RCKS Talk

17-Jul-2018

Bonterra Resources Inc.

Gladiator Continues to Bulk Up

Impact: Mildly Positive

Bonterra Resources has released new infill and extension drilling results from the ongoing resource development program at the Gladiator Gold Deposit, including an intersection of 15.3g/t Au over 2.7m at ~500m depth, extending the Footwall Zone down-plunge to the east (Figure 1).
  • The Footwall Zone was extended westwards with an intersection of 9.1g/t Au over 2.0m, while the North Zone was extended down plunge to 300m depth with an intersection of 12.2g/t Au over 1.5m and expanded up plunge in the east side of the deposit with 12.6g/t over 1.3m
  • The resource development program continues to demonstrate continuity down dip and along strike and supports our view that the Gladiator Deposit has the potential to reach upwards of 2Moz at high-grades with the next resource update
  • Continuity of mineralization is now confirmed over a total drilled strike length of 1,200m, as well as to a drilled depth of over 1,000m; the resource development program continues with five drills in preparation for the updated mineral resource estimate in Q4 2018
Given our expectation for meaningful resource growth at its flagship Gladiator deposit, assuming a 2M oz Au resource at Gladiator, Bonterra trades at a discount to peers (C$19/oz vs. peers at C$41/oz).

16-Jul-2018

Novo Resources Corp.

Novo Exercises ROFR on Half of Comet Well Royalty

Impact: Mildly Positive

 

Novo Resources has exercised its right of first refusal (ROFR) to purchase half of a 1% NSR royalty on its Comet Well property in the Pilbara, matching the terms of an offer made by International Prospect Ventures Ltd. (TSXV:IZZ).
  • Payment to the holder of the NSR includes $1,750,000 cash payable in three increments ending 1 year from the approval date, as well as Novo common shares equivalent to 9% of IZZ’s issued share capital at the date of execution
  • Additionally, Novo has agreed to pay a sub-royalty to the holder based on announced resources or mined resources of gold, of $0.50/oz up to 5,000,000oz and $1.00/oz for over 5,000,000oz
  • Novo stated that the use of the company’s ROFR was to minimize potential profit dilution from future operations
Now that the company has overcome the processing challenges encountered for the first samples, we expect steady newsflow going forward (24 samples currently in the queue). We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

 

16-Jul-2018

Metanor Resources Inc.

Barry Extended West With 7.4g/t Over 4.4m

Impact: Mildly Positive

Metanor Resources has released new results from the ongoing drill campaign at the Barry project, located in the Urban-Barry camp in Quebec.

  • Highlights from this round of results include: 7.4g/t Au over 4.4m, 7.1g/t over 4.2m, 9.4g/t over 2.9m and 8.2g/t over 2.6m
  • Drilling succeeded in purpose of expanding the deposit to the west and at depth, demonstrating strong continuity of the mineralized system
  • The Barry ramp, which will provide access to both underground drill bays and extraction of the bulk sample program in Q4 2018, is progressing on schedule with approximately 300m of advancement to date
Bonterra Resources has recently announced that its has entered into a binding letter of intent to acquire Metanor for ~C$0.65/share in an all share transaction (1.6039 Bonterra shares for each Metanor share), representing a 8% premium to last close of C$0.60/share, which reflects further upside to the current share price should the transaction be completed.

15-Jul-2018

SolGold Plc.

Strong Mineralisation 30m below Surface at Cascabel

Impact: Mildly Positive

SolGold has provided an update on the drilling programs at the Alpala and Aguinaga deposits at the Cascabel Cu-Au project in Ecuador.

  • Extension drilling at the high-grade core is expected to extend the mineralization along the lower and northeast margins of the deposit. Results included 0.71% CuEq over 458m (incl. 1.17% CuEq over 66m) 
  • Shallow mineralization continues to be intersected by extension drilling at Alpala Central within 450m of the surface, above the existing resource limits along the southwest margin of the deposit and 250m shallower than previously modeled
  • Drilling at Aguinaga has confirmed near surface potential, with Hole 6 intersecting strong mineralization at 30m depth and Hole 7 intersecting 67m of visual copper sulphide mineralization from 55m below surface
In our view, the SolGold's current valuation (C$0.034/lb vs. peers at C$0.026/lb CuEq) does not properly reflect the exceptional nature of the existing Cascabel project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

12-Jul-2018

eCobalt Solutions Inc.

eCobalt Provides Construction Update

Impact: Mildly Positive

eCobalt Solutions has provided an update on the construction progress at its 100% owned Idaho Cobalt Project.
  • Crucial equipment has been delivered to site for the construction of environmental systems; the main transformer has been energized with the installed grid power now operational
  • The concrete plant is on site and the company has begun constructing foundations for the Water Treatment Plant (WTP); also in progress is the installation of liners for the Tailings Waste Storage Facility (TWSF) and water management ponds
  • eCobalt’s objective is to ensure all environmental systems are in place to manage mine water and waste rock prior to commencing underground operations; activities are being funded by proceeds of the February 2018 public offering and, due to weather delays earlier this spring, are now anticipated to be completed in early Q4 2018
We view eCobalt as one of the few companies positioned to meet the near-term increase in cobalt demand, taking advantage of the current upswing in metal prices. The project’s location, in the U.S., places it in a mining friendly jurisdiction with low political risks versus other cobalt developers.

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