RCKS Talk

Friday, March 09, 2018 Derek Macpherson

Aquila Progresses Towards Final Major Permit

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Aquila Resources Inc. (TSX:AQA) provided a permitting update regarding the wetland/stream/floodplain permit application for its Back Forty Project in Michigan. The permitting process is progressing as the company has received comments from the United States Environmental Protection Agency (EPA) and the company now has 90 days (from March 8, 2018) to work with the Michigan Department of Environmental Quality (MDEQ) to respond and provide the necessary information to resolve the EPA’s requests. The wetland/stream/floodplain permit is the final of four key permits the company needs to build and operate Back Forty. Aquila recently provided an updated resource estimate for the project, to support a feasibility study which is underway. Currently, permitting and the feasibility study are designed for an open-pit operation, the company is expecting to evaluate a future underground option closer to initial production. Upcoming permitting news will be an important near-term catalyst for the company, we believe Aquila is well positioned to complete the feasibility study and start construction once the final permit has been granted, with funding in place to support pre-construction. read more


Tuesday, February 27, 2018 Derek Macpherson

RCKS 6th Annual Pre-PDAC Mining Showcase Presenter Preview

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On Friday, March 2, 2018, Red Cloud Klondike Strike Inc. will be hosting its 6th Annual Pre-PDAC Mining Showcase. The event features presentations from 30 companies, including a breakfast panel focused on new technology in mining and a keynote lunch presentation from Osisko Mining Inc. (TSX:OSK), SolGold Plc. (TSX:SOLG) and Ascot Resources Ltd. (TSXV:AOT). For more details, please visit our events page. In this post, we provide a brief preview on the 30 presenting companies and a list of banner participants that will be in attendance.  read more


Wednesday, February 07, 2018 Derek Macpherson

Aquila Announces Updated Back Forty Resource

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Aquila Resources Inc. (TSX:AQA) has provided a resource update for its Back Forty Au-Zn project in Michigan, USA. The company’s new resource updates the mineral resource estimate released on February 3, 2013. The updated estimate includes 22 diamond drill holes that were completed between 2015 and 2017 with the objective of upgrading the inferred resource to the measured and indicated category, in preparation for a feasibility study, once final permits are received later this year. The updated resource estimate was also determined based on revised and updated net smelter return (NSR) calculations and cut-off values. The updated NSR calculations were based on updated metal pricing, metal recoveries and product specifications which were derived from recently completed metallurgical test work in addition to revised terms related to smelting, refining and transportation. The company’s updated resource estimate was divided into in-pit and out-of-pit quantities in addition to sub-categories of metallurgy type, which included floatable and leachable quantities. However, in comparison to previous measured and indicated resource estimates, contained zinc increased 12%, contained gold increased 4%, contained silver increased 11%, contained copper increased 5.8%, contained lead increased 27% and contained zinc equivalent increased by 8% (Figure 1). 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, November 09, 2017 Derek Macpherson

AQA Announces Stream & Equity Financing with Osisko

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Aquila Resources Inc. (TSX:AQA) has announced a financing transaction with Osisko Gold Royalties (TSX:OR) whereby Osisko has agreed to commit $65M to Aquila through a $10M private placement and a $55M gold stream purchase agreement. The initial $17.5M in funding should provide AQA sufficient liquidity to complete all pre-construction activities, while the balance of the stream payment ($47.5M) is likely to be a good start for the $261M of pre-production capital. Aquila is now well positioned to complete its feasibility and start construction once the final permit has been granted.  read more


Friday, November 03, 2017 Derek Macpherson

AQA Reports Final Drill Results

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Aquila Resources Inc. (TSX:AQA) has reported the final drill results from its 2017 drilling program at the Back Forty project in Michigan. The company had identified a new zone of massive sulphide mineralization during the 2016 drilling program and have just tested the area. Drilling results released by the company include 1.27 g/t gold, 15.78 g/t silver and 12.17% zinc over 7.09m in hole LK-17-537, the hole had tested a southwest extension of the 2016 zone. The drill results support management’s objective of connecting the new zone’s mineralization to the project’s existing resource base in the near future. The drilling indicated that the mineralization extends for more than 120m and is open along strike. Aquila currently trades at a premium to peers on an EV/lb basis (C$0.022 vs. peers C$0.017). We believe a premium is warranted given the company’s advanced permitting stage, good jurisdiction, exploration upside and stage of development. We expect additional exploration results and the pending feasibility study along with the final permit needed for construction to be important near-term catalysts for the company.  read more


Monday, October 23, 2017 Derek Macpherson

RCKS 5th Annual Fall Mining Showcase Presenter Preview

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On Thursday October 26, 2017, Red Cloud Klondike Strike Inc. will be hosting its 5th Annual Fall Mining Showcase. The event features presentations from 18 companies, including a themed breakfast and lunch presentation from industry leaders. For more details, please visit our event page. In this post, we provide a brief preview on the 18 presenting companies and 19 banner participants that will be in attendance.  read more


Monday, August 28, 2017 Derek Macpherson

AQA Drilling Continues to Highlight Near-Pit Potential

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Aquila Resources Inc. (TSX:AQA) reported additional drill results from its ongoing drill program at its Back Forty project in Michigan. Drilling continued to target the Pinwheel, Deep Zone and Main Zone, all of which are located outside of the proposed open pit. In the Deep Zone, located below the proposed pit, three holes intersected mineralization outside of the known resources including the upper part of the Tuff Zone and 90 Gold Zone. In addition, both holes LK-17-526 and LK-17-527 intersected mineralization down-dip of Pinwheel. Results from the program continue to highlight the project’s exploration potential and ability to add resources. In Q3 2017, results are expected to be released from drilling which targeted a new mineralized zone 500m from the proposed pit. Aquila trades at a premium to peers on an EV/lb basis (C$0.021 vs. peers C$0.016). We believe the premium valuation is warranted given the company’s advanced permitting stage, good jurisdiction, exploration upside and stage of development. We expect additional exploration results and the pending feasibility study along with the final permit needed for construction as important near-term catalysts for the company. read more


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