RCKS Talk

Monday, May 15, 2017 Derek Macpherson

Marlin Hits Best Hole to Date at Commonwealth

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Marlin Gold Mining Ltd. (TSXV:MLN) reported drill results from its Commonwealth project, intersecting 1.56 g/t AuEq (0.83 g/t Au and 116 g/t Ag) over 102.5 m from Hole 17CDDH26, the best hole drilled on the property from a grade x thickness perspective. The hole was designed as a twin to a previous reverse circulation hole, hole E-9. We believe these results should benefit the existing resource, as historic RC holes were used to calculate the current April 2014 resource estimate. More twin holes are being reviewed. In addition, the company intercepted 0.98 g/t AuEq over 11.4 m and 1.04 g/t AuEq over 16.5 m, in the down-dip extension of the Footwall zone (Figure 1). We expect continued exploration success from Commonwealth and La Trinidad, anticipated permitting news from its San Albino royalty and strong Q1 financial results (late May) to be positive catalysts for Marlin over the near-term.  read more


Sunday, May 07, 2017 Derek Macpherson

Marlin Identifies New Zone at Commonwealth

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Marlin Gold Mining Ltd. (TSXV:MLN) released drill results from its Commonwealth project that have defined the new “Footwall Zone” at the Arizona project which could likely grow the resource and lower costs. Following up on hole 16CDDH06 (2.91 g/t AuEq over 25.8m), Marlin drilled an additional 12 core holes and results were highlighted by hole 17CDDH24 which returned 2.20 g/t AuEq over 25.7 m (Figure 1). Besides adding ounces, this new zone appears to be significantly higher grade than the current resource. In our view, this zone has the potential to meaningfully improve project economics. Besides continued drill results from the Footwall Zone, we expect strong Q1 financial results (late May), along with ongoing exploration results from La Trinidad and anticipated permitting news from its San Albino royalty to be positive catalysts for Marlin in the near-term. read more


Monday, May 01, 2017 Derek Macpherson

High-Grade HS Zone Benefits Marlin's Q4 Results

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Marlin Gold Mining Ltd. (TSXV:MLN) released Q4 2016 and full year financial results for 2016 along with full-year 2017 guidance. As expected, mining of the high-grade HS zone in Q4 2016 resulted in the company’s first profitable quarter (EPS of C$0.02 and EBITDA of C$11.6 million). As previously reported the cash generated in Q4 has allowed the company to increase exploration at La Trinidad and Commonwealth, consolidate its land holdings at Commonwealth, aid to reduce the Wexford Capital debt and advance the spin-off of the company’s wholly owned royalty subsidiary Sailfish Royalty Corp. The company also provided 2017 guidance to produce 50-55k oz Au, which appears achievable considering it shipped 18.9k oz Au in Q1. Based on this, we expect strong financial results in Q1, followed by a weaker quarter in Q2; however, the company expects to reach the southern portion of the high-grade zone in June, which should see production and financial results improve in Q3. As well, Marlin has guided that it expects to spin-off Sailfish later this year, once San Albino has received permits or another cash flowing royalty is acquired. We hope to get additional details on both 2017 guidance, the ongoing exploration programs plus the planned spin-out of Sailfish on tomorrow’s 10 am ET conference call (Dial-in: 1-844-348-1683, access code: 16115066). read more


Monday, April 10, 2017 Derek Macpherson

Marlin Intersects High Grades at South HS Zone

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Marlin Gold Mining Ltd. (TSXV:MLN) announced high grade results from drilling in the southern part of the HS zone at its La Trinidad mine in Sinaloa, Mexico. The company reported two intercepts from drill hole 17TRD44, 15.55 g/t Au over 15.45m (upper intercept) and 5.81 g/t Au over 12.55m (lower intercept) which remains open to the west with the nearest drill hole to the north located 59m away. To note, the lower intercept confirmed mineralization beyond the current pit limits, and hit higher grades than previous results from hole 09TR023 announced on September 9, 2009 which intercepted 1.5 g/t Au over 17.8m, including 3.8 g/t Au over 5.8m. The company is planning to follow-up on these results, including targeting areas along strike to the south. Today’s results continue to support our view that La Trinidad’s mine-life could be extended via near-pit resources and that we expect the company to benefit from higher grades in the second-half of 2017 when they start mining the southern part of the HS zone. We expect continued exploration success to be an important near-term catalyst for the company. In addition, ongoing exploration activities at Commonwealth and a permitting update from San Albino on which the company has a gold stream, should provide positive momentum for the share price.  read more


