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Monday, September 25, 2017 Derek Macpherson

ASND Continues Ramp-up in August

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Ascendant Resources Inc. (TSX:ASND) reported August operational results from its El Mochito mine, highlighted by an adjusted EBITDA of $0.8 million ($0.7 million in July). Since January the company has achieved a 53% increase in ore throughput with August averaging 1,903 tpd (1,853 tpd in July). In mid-July, the company employed new mining equipment, which has made an immediate impact. More equipment deliveries are expected over the next ten months, in October a third truck is expected to be delivered followed by a fourth truck and third scoop in November, which should further increase productivity in the near term. The company remains focused on optimization with the additions of new equipment and availability to ultimately increase head grades and value per tonne mined. The company expects to realize these improvements over the remainder of the year. We believe a progressive re-rating is likely over the year as the company executes on its ongoing optimization program and reports results from ongoing exploration. read more


Thursday, September 21, 2017 Derek Macpherson

NVO To Begin Drilling at Purdy’s Reward

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Novo Resources Corp. (TSXV:NVO) received approvals for core drilling at Purdy’s Reward, the JV prospect with Artemis Resources Inc. (ASX:ARV). As previously announced, drilling will comprise of scout diamond core drill holes to test depth and thickness of the gold-bearing conglomerates, to commence around September 27th, 2017, followed by large diameter RC holes to collect bulk samples around October 15th, 2017. In addition, the company noted that trenching activities have already started, however is waiting on approvals to mobilize the hardrock trencher. The lab results for bulk sampling is expected to be turned around in 4-6 weeks. As well, the company provided a detailed explanation of how they plan to sample material generated from the large diameter RC holes and trenches. Results from initial drilling will be an important upcoming key catalyst, providing the company and market with understanding of grade, gold distribution and conglomerate thickness. Based on our preliminary value for Beatons Creek (C$150-200 million) plus the C$400-560 million we would ascribe to Karratha based on our +10 million ounce estimate at Comet Well, we believe some upside remains to the current share price, which is likely to be realized as Novo demonstrates the potential of its Karratha project. read more


Wednesday, September 20, 2017 Derek Macpherson

RCKS Charts: NVO

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In this edition of RCKS Charts, Keith has evaluated Novo Resources Inc. (TSXV:NVO).  read more


Wednesday, September 20, 2017 Derek Macpherson

NVO to Form JV with Calidus

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Novo Resources Corp. (TSXV:NVO) and Calidus Resources Ltd. (ASX:CAI) entered into a binding terms sheet to form a joint-venture on Novo’s tenements surrounding Calidus’ Warrawoona project in Western Australia. The tenements are located near Novo’s Marble Bar project (Figure 1). Upon completion, Calidus will issue 20,000,000 shares to Novo to earn a 70% interest in the tenements, noting any interest that drops below 10% will change to a 1% NSR. As per a recent update regarding Karratha, news is expected as exploration gets underway, specifically regarding the geology of Comet Well and Purdy’s Reward over the next couple of weeks. Based on our preliminary value for Beatons Creek (C$150-200 million) plus the C$400-560 million we would ascribe to Karratha based on our +10 million ounce estimate at Comet Well, we believe some upside remains to the current share price, which is likely to be realized as Novo demonstrates the potential of its Karratha project.  read more


Wednesday, September 20, 2017 Derek Macpherson

RCKS Charts: WRN, SBB, RIC, PG and EXN

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In this edition of RCKS Charts, Keith has evaluated Western Copper and Gold Corp. (TSX: WRN), Sabina Gold & Silver Corp. (TSX:SBB), Richmont Mines Inc. (TSX:RIC), Premier Gold Mines Ltd. (TSX:PG) and Excellon Resources Inc. (TSX:EXN).  read more


Tuesday, September 19, 2017 Derek Macpherson

VIT Explores New Bluto Target in the East of Dublin Gulch

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Victoria Gold Corp. (TSXV:VIT) reported initial results from the newly discovered Bluto target, northeast of Eagle on the Dublin Gulch property. Trenching returned 0.67 g/t Au over 146m including 2.44 g/t Au over 30m (TR17-16). The target was only recently accessible by an exploration trail constructed to the Nugget Zone, prior to, limited work had been completed. 2017 exploration work on the target has consisted of 22 trenches over 2,800m as well as 10 diamond drill holes over 2,000m, exploration will continue until the end of the field season. Initial results are positive and open up a new area on the property. Upcoming catalyst on this target will be the expected drill results, following further exploration work. Victoria currently trades at a discount on a per ounce basis, or C$30/oz versus peers at C$45/oz, which we believe does not take into account the exploration potential of the Dublin Gulch property or that the project has just transitioned from shovel ready to under-construction. read more


Tuesday, September 19, 2017 Derek Macpherson

MTO Renegotiates SSL Stream

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Metanor Resources Inc. (TSXV:MTO) and Sandstorm Gold Ltd. (TSX:SSL) have amended the prior agreement which required Metanor to sell 20% of its gold production at a price of US$500, to a 3.9% NSR on all minerals produced from both the Bachelor and Barry projects, as well as any surrounding exploration properties. The amended terms will become effective upon Metanor delivering 12,000 oz Au for US$500 to Sandstorm. For a repurchase payment of US$2 million for both properties individually, Metanor can reduce the NSR to 1.8%. The company noted it will be increasing drilling at Bachelor. We expect further results from the ongoing drill programs at both Barry and Bachelor Lake to be important near-term catalysts for the company along with FQ4 production and financial results. read more


Monday, September 18, 2017 Derek Macpherson

FCC Remains Focused on Cobalt Camp; Exits DRC

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First Cobalt Corp. (TSXV:FCC) announced it will no longer complete the strategic alliance with Madini Minerals to earn controlling interest in seven copper-cobalt exploration properties in the DRC, announced in May 2017. As the mergers with Cobalt One Limited (ASX:CO1) and CobalTech Mining Inc. (TSXV:CSK) are expected to be completed later this year, the company’s intentions are to focus on the Cobalt Camp. The company noted it may however be interested in future opportunities. 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, pro-forma. Important upcoming catalysts are likely to include pending exploration results and the completion of the proposed mergers.  read more


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