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Thursday, July 06, 2017 Derek Macpherson

NVO & Sumitomo Partner to Advance Beatons Creek

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Novo Resources Corp. (TSXV:NVO) and Sumitomo Corporation, Japan have entered into a non-binding memorandum of understanding (MOU) to advance the development of the company’s Beatons Creek project in Western Australia. Sumitomo will provide technical support personnel to Novo to prepare studies, engineering work and permitting, to be completed in late 2017. Once completed, Sumitomo retains the right to invest in the project or the company under specific terms and conditions which are yet to be determined. Sumitomo’s interest highlights the potential of Beatons Creek. This partnership will provide Novo additional “in-house” expertise to complete the planned pre-feasibility study, due out later this year. We expect upcoming developments and ongoing exploration to provide further value for shareholders. Novo trades at C$151/oz a premium to peers (C$74/oz), which is justified by Beatons Creek low cost, low capex potential along with the potential for significant resource growth both at Beatons Creek and on the wider land package. read more


Wednesday, July 05, 2017 Derek Macpherson

Otis Sells Non-Core Properties; Earns 11% Interest in Strata

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Otis Gold Corp. (TSXV:OOO) has sold its non-core properties (Hai and Goldbug projects) in Idaho to Strata Minerals Inc. (TSXV:SMP.H) through its wholly owned subsidiary Otis Capital USA Corp. Subsequent to the transaction, Otis will receive 2,750,000 common shares of Strata at a price of C$0.25 reflecting an 11.14% interest for a total value of C$687,500. We view the transaction positively, as the company has created value from its non-core properties. At C$35/oz, Otis currently trades at a discount to peers (C$49/oz). We believe this valuation does not fully account for the potential resource growth at Kilgore. We expect the upcoming drill program and pending resource update (H2 2017) for Kilgore to be important catalysts for the company. read more


Wednesday, July 05, 2017 Derek Macpherson

IDM Expands Drilling at Red Mountain; Growth Continues

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IDM Mining Ltd. (TSXV:IDM) released results for 17 of the 50 holes completed to date from ongoing drilling at its Red Mountain project in B.C. Results from the AV Zone intersected 6.0 g/t Au and 16.78 g/t Ag over 7.0m from step-out hole U17-1232. In the JW Zone, step-out hole U17-1245 intersected 12.33g/t Au and 70.90 g/t Ag over 8.6m outside current reserves. In addition, results from the SF Zone intersected mineralization 150m along strike from current reserves (Hole U17-1252), resources currently do not exist in this area. As well, the company has increased the size of its 2017 drill program, adding an additional 10,000m of underground and surface drilling. Current results continue to suggest resources are likely to grow at Red Mountain. We expect ongoing drilling news to be a 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 consensus P/NAV basis (0.49x vs. peers at 0.60x) and on a per ounce basis (C$44/oz vs. peers at C$58/oz). read more


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