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Tuesday, February 06, 2018 Derek Macpherson

BTR Continues to Expand Gladiator

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Bonterra Resources Inc. (TSXV:BTR) continues to expand its Gladiator Gold Deposit, reporting positive results from the ongoing resource development program. The North, Footwall and Main Zones have been extended by 200m down plunge to the east, intersecting 6.2 g/t Au over 1.9m, 4.8 g/t Au over 3.5m and 4.9 g/t Au over 1.8m (Hole BA-17-53B). Drilling to date has confirmed a strike length of 1,200m, at a depth of 1,000m, the deposit remains open in all directions. Step-out and definition drilling continues at Gladiator, with four drills in operation. Supported by recent exploration success we continue to believe Bonterra is well-positioned for growth in one of Canada’s most active exploration camps. Bonterra currently trades at C$70/oz, a slight premium to peers (C$65/oz). Given our expectation for meaningful resource growth at its flagship Gladiator deposit (update planned for H2 2018), Bonterra appears to be trading at a discount to peers; C$29/oz if you assume a 2M oz Au resource at Gladiator.  read more


Monday, February 05, 2018 Derek Macpherson

FCC Hits Disseminated Cobalt

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First Cobalt Corp. (TSXV:FCC) has intersected 30m of disseminated cobalt mineralization at the Keeley Mine in the southern portion of the Canadian Cobalt Camp. Drill results from the company’s 2017 drill program support the existence of a broad zone of cobalt mineralization with approximately 350m of strike length associated with the historically mined Woods Vein and other transecting structures (Figure 1). The company intersected 15.7m of 0.12% Co (KF-WV-0013), including 6.2m at 0.21% Co, which reflected similar mineralization in grab samples from surface. Intersecting near-surface cobalt mineralization outside the veins historically mined was one of the company’s main objectives for 2017. The drilling confirms previous prospecting at surface and will now be followed by drilling at the company’s Bellellen and Cobalt North targets. Ongoing exploration activities, including sampling and the recent initiation of the structural control study, are valuable in providing key geological information. 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. We expect results from the ongoing exploration program to be an important upcoming catalyst. read more


Friday, February 02, 2018 Derek Macpherson

FCC Hits First Hole with Disseminated Mineralization

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First Cobalt Corp. (TSXV:FCC) reported encouraging results from drilling near the historic Keeley mine. Results intersected 25m of mineralization, returning 106.2 g/t Ag over 13.7m including 445 g/t Ag over 3.0m (KF-K3-0001). Although it is very early, this suggests disseminated mineralization is present and is an important part of the company’s thesis that disseminated mineralization exists in a camp that has historically been only associated with narrow vein mineralization. Besides these drill results, the visual results from the muck-pile sampling program suggest disseminated mineralization is possible. Ongoing exploration activities, including sampling and the recent initiation of the structural control study, are valuable in providing key geological information. 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. We expect results from the ongoing exploration program to be an important upcoming catalyst. read more


Friday, February 02, 2018 Derek Macpherson

ADZN Updates El Domo Resource

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Adventus Zinc Corp. (TSXV:ADZN) reported an updated mineral resource estimate for the El Domo VMS deposit, at its Curipamba project (75%) in Ecuador. Positively, the additional drilling completed since the last resource update (9,765m - 33 holes) allowed the conversion of inferred tonnes into the higher confidence indicated category, this resulted in a 45% increase in Indicated tonnes and a 32% decrease in inferred tonnes. We note that the overall tonnage increased by 14%, however, the overall ZnEq grade declined by about 21%, this is partially driven by a lower NSR cut-off grade and the use of higher metals prices. As well, the new resource model is structurally based and allows for a reduced area of influence for individual drill holes, resulting in a more conservative grade estimate. As part of the US$7M drilling budget planned (2 rigs, 18,000m) for Curipamba in 2018, some infill drilling is planned, which has the potential to improve grades over this updated resource. The company is well-funded, after closing a C$10 million financing in December 2017. Adventus continues to trade at C$0.012/lb ZnEq, a discount to peers at C$0.017/lb ZnEq. Upcoming drilling should be an important catalyst for the company. read more


Wednesday, January 31, 2018 Derek Macpherson

RCKS Drilling Deeper Lunch; A Focus on Ecuador

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Yesterday, Red Cloud Klondike Strike Inc. (RCKS) hosted another installment of our Drilling Deeper Lunch series, this time featuring four companies focused in exploration and development in Ecuador. Since the implementation of the Ministry of Mining in Ecuador in 2015, the Ecuadorian government has embraced mining as a key source of foreign investment, emphasized by cost advantages, infrastructure and an engaged workforce. Efforts have been recognized by the increase in the number of companies exploring in Ecuador, with two projects under construction. Ron Hochstein, President & CEO of Lundin Gold Inc. (TSX:LUG), highlighted the country’s recent commitment to mining, discussing the company’s experience developing Fruta del Norte. Presentations followed from explorers in Ecuador; Adventus Zinc Corp. (TSXV:ADZN), Aurania Resources Ltd. (TSXV:ARU), Solgold Plc. (TSX:SOLG). read more


Wednesday, January 31, 2018 Derek Macpherson

Novo Builds Exploration Team; News Expected Shortly

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Novo Resources Corp. (TSXV:NVO) has expand its team with the appointment of Kas De Luca as Senior Exploration Manager, former Regional Exploration Manager – Asia Pacific at Newcrest Mining Ltd. (ASX:NCM). Our understanding is that, exploration is underway at Comet Well, trenching, bulk sampling and diamond drilling was set to begin by the end of the month. Bulk sample results from Purdy’s Reward are planned to be released over the course Q1 2018. Given the company’s recent update regarding exploration activities in Karratha, we expect upcoming exploration news shortly which should be an important catalyst for the stock as the company continues to determine the appropriate course of action regarding exploration methods. We continue to believe the recent pullback following Novo’s exploration update in-late December has created an opportunity for investors. read more


Tuesday, January 30, 2018 Derek Macpherson

FCC Completes Initial Phase of Muckpile Sampling

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First Cobalt Corp. (TSXV:FCC) has completed the first phase of a sampling program, collecting 400 samples from 14 muckpiles in Cobalt North and Cobalt South. Results from the program should provide clarity regarding grade characteristics of historical muckpiles and potential processing methods. Success of the program is expected to determine the reactivation of the mill and potentially the refinery, as well as the possibility of launching a district-scale muckpile sampling program. Ongoing exploration activities, including sampling and the recent initiation of the structural control study, are valuable in providing key geological information. 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. We expect results from the upcoming exploration program to be an important upcoming catalyst. read more


Tuesday, January 30, 2018 Derek Macpherson

GoldQuest Plans to Expand Exploration in 2018

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GoldQuest Mining Corp. (TSXV:GQC) reported results from 7 drill holes completed at its Cachimbo Discovery, which continues to remain open in all directions. Results were highlighted by 0.82 g/t Au over 148.1m, including 8.4 g/t Au over 5.05m (TIR-17-50), located east of previous drilling (Figure 1). The company is planning to continue exploration activities, to expand Cachimbo, test new targets and initiate a program around Romero, details of the 2018 expanded program are to be announced shortly. GoldQuest remains well-funded with ~C$25 million in the treasury. The company currently trades at a significant discount to peers at C$28/oz (peers C$51/oz). We continue to believe that the current valuation does not reflect the exploration potential of GoldQuest’s wider land package, as demonstrated by the Cachimbo discovery. We expect continued exploration drilling, along with the ratification of the Exploitation License for Romero to be important catalysts for the stock. read more


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