Monday, April 03, 2017 Derek Macpherson

Marlin Continues to Deliver at La Trinidad

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Marlin Gold Mining Ltd. (TSXV:MLN) announced strong Q1 2017 production results, near-mine exploration success at La Trinidad and a further debt repayment, all of which we view positively. The company shipped, 18,875 ounces of gold, primarily as a result of the high-grades stacked in Q4 2016. We expect Q2 2017 gold shipments to also benefit from Q4 2016. The company continues to have exploration success near the existing pit, and with continued success may be able to extend the current ~2 year mine-life of La Trinidad. Finally, continued operating success, has provided the company the ability (C$6.7 in cash and refined gold) to repay another US$2 million on its unsecured credit facility, reducing the outstanding principal to US$30 million. We view the results to date positively and continue to expect the company to generate between US$17-19 million per quarter from La Trinidad over the next two years. The company is planning to release a detailed operating plan with Q4 2016 financials in April, at which time we expect to refine our estimates. Additional catalysts include continued near-mine drilling at La Trinidad, ongoing exploration results from Commonwealth and a permitting update from San Albino on which the company has a gold stream - all of which we expect to be positive for the share price.  read more


Wednesday, March 01, 2017 Derek Macpherson

Initial Drilling from MLN's La Trinidad May Extend Life

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Marlin Gold Mining Ltd. (TSXV:MLN) announced the first set of results from the ongoing drill program at its La Trinidad gold mine in Mexico. This is one of the value creating initiatives undertaken by Marlin now that La Trinidad is generating significant free cash flow. With three holes returning grades significantly higher than the resource grade over good intervals suggests that Marlin may have extended the mine-life beyond La Trinidad’s current mine-life, but it is early days. Today, Marlin also announced a new Normal Course Issuer Bid (NCIB) program under which the company intends to purchase ~2.5 million shares, which represents ~1.44% of the company’s current issued and outstanding common shares, over the next 12 months. Besides ongoing near-mine drilling at La Trinidad, the company has a number of upcoming catalysts including greenfield exploration at La Trinidad, exploration at its Commonwealth property and a detailed operating plan update for La Trinidad with Q4 financial results. We expect these catalysts along with ongoing operating updates to be positive catalysts for the stock. read more


Wednesday, February 08, 2017 Derek Macpherson

Marlin Continues to Execute at La Trinidad

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Marlin Gold Mining Ltd. (TSXV:MLN) announced another strong month of operations from its wholly owned La Trinidad mine in Mexico, and provided an update on operations going forward. We view the results to date positively and continue to expect the company to generate between US$17-19 million per quarter from La Trinidad over the next two years. The company is planning to release a detailed operating plan with Q4 2016 financials, at which time we expect to refine our estimates. Additional catalysts include near-mine drilling at La Trinidad (Q1 2017), ongoing exploration results from Commonwealth and a permitting update from San Albino on which the company has a gold stream - all of which we expect to be positive for the share price. read more


Thursday, February 02, 2017 Derek Macpherson

MLN Reports Best Interval to Date at Commonwealth

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Marlin Gold Mining Ltd. (TSXV:MLN) announced results from the tenth hole of the ongoing infill and step-out drill program at its wholly owned Commonwealth gold and silver project in Arizona. Hole 17CDDH10 returned the highest metal factor (grade x width) intercept reported on the property since 1972, intersecting 2.12 g/t over 55m, including 26.7m that returned 3.75 g/t AuEq. The hole intersected oxide mineralization only, hitting the Main Vein at a depth of 60m and continuing below the main structure to hit a secondary mineralized structure (Figure 1). The company plans to follow-up on today’s results during the ongoing drill campaign. In our view, today’s results further demonstrate the expansion potential of Commonwealth’s existing 1.2M oz AuEq (44Mt at 0.84 g/t AuEq) resource and we expect pending results to provide positive momentum for the stock. The company’s strong cash flow generation from La Trinidad, which we estimate to be US$17-19 million on average on a quarterly basis going forward, is funding the drill program at Commonwealth in addition to exploration efforts at La Trinidad (near-mine and greenfield) and the company’s financial commitment for the San Albino stream. read more


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