RCKS Talk

10-Sep-2018

De Grey Mining Ltd.

De Grey Continues to Grow Mt Berghaus & the Pilbara Gold Project

Impact: Mildly Positive

De Grey Mining has reported additional infill drill results from the Mt. Berghaus Gold deposit within the company’s Pilbara Gold Project, which is located 60km south of Port Hedland, Western Australia.

  • Highlights include 18m grading 2.48g/t Au (BGRC230), 24m grading 2.05g/t Au (BGRC231) and 23m grading 2.2g/t Au (BGRC241), which all intersected near-surface gold mineralization expected to increase the resource at Mt Berghaus
  • The ongoing infill program is expected to improve project economics by both expanding the existing resources and reducing the strip ratio for the various pits in the planned pre-feasibility study (PFS)
Our preliminary valuation of De Grey’s hard rock assets of A$0.15-0.23/share does not account for the potential of its conglomerates or the recent hard rock exploration success that the company has had. We continue to believe that De Grey’s current valuation provides investors a low-cost option on the conglomerates which is underpinned by traditional hard rock assets with resource growth potential. Next catalyst includes a PFS for the company’s Pilbara Gold Project (Q4 2018), preceded by ongoing exploration results.

10-Sep-2018

Amarillo Gold Corp.

Amarillo Drill Results Confirm Continuity

Impact: Mildly Positive

Amarillo Gold has announced drilling results from its first 11 holes of the planned 10,000 m drill program on its flagship Mara Rosa Project in the Goias state of Brazil, which commenced on May 23, 2018.

  • Highlights include 1.57g/t Au over 18m in hole 18P047 and 1.57g/t Au over 10m in hole 18P056
  • Drilling is currently focused on the NE end-of-the pit, which has been identified as the lower strip, shallow end of the ore body
  • The current 10,000m drilling program is designed to convert the projects inferred resources of 310koz Au to add to the existing 1.26Moz Au of measured and indicated resources, which the company intends to include in an updated mineral resource estimate in Q1 2019 to be followed by a feasibility study
We believe Amarillo is a well-positioned gold developer in South America to successfully permit its Mara Rosa project while continuing near-mine and regional exploration for an upcoming resource update. The company currently trades at a significant discount to peers ($9/oz vs. peers at $23/oz). Considering our expectation for modest resource growth ahead of the feasibility study early next year, along with ongoing drill results, we believe Amarillo could close that valuation gap to peers.

 

08-Sep-2018

Avidian Gold Corp.

Avidian Gold: Big Target Exploration in a Good Jurisdiction

Avidian Gold is a new gold explorer backed by an experienced management team focused on unlocking the value of a new project in the mining friendly jurisdiction of Alaska.

  • Golden Zone has lots of smoke suggesting a significant discovery is possible, this summer’s drill program could start the fire
  • Long Creek Corridor represents a high potential Au-Cu target, with initial drill results pending
  • Current valuation reflects recent success, but plenty of upside possible with a discovery
Avidian has just scratched the surface at its highly prospective portfolio of exploration properties in Alaska. Near-term catalysts for the company include exploration drilling updates at its Golden Zone property starting in May followed by exploration activities at its Amanita and Jungo projects.

06-Sep-2018

Adventus Zinc Corp.

High-Grade Hit at Sesmo Target

Impact: Positive

Adventus Zinc has announced additional drill results from the follow-up drilling program at the company’s Sesmo target, 1.1km from the El Domo VMS deposit, which reflects the significant exploration potential of the company’s wider 22,000ha land package in Ecuador.

  • Highlights include 7.02m of 1.40g/t Au and 62.0g/t Ag from 44.65 metres; and 13.05m of 5.70g/t Au and 12. g/t Ag from 141.67m in hole CURI-274 (Figure 1)
  • The positive results from drillhole CURI-274 in intersecting several zones of precious metal rich stockwork mineralization confirm the company’s successful target generation and is now planned to be followed up by a new drilling proposal
  • Drilling at El Domo commenced in early March 2018 with the goal of decreasing drill spacing for the purpose of boosting confidence in the high-grade portion of the resource while generating material for a H2 2018 metallurgical program; the program is expected to be completed before the end of Q3 2018
The company is fully funded to execute on its exploration plans in Ecuador with the recent closing of a C$9.2M private placement led by Wheaton Precious Metals. The company is currently trading at a slight discount to peers, which we expect to close given the exploration potential and quality of the company’s exploration assets. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets.

06-Sep-2018

Brixton Metals Corp.

Brixton Adds Key Asset in the Atlin Camp

Impact: Mildly Positive

Brixton Metals has announced that it has closed a series of separate asset purchases and sale agreements to acquire 29,608ha of mineral rights in the Atlin Gold Camp of British Columbia, which consists primarily of the Spruce and Yellowjacket properties. Payment for the assets included issuing 4.3M common shares and a payment of $50,000 to Desert Mountain Energy Corp (TSXV:DME).

  • A non-NI 43-101 compliant resource of 453,500t grading 10.26g/t Au (~150koz Au) is hosted within an 80m wide shear zone oriented 65 degrees and steeply dipping to the south, where the gold occurs as free gold in intensely sheared, altered and silicified ultramafic and mafic rocks (Figure 1)
  • The company highlighted high-grade gold mineralization at the Yellowjacket zone (Figure 1), which includes intersecting 509.96g/t Au over 5.57m (hole YJ03-01) and collecting grab samples grading 1,615g/t Au
  • The larger 979sq. km land package in the Atlin camp, one of Canada’s most productive placer mining camps, is highly prospective for both intrusion related gold deposits and orogenic Barkerville style high-grade gold vein deposits, which provides large target areas for the company’s regional exploration plans going forward (Figure 2)
Based on peers in the Cobalt Camp, we believe Brixton remains undervalued based on these assets alone. The company has demonstrated an ability to acquire prospective, undervalued assets and is working to surface value on all four projects. In our view, continued exploration success in the Cobalt camp, along with planned work at the company’s other properties, should benefit shareholders through Brixton. 

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