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Monday, December 11, 2017 Derek Macpherson

Ascot Completes 2017 Drill Program; Plans for 2018

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Ascot Resources Ltd. (TSXV:AOT) has completed the 2017 drill program at its Premier property, which totaled 118,800m (379 holes). The company reported the final set of results from 40 holes, targeting the Northern Lights area as well as reconnaissance drilling at Big Missouri-Martha Ellen areas, which requires additional exploration to determine potential continuity. Results were highlighted by 10.66 g/t Au over 4.70m (Northern Lights West zone – P17-1570), and 5.87 g/t Au over 17.4m (Ben Subzone – P17-1580). The company is finalizing its drill program for 2018, targeting infill drilling at Big Missouri, Northern Lights and Premier as well as other high priority targets. Final details of the program will be released along with an updated resource estimate expected in Q1 2018. 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$65-98/oz, a premium to peers at C$65/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$44/oz). We expect the upcoming resource update (Q1 2018) along with drilling in 2018 to demonstrate the projects potential. read more


Monday, December 11, 2017 Derek Macpherson

Aquila Provides Permitting Update

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Aquila Resources Inc. (TSX:AQA) has provided an update on the company’s permit application with the Michigan Department of Environmental Quality (MDEQ), which has deemed that Aquila’s wetland/steam /floodplain permit application for the Back Forty project is administratively complete and the regulatory technical review process may now move to the next stage. This is the fourth and final major permit that remains for Aquila to build and operate the Back Forty project, which is planned to be an open-pit zinc-gold mine in Michigan’s Upper Peninsula. The public hearing for this permit is scheduled for January 23, 2018, with a final decision on it, expected in the first half of 2018. Aquila is currently well positioned to complete the Back Forty projects feasibility and start construction once the final permit has been granted.  read more


Thursday, December 07, 2017 Derek Macpherson

IDM Announces Final 2017 Drill Results

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IDM Mining Ltd. (TSXV:IDM) has released the final underground drill results for the 2017 season at the Red Mountain Gold Project in BC. The company released assays for 20 underground holes that includes resource expansion, metallurgical, infill and exploration holes bringing total drilling for 2017 to 29,312m, which includes 104 underground holes, 8 surface holes and 3 geotechnical holes. The company highlighted a step-out hole of 85.5m grading 1.24 g/t Au, an infill hole in the AV Zone of 25m grading 13.67 g/t Au and a metallurgical hole in the 141 zone of 85.21m grading 1.89 g/t Au. The company indicated that the drilling program was successful in expanding the known extents of all mineralized zones up and down-dip from current reserves and still remains open in several directions. We expect permitting updates 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$33/oz vs. peers at C$45/oz).  read more


Thursday, December 07, 2017 Derek Macpherson

eCobalt Optimization Should Reduce Costs

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eCobalt Solutions (TSX:ECS) announced an update on the progress its made in optimizing the Idaho Cobalt Project (ICP). The company has decided to take a new direction with its cobalt product and is expected to produce a clean (low arsenic) cobalt concentrate that is expected to reduce capital and operating costs at the company’s Cobalt operating facility. This new direction has followed changes in battery supply chain dynamics and in-depth discussions with potential offtake partners.  read more


Thursday, December 07, 2017 Derek Macpherson

FCC Expands Cobalt Camp Land Position

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First Cobalt Corp. (TSXV:FCC) has announced that it has acquired four contiguous mining claims located in the Central Cobalt region in Ontario near the past-producing Caswell mine. The Caswell mine has historically hosted the highest cobalt-silver ratios within the camp. The claims cover an area that is suspected of containing the extension of structures related to mineralization at the Caswell mine and the Thompson prospect. The properties are contiguous to First Cobalt properties to the west of the Caswell and La Tour mines and the Thompson prospect in Central Cobalt, which further consolidates this prospective area in the Cobalt Camp. We would also highlight that we continue to believe the company’s unique attributes, including its land position and infrastructure are likely to see First Cobalt trade at a premium to other cobalt exploration peers. Besides pending drill results, important upcoming catalysts are likely to include planned metallurgical test results. read more


Thursday, December 07, 2017 Derek Macpherson

MQR Announces Custom Milling Contract

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Monarques Gold Corp. (TSXV:MQR) announced that it has entered a custom milling contract with Nottaway Resources Inc. to process ore from the company’s Vezza mine at the Camflo mill. The contract includes at least 15,000 tonnes of ore per month, for at least 180,000 tonnes in 2018. This contract will provide Monarques with stable revenue in 2018 and fits into the company’s goal of increasing profitability of operations. At C$12/oz, Monarques currently trades at a significant discount to peers (C$32/oz). In our view, this valuation does not properly reflect the company’s recent acquisition of the operating Beaufor mine and Camflo mill, along with the Wasamac project.  read more


Wednesday, December 06, 2017 Derek Macpherson

BAY Reports Initial Resource for Seal Zinc

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Aston Bay Holdings Ltd (TSXV:BAY) reported an initial inferred mineral resource estimate of 1.006Mt grading 10.24% Zn and 46.5 g/t Ag or 11.44% ZnEq (103kt Zn & 1,505koz Ag, 4.0% ZnEq cut-off) for its Seal Zinc deposit on its Aston Bay property on Somerset Island, Nunavut. The estimate is based on previous work completed by Teck Resources Ltd. (formerly Cominco Ltd. - 1995-96) and Noranda (2001). Seal Zinc is interpreted to be a Mississippi Valley-type (MVT) deposit, with known mineralization over a 400m strike length and extends 50-100m down-dip. The company believes exploration potential exists along strike, due to the clustered nature of MVT deposits. Although early days, the report suggests the mineralization could support underground mining. Going into 2018, the company is planning to analyze the recent Falcon Plus airborne gravity gradiometry survey data to identify and prioritize drill targets, which will be an important next step to provide more insight on the properties potential. read more


Wednesday, December 06, 2017 Derek Macpherson

Toachi Site Visit: Exceptional Grades Make La Plata Shine

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Last month we had the opportunity to visit Toachi Mining Inc.’s (TSXV:TIM) La Plata Project in Ecuador, which hosts the gold-rich polymetallic volcanic-hosted massive sulphide (“VHMS”) La Plata Deposit. We were impressed with grades of the recently announced inferred resource (2Mt @ 13 g/t AuEq) at La Plata and look forward to the PEA expected in H1 2018 evaluating a small underground mining operation, which we expect to have strong economics based on the exceptional grades. Our review of the data, core, sections and work done to date gave us a positive view on the current resource and its potential to grow. We highlight that VHMS deposits typically occur in clusters and that the 2,335 hectare La Plata property hosts more than a dozen targets which remain to be tested, suggesting regional exploration upside exists.  read more


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