RCKS Talk

28-Jun-2018

Novo Resources Corp.

Work-to-Date Suggests Upper Conglomerate is Continuous over ~2.5km of Strike

Impact: Positive

Novo Resources continued drilling and fieldwork has identified the Upper Conglomerate over 2.5km, which supports our view that a large gold deposit is possible at Purdy’s Reward and Comet Well. Key highlights from this release include:

  • Geologic markers have been identified (Mafic tuff bed and chlorite alteration) which should help guide future exploration
  • Results support our view of that a large gold deposit could be found
  • Aggressive bulk sampling continues with a goal to generate sufficient data for trial mining
We expect ongoing exploration of the upper conglomerate horizon and further bulk sampling results to be important catalysts for the stock. We continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.

28-Jun-2018

Adventus Zinc Corp.

Adventus Adds Another Strategic Investor

Impact: Positive

Adventus Zinc has announced a financing which brings a fourth strategic investor into the company. The company is raising $9.2 million at a price of $0.90/sh. Additionally, an affiliate of Wheaton will pay Adventus $800,000 in cash for the right of first refusal on any new precious metals royalties or streams from the Curipamba and Alliance projects and right of first offer on any future properties in Ecuador acquired by Adventus

  • Wheaton Precious Metals Corp. was the lead order on the deal and is expected to hold approximately 9.9% of the common shares of Adventus upon closing
  • We view the companies continued support from multiple strategic investors as both an endorsement of the Curipamba project and management
  • The net proceeds of the offering will be used to fund exploration and development activities at Curipamba and within the Ecuador Exploration Alliance, which includes the Pijilí and Santiago Projects
Adventus is trading at a slight discount to peers, which we expect to close given the exploration potential and quality of the company’s exploration assets but probably does not fully account for the planned monetization of its earlier stage projects in Ireland and Newfoundland. Upcoming catalysts includes results from ongoing exploration activities along with the planned monetization of non-core earlier stage exploration assets. 

28-Jun-2018

International Prospect Ventures Ltd.

IZZ Acquires 0.5% NSR on Comet Well

Impact: Very Positive

International Prospect Ventures has entered into a non-binding letter of intent to acquire a 0.5% net smelter royalty (NSR) on Novo Resources Corp. (TSXV:NVO) Comet Well Property, located in the Pilbara region of Western Australia.

  • As consideration, the company has agreed to pay the third-party vendor an aggregate of C$1.75M, as well as an issuance of common shares equivalent to 9% of its issued share capital
  • Additionally, the company has agreed to pay a discovery bonus (cash or shares) based on announced resources or mined resources of gold, within 10 years of the deal, of $0.50/oz up to 500,000oz and $1.00/oz for over 500,000oz
  • We have previously noted that Comet Well could be a significant new gold discovery, which suggests this royalty could end up being of significant value. Our thoughts on Comet Well’s potential scale can be found here
This acquisition reflects the significant potential of Novo Resources discovery at Comet Well and represents a positive step forward for IZZ whose share price is likely to be sensitive to Novo’s ongoing exploration results.

28-Jun-2018

NxGold Ltd.

Strike Extended and Fine Gold Identified at Mt. Roe

Impact: Positive

NxGold has completed its first trenches at the Mt. Roe project in the Pilbara of Western Australia with the objective of evaluating the target conglomerate horizon. The company has also completed first pass exploration at its Prinsep project, ~12km north of Mt. Roe.

  • Trenching along 7km of prospective strike length looks encouraging
  • Gold nuggets discovered at Prinsep project
  • With a completed C$4.3M financing, the company is well-funded to execute on its business plans
We expect assay results from grab sampling, mapping results and the start of trenching to be important catalysts for the stock.

27-Jun-2018

SolGold Plc.

Drilling at Alpala Progresses Beyond 120,000m

Impact: Neutral

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

  • Infill drilling continues to upgrade the resource with early stage copper and gold rich intrusions appearing to be more continuous than previously modeled
  • More extension drilling at Alpala Central is intersecting shallow high-grade mineralization above existing resource limits in a large lobe of early diorite intrusion extending to within 450m of the surface – 250m closer than previously modelled
  • An increase in estimated resource grades and resource growth are expected by management in a revised mineral resource estimate to include the 70,000m drilling since the last update
In our view, the SolGold's current valuation (C$0.031/lb vs. peers at C$0.027/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.

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