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Red Pine Exploration Inc. (TSXV:RPX) released partial results from three holes drilled ~3 km South of the Surluga deposit during the ongoing 6 km campaign at the Wawa gold project (60% interest) in Ontario. Hole DG-17-56 returned 57.31 g/t Au over 3.14m. This hole, together with DG-17-55 that returned 42.22 g/t Au over 2.44m, was drilled to test the near-surface extension of the northernmost high-grade zone at Darwin-Grace. This zone is largely underexplored and while early days, these initial results suggest the potential for a new deposit at Darwin-Grace. As well, these results suggest that the Wawa Gold project now has strike length of ~5km. Considering that the current 1.1 million oz Au resources covers a ~1.5km strike length, we believe substantial resource growth is possible. Red Pine currently trades at C$40/oz a discount to peers (C$55/oz). We believe that as Red Pine continues to demonstrate the potential of the Wawa gold project through its ongoing exploration program, it should help close the valuation gap to peers. read more
Unigold Inc. (TSXV:UGD) provided an update on its Neita exploration concession. The company has received notice from the Ministry of Energy and Mines of the Dominican Republic that it is going to uphold Unigold’s exclusive right to reapply for the exploration concession pursuant to applicable laws. Unigold expects to receive a final decision once the evaluation of its application is completed; however, this could take several months, as we have seen with other companies in the Dominican. We view this very positively and believe Unigold is likely to maintain control of the Neita concession, which should help it start closing the valuation gap to peers. Unigold currently trades at C$3/oz, a steep discount to peers at C$54/oz. read more
Aurania Resources Ltd. (TSXV:ARU) announced it has entered into a definitive agreement to acquire EcuaSolidus S.A., a private company that owns the ~2,080 km2 Lost Cities – Cutucu project in Ecuador. Consideration for the proposed transaction is C$500,000 and 1.0 million Aurania shares. Lost Cities is potentially the first project where professional historical archival research is coupled with modern exploration techniques. Findings from archives suggest the project area might host two major 16th and 17th century gold mines. The project is based at the foothills of the Andes, covering the core of a mountain range adjacent to that which hosts Lundin Mining Corp’s (TSX:LUN) 7M oz Au Fruta del Norte deposit. It was the team of Dr. Keith Barron, who currently is the President and CEO of Aurania, that discovered Fruta del Norte in 2006. Dr. Barron aims to apply the same exploration strategy this time, which might potentially lead to the expedited identification of drill targets. Dr. Barron is giving a special presentation on the Lost Cities and the process of finding them at our Pre-PDAC Conference tomorrow. read more
Maverix Metals Inc. (TSXV:MMX) provided guidance for its attributable gold production in 2017, the company’s first full year of operations. The company is guiding for net royalty revenues of C$17.5-20.0 million, based on a US$1,225/oz Au price and annual production of 13.4-15.0k oz AuEq. The majority of the revenue, or 93%, is driven by gold sales with the balance coming from silver (5%) and nickel (2%) sales. Based on general and administrative expenses expected to amount to 13-14% of net revenues and the company’s current cash position, we believe the company is able to acquire additional small to medium sized streams and royalties. Although Maverix has growth potential in our view, we note that Maverix currently trades at a discount to peers on a P/NAV and 2017e EV/EBITDA basis. read more
Radisson Mining Resources (TSXV:RDS) announced positive drill results from four additional holes at its O'Brien gold project in Quebec. Significant assays continue to be received from the Pontiac sediments to the south and from the Piche volcanics where the current resource is hosted. Exploration results from the volcanics, in our view, are likely to expand the existing resource. The company is also in the process of re-logging and sampling previously drilled core from both the Pontiac and Cadillac sediment groups. While early days, results from these initiatives combined with results from the ongoing drilling has the potential to expand the resource area beyond the volcanics, which could be game changing for the company. Radisson currently trades at a discount to peers, C$50/oz vs. peers at C$62/oz, which we believe fails to reflect the exploration potential at O’Brien. read more
Marlin Gold Mining Ltd. (TSXV:MLN) announced the first set of results from the ongoing drill program at its La Trinidad gold mine in Mexico. This is one of the value creating initiatives undertaken by Marlin now that La Trinidad is generating significant free cash flow. With three holes returning grades significantly higher than the resource grade over good intervals suggests that Marlin may have extended the mine-life beyond La Trinidad’s current mine-life, but it is early days. Today, Marlin also announced a new Normal Course Issuer Bid (NCIB) program under which the company intends to purchase ~2.5 million shares, which represents ~1.44% of the company’s current issued and outstanding common shares, over the next 12 months. Besides ongoing near-mine drilling at La Trinidad, the company has a number of upcoming catalysts including greenfield exploration at La Trinidad, exploration at its Commonwealth property and a detailed operating plan update for La Trinidad with Q4 financial results. We expect these catalysts along with ongoing operating updates to be positive catalysts for the stock. read more
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