Monday, May 15, 2017 Derek Macpherson

Eldorado Comes to Canada; To Acquire ICG

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Integra Gold Corp. (TSXV:ICG) and Eldorado Gold Corp. (TSX:ELD, NYSE:EGO) announced that they have entered into a definitive agreement for Eldorado to acquire Integra for ~C$1.21 per share in either Eldorado shares (0.24250 Eldorado shares), cash of C$1.21250 or cash and shares (0.18188 and C$0.30313). Compensation available to Integra shareholders is limited to C$129 million in cash (~25% of the transaction). The offer by Eldorado represents a 52% premium of the May 12, 2017 close, and a 46% premium based on the 20-day volume weighted average price (VWAP). This consideration represents, 1.0x NAV and US$122/oz, which is a premium to precedent transactions (0.7x NAV and US$41/oz). With this being a friendly transaction and taking into account the valuation, we believe there is a low probability (~10-15%) of a higher bid materializing from one of the larger players in the region or a new entrant. However, this should benefit smaller regional players like Radisson Mining Resources Inc. (TSXV:RDS), Monarques Gold Corp. (TSXV:MQR), Probe Metals Inc. (TSXV:PRB), QMX Gold Corp. (TSXV:QMX) and Alexandria Minerals Corp. (TSXV:AZX) and continues to highlight the scarcity of political stable development projects as we have previously highlightedread more

Thursday, April 27, 2017 Derek Macpherson

MQR Advances Exploration at Croinor & Gold Bug

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Monarques Gold Corporation (TSXV:MQR) announced it is increasing the size of its ongoing drill program due to recent drill success. The company has identified 26 drill targets to be prioritized at the Croinor property and launched an 8-hole program at Gold Bug. Subsequent to the discovery made in January, on April 4, 2017, drilling at Gold Bug confirmed a 15m wide shear corridor with a vertical depth of 115m containing anomalous gold grades, returning 6.96 g/t Au over 15 metres, including 17.1 g/t Au over 5.9 metres. The company is focused on increasing current resources at Croinor, and developing the project towards production. To that end, the company has completed a number of smaller development tasks, including permitting a powerline to service the Croinor Gold mine site. In addition, drilling at Simkar is now complete (4 holes, totalling 3,000m), results are still pending. At C$117/oz, Monarques currently trades at a premium to peers (C$60/oz). In our view, this valuation is supported by Croinor’s stage of development (pre-feasibility study), ongoing exploration success and the recent acquisition of the Beacon Mill. read more

Saturday, February 04, 2017 Derek Macpherson

MQR Releases More Results from Croinor & Gold Bug

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Monarques Gold Corporation (TSXV:MQR) announced the second last set of drill results from the 10km drill program completed in 2016 at its Croinor gold project in Quebec. Today’s results included assays from both Croinor and the Gold Bug target and were highlighted by hole CR-16-515 that returned 46.6 g/t Au over 0.6m within a wider interval of 2.8m that returned 11.91 g/t Au from Section 490W at Croinor. Results from Gold Bug continue to highlight this new discovery’s potential and while it is early days, this set of results was not as impressive as the previous hole. We continue to view exploration results from the Croinor deposit and Gold Bug target favourably, and believe resource growth is likely. The company plans to follow-up on its 2016 drill program with another 10km program in early 2017. Monarques continues to trade at a premium to peers, which reflects its resource growth potential, stage of development (pre-feasibility) and recently acquired mill.  read more

Tuesday, January 24, 2017 Derek Macpherson

MQR's Gold Bug Results Shine

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Monarques Gold Corp. (TSXV:MQR) announced results from the first hole out of five that were drilled at the Gold Bug target as part of the recently completed 10km drill program on the company’s Croinor gold property. The results were highlighted by a wide, near-surface intercept of 25m that returned 8.41 g/t Au, including 36.10 g/t Au over 3m and 39.35 g/t Au over 2m. In our view, today’s results are an early indication of Gold Bug’s potential to add ounces and grow Croinor’s resource. At C$162/oz, Monarques currently trades at a premium to peers (C$69/oz). It is likely that further positive results from Gold Bug could provide additional momentum for the stock.  read more

Thursday, January 19, 2017 Derek Macpherson

MQR's Croinor Drill Results Highlight Potential

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Monarques Gold Corporation (TSXV:MQR) announced results from its now completed 10 km drill program at its Croinor Gold Project in Quebec. The campaign was focused on expanding the existing resource and testing satellite deposits, including Gold Bug. In our view, the results continue to demonstrate the reproducibility of historic results, highlighted by hole CR-16-512 that returned two intervals of 1m that intersected 43.3 g/t Au and 43.9 g/t Au in the vicinity of historic high-grade holes. While further assays are pending from Croinor and the Gold Bug target, multiple economic intercepts released to date (Figure 1) suggest resource growth is likely at Croinor. In our view the project’s potential exploration upside, coupled its stage of development (pre-feasibility), supports Monarques’ premium valuation (C$150/oz vs peers at C$67/oz). read more

Thursday, January 12, 2017 Derek Macpherson

MQR Intersects Above-Average Grades at Croinor's West

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Monarques Gold Corporation (TSXV:MQR) announced further results from its ongoing 10,000m drill program at its Croinor Gold Project in Quebec. Hole CR-16-506 tested Section 770W at Croinor’s relatively undrilled Western side. The hole returned 15.7 g/t Au over 0.7m within a wider 3.2m interval at a depth of 230m, which is 90m below the last developed level, 500 (Figure 1). These results continue to support our view that Croinor has the potential to grow at depth.  read more

Wednesday, January 04, 2017 Derek Macpherson

MQR Intersects High Grades at Croinor's South

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Monarques Gold Corporation (TSXV:MQR) announced results from an additional hole from the ongoing 10,000m drill program at its Croinor Gold Project in Quebec. Hole CR-16-505 was drilled to test the extension of Section 720W (Figure 1), extending the zone by 50m along strike and to a depth of 300m, which is at a similar depth to that of the current resource boundaries. Of note, the hole returned the highest grades that have been intersected during the ongoing drill campaign to date returning 58.6 g/t Au over 0.9m within a wider 2.3m interval. These results continue to support our view that the Croinor deposit has potential to grow at depth.  read more

Wednesday, November 09, 2016 Derek Macpherson

MQR’s Croinor Further Extended to Depth

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Monarques Gold Corporation (TSXV:MQR) announced results from the second hole, CR-16-489, of its ongoing 10,000m program at the company’s Croinor Gold Project in Quebec. This hole, which defined two previously known gold structures, is important as it intersected gold at a similar depth at which the current resource boundaries are, providing further indication of that the deposit remains open at depth. We expect the Croinor deposit to grow and expect the ongoing 10,000m drill program to demonstrate that potential, potentially providing a near-term catalyst for the stock.  read more


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