Wednesday, May 31, 2017 Derek Macpherson

eCobalt Makes Progress on ICP's Feasibility Study

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eCobalt Solutions’ (TSX:ECS) provided an update on the progress made regarding the feasibility study for its Idaho Cobalt Project (ICP), initial results are expected at the end of Q2 or early Q3. Since the company’s last update in March, advancements have been made with the completion of the resource model, mine design and schedule and additional metallurgical testing. In addition, basic processing engineering work for the mill/concentrator and Cobalt Production Facility (CPF) has been completed, including an option to purchase land for the CPF with some infrastructure already in place. It has been determined that cobalt sulphate crystals from ICP meet the standards for the rechargeable battery sector, and the company notes, a sample has already been sent to a potential offtaker. We continue to believe eCobalt is well-positioned in the improving cobalt market.  read more

Monday, May 29, 2017 Derek Macpherson

ARU Completes Acquisition; Now the Work Begins

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Aurania Resources Ltd. (TSXV:ARU) has completed the acquisition of EcuaSolidus, S.A., and now owns the ~2,080 km2 Lost Cities – Cutucu project in Ecuador, after receiving shareholder approval at its annual and special meeting held on May 26, 2017. The company will begin an exploration program at the property, comprised of airborne geophysics and a regional stream silt sampling program including geological work, funded by the C$6.4 million financing completed in April. In addition, Richard Spencer current President, CEO and Director of U308 Corp. is now President of Aurania, while Dr. Keith Barron will remain as CEO and Chairman of the Board. Results from exploration work will be important catalysts for the company, as it aims to uncover the Lost Cities. read more

Monday, May 29, 2017 Derek Macpherson

Could AMI's Kemess have a +20-year Mine-Life or Produce >400k AuEq per Year?

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AuRico Metals Inc. (TSX:AMI) released promising results of a preliminary economic assessment (PEA) completed at its Kemess East project (KE), located ~1km east of its Kemess Underground project (KUG) in British Columbia. On a stand-alone basis, the KE PEA depicts an annual production averaging 222k oz AuEq/year, over a 12-year mine life with economics similar to the KUG project. Because the PEA is solely for KE, it does not account for what the combined project could be. In our view, the combined project is likely to have a greater than 20-year mine-life or a production profile in excess of 400k oz AuEq per year starting in year 3. While it is early days and many combinations are possible, we believe this PEA highlights the strategic and option value of Kemess. However, we also believe, the market continues to ascribe Kemess a negligible value providing investors an opportunity.  read more

Sunday, May 28, 2017 Derek Macpherson

IDM Completes Earn-in; Significant Catalysts Coming

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IDM Mining Ltd. (TSXV:IDM) has completed the acquisition to obtain 100% interest in the Red Mountain gold project from Seabridge Gold Inc. We note that IDM still has a C$1.5 million cash payment on commercial production and Seabridge has the right to purchase 10% of annual production at US$1,000/oz for the first 500k oz of production (stream can be bought for a one-time payment of C$4 million). The earn-in completion was expected; however, there remains a number of important catalysts on the horizon for IDM. We expect additional results from the 2017 drill program and completion of a feasibility study (Q2 2017), coupled with the project’s ongoing de-risking (engineering and permitting), to be positive for the stock. IDM continues to trade at a discount to peers on a consensus P/NAV basis (0.48x vs. peers at 0.65x) and on a per ounce basis (C$45/oz vs. peers at C$64/oz). read more

