RCKS Talk

18-Sep-2018

Lupaka Gold Corp.

Atenea Vein Extended with Better than Expected Grades

Impact: Positive

Lupaka Gold has announced assay results from the ongoing underground channel sampling program from the new development headings on the 3400 level and 3430 sublevel at the company’s Invicta Project in Peru.

  • The company has extended the Atenea Vein by 105m on the 3430 level, with channel samples returning 9.06 g/t AuEq, over a strike length of 235m over an average width 3.87m (Figure 1)
  • Similar results from the 3400 level have returned 9.04 g/t AuEq, over a strike length of 235m over an average width 4.88m, suggesting continuity (Figure 2)
  • Importantly, grades continue to reconcile positively to the mine plan defined in the PEA (8.58 g/t AuEq) and to the block model, suggest cash flows, particularly early in the mine life could be better than we current model (current estimate US$8.0M FCF in 2020) 
Based on the company’s recently released PEA, our valuation of Lupaka suggests a NAVPS10% of C$0.55 assuming a 350tpd operation. Based on our site visit and the company’s continued exploration success, we see potential for a larger 500tpd operation at Invicta. We believe that achieving first cash flow, expected in H2 2018, are going to be the next key re-rating catalysts for Lupaka.

 

21-Aug-2018

Lupaka Gold Corp.

Lupaka Commences Toll Processing Development Ore at Invicta

Impact: Mildly Positive

Lupaka Gold has announced that the processing of mineralized development material has commenced at the Invicta Gold Development Project and the first concentrates have been successfully produced.
  • ~6,500t of mineralized material was extracted from the 3400 Level and sampled on surface returning an average grade of 7.21g/t AuEq; the 6,500t of material was transported for the evaluation of the local toll processing facilities where 1,900t have been processed
  • Lupaka is now able to start generating initial cash flow from the project, in line with our estimates, bringing the company a step closer to steady-state production
  • This recent update from activities underway at the project puts Lupaka one step closer to production at Invicta; the project’s operations team is on track to commence test mining within the budgeted timeline
Based on the company’s recently released PEA, our valuation of Lupaka suggests a NAVPS10% of C$0.55 assuming a 350tpd operation. Based on our site visit and the company’s continued exploration success, we see potential for a 500tpd operation at Invicta. We believe that the establishment of steady-state mining and processing, expected in Q3 2018, is going to be the next key re-rating catalyst for Lupaka.

05-Jul-2018

Lupaka Gold Corp.

Lupaka Continues to Demonstrate Grade Continuity

Impact: Mildly Positive

Lupaka Gold has released results from channel sampling within the vertical relief raise development between the 3400 Level and 3430 sublevel at its 100% owned Invicta Gold Development Project, located in Peru.
  • Assays from the channel sample, which was conducted vertically across the strike of the Atenea vein, returned an average of 23.45g/t AuEq over a vertical height of ~30m
  • The results, when combined with the previous horizontal channel sampling from the 3430 sublevel, continue to support the continuity and high-grade nature of the Atenea vein in addition to providing further evidence that grade reconciliation has the potential to be positive as the company ramps up production
  • With the relief raise development now completed, one less step sits in the way of production, which the company indicated is still on track to commence in Q3 of this year
Based on the company’s recently released PEA, our valuation of Lupaka suggests a NAVPS10% of C$0.55 assuming a 350tpd operation. Based on our site visit and the company’s continued exploration success, we see potential for a 500tpd operation at Invicta. We believe that first production, expected in Q3 2018 is going to be the next key re-rating catalyst for Lupaka.

07-Jun-2018

Lupaka Gold Corp.

High-Grade Gold Confirmed on the Next Sublevel at Invicta

Impact: Positive

Lupaka Gold announced assay results from a sampling program on the newly constructed 3430 production sublevel, 30m up-dip from the existing 3400 Level at the company’s Invicta Gold Project in Peru.

  • Average assay values from the Atenea vein returned 9.22g/t AuEq over 130m with an average sample width of 4.2m, which demonstrates continuity of the Atenea mineralization both up-dip from the 3400 Level and along strike
  • Sampling results provide further evidence that the current block model may understate grade, suggesting there may be some upside to our estimates and the company's PEA
  • With these results the company remains on track for production, which is to commence in Q3 of this year
Based on the company’s recently released PEA, our valuation of Lupaka suggests a NAVPS10% of C$0.55 assuming a 350tpd operation. Based on our site visit and the company’s continued exploration success, we see potential for a 500tpd operation at Invicta. We believe that first production, expected in Q3 2018 is going to be the next key re-rating catalyst for Lupaka.

17-Apr-2018

Lupaka Gold Corp.

Construction Advancing; Production Still Expected in Q3

Impact: Mildly Positive

Lupaka provided an update regarding development activities at its Invicta Gold Project.

  • Remains on track to achieve commercial production in Q3 2018
  • Construction and rehabilitation activities are advancing, 8,000 tonnes of material to be processed and tested in May
  • Josnitoro JV has been terminated: however, we had not included it in our valuation, therefore has no effect
Based on the company’s recently released PEA, our valuation of Lupaka suggests a NAVPS10% of C$0.55 assuming a 350tpd operation. We believe that first production, expected in H2 2018 is going to be the next key re-rating catalyst for Lupaka. 


01-Jan-2018

Lupaka Gold Corp. (TSXV:LPK)

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