RCKS Talk

05-Sep-2018

Solgold Plc.

The Sharks are Circling, is a Bidding War About to Begin?

Impact: Very Positive

BHP Billiton (LON:BLT, ASX:BHP), the world’s biggest miner, has entered into a $35M deal for a 6.1% stake in SolGold Plc (TSX:SOLG) that it has acquired from Guyana Goldfields Inc (TSX:GUY), which adds a second major miner (Newcrest currently owns 14.54%) to the race to acquire the Cascabel Cu-Au project in Ecuador.

  • Share purchase by BHP reminds the market that the Alpala deposits and wider Cascabel project are among the world’s largest undeveloped copper projects and are likely to be multi-generation mines. This is the type of asset that is highly coveted by major miners, like BHP and Newcrest, who have been actively searching for large scale copper projects.
  • In our view, significant upside exists if a bidding war breaks out. Historically, copper projects sell for ~US$0.07/lb CuEq, this implies a share price of C$0.83 for SolGold.
  • Since the maiden mineral resource estimate of 16.18Blb CuEq (1.08Bt grading 0.68% CuEq) at Cascabel, a total of 80,538m of additional drilling has been completed by the company, which continues to outline a higher-grade core at Alpala and point to significant resource growth expected in a revised resource estimate.
In our view, the SolGold's current valuation (C$0.041/lb vs. peers at C$0.026/lb CuEq) does not reflect the potential of the existing Cascabel project, its the meaningful exploration upside or the fact the multiple majors have now demonstrated interest in acquiring the company.

 

20-Aug-2018

SolGold Plc.

SolGold Plans for 100km of New Drilling Ahead of Updated Resource

Impact: Mildly Positive

SolGold has provided an update on recent drilling at Alpala Central at the Cascabel project located in Ecuador, which showed wide intercepts of visible copper sulphide mineralization and visual estimates of chalcopyrite.

  • Alpala Central infill drill hole 41-D1-D2 intersected 0.64% Cu and 0.85g/t Au over 582m (1.18% CuEq), including 340m of 0.78% Cu and 1.21g/t Au (1.54% CuEq)
  • A total of 83km of drilling has been completed since the Alpala maiden resource estimate, which included an initial 53,616m of drilling, and has confirmed that the gold-rich high grade core of the deposit has uninterrupted true dimensions of up to 750m vertically, 700m long, and 300m wide, at a cut-off grade of 1.5% CuEq
  • Additional high-grade tonnage is being defined along the western lobe, adjacent to the high-grade core, and with 17,000m of planned drilling outstanding, a total of 100km of drilling is expected to be incorporated into an updated resource estimate to further boost the resource base for the project
In our view, the SolGold's current valuation (C$0.032/lb vs. peers at C$0.026/lb CuEq) does not fully reflect the exceptional nature of the existing Cascabel project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

13-Aug-2018

SolGold Plc.

Alpala Central Drilling Enhances High Grade Core; Points to Resource Growth

Impact: Positive

SolGold has provided an update on recent infill drilling at the Alpala Central zone of the Cascabel project in Northern Ecuador, where the company continues to successfully execute its strategy of enhancing the high-grade core of the Alpala deposit.

  • Highlights from this round include infill results of 832m of 0.72% Cu and 1.10g/t Au at Alpala Central and 1062m of 0.69% Cu and 0.52g/t Au at the Alpala Central northwest extension
  • These results point to not only a stronger resource base, but also to a larger and more cohesive high-grade core which could support a higher mine production rate in early years, which would boost project economics
  • Since the maiden mineral resource estimate of 16.18Blb CuEq (1.08Bt grading 0.68% CuEq), a total of 80,538m of additional drilling has been completed and signficant resource growth is expected with a revised resource estimate
In our view, the SolGold's current valuation (C$0.038/lb vs. peers at C$0.026/lb CuEq) does not fully reflect the exceptional nature of the existing Cascabel project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

15-Jul-2018

SolGold Plc.

Strong Mineralisation 30m below Surface at Cascabel

Impact: Mildly Positive

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

  • Extension drilling at the high-grade core is expected to extend the mineralization along the lower and northeast margins of the deposit. Results included 0.71% CuEq over 458m (incl. 1.17% CuEq over 66m) 
  • Shallow mineralization continues to be intersected by extension drilling at Alpala Central within 450m of the surface, above the existing resource limits along the southwest margin of the deposit and 250m shallower than previously modeled
  • Drilling at Aguinaga has confirmed near surface potential, with Hole 6 intersecting strong mineralization at 30m depth and Hole 7 intersecting 67m of visual copper sulphide mineralization from 55m below surface
In our view, the SolGold's current valuation (C$0.034/lb vs. peers at C$0.026/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.

