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Monday, June 12, 2017 Derek Macpherson

ASND Has Challenging May; Turnaround Progressing

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Ascendant Resources Inc. (TSXV:ASND) provided an update on production and exploration activities at its El Mochito mine. Ore hoisted for the month May averaged 1,511 tpd, a decrease from April (1,960 tpd) due to diminished availability of mining equipment. A plan to update the mining fleet was already in progress and more purchases are expected, new trucks and scoops will be added over the coming weeks. The company remains confident in meeting its guidance of 1,850 tpd in Q2 despite being behind that target quarter-to-date (1,750 tpd). As well, the company began a 33,200m 2017 underground exploration program to upgrade and expand resources at El Mochito consisting of 18,200m of definition drilling and 15,000m of greenfield exploration with the goal of adding new higher-grade zones. We continue to believe a progressive re-rating is likely over the year as the company executes on its ongoing optimization program and reports on upcoming exploration results; Q2 operating results (anticipated in early July) are likely to be the next catalysts for the company. read more


Monday, June 12, 2017 Derek Macpherson

MLN Continues to Add Ounces at La Trinidad

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Marlin Gold Mining Ltd. (TSXV:MLN) announced additional promising results from ongoing drilling at its La Trinidad mine in Mexico. Highlighted by Hole 17TRD52 results intersected 2.73 g/t Au over 38.70m (16.30m true width), including 5.12 g/t Au over 14.00m (5.88m true width), targeting areas around previously announced holes 17TRD50 and 17TRD44. Similar to the other two holes mentioned, the upper intercept was originally understood to be waste, suggesting the company has added ounces to the current mine plan. The company is planning to mine the area within the next two months. Drilling continues to refine the current mine plan and explore targets to the southeast. Marlin’s continued exploration success from La Trinidad and Commonwealth as well as anticipated permitting news from its San Albino royalty should be positive catalysts for the company over the near-term. In addition, the company has initiated exploration at San Cristobal, a sizeable regional target near La Trinidad and while early days, results have the potential to be game-changing for the company. read more


Friday, June 09, 2017 Derek Macpherson

VIT Reports Initial Results from Olive-Shamrock

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Victoria Gold Corp. (TSXV:VIT) released initial results from 3 of the 18 holes completed to date at the Olive-Shamrock zone on its Dublin Gulch property in the Yukon. 3,000m of drilling has been completed since the program began in April, following the Potato Hills Trend mineralization concept used to explore other nearby targets. Results were highlighted by Hole GD-790C returning 1.01 g/t Au over 18.85m within a wider interval and Hole DG-801C returning 1.08 g/t over 51.02m within a wider interval. Exploration continues at the property, with a steady stream of results expected, which should demonstrate the potential for resource growth. We expect these results along with further regional exploration results to likely to be positive catalysts for the stock and should help demonstrate the projects exploration upside and growth opportunities to potential acquirers. At 0.75x NAV, Victoria currently trades at a premium to peers at 0.63x NAV, while trading at a discount on a per ounces basis, or C$43/oz versus peers at C$60/oz. We believe Victoria’s premium valuation versus peers is warranted given the project’s scale, jurisdiction, permits, advanced project financing and the company’s strong balance sheet. read more


Friday, June 09, 2017 Derek Macpherson

AGLD Reports Maiden Reserve Estimate for Amancaya

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Austral Gold Ltd. (TSXV:AGLD, ASX:AGD) reported updated resource and reserve estimates for both its Amancaya project and Guanaco mine in Chile. The update included a maiden reserve estimate for Amancaya, emphasizing the project’s important role in the company’s growth strategy. We continue to expect improved performance from the company over the course of the year, as the new agitation leach plant comes online and higher-grade stockpiled ore at Amancaya begins being processed. We expect a PFS for Amancaya and Guanaco (Q2 2017) to be completed shortly and should provide a clear picture of the combined production profile. In our view, Austral is poised to re-rate towards similar scale peers. read more


Thursday, June 08, 2017 Derek Macpherson

IDM Drill Results Suggest Mine-Life Extension Likely

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IDM Mining Ltd. (TSXV:IDM) reported initial results from exploration drilling to the north of the main zones at its Red Mountain project in B.C. From the SF zone Hole U17-1247 intersected 7.31 g/t Au and 5.22 g/t Ag over 5.38m including 19.30 g/t Au and 10.20 g/t Ag over 1.0m. Hole U17-1248 intersected 1.74 g/t Au and 16.80 g/t Ag over 37m including 4.93 g/t Au and 23.54 g/t Ag over 7.5m. Importantly, these results highlight the possibility for mine-life extension beyond what is proposed in the 2016 PEA or the pending feasibility study. Drilling is ongoing, including step-out holes from these results and historic holes from the SF Zone area. 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 (0.50x vs. peers at 0.64x) and on a per ounce basis (C$48/oz vs. peers at C$61/oz). read more


Thursday, June 08, 2017 Derek Macpherson

MTO Drill Results Highlight Barry's Potential

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Metanor Resources Inc. (TSXV:MTO) reported drill results from its ongoing drill program at its Barry project in Quebec. Results have identified higher grade shear zones outside the pit contemplated in the 2016 PEA, indicating resource expansion is likely. As well, these higher zones may be more amenable to underground mining versus the open-pit only scenario contemplated in the PEA. We expect further results from the ongoing drill programs at both Barry and Bachelor Lake to be important near-term catalysts for company along with FQ4 production and financial results.  read more


Wednesday, June 07, 2017 Derek Macpherson

AQA Exploration Highlights Back Forty Potential

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Aquila Resources Inc. (TSX:AQA) reported 10 initial drill results from its ongoing drill program at its Back Forty project in Michigan. Initial drill results from the program are promising, with these near-surface results suggesting that the initial open-pit phase of the project could be extended, along with suggesting potential resource expansion. Aquila trades at a premium to peers, which we believe it warranted given its good jurisdiction, advanced permitting, exploration upside and late-stage of development. read more


Wednesday, June 07, 2017 Derek Macpherson

CSL Results Support Exploration Potential at Preview SW

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Comstock Metals Ltd. (TSXV:CSL) reported results from the remaining 5 drill holes completed during the winter program at its Preview SW gold project near La Ronge, Saskatchewan. Most notably, infill Hole PR17-169 intersected a weighted average of 1.01 g/t Au over 104.8m and Hole PR17-170 successfully extending the deposit by 30m to the northeast (Figure 1). The company continues to move forward with planning a summer program at Preview SW, details to be announced soon. We view these results positively, as results highlight the exploration potential at Preview SW. At C$13/oz, Comstock currently trades at a steep discount to peers (C$59/oz). In our view, the market does not account for the exploration upside at either the company’s QV Property or Preview SW gold project. We believe that continued exploration success, including plans for the summer program at Preview SW should be important catalysts for the company. read more


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