RCKS Talk

Thursday, March 01, 2018 Derek Macpherson

ANX Infill Results from Argyle Suggest Higher Grades Possible

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Anaconda Mining Inc. (TSX:ANX) reported encouraging initial results from 3 holes drilled as a part of a 12 hole, 1,122m infill and expansion diamond drill program underway at Argyle, 4.5km from the Pine Cove Mill and tailings facility at Point Rousse. Results have provided confidence in the geological modelling of the deposit, with holes AE-18-64 to 66, confirming the presence of high-grade zones within Argyle. Drilling returned, 4.85 g/t Au over 8.5m and 4.75 g/t Au over 8.0m. Assays are pending for the remaining 9 holes (794m), with results expected in March 2018. We highlight that the current resource grade at Argyle is 2.01 g/t Au (M&I+I) and these results suggest there could be an improvement in grade. We highlight that a 25% improvement in grade for Argyle, would improve our pre-tax NAV for Point Rousse by 34%. Based on our initial estimates, we believe Anaconda is trading at discount to peers (0.46x NAV, peers 0.57x). In our view upcoming catalysts include, ongoing exploration at Goldboro and Point Rousse, improved cash flow in H2 2018 and ongoing development work at Goldboro which all should help close the valuation gap to peers. read more


Wednesday, February 28, 2018 Derek Macpherson

Aurania Grows Latorre; Identifies 3 New Targets

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Aurania Resources Ltd. (TSXV:ARU) has identified 3 additional targets with features typical of the upper parts of epithermal gold-silver systems, Latorre A, Latorre B and Latorre C in the Latorre area. Exploration at Latorre continues to resemble the discovery of Fruta del Norte, as well, now to the Alto Chicama deposit (Lagunas Norte Mine) in northern Peru. Additional exploration is planned for the targets, including a soil sampling grid for Latorre B to search for metal-enrichment and metal-zoning soils which if successful, would be followed-up with trenching and/or scout- drilling as well, other targets in the Latorre are being mapped in more detail followed by soil sampling to define targets for scout drilling. The company expects to begin scout drilling at Latorre later in the year. We believe ongoing newsflow will be positive for Aurania, as the company explores Latorre and its Awacha target which bears similar geophysical signature as SolGold’s Cascabel. read more


Saturday, January 06, 2018 Derek Macpherson

Site Visit: Urban Barry a New Gold Camp, Bonterra’s Tent Pitched, Building the Fire

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We view Bonterra Resources Inc. (TSXV:BTR) as having the potential to put together a sizeable high-grade resource in one of Canada’s most active exploration camps. On December 7th we visited Bonterra’s Gladiator Project in the Urban Barry Camp in the Abitibi Greenstone Belt, located approximately 170 km NE of Val-d’Or and 125 km SW of Chibougamau in the Urban, Barry and Bailly townships of Québec. read more


Friday, January 05, 2018 Derek Macpherson

Alpala Maiden Resource Just the Start; Recent Site Visit Suggests Significant Exploration Upside Remains

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SolGold Plc. (TSX:SOLG) announced a maiden resource for the Alpala deposit at its 85% owned Cascabel project in northern Ecuador. At a 0.3% CuEq cut-off, 1.08 billion tonnes at 0.68% CuEq (Figure 1) have been defined, but this includes a high-grade core of 120 million tonnes at 1.8% CuEq. Based on existing block cave operations, the tonnage and grade of the high-grade core are likely to be supportive of an economic operation. Moreover, our recent site visit highlighted the exploration potential within the Alpala Complex and on the wider Cascabel property beyond. Consequently, we believe this maiden resource is a good first step, but that there is likely more to come. 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


Friday, October 20, 2017 Derek Macpherson

Orford Site Visit: High Discovery Potential on a Regional Scale Land Package

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This summer we had the opportunity to visit Orford Mining Corp.’s Qiqavik gold property located in northern Quebec. Orford Mining Corp is to be formed following the completion of the amalgamation between True North Nickel Inc. and Focused Capital Corp. The company is expected to begin trading shortly. We were impressed with the level of work completed to date and believe the company is well positioned to make a discovery on its regional scale land package. As well, the company has been active during this summers field season, including 2,723m of drilling, which should provide steady news flow towards the end of the year once the company begins trading. Finally, Orford has been able to attract a strong management and technical team, which should have them well positioned to advance Qiqavik.    read more


Friday, October 06, 2017 Derek Macpherson

Site Visit: NEE Progressing Towards First Gold Pour

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Recently we had the opportunity to visit Northern Vertex Mining Corp.’s (TSXV:NEE) Moss mine which is progressing towards its first gold pour. The construction period can be a challenging time for any company and a risky period for investors, as the company works to take the major de-risking step of transitioning from a developer to a producer. Our site visit highlights that Northern Vertex is well down the path to production, with all major components showing meaningful progress. Based on what we saw on-site, we expect Northern Vertex to pour gold before year-end. We highlight that Northern Vertex is very well funded with both debt (Sprott loan, CAT finance facility) and recent equity investments resulting in low completion risk (i.e. running out of capital before construction). Northern Vertex’s current valuation does not appear to reflect likely reserve growth, currently excluded from the mine plan. We expect ongoing construction updates and first production to be key catalyst for the stock. read more


Wednesday, October 04, 2017 Derek Macpherson

Site Visit: NM’s Sterling Mine - There’s Something Out There

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Recently we visited Northern Empire Resources Corp.’s (TSXV:NM) Sterling mine and Crown project’s which interestingly is close to the fabled Area 51, Barrick Gold’s (TSX:ABX) past producing Bullfrog Mine (2.3M oz Au produced), and Corvus Gold’s (TSX:KOR) North Bullfrog (1.5M oz at 0.29 g/t Au and 6.6 Moz of at 1.25 g/t Ag) and Mother Lode (within Northern Empires claims) projects in Nevada. In our view, the company benefits from both an economic permitted small scale operation (30-40k oz Au/year) at Sterling and an exciting exploration project on the northern portion of the property (Crown project). Based on our site visit, we believe the current EV of ~C$31 million the market is ascribing, values either the exploration potential of the Crown project or the permitted Sterling mine, but not both.  read more


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