Thursday, November 02, 2017 Derek Macpherson

MTO Intersects High Grade Gold at Bachelor

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Metanor Resources Inc. (TSXV:MTO) has reported results from its ongoing underground drilling program at the Bachelor Mine. In September 2017, Metanor developed its first diamond drill bay on an exploration drift that was developed form the Bachelor Mine to the south on level 11 (Figure 1). The objective of drilling was to test the extension of the Moroy vein at depth, results returned 41.6 g/t Au over 1.2m (Figure 2). Drilling will continue from this development for the following months as the company continues development south along the exploration drift towards the Moroy veins. Drift development is expected to reach the new veins in January 2018. 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 02, 2017 Derek Macpherson

FCC Releases First Drill Results; More to Come

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First Cobalt Corp. (TSXV:FCC) has announced the first results from its drilling program at Keeley-Frontier. While drilling has yet to intersect, the wider disseminated cobalt mineralization sought, it continues to highlight that cobalt mineralization exists in the camp. Drilling targets on the property include cobalt mineralization over a total of 2km in strike length, which represents less than 2% of a proforma land package that hosts several historic cobalt-rich mines. The company intersected 0.83% Co and 30 g/t over 0.5m (Hole KV-WV-0008) north of the past-producing Frontier mine, which appears to represent an extension of the Woods-Watson vein system (Figure 1). This vein previously accounted for significant production on the property. 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

Thursday, November 02, 2017 Derek Macpherson

AbraPlata Identifies Additional Targets

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AbraPlata Resource Corp. (TSXV:ABRA) has identified additional mineralized targets at the Oculto Ag-Au deposit on its Diablillos property in Argentina. The company has identified seven new zones that will be targeted through some 8000m of additional drilling to test for extensions of the Oculto mineralization. The new targets add significant potential for resource expansion on the Diablillos property. The black eclipses (Figures 1 & 2) are open ended resource targets identified from previous drilling, whereas the red rectangles indicate recently identified structures that are expected to host Au-Ag mineralization. These targets will be tested through a drilling program of 7950m with mostly reverse circulation drilling to a depth of 250m and a few diamond drill holes to a depth of 350m. The Oculto deposit is one of nine previously identified mineral occurrences on the Diablillos property. The newly identified targets indicate 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 $6/oz (peers $28/oz). We continue to believe that the current valuation does not reflect the current value of the company’s indicated 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

Wednesday, November 01, 2017 Derek Macpherson

Austral Reports Q3; Production likely to Increase in Q4

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Austral Gold Ltd. (TSXV:AGLD, ASX:AGD) reported Q3 2017 production and financial results from its operations in Chile and Argentina. Total production for the quarter was 10,482 Au oz and 549,571 Ag oz (17,712 AuEq). The 41% increase in Ag production compared to last quarter offset the 11% decrease in Au production, which resulted in a net increase in AuEq production of 5% QoQ. The significant increase in production at Casposo allowed for a net increase in production for the company, as Guanaco processed lower tonnes due to delays in the commissioning of the new plant (Figure 1). Production guidance for CY2017 has been lowered to 85k-90k AuEq oz from 95k-101k AuEq oz. However, 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


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