Monday, October 31, 2016 Derek Macpherson

Initial GQC Exploration Results Positive; More to Follow

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GoldQuest Mining Corp. (TSXV:GQC) released the first drill results from its ongoing 10,000m drill program at its wholly owned Tireo Property in the Dominican Republic. The drill program is focused on a 15 km long undrilled section of the Tireo Belt between the company’s flagship Romero deposit and Precipitate Gold Corp’s (TSXV:PRG) Ginger Ridge discovery. Although it is early days, the company believes that the mineralization intersected at target A suggests the existence of an epithermal system similar to that of the 2.5 million oz AuEq Romero deposit. It remains early days for target A; however, the initial results are positive and follow-up drilling is warranted. As well, the company continues to test the remaining 19 targets planned for this drill campaign, including target B which is less than a kilometer from target A (Figure 1).  read more

Sunday, October 30, 2016 Derek Macpherson

EXN Ops are in Transition as Water Management Expected to Improve

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Excellon Resources Inc. (TSX:EXN) announced third quarter production and operational results, and provided an update on its exploration program at its La Platosa mine in Durango, Mexico. Ongoing development of the next Rodilla Manto level and suboptimal mining conditions caused by the high-water table impacted production which decreased 31% QoQ and 38% YoY. However, the company expects that the ongoing optimization and water management program may substantially improve operating conditions and production going forward as pumping capacity increases. Furthermore, Excellon provided an update from its ongoing 25,000m drill program which has intersected high grade mineralization near existing infrastructure.  read more

Sunday, October 30, 2016 Derek Macpherson

Site Visit: eCobalt’s ICP is Ready to Go; Offtake Key

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Last week we visited eCobalt Solutions’ (TSX:ECS) Idaho Cobalt project (ICP) near Salmon, Idaho. Our visit to the project was highlighted by three key points. First is that construction is ready to resume, with all the pieces in place to build the mine, along with permits; eCobalt can restart the project at any time. Secondly, the project is likely to grow beyond the current 12.5 year mine-life, just not yet. And finally, in our view one of key elements needed for the project to move ahead is a cobalt sulphate heptahydrate off-take agreement, which we would expect to be completed in conjunction with the ongoing feasibility study.  read more

Thursday, October 27, 2016 Derek Macpherson

ANX’s Grows Stog’er Tight & Creatively Adds Revenue

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Anaconda Mining Inc. (TSX:ANX) released drill results from 1,347m of drilling (19 holes) focused on expanding the Stog’er Tight deposit to the West. Phase 1 of this program expanded the West and 278 zones, while identifying a new massive sulfide zone, which is a slightly different style of mineralization than typical at the Point Rouse project. In our view, the drill results have expanded Anaconda’s resource base, likely extending the current mine-life. As well, the company announced an agreement to monetize its waste rock and generate C$2 million in revenue over the next 14 months. We believe the combination of these events should be positive for the share price. As well, the company is continuing to explore its wider property and drill results are pending for the Viking project and Goldenville targets in the near-term.  read more

Wednesday, October 26, 2016 Derek Macpherson

Precipitate Identifies New Target

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Precipitate Gold Corp. (TSXV:PRG) announced results from its ground magnetic geophysical survey and surface work at its Juan de Herrera project in the Dominican Republic. This work has identified a target similar to the properties at its nearby Ginger Ridge discovery over a 1,900m by 600m area (Figure 1). Parallel to this gold target, the company has identified a 3km long copper target. While more work is needed at both the Southeast and South Jengibre targets, the South Jengibre target looks promising and is located 2km South of GoldQuest's (TSXV:GQC) Jengibre zone. As well, at the company's Ginger Ridge discovery, an IP survey is underway, which is expected to be followed up by the Phase 2 drill program.  read more

Monday, October 24, 2016 Derek Macpherson

SMT Expands Esperanza

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Sierra Metals Inc. (TSX:SMT, BVL:SMT) reported results from its ongoing drill program at the higher grade Esperanza zone at its Yauricocha mine in Peru. The results reveal that the 240m zone is open on strike to the North and South, and at depth with mineralization continuing below the 1170 level horizon. In addition, smaller previously unknown high grade orebodies were identified at the 1070 level. We view the results positively as the expansion of the higher-grade Esperanza zone should benefit the mine’s economics. The improving operations (post on Q3 production results) and the demonstration of exploration upside at its flagship Yauricocha mine should position Sierra to being able to facilitate the capital structure changes needed to improve the stock’s liquidity, which we believe has the potential to positively benefit Sierra’s share price.  read more

Wednesday, October 19, 2016 Derek Macpherson

Monarques Gold Stakes New Claims at Croinor

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Monarques Gold Corporation (TSXV:MQR) reported that it has staked 52 new mining claims around its Croinor Gold Project in Quebec which covers an additional 3,000 ha. These claims add ~25% to the total land package at Croinor and the company believes that prospective geology near its previous borders extends onto this newly acquired ground. More importantly, the company continues to drill both at the Croinor main deposit and at the Gold bug target, results of which are likely to be a catalyst for the stock. While Monarques continues to trade at a premium to peers (C$118/oz, peers C$73/oz) we believe this premium is justified given Croinor’s stage of development (pre-feasibility study), the planned acquisition of the Beacon Mill and the exploration potential of its various properties. As well, we believe that exploration success from the current 10,000m program could provide further positive momentum for the stock.  read more

Tuesday, October 18, 2016 Derek Macpherson

ANX’s Operations Likely to Improve After Weak FQ1

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Anaconda Mining Inc. (TSX:ANX) released financial results for FQ1 2017 which reflected the weak operating results released last month. Lower grades in the quarter translated into lower production (reduced revenue), and higher costs in the quarter. As result, Anaconda reported a net loss of C$379,565. With weak production results previously released, these results were not unexpected. Importantly, Anaconda expects grade and throughput to improve, and costs to decline in the second half of F2017. Improving operating results and ongoing exploration success are likely to be important catalysts for the stock over the medium term.  read more


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