RCKS Talk

31-Mar-2018

Adventus Zinc Corp.

Adventus Adds an Early-Stage Project in Ecuador

Impact: Positive

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Adventus (80%) and Salazar (20%) have added the Pijili Project to its Ecuador-wide exploration alliance, which the two companies have just finalized.

  • Pijili Project added to the alliance – an early stage epithermal gold-silver target
  • Pijili has large-scale porphyry potential as evidenced by copper sulphide-bearing (chalcopyrite) veins in a valley bottom
  • 18-month (US$1M) initial exploration program planned for Pijili
 
Adventus continues to trade at C$0.010/lb ZnEq, a discount to peers at C$0.014/lb ZnEq, which we believe it’s not reflective of the company’s active exploration program or the addition of this pipeline asset.

28-Mar-2018

GoldQuest Mining Corp.

Injunction Ceases Activity at Romero; Implications Unclear

Impact: Short-term Negative; Long-term Uncertain

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Following a verbal injunction filed by a group of individuals against the company’s subsidiary, GoldQuest Dominicana SRL, all activities at the wider Tireo Project have been are suspended. Specifics regarding the scope of the injunction are unclear, as the written decision is pending.

  • All activities suspended at Romero and the wider Tireo project
  • Complete details of the injunction are expected next week with the written decision
  • Once details are in-hand, the company plans to take the necessary steps to have the injunction lifted 
 
In our view, today’s ~33% decline in the share price reflects the increased risk associated with this injunction and the uncertainty with respect to its scope. We highlight that at last report, the company had $25.8M in cash (~C$0.10/share) and is funded to weather this challenge. We expect the full details of the injunction when released next week and GoldQuest’s next steps are likely to be the next key catalyst.

 

27-Mar-2018

Monarques Gold Corp.

Continued Drilling Success at Beaufor Points to Mine Life Extension

Impact: Mildly Positive

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Final drill results from 2017 drilling are encouraging, 2018 drilling is expected to follow-up on these results.

  • Results suggest resource growth and incremental mine life extension likely
  • Definition drilling confirms continuity
  • 30,000m of exploration and definition drilling is planned for Beaufor in 2018
 
We believe the upcoming drill results from 2018 drilling as well as the planned technical studies should help close the valuation gap to peers, Monarques currently trades at C$18/oz vs. peers at C$33/oz.

26-Mar-2018

First Look Encouraging at Aguinaga; Alpala Expanding

Impact: Mildly Positive

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Initial results from Aguinaga are encouraging, providing a secondary resource target at Cascabel. Alpala continues to show potential for growth.

  • Initial visual results from the first hole at Aguinaga, a regional target at Cascabel, suggest a new discovery is possible; assays pending.
  • Visuals from most recent Alpala expansion drilling suggests the resource may grow.
  • Infill work on Alpala's high-grade core suggests this could expand, which may benefit project economics. 
 
In our view, the SolGold's current valuation (0.036/lb vs. peers at 0.031/lb CuEq) does not properly reflect the exceptional nature of the existing orebody or the meaningful exploration upside at the company’s projects as suggested by this press release.

26-Mar-2018

First Cobalt Corp.

Initial Results Identify Possible +100m Zone near Kerr Mine

Impact: Mildly Positive

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Results have identified a possible +100m zone of cobalt mineralization, with more results pending.

  • Initial results identify possible +100m zone in Cobalt North.
  • Results from 3 more holes are pending.
  • Cobalt camp continues to advance, bulk tonnage sampling targets developing.  
We continue to believe the company’s unique attributes, including its land position and infrastructure are likely to see First Cobalt trade at a premium to other cobalt exploration peers. Next key catalyst for the company is the completion of the US Cobalt acquisition.

25-Mar-2018

Mawson Resources Ltd.

Drilling Plan Adjusted as Key Permit Grant Overturned

Impact: Mildly Negative

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Drilling on the Kairamaat 2-3 permit ended a few weeks earlier than expected, however, drilling continues on other fully granted permits at the project.

  • Finnish administrative court decision overturns Kairamaat 2-3 permit based on appeals
  • Kairamaat 2-3 is a key portion of Rajapalot and winter only drilling area
  • Mawson is working to get the Kairamaat 2-3 permit re-granted, for follow-up drilling next winter 
On the news, Mawson traded down 10.7% versus Finland peers Rupert Resources Inc. (TSXV:RUP) down 1.71% and Aurion Resources Ltd. (TSXV:AU) down 1.23%. In our view, this move is appropriate given the increased risk and is likely to reverse as Mawson advances the process of having the permit re-granted.



23-Mar-2018

Anaconda Mining Inc.

Argyle Continues to Grow at Potential Higher Grades

Impact: Positive

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Infill and expansion drilling at Argyle point towards resource expansion and the potential for increased grade.

  • Drilling expands Argyle, discovers new high-grade zone.
  • Even an incremental 25% increase in Argyle’s resource grade adds value
  • Maritime has responded to Anaconda’s intention to bid; we still consider the likelihood of a merger to be 50%. 
Anaconda continues to trade at discount to peers (0.42x NAV, peers 0.65x); ongoing exploration success should close the gap.

 

21-Mar-2018

RCKS Charts

RCKS Charts: BTR, IZN, ARU & SWA

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In this edition of RCKS Charts, Keith has evaluated Bonterra Resources Inc. (TSXV:BTR), InZinc Mining Ltd. (TSXV:IZN), Aurania Resources Ltd. (TSXV:ARU) and Sarama Resources Ltd. (TSXV:SWA).


21-Mar-2018

Northern Empire Resources Corp.

Continued Success at Secret Pass; More to Come

Impact: Positive

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Drill results from Secret Pass continue to highlight the exploration upside represented by Northern Empire’s Crown project.

  • Drilling at Crown continues to deliver positive results.
  • Recent success, suggest Crown is poised to grow.
  • More results on the way. 
 
Considering Northern Empire’s recent exploration success, we consider the modest premium it trades at relative to peers, likely understates the possible resource growth.

21-Mar-2018

Radisson Mining Resources Inc.

O’Brien Resource Grows; Drilling Continues

Impact: Neutral

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The resource update increased overall contained ounces by 39%, tonnes by 53% and reduced overall grade by 9%.

  • Limited drilling over the past two years has led to a modest resource increase.
  • Resource parameters relatively unchanged, suggesting real tonnage growth.
  • Drilling continues, as the deposit remains open and the Vintage zone continues to show potential.     
At C$39/oz, Radisson trades at a premium to peers at C$29/oz; it appears the market has started to reflect the recent discovery of the Vintage zone and the advancements made at O’Brien.

21-Mar-2018

SolGold Plc.

Extension of Epithermal Gold Mineralization Highlights Regional Exploration Potential

Impact: Positive

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New discovery highlights the company’s large land package and ability for additional growth and discovery beyond Cascabel

  • New discovery connects and expands known mineralization over a 10km trend.
  • Early stage work yields positive results and supports our view that there is significant regional exploration upside
  • Assays pending; detailed follow up work underway
These results continue to highlight that the current valuation, (C$0.035/lb vs. peers at C$0.029/lb) does not properly reflect the exceptional nature of the Alpala deposit, or SolGold’s regional exploration potential.

19-Mar-2018

RCKS Talk Blog Archive

March 2018

We updated the look & feel of our RCKS Talk Research Blog in March 2018.

Some of our March 2018 posts were written here in the new blog, but most of them are found on our old blog page.

To access the historical archives of our original blog format, please click on the link(s) below to be re-directed. Please note that we no longer update those archive blog pages.

Click here to access the RCKS Talk Blog Archive for March 2018



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