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Thursday, July 13, 2017 Derek Macpherson

RPX Discovers New Gold Zone & Extends Mineralization

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Red Pine Exploration Inc. (TSXV:RPX) reported results from 5 holes completed in the Minto Mine South Zone, which successfully extended mineralization and discovered a new gold zone, Minto E Zone (Figure 1). Hole SD-17-86 intersected 13.82 g/t Au over 2m, highlighting the high-grade nature of the structure and potential for further expansion as the Minto Mine South Zone remains open along strike and at depth. A new discovery was intersected by hole SD-17-85 grading 1.37 g/t Au over 7.4m, which shows similarities to the Parkhill Mine. More results are pending, and the company is planning to drill an additional 10 holes in the Minto E Zone. Red Pine currently trades at a steep discount to peers (C$28/oz vs. peers at C$56/oz), which does not appear to reflect the current deposit or its significant growth potential. We believe that as Red Pine continues to demonstrate the potential of the Wawa Gold Project through its ongoing exploration program, it should close the valuation gap to peers. read more


Thursday, July 13, 2017 Derek Macpherson

ANX Further Expands Argyle

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Anaconda Mining Inc. (TSX:ANX) reported 4 of 8 holes completed from the ~1,000m drill program at its Argyle discovery. Initial results continue to support our view that the resource at Argyle is ~40-45k oz Au. Results were highlighted by hole AE-17-46 intersected 3.36 g/t Au over 12m, 50m down-dip of previous results while hole AE-17-48 intersected 1.22 g/t Au over 4m, 100m down-dip of previous results. More results are pending and the company expects to release a maiden resource at Argyle later this year. Additionally, drilling and development work is underway at Goldboro which should result in an updated resource and technical study later this year. We believe the company's current valuation does not properly account for the recent transformational acquisition of the Goldboro project in Nova Scotia, providing Anaconda increased resource life and growth. read more


Wednesday, July 12, 2017 Derek Macpherson

AGLD Completes PFS for Guanaco & Amancaya

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Austral Gold Ltd. (TSXV:AGLD, ASX:AGD) has filed the combined Pre-Feasibility Study for the Guanaco Mine and Amancaya Project in Chile which outlines an average annual production of 53k oz Au and 370k oz Ag over a 5-year mine life. The company is estimating an NPV (5%) of US$71.3 million, AISC of US$892/oz Au and LOM sustaining capital costs of US$66.4 million over the life-of-mine. We note that the production scenario outlined in the PFS may not reflect ramped up operations, as there is only a limited contribution from Guanaco, as most of the resources at the project are in the inferred category; hence, excluded from the study. Based on historical production results, we would expect the combined production profile to exceed what is outlined in the PFS and be between 60-75k oz AuEq per year. 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. In our view, Austral is poised to re-rate towards similar scale peers. read more


Wednesday, July 12, 2017 Derek Macpherson

NVO Finds 4cm Gold Nugget at Purdy's Reward

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Novo Resources Corp. (TSXV:NVO) has identified a number of gold nuggets from initial trench work completed at Purdy’s Reward, the largest being 4cm in length (Figure 1). Trial bulk samples have been collected from a 2x2m area of a half-meter deep trench and sent for testing to provide clarity on grade. As can be seen in the videos (links below), the nugget locations are identified with metal detectors. The company is developing plans for full-scale trenching and large diameter RC drilling which will include ~30 holes, 20-50m in depth, to follow-up on recent results. Early results provide a strong indication of the possibility of additional discoveries on the company’s recently consolidated wider land package in the Karratha region which bares significant similarities to its more advanced Beatons Creek project. Recall, Novo is earning into a 50% interest of Purdy’s Reward, along with additional claims in the region. Novo trades at C$201/oz a premium to peers (C$82/oz), which is justified because of the projects significant exploration upside both at Beaton’s Creek and in Karratha, along with Beatons Creek’s potential for low operating and capital costs. read more


Tuesday, July 11, 2017 Derek Macpherson

IDM Drill Results Show Potential to the North

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IDM Mining Ltd. (TSXV:IDM) released results for 14 holes completed from ongoing drilling at its Red Mountain project in B.C. Results focused on expansion, testing the extensions of current reserves in the JW and SF Zones (Figure 1). In the JW Zone, drilling intersected 10.65 g/t Au and 17.37 g/t Ag over 14.0m from step-out hole U17-1262. An important result which is the furthest up-dip in the section, noting the zone continues to remain open in this direction. To the north of the JW Zone, the SF Zone intersected comparable mineralization as seen in the Marc, AV and JW zones. We expect ongoing drilling news and development activities to be important catalysts for the stock as the company remains focused on advancing the project towards construction (2018). IDM continues to trade at a discount to peers on a per ounce basis (C$39/oz vs. peers at C$50/oz). read more


Monday, July 10, 2017 Derek Macpherson

IDM Files Project Application & EIS for Red Mountain

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IDM Mining Ltd. (TSXV:IDM) has submitted the Project Application and Environmental Impact Statement (EIS) for its Red Mountain project, based on results from its recently completed feasibility study. The 30-day screening process begins which includes review from certain regulatory bodies. The company notes, it remains on track with respect to permitting and regulatory review for the project, aiming for production in 2019. In addition to recent development activities, we expect ongoing drilling news to be an important catalyst for the stock as the company remains focused on advancing the project towards construction (2018). IDM continues to trade at a discount to peers on a per ounce basis (C$39/oz vs. peers at C$50/oz). read more


Monday, July 10, 2017 Derek Macpherson

Ascot Expands Northern Lights; Adds 7th Drill

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Ascot Resources Ltd. (TSXV:AOT) released drill results from 40 holes of the 142 holes completed to date from its 2017 exploration program underway at its Premier property in British Columbia. Results were reported from the Northern Lights main zone and 602 zone. Drilling in the Northern Lights main zone uncovered a new high-grade subzone, the “Ben Zone”, in addition to extending the zone to a 600m strike length and a dip length of 700m. Highlights consist of hole P17-1313 which intersected 10.31 g/t Au over 11.9m and hole P17-1320 which included 15.79 g/t Au over 4.9m in a wider interval. Further, results from the 602 zone returned 4.81 g/t Au over 15.30m including 37.20 g/t Au over 1.0m (hole P17-1306), the furthest downdip hole in the zone. The company has added a seventh drill, and results from 36 holes are still pending. Results continue to highlight the potential for a large high-grade underground resource (2-3 million oz Au) at the past producing Premier mine, which implies a current valuation of C$79-118/oz, a premium to peers at C$66/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$53/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 completed the final payment options for both Premier and Dilworth. read more


Friday, July 07, 2017 Derek Macpherson

SWA's Initial Exploration Work at Botoro Shows Promise

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Sarama Resources (TSXV:SWA) has reported results from initial exploration work completed at its Botoro property in Burkina Faso. Three 2-3km zones were identified within a 10km-long structural corridor, through a soil geochemical survey, which also returned a high-grade surface sample of 4.4 g/t Au. The company is planning additional work to follow-up on results which will include a soil-infill program and mapping of artisanal workings to define priority targets. Although early days, initial results are promising and highlight the potential for larger exploration at the company’s Threebee property. Sarama currently trades at C$10/oz, a steep discount to peers at C$41/oz. We expect that the ongoing exploration at South Houndé (50% interest) and Karankasso (30.5% interest), along with work at its ThreeBee project (100% interest), may provide the necessary catalysts for the stock to close the valuation gap to peers. read more


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