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Sunday, July 30, 2017 Derek Macpherson

UGD Steps Closer to Securing Neita

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Unigold Inc. (TSXV:UGD) has received approval from the Dirección General de Minería regarding its exploration concession application for its Neita Property. The Ministry of Energy and Mines will provide its decision on granting the concession once final review and approval are complete. The application is open for public review, and once the second publication in a national Dominican newspaper is finished, the Ministry of Energy and Mines has 30 days to finalize its decision. This is positive news for the company, and we continue to believe Unigold is likely to maintain control of the Neita concession. Unigold currently trades at C$4/oz, a steep discount to peers at C$50/oz, granting of the concession should help increase share value and close the gap to its peers. read more


Sunday, July 30, 2017 Derek Macpherson

ANX’s Initial Results from Goldboro Highlight Projects Potential

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Anaconda Mining Inc. (TSX:ANX) reported initial results from its recently acquired Goldboro project in Nova Scotia. Drilling intersected visible gold and high grades in all five holes, as highlighted by hole BR-17-04 grading 2,513 g/t Au over 0.5m within 485 g/t Au over 2.6m (Figure 1). The program targeted the Boston Richardson and East Goldbrook gold systems, both demonstrating the higher-grade nature of this project and the potential for resources to grow materially both at depth and along strike. Ongoing exploration and engineering work should result in an updated resource and technical study later this year, which should provide investors a clear picture of Goldboro’s potential. We continue to believe the company's current valuation does not properly account for the project’s potential. read more


Sunday, July 30, 2017 Derek Macpherson

Ascot Defining New Subzone Below High-Grade Discovery

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Ascot Resources Ltd. (TSXV:AOT) released drill results from 35 holes of the 177 holes completed to date from its 2017 exploration program underway at its Premier property in British Columbia. The majority of results are from the recently discovered Ben subzone, intersecting 190.5 g/t Au over 1.2m (P17-1366) within a wider interval and 99.6 g/t over 1.0m within a wider interval (P17-1334). It also appears a new subzone south of the Ben subzone exists and is being defined. Previously in the area, the company intersected 1135.00 g/t Au over 0.50m within a wider interval (P17-1269). Results from 36 holes are pending, exploration results continue to highlight the potential for a large high-grade underground resource (2-3 million oz Au) at the past producing Premier mine. This implies a current valuation of C$74-111/oz, a premium to peers at C$67/oz, which 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$50/oz). We expect additional results from the ongoing drill program to demonstrate the projects large-scale potential, as zones continue to remain open in certain directions. To note, the company recently made the final option payments for both Premier and Dilworth and is funded to complete its planned drilling in 2017. read more


Sunday, July 30, 2017 Derek Macpherson

AMI’s Fosterville Royalty Continues to Add Value

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AuRico Metals Inc. (TSX:AMI) provided an update on its 2% NSR royalty on Kirkland Lake Gold’s (TSX:KL) Fosterville Gold Mine after the company announced mineral reserves increased by 110% to 1.03 million oz Au. Grades also significantly improved to 17.9 g/t Au from 9.8 g/t Au, an 83% increase. Q2 2017 production at Fosterville was 77,069 oz Au, a record for the company and we expect the successful quarter to be reflected in AuRico’s Q2 2017 financials, as well as aid in meeting AuRico’s revenue guidance of US$9.5-US$10.4 million for 2017. AuRico’s Fosterville royalty remains an important asset in the company’s royalty portfolio and Kirkland Lake’s exploration success continues to increase its value. read more


Wednesday, July 26, 2017 Derek Macpherson

EXN Intersects High Grades Near Current Operations

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Excellon Resources Inc. (TSX:EXN) reported positive results from ongoing exploration at its Platosa Mine in Mexico. Results returned high grades (hole EX17UG323 - 2,318 g/t AuEq over 6.76m) proximal to current operations which could be added to production in the near-term. In addition, drilling has expanded the 623 Manto, possibly connecting it to the Guadalupe South Manto, follow-up drilling is required. Approximately, 15,000m of the 25,000m program are complete, we expect further results to highlight the company’s potential to expand operations in the short-term and add meaningful ounces. Excellon currently trades at a premium to peers at 9.2x 2017e EV/CF versus peers at 7.2x 2017e EV/CF. We expect to see significant improvements in production over the remainder of the year, as operations continue under dry mining conditions. In the near-term, upcoming Q2 2017 financial results (July 31st, 2017) will be an important catalyst for the company, providing additional insight on the benefits of the optimization plan. read more


Monday, July 24, 2017 Derek Macpherson

RCKS Drilling Deeper Lunch; Cobalt: A Battery Metal

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Last week, Red Cloud Klondike Strike Inc. (RCKS) in partnership with Stormcrow Capital hosted another installment of our Drilling Deeper Lunch series, this time featuring three companies focused in the cobalt exploration, development and royalty/holding company space. Dr. Jon Hykawy co-founder of Stormcrow opened the event discussing the cobalt market and other key battery metals, followed by presentations from Cobalt 27 Capital Corp. (TSXV:KBLT), First Cobalt Corp. (TSXV:FCC) and eCobalt Solutions Inc. (TSX:ECS).  read more


Monday, July 24, 2017 Derek Macpherson

VIT Delivers Exploration Success from Eagle West

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Victoria Gold Corp. (TSXV:VIT) reported results from 17 holes drilled from the Eagle West Zone on its Dublin Gulch property in the Yukon. Results were highlighted by hole DG17-806C which included 0.99 g/t Au over 31.5m and hole DG17-821C which included 1.03 g/t Au over 35.2m, noting similarities to previous results. Importantly, the Eagle West Zone is adjacent to the Eagle Gold Mine, and results continue to highlight the potential to add near mine resources. The ongoing 2017 Dublin Gulch exploration program uses the Potato Hills Trend mineralization concept, which is proving to be an effective tool to identify targets. The concept led to the company also identifying a higher-grade zone on the northern contact margin of the intrusive at Eagle West. The company continues to drill, focusing on the Eagle Extension Zone adjacent to the western pit wall of the Eagle Gold Mine. We expect continued exploration success to be a positive catalyst for the stock and should help demonstrate the exploration upside that exists. Victoria currently trades at a discount on a per ounces basis, or C$32/oz versus peers at C$61/oz, which we believe does not take into account the exploration potential of the Dublin Gulch property or that the project is “shovel-ready”. read more


Thursday, July 20, 2017 Derek Macpherson

EXN's Q2 2017 Production Improves Post Optimization

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Excellon Resources Inc. (TSX:EXN) reported positive Q2 2017 production results, subsequent to the completion of its optimization plan at its Platosa Mine in Durango, Mexico (Figure 1). In mid-June, the company achieved dry mining conditions the initial benefits of which were scene in Q2 results. In Q2 production increased in all metals, silver (~49%), lead (~39%) and zinc (~28%) as compared to Q1 2017. We expect the remainder of the year to be strong, as the company should be able to ramp up production. read more


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