Sunday, August 27, 2017 Derek Macpherson

SCA Discovers New Zones & Extends Mineralization at Karankasso

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Savary Gold Corp (TSXV:SCA) reported results from multiple targets tested during Phase 3 of the exploration program at its Karankasso JV Project (69.5% SCA/30.5% SWA), in Burkina Faso. 109 holes were drilled over 6,747m which tested the Karangosso Zone, Serakoro 1 West, Diosso South Zone, Kueredougou West Zone, Serakoro 1 Main, Central Auger Anamoly and S-Nosa Zone. Notably, drilling in Karangosso discovered two new zones (AC-17-029 and AC-17-036) and further extended mineralization in the south and north, both of which require follow-up. In the Serakoro 1 West, drilling also identified a new zone intersecting 2.78 g/t Au over 5m (AC-17-064). The company noted some targets were not successfully tested due to weather, as well as follow-up drilling was minimal as a result of lab delays. A resource update is expected to be completed at the end of Q3 2017, which will include drilling since the last resource update in Q4 2015 (Inferred 671k oz Au). Additional drilling is planned once the update is complete. Savary currently trades at a discount to peers (C$16/oz vs. peers at C$49/oz), we expect continued exploration success along with the planned resource update should benefit the company’s share price in the near term. read more

Sunday, August 27, 2017 Derek Macpherson

Ascot’s Drilling Focuses on New Subzones

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Ascot Resources Ltd. (TSXV:AOT) reported results from 33 holes completed to date from its 2017 exploration program underway at its Premier property in British Columbia. Drilling continues to target the recently discovered higher grade Ben subzone, which intersected 80.90 g/t Au over 2.2m within 17.03 g/t Au over 11m in hole P17-1378. In addition, a newly identified subzone located below the Ben subzone continues to be defined. Once initial results are completed, the company is planning to infill both subzones to define resources. Step out drilling is also underway on the property in the Premier Mine area north and west of Sebakwe, as well as areas that may connect Big Missouri and Martha Ellen including the west extensions of Martha Ellen. Results from 50 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$76-115/oz, a premium to peers at C$63/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$52/oz). We expect additional results from the ongoing drill program to demonstrate the projects large-scale potential. read more

Sunday, August 27, 2017 Derek Macpherson

ANX Reports FYE 2017; Site Visit Coming Up

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Anaconda Mining Inc. (TSX:ANX) reported complete financial and operating results for FYE 2017. After ending the year with a strong FQ4 2017, the company reported C$25.7 million in revenue selling 15,562 oz Au maintaining its revised mid-year guidance for the year. In 2018, the company is expecting to sell 15,500 oz Au with production originating from the Pine Cove Pit in Q1-Q3 while transitioning to the Stog’er Tight pit in early 2018. Our VP Mining Analysis, Derek Macpherson will be visiting the company’s properties in Newfoundland and Nova Scotia next week. read more

Thursday, August 24, 2017 Derek Macpherson

RCKS Charts: RPX & ANX

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We are expanding our product offering to further provide value to our readers - as such we have launched RCKS Charts. Keith Edwards is a recognized expert in the field of technical analysis who has been doing this type of work for a number of years. His propriety technique helps identify trends early and we believe this should augment the fundamental work we already provide. For our first edition, Keith has evaluated Red Pine Exploration Inc. (TSXV:RPX) and Anaconda Mining Inc. (TSX:ANX). read more

Monday, August 21, 2017 Derek Macpherson

AGLD’s Regional Trenching Program Yields Positive Results

Austral Gold Ltd. (TSXV:AGLD, ASX:AGD) reported initial trenching results from its Amancaya project in Chile. Results were highlighted 2.5m at 9.7 g/t Au and 6.9 g/t Ag at the newly discovered Nueva Vein and 2.3m at 8.1 g/t Au and 6.1 g/t Ag from the Nueva Sur Vein (Figure 1). The company believes that these newly discovered veins have the ability to yield a similar resource to the Central Vein which hosts 497k oz at 8.96 g/t AuEq (1.8 million tonnes). These new veins were discovered as part of the company’s regional trenching program on previously identified targets. The company plans to follow-up these results with a drill program, once the overall exploration program is complete. While these results highlight the longer-term potential of Amancaya, investors are likely to remain focused on the near-term as the company’s production profile is poised to increase with Amancaya ore starting to be processed. In our view, Austral is poised to re-rate towards similar scale peers, as it demonstrates its increased production potential.  read more

Monday, August 21, 2017 Derek Macpherson

VIT Breaks Ground at Eagle; Gets a Head Start on 2018

Victoria Gold Corp. (TSXV:VIT) has officially commenced construction at Eagle with its early start, C$40 million Phase 1 construction program. The primary focus of the program is to position the company for full construction in 2018 by upgrading existing roads, expanding the camp and completing detailed engineering. As well, critical path earthworks projects for the valley leach facility and crusher are being completed. We note that the company is starting construction without the full funding in-place; however, with a cash balance of C$63 million (at May 31, 2017) and a commitment letter in place for a US$220 million debt facility, we estimate the company only requires additional funding of ~C$70-90 million. 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$52/oz, which we believe does not take into account the exploration potential of the Dublin Gulch property or that the project has just transitioned from shovel ready to under-construction. read more

Friday, August 18, 2017 Derek Macpherson

SWA Grows South Houndé at Depth & Along Strike

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Sarama Resources (TSXV:SWA) reported final results for the H1 2017 drill program at South Houndé. The program was designed to test the depth and strike extensions of the high-grade shoots within the orebody to expand the existing open-pit resource and test the potential for underground mining. Deeper holes were highlighted by 10.4m at 3.96 g/t gold and 4.1m at 3.89 g/t gold and extended the MC and MM deposits to a depth of 500m and 550m respectively. This depth extension suggests an underground mining scenario could be possible. As well, some near surface air core drilling was completed in an effort to expand resources at surface, which was highlighted by 8m at 2.46 g/t gold. Sarama currently trades at C$12/oz, a steep discount to peers at C$49/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

Wednesday, August 16, 2017 Derek Macpherson

MQR Identifies Early Opportunity for Growth at Simkar

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Monarques Gold Corporation (TSXV:MQR) reported results from its 2,500m (4 holes) program on its Simkar Gold property east of Val-d’Or located near its Beacon mill (Figure 1). Drilling targeted the western extension of the “Diorite A” gold zone, returning good grades, as seen in hole SK-17-04 which included 15.85 g/t Au over 1.0m. The company plans to continue testing the area in the next phase of exploration, as it remains focused on increasing resources near its Beacon mill to optimize future production. At C$118/oz, Monarques currently trades at a premium to peers (C$60/oz). In our view, this valuation is supported by Croinor’s stage of development (pre-feasibility study), ongoing exploration success and the acquisition of the Beacon Mill. read more


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