Sunday, May 28, 2017 Derek Macpherson

NVO Expands Land Position in Western Australia

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Novo Resources Corp. (TSXV:NVO) and Artemis Resources Ltd. (ASX:ARV) have entered into a joint venture/earn-in agreement, whereby Novo will earn 50% interest of Artemis’ gold rights (gold in conglomerate and/or paleoplacer style mineralization) by spending AUD$2 million on exploration within two years. Artemis’ 1,536 sq. km land package hosts the Purdy’s Reward gold project, adjacent to Novo’s recently announced acquisition prospect the Comet Well project in Western Australia (Figure 1). While this agreement along with the recently staked ground in the Karratha region has the potential to provide Novo the potential for significant resource growth, it is early days and the company’s primary focus remains on advancing its nearby Beatons Creek project (Figure 2) towards production. We view the transaction positively, as the company continues to grow and consolidate its land holdings in the area. Novo trades at C$150/oz a premium to peers (C$81/oz), which is justified both on the project’s potential for significant resource growth and its likely low capital cost. read more

Thursday, May 25, 2017 Derek Macpherson

Ascot Reports More Promising Results from Premier

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Ascot Resources Ltd. (TSXV:AOT) reported initial drill results from 44 holes of the 81 holes completed to date from its 2017 exploration program underway at its Premier property in British Columbia. In the 602 zone, hole P17-1273 returned 30.65 g/t Au over 6.05m from the down dip extension which has been unexplored. In the Northern Lights Main zone results included 66.1 g/t Au over 1.13m (P17-1242) within 10.4 g/t Au over 12.1m and 48.6 g/t Au over 1.00m (P17-1267) within 9.0 g/t Au over 7.5m. Results from the Northern Lights West Zone were highlighted by 4.05 g/t Au over 10.00 m (P17-1227), from an area which had been extended in 2016. Results continue to highlight the potential for a large high-grade underground resource at the past producing Premier mine, which implies a current valuation of C$85-130/oz, a premium to peers at C$73/oz, this is likely warranted because of the high-grades, existing infrastructure and other resources. We note that based on the current lower-grade resource Ascot trades at a discount to peers (C$58/oz). Based on Ascot’s cash position at the end of 2016 (C$29.1 million), the company appears to be well-financed for its planned exploration and remaining option payment of C$6.85 million (due June 2017). We believe Ascot is likely to continue the success demonstrated during the 2016 exploration program and that pending results from the 2017 drill program should support the company’s valuation. read more

Wednesday, May 24, 2017 Derek Macpherson

MLN Drill Results Adds Ounces to the Mine Plan

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Marlin Gold Mining Ltd. (TSXV:MLN) reported its second highest grade x thickness intercept from infill hole 17TRD50, which intersected 7.57 g/t Au over 63.35m including 29.34 g/t Au over 10m, 25m north of hole 17TRD44 at its La Trinidad mine in Mexico. This hole likely converts an area previously considered waste into ore and suggests that the significant positive grade reconciliation seen in the North end of the zone is possible in the South end. The company is planning to be mining this area in the later portion of this year. We expect continued exploration success from La Trinidad and Commonwealth, anticipated permitting news from its San Albino royalty and strong Q1 financial results (late May) to be positive catalysts for Marlin over the near-term.  read more

Tuesday, May 23, 2017 Derek Macpherson

IDM's Initial 2017 Drilling Highlights Growth Potential

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IDM Mining Ltd. (TSXV:IDM) announced favorable results from the first 6 of 23 holes completed to date at its Red Mountain gold project near Stewart, BC (Figure 1). The ongoing 2017 program is targeting exploration and resource expansion up to 300m north of the current resources. Results were highlighted by step-out hole U17-1229 from the AV zone, which included 12.95 g/t Au and 48.83 g/t Ag over 6.23m (capped - true width) and infill Hole U17-1233 from the JW zone which intersected 6.15 g/t Au and 37.69 g/t Ag over 25m (capped - true width). We view initial results positively, as all holes successfully intersected mineralization and demonstrate the potential for resource growth at Red Mountain. IDM continues to trade at a discount to peers on a P/NAV basis (0.48x vs. peers at 0.67x) and on a per ounce basis (C$45/oz vs. peers at C$67/oz). We expect additional results from the 2017 drill program and the advancing feasibility study, coupled with the project’s ongoing de-risking (engineering and permitting), to help close the valuation gap to peers. read more


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