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.

07-Jun-2018

SolGold Plc.

Epithermal Gold Targets Identified at Cisne Loja

Impact: Mildly Positive

SolGold has provided an exploration update from its Cisne Loja Project in Southern Ecuador, where field teams have been conducting reconnaissance stream and rock chip sampling since December 2017.

  • Follow-up work on previously identified gold anomalies led to discovery of outcropping epithermal style alteration and mineralisation in quartz veins with rock chip samples of 15.25g/t Au and 23.6g/t Ag
  • Epithermal style alteration at Cisne Loja bears similar signs to the epithermal gold system at Lundin Gold’s Fruta del Norte (14M oz Au)
  • SolGold is planning a gridded soil geochemistry program as well as possible trenching and rock channel sampling to help determine the extent of the epithermal system in the hopes of discovering a significant gold deposit 
In our view, the SolGold's current valuation (C$0.039/lb vs. peers at C$0.029/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.

06-Jun-2018

SolGold Plc.

Resource Growth Expected at Alpala

Impact: Positive

SolGold has provided drilling results from the active programs at its Cascabel Project in Northern Ecuador, part of the 120,000m drill program planned for 2018 in efforts to infill and extend the Alpala resource while also testing the Aguinaga prospect and Trivinio target.

  • Drilling has extended the current Alpala resource to the northeast including an intersection of 0.82% CuEq over 756m (Hole 41-D1), as well as to the southwest with 0.83% CuEq over 278m, including 52m of 1.63% CuEq (Hole 42-D2)
  • Infill and extension drilling is continuing to upgrade the high-grade core of the deposit by intersecting strong visible copper mineralization with infill drilling returning 974m of 0.71 % CuEq (including 478m of 1.02% CuEq and 160m of 1.56% CuEq)
  • Incorporating the initial 53,616m of drilling data at Alpala into the geological model has led management to expect significant resource growth in a revised estimate with 60,300m of drilling remaining in the program
In our view, the SolGold's current valuation (C$0.039/lb vs. peers at C$0.029/lb CuEq) does not properly reflect the exceptional nature of the existing project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

22-May-2018

SolGold Plc.

SolGold Enhances Previous Discovery in Ecuador

Impact: Positive

SolGold has provided an exploration update at its La Hueca, Timbara and Porvenir Project concessions covering 60km of strike along Ecuador’s Southern Jurassic porphyry corridor. 

  • Two new target zones at La Hueca project
  • Projects located along the same belt hosting Fruta del Norte
  • Current market value does not properly reflect Solgold’s exploration potential in Ecuador
In our view, the SolGold's current valuation (0.041/lb vs. peers at 0.032/lb CuEq) does not properly reflect the exceptional nature of the meaningful exploration upside at the company’s portfolio of exploration projects in Ecuador.

17-Apr-2018

SolGold Plc.

Alpala Keeps Getting Bigger

Impact: Positive

SolGold’s exploration drilling is continuing to hit high-grade copper-gold mineralization outside existing 16.2Blb CuEq resource at Alpala, with the company’s Cascabel Project in Northern Ecuador.

  • First drill hole at Aguinaga intersected 373m of porphyry-style mineralization in hole AGD-18-001 with assays pending and a second drill hole planned to test the mineralization at greater depths
  • Infill drilling at Alpala continues to support an increase in resource grade, highlighted by 478m grading 1.28% CuEq in hole 42 open at depth
  • Step-out drilling continues to expand the Cu-Au mineralization beyond the current resource boundaries, highlighted by 504m grading 1.28% CuEq in hole 43
In our view, the SolGold's current valuation (0.030/lb vs. peers at 0.041/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 Look Encouraging at Aguinaga; Alpala Expanding

Impact: Mildly Positive

Download Report

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.

21-Mar-2018

SolGold Plc.

Extension of Epithermal Gold Mineralization Highlights Regional Exploration Potential

Impact: Positive

Download Report

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.

01-Jan-2018

SolGold Plc. (LSE:SOLG)

RCKS Talk Blog Archive

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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.

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