Aurania Resources Ltd.

New Epithermal System at Lost Cities – Cutucu Project

Impact: Positive

Recent exploration at the company’s Lost Cities – Cutucu Project has revealed an entirely new epithermal system, now called the “Charip” target, which is completely separate from its cluster of targets at Latorre and its Awacha porphyry target.

  • New target bears early signs of an epithermal system
  • Continued exploration at Crunchy Hill remains positive, refined targets for scout drilling
  • Aurania continues to add exploration upside and discovery potential
As the company refines targets and approaches the commencement of scout drilling, we see increased potential for a discovery at one of the targets within its strategic land position in Ecuador. We believe ongoing newsflow will be positive near-term catalysts for Aurania, as the company explores its epithermal and porphyry targets. Aurania will be hosting a call on Monday, April 30, 2018 at 2:00pm Eastern Time to discuss the company’s exploration program and results to date.


Northern Empire Resources Corp.

Regional Work Defines Seven New Targets

Impact: Neutral

Northern Empire has provided a technical update on the regional geology at its Sterling Gold Project in Nevada, which includes the discovery of seven more prospective targets on the Sterling property that add value and upside to the existing deposit.

  • Exploration data has revealed more near-surface exploration targets that appear to be prospective and add discovery potential to the Sterling story (Figure 1)
  • New targets warrant further exploration and are likely to be targeted in the company’s ongoing 18,000m drill program
  • While the focus likely remains SNA, Secret Pass and Daisy areas, increased understanding of geological controls suggests property-wide exploration potential 
Northern Empire trades at a premium to peers on a EV/oz basis (C$113/oz, peers C$82/oz). Based on peer multiples, this implies the addition of ~320k oz Au, which we view as possible, given recent drilling success by Northern Empire and Corvus Gold’s (TSX:KOR) at its Mother Lode project (surrounded by Northern Empire ground). We believe the natural consolidator is Coeur Mining (NYSE:CDE) given its a significant shareholder of both companies (Corvus 5.9%, Northern Empire 11.6%).



Tinka Resources Ltd.

West Ayawilca Step-out Expands Project

Impact: Positive

Tinka reported more positive results from Ayawilca, highlighting the project’s potential for resource expansion as the 15,000m drill program continues.

  • Step-out drilling in previously untested area of West Ayawilca successfully expands the project, follow-up underway
  • Zone 3 represents another area of interest outside current resources
  • Newsflow key as 2018 drilling continues, in support of the PEA expected H2 2018
We believe that the ongoing drilling updates and the significant exploration potential of the Ayawilca property should be important catalysts for the company to close the valuation gap to peers.



Novo Resources Corp.

Preliminary Results from Larger Bulk Sample Look Good; Grade Expected by End of May

Impact: Positive

Novo Resources announced preliminary results from its larger bulk sample program at Comet Well, and while the market appears to have expected grade, a rough estimation of grade and location of the sample are very encouraging in our view.

  • Based on the limited data provided sample is likely to grade ~15-40 g/t, excluding the fine gold component
  • Good results, off the basal contact important resource development and mining
  • Final grade results expected end of May; results likely to be steady after that
Despite bulk sample grades and widths being towards the top end of our expected range it is only one sample, so we continue to believe that Novo is worth between C$4.70-17.90/sh, suggesting upside from the current share price.


Orford Mining Corp.

Drilling Begins in the Carolinas

Impact: Positive

Orford announced the commencement of drilling at its Carolina Gold Properties, in North and South Carolina, to follow up on targets developed through geophysical and geological surveys announced in March.

  • Drilling is targeting Haile gold deposit style mineralization at both Landrum-Faulkner and Jones-Keystone
  • Assay results are anticipated in June from ~1,400m of drilling
  • We expect upcoming newsflow to be key in highlighting the value of these Carolina assets
We believe at Orford’s current value, the stock does not properly reflect the potential of the company’s projects, both in Quebec and the Carolinas.

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