RCKS Talk

31-Aug-2018

Monarques Gold Corp.

Beaufor Shifts from Production to Exploration

Impact: Neutral

Monarques Gold has announced that it plans to suspend production at the company’s Beaufor Mine in Quebec as of December 14, 2018 and place the mine on care and maintenance.

  • The decision to place Beaufor on care and maintenance was driven by a combination of low metal prices and low gold grades
  • At Beaufor, the company is refocusing on exploration, following up on recent high-grade results, including 10.38 g/t Au over 7.65m (QF1 vein) and 84.80 g/t Au over 1.65m (QF veins)
  • It is important to note that, the company’s custom milling operations at the Camflo mill, which grew 31% in FQ4, are expected to continue generating revenue as the company advances its key development projects Wasamac and Croinor
Monarques continues to trade at a discount to peers (C$8/oz vs. peers at C$27/oz) and we believe the upcoming resource expansion drilling and technical studies including a conceptual study on Wasamac that should demonstrate the projects potential and help close the valuation gap to peers.

31-Aug-2018

Brixton Metals Corp.

Diamonds in Cobalt

Impact: Positive

Brixton Metals has announced that it has intersected a kimberlitic body in three drill holes at its Langis project in the Cobalt Camp of Ontario while targeting cobalt-nickel-silver mineralization in the shallow Archean rocks.

  • A total of 53.6kg from the three holes has been sent to SRC Geoanalytical Laboratories Diamond Services (GLDS) in Saskatoon for micro diamonds recovery tests where micro diamonds recovery tests returned one diamond from drill hole LM-18-37 (Figure 1)
  • Given the small sample size of three drill holes, recovering a diamond fragment is an interesting new development for the Langis project, the distance between the three holes (Figure 2) suggests that the property may host a large kimberlite pipe or multiple smaller pipes
  • The discovery of diamond-bearing kimberlitic rocks on the property warrants further investigation, which the company intends to pursue with further core and RC drilling to test for the extent of the kimberlitic body while consulting with diamond exploration experts to evaluate and assess the potential of the discovery 
While this is an exciting new discovery for the company, we expect that the company’s focus to remain on Co-Ag exploration while the company assesses the diamond exploration potential. Based on peers in the Cobalt Camp, we believe Brixton remains undervalued based on these assets alone. 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.

29-Aug-2018

Honey Badger Exploration Inc.

Honey Badger Intersects High-Grade Ag-Co

Impact: Mildly Positive

Honey Badger Exploration announced that it has received all the initial assay results from the Spring 2018 drilling program at its Thunder Bay Co-Ag project.

  • Highlights include: 0.085% Co over 24.1m, including 0.28% Co over 4.6m in hole BM-18-002 (on a metal equivalent basis, 1% Co grades equate to ~10% Cu), and 292g/t Ag over 4.43m, including 921 g/t Ag over 1.4m in hole BM-18-004
  • Drilling is continuing to target the Beaver Mine structure below the known underground workings of the mine and results suggest there is potential for the discovery of shallow high-grade Ag-Co mineralization
  • The theory that a highly prospective cobalt-silver camp potentially exists at the Thunder Bay project continues to hold. Notably, the company continues to intersect high-grade mineralization over good widths, which are better than many of the recent results from the Cobalt Camp near Cobalt, Ontario
 
With an experienced management team and an extensive land package in an under-explored and prospective Ag-Co district, we expect pending assay results from 2018 drilling to reflect this potential and be important catalysts for the stock.

28-Aug-2018

Standard Lithium Ltd.

Initial Testing Delivers Good Li Grades; New Resources Coming

Impact: Positive

Standard Lithium released initial sampling results from its 30,000 acre project on the Smackover Formation in Southwestern Arkansas. We view the results positively, as they represent good Li grades, particular when you consider the in-place infrastructure.

  • Four brine samples from the project area returned grades between 347-461 mg/L, putting this project middle of the pack when looking only at Li grades globally, but front of the line for brine development projects in North America
  • Samples were taken, be re-entering existing oil wells on the project, significantly reducing exploration costs and providing the company significant exploration and development cost advantages
  • These results are expected to lead to a near-term maiden resource for this project in the very near-term. As well, the company is working on a maiden resource from its neighboring flagship operation, where it has an agreement to access lithium rich brine from a 150,000 acre active brine extraction operation
Standard Lithium is unique with respect to other junior lithium companies, in that, rather than developing a new resource, their plan is to tap into existing brine production, significantly reducing development costs and permitting requirements as they progress towards developing a pilot plant. Over the next few months, we believe there are going to be a number of catalysts in the near-term that should demonstrate the value of this unique company.

27-Aug-2018

Pacton Gold Inc.

Pacton Adds More Conglomerate Ground

Impact: Positive

Pacton Gold has announced that it has entered into a binding letter of intent (LOI) to acquire the conglomerate gold rights from Calidus Resources Limited (ASX:CAI) over a portfolio of eight exploration licenses, which includes six granted exploration licenses and two exploration licenses under application for a total of 357.5 sq. km within the Pilbara region of Western Australia.

  • Included in this land package is 40km of favourable stratigraphy for conglomerate, but the property has seen little work to date
  • We highlight that Haoma announced the discovery of gold hosted in conglomerates at its nearby Marble Bar tenements and Calidus has previously discovered watermelon seed nuggets in this area as well (Figure 1)
  • Under the terms of the LOI, Pacton would make a non-refundable payment of C$10,000 and issue to Calidus or its nominees 7M common shares in addition to the right to deferred compensation whereby Calidus may receive up to 3M additional common shares of Pacton on the first anniversary of completion of the transaction based on Pacton’s 30-day VWAP
This acquisition continues with Pacton's strategy to use the valuation gap between Australian and Canadian listed Pilbara conglomerate gold explorers to consolidate a significant land position (Figure 2).

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