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Wednesday, December 06, 2017 Derek Macpherson

More Exploration Success for Tinka; New Discovery at Zone 3

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Tinka Resources Ltd. (TSXV:TK) reported results from six new drill holes at its Ayawilca project, announcing a new discovery at Zone 3, intersecting significant mineralization for the first time in hole A17-091A, and extending it at depth from 480m to 625m. As compared to Central Ayawilca and South Ayawilca, Zone 3 appears to be considerably deeper. The discovery suggests further resource growth is likely, as it extends outside of the recently updated resource boundary (Figure 1). Furthermore, Tinka still has three untested targets, Valley, Chaucha (north) and Yanapizgo (south). The company will continue to drill into 2018, with a drill rig operating at Zone 3 to follow-up on these results, which is expected to be funded by cash from the recent warrant exercise. At C$0.016/lb Zn, Tinka trades at a discount to peers at C$0.024/lb Zn. We believe that the ongoing drilling updates and the significant exploration potential of the Ayawilca property should be important catalysts for the company. read more


Wednesday, December 06, 2017 Derek Macpherson

Initial ARU Geophysical Data Defines First Target

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Aurania Resources Ltd. (TSXV:ARU) reported geophysical data from its first of multiple targets, the Awacha target, at its Lost Cities – Cutucu Project, which bears similar features to known porphyry deposits in the adjacent Cordillera del Condor. Geophysical results coincide with satellite imagery completed prior to the survey, and have identified possible porphyries. The company noted results are also comparable to SolGold PLC’s copper-gold porphyry system in northern Ecuador. The final report on the geophysical survey is expected to be completed mid-December, with news to follow. In addition, results from the stream sediment sampling will be announced as it becomes available. Results from recent exploration will be used to define targets for initial scout-drilling in mid-2018. Next catalysts include the results from ongoing exploration, which should provide further clarity on priority targets. read more


Monday, December 04, 2017 Derek Macpherson

NM Reports More Drilling Success at Sterling

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Northern Empire Resources Corp. (TSXV:NM) has announced the results from seven drill holes from the Sterling mine, Nevada. The company highlighted intersections of 10.00m grading 14.59 g/t Au (STR17-041C), 9.05m grading 8.66 g/t Au (STR17-010C) and 7.59m grading 8.25 g/t Au (STR17-013C). Many of these drill holes intersected high-grade oxide mineralization on the edges of the company’s resource model indicating that the deposit is open in several directions. The Sterling mine currently hosts inferred resources of 9.9 Mt grading 2.23 g/t Au as at March 29, 2017. The results of these 7 drill holes support the company’s resource model of the Sterling property, which is considered to be relatively narrow, high grade and possess excellent metallurgy. At C$54/oz, Northern Empire trades closely to peers at C$62/oz; however, our view is at the current EV of ~C$38.4 million, the market is ascribing value to either the exploration potential of the company’s Crown project or to the permitted Sterling mine, but not both.  read more


Monday, December 04, 2017 Derek Macpherson

FCC Samples More High-Grade Cobalt

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First Cobalt Corp. (TSXV:FCC) has reported high grade cobalt assays at the past-producing Juno mine to the north of the Drummond mine. Grab samples of 3.9%, 2.6% and 2.0% Co confirm high grade cobalt veins and suggest the presence of a broad hydrothermal system in the Kerr Lake area. High grade cobalt was contained in sample material with elevated nickel and high-grade copper in one sample, similar to the mineral composition seen at Bellellen mine in Cobalt South. The company also sampled silver grades of up to 4,112 g/t Ag, which is believed to likely represent the type of material historically mined. The company stated that the high nickel, copper and silver grades indicate the potential to be recovered as payable metals. 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


Monday, December 04, 2017 Derek Macpherson

GT Gold Intersects More High Grades at Saddle South

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GT Gold Corp. (TSXV:GTT) reported results from 6 holes drilled at its Tatogga property in northwestern BC, specifically Saddle South, where the company has been consistently intersecting high grades. Holes TTD045, 47, 48, 50 and 52 were located 60m south of the initial holes at Saddle South, highlighted by 12.05 g/t Au over 3.79m including 35.15 g/t Au over 1.04m and 9.77 g/t Au over 5.53m including 20.17 g/t Au over 2.31m (TTD045). Results indicate that Saddle South remains open at depth, as drilling had targeted the down-dip potential of previous holes (TTD013, 16). The company completed 16,280m (64 holes) of core drilling and 1,527m (28 holes) of RC drilling over the summer. Assays are pending for the remaining 13 holes, including 9 holes from Saddle South and 4 holes from Saddle North, which should continue to provide a better understanding of the mineralized system (Figure 1).  read more


Friday, December 01, 2017 Derek Macpherson

MTO Steps Up Exploration in FQ1 2018

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Metanor Resources Inc. (TSXV:MTO) reported financial and operating results for the quarter ended September 30, 2017 (FQ1 2018). Gold production at Bachelor compared to the previous quarter remained relatively stable at 7,293 oz, while cash costs increased to C$1,243 from C$1,134 (Figure 1). The company ended the quarter with C$11.3 in gross revenues, selling 7,047 oz Au. Cash at the end of the quarter was C$12.7 million, a decrease over FQ4 2017 of C$19.4 million. As well net income decreased from C$1.8 million, representing a net loss of ~C$5.0 million in FQ1 2018, and -C$4.4 million in operating cash flows, down from ~C$401k in Q4 2017 and ~C$2.95 million in Q3 2017 (Figure 2). This was primarily driven by a significant increase in exploration spending (10,965m completed at Bachelor and Barry, respectively). We expect further results from the ongoing drill programs at both Barry and Bachelor to be important near-term catalysts for the company, as exploration continues.  read more


Thursday, November 30, 2017 Derek Macpherson

Tinka Adds C$3.7M in Cash with Warrant Exercise

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Tinka Resources Ltd. (TSXV:TK) received total proceeds of C$3.7 million from the exercise of 12,632,660 (priced at C$0.30) common share purchase warrants, that expired on November 29, 2017, from a May 2015 financing. We note, this warrant exercise may have partially caused the recent weak share price performance. The company will use the cash for further exploration drilling and resource development at Ayawilca in 2018. At C$0.018/lb Zn, Tinka trades at a discount to peers at C$0.025/lb Zn. We believe that the ongoing drilling updates and the significant exploration potential of the Ayawilca property should be important catalysts for the company.  read more


Thursday, November 30, 2017 Derek Macpherson

BAY Identifies Drill Targets for 2018; Seal Zinc Initial Resource Estimate Expected Shortly

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Aston Bay Holdings Ltd (TSXV:BAY) has received initial data from the Falcon Plus Airborne Gravity Gradiometry survey, designed to highlight potential targets from its Aston Bay property on Somerset Island, Nunavut. The results, which returned strong gravity responses from the Storm Copper, Seal Zinc, and Typhoon Zinc including other nearby targets in the south, will be analyzed to determine drill targets for the 2018 summer field program (Figure 1). Initial results are promising, as survey anomalies extend beyond current exploration which could support the possibility of additional target discovery. Notably, the company is working on an initial resource estimate for the Seal Zinc prospect which is expected to be released shortly, the prospect had been previously drilled by Teck Resources Ltd. (formerly Cominco Ltd.). Following the initial resource for Seal Zinc, upcoming drilling in 2018 will be an important next step to provide more insight on the properties opportunity, and specific targets.  read more


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