates its increased production potential in both Chile and Argentina.  read more


Tuesday, November 14, 2017 Derek Macpherson

AbraPlata Defines Gold-Rich Zone

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AbraPlata Resource Corp. (TSXV:ABRA) has defined a gold-rich zone in the lower part of the Oculto deposit in the southern area of the Diablillos property (Figure 1). The gold-rich zone (Figure 2), measuring approximately 300m by 50m, is centered around drill hole DDH-97-007A, which intersected 2.7 g/t Au over 108m from 197.2m down the hole. This interval includes 16.7 g/t Au and 39.2 g/t Ag over 10.6m from 210m to 220.6m. The company is going to continue to test this zone with further drilling. The newly identified targets indicates further potential to expand the resource base at Oculto which already includes 1.92 Moz AuEq. AbraPlata currently trades at a significant discount to peers at $5/oz (peers $29/oz). We continue to believe that the current valuation does not reflect the current value of the company’s resources at the Diablillos project nor does it reflect the exploration upside of the property. We expect continued exploration drilling, along with the pending PEA in November to be important catalysts for the stock.  read more


Sunday, November 12, 2017 Derek Macpherson

ARU Completes Geophysics; Preliminary Data Encouraging

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Aurania Resources Ltd. (TSXV:ARU) has announced the completion of its initial airborne geophysical survey over the company’s large ~2,080 km2 Lost Cities - Cutucu Project in southeastern Ecuador. Aurania was able to complete its airborne magnetic and radiometric surveys on budget, the data from which is now being analyzed. Initial results suggest that the Cutucu Project has a granitic core (previously unknown), similar to the adjacent Cordillera del Condor. In the Condillera del Condor the Zamora Batholith (granitic rocks) has been genetically linked to the formation of large gold, silver and copper deposits in southeastern Ecuador. While it remains early days, we view this preliminary result as encouraging. We note the geophysics is likely to primarily identify porphyry type targets versus epithermal gold-silver targets, which are likely to be identified through a combination of geophysics, satellite imagery and follow-up surface work. The company plans on providing the market with information on the targets identified through the geophysics, and is expecting to following up these new targets with surface work.  read more


Friday, November 10, 2017 Derek Macpherson

NEE Provides Update on Construction Activities

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Northern Vertex Mining Corp (TSXV:NEE) has provided an update on construction at its 100% owned Moss Au-Ag mine in northwestern Arizona. The company has made significant progress in preparing the Moss Mine site for its first gold pour in Q4 2017. At peak construction the company had as many as 170 workers on site. Construction activities to date includes the preparation and construction of the crushing plant, diesel power station, leach pads and pond earthworks. The company has also placed 100kt of overliner in the completed portions of the leach pad and has recently completed the construction of the refinery building shell in order to proceed to the electrical work. Northern Vertex trades at C$102/oz a premium to peers (C$38/oz). We view the premium valuation as reasonable given that the Moss mine is financed, permitted and under construction. In addition, the company’s valuation does not appear to fully account for the potential of meaningful mine-life extension and improved economics from the ongoing optimization and exploration programs.  read more


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