RCKS talk

Wednesday, November 09, 2016 Derek Macpherson

ANX Guides for Improved Ops & Adds to Land Position

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Anaconda Mining Inc. (TSX:ANX) provided operating guidance for the balance of F2017 (YE May 31) indicating that the company expects grades to improve and the strip ratio to decrease over the remaining quarters, resulting in lower all-in sustaining costs (AISC). This should result in improved operating cash flow. As well, the company announced the acquisition of two projects in the vicinity of the Pine Cove mill in Newfoundland. Both projects are located along the Long Range Fault system which shares similar geological properties to that of Marathon Gold’s (TSX:MOZ) Valentine Lake Gold project. We expect that improved operating results for the balance of F2017, coupled with continued exploration success, is likely to be positive catalysts for the stock over the medium term. read more

Tuesday, November 08, 2016 Derek Macpherson

Northern Vertex Closes Financing to Advance Moss

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Northern Vertex Mining Corp. (TSXV:NEE) announced it has signed a credit agreement with Sprott Lending to advance its wholly owned Moss gold-silver project in Arizona towards commercial production. The credit facility of US$20 million is a previously proposed facility with Macquarie Bank of the same size. While the cost of the two facilities appears to be similar, the newly completed Sprott facility appears to provide the company with more flexibility (no hedging requirement, large equipment financing carve out). Importantly, the completion of this facility, along with the addition of equipment lease financing (US$8.5 million possible) and the recently completed convertible debt ~US$5.5 million (C$7.35 million) provides Northern Vertex with the funds for construction of the Moss project.  read more

Tuesday, November 08, 2016 Derek Macpherson

AMI’s Kemess East Drill Results Point to a Longer Life

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AuRico Metals Inc. (TSX:AMI) announced results from its 13 hole (18,544m), 2016 drill program at Kemess East, which is located 1km East of the Kemess Underground deposit and 6.5km North of the Kemess Mill. Three holes intersected some of the longest combined intervals measured at Kemess East, highlighted by 0.53 g/t Au and 0.41% Cu over 628m (KH-16-13). We believe these results are likely to grow the existing Kemess East resource, and point to a longer mine-life for the Kemess underground project. While a longer mine-life may attract potential suitors for the project, we believe the key items for unlocking Kemess’ value are the completion of the Environmental Assessment for Kemess (early 2017) and the mine permit expected in H2 2017.  read more

Tuesday, November 08, 2016 Derek Macpherson

NRN’s Initial Drill Results Demonstrate Huckleberry’s Potential

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Northern Shield Resources Inc. (TSXV:NRN) announced drill results from its Huckleberry project located in the Labrador Trough in Quebec. The program consisted of 7 holes, totalling 2,053m, of which all but one intersected copper-nickel-PGE mineralization. The drill program was accomplished under the option agreement signed with South32 in June 2016 under which South32 (ASX:S32, LSE:S32) can earn a 50% interest in Huckleberry by spending C$2.5 million on exploration over the first two years, thereof C$1.2 million in the first year. While it is early days, we find these initial results encouraging as they provide an early indication of that there could be a large deposit at Huckleberry. As well, these results are also a positive indicator for Northern Shield’s wholly owned Séquoi property which is adjacent to Huckleberry, where drilling is planned to commence this month.  read more

Monday, November 07, 2016 Derek Macpherson

PRG Commences Phase 2 Drill Program at Ginger Ridge

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Precipitate Gold Corp. (TSXV:PRG) announced that it has commenced its Phase 2 drill campaign at the Ginger Ridge target within its Juan de Herrera project in the Dominican Republic. As well, the company announced results from its ground magnetic geophysical survey at the JT Zone last week. The drill program is expected to follow-up on the most recent drilling in 2014 which intersected 4.5 g/t Au over 18m. We expect that if the company is able to deliver similar results from the planned 2,000m drill campaign it should be a positive catalyst for Precipitate.  read more

Sunday, November 06, 2016 Derek Macpherson

SWA Expands High-Grade Zones at South Houndé

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Sarama Resources (TSXV:SWA) announced drill results from its 2016 exploration program at the South Houndé Project located in south-western Burkina Faso. The program appears to have expanded higher grade areas both at depth and along strike. In particular, the program has extended the MM prospect at depth, expanded the MC prospect at depth and along strike, identified higher grade mineralization at Phantom East and identified new oxide mineralization at both the Phantom and MC prospects (Figure 1). These results suggest resource growth is likely, and continue to suggest that South Houndé may be the large scale, long-life project that Acacia (LSE:ACA) is likely looking for.  read more

Saturday, November 05, 2016 Derek Macpherson

AMI’s Q3 Highlighted by Growing Royalty Revenue

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AuRico Metals Inc. (TSX:AMI) released its Q3 results, which was highlighted by record royalty revenues and included a permitting update for its Kemess project in Northern British Columbia. During Q3 2016, the company recognized royalty revenues of US$2.3 million (pre-tax), which suggests an annual run-rate of over US$9 million. Completion of the Environmental Assessment for Kemess appears to be on track for early 2017, which together with the mine permit slated for H2 2017, we believe to be instrumental in further unlocking the value of Kemess. In our view, the market does not appear to ascribe Kemess its full value, providing investors with a potential upside as the de-risking of the project progresses.  read more

Thursday, November 03, 2016 Derek Macpherson

EXN’s Weak Q3 Not Reflective of Medium Term Potential

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Excellon Resources Inc. (TSX:EXN) reported its Q3 2016 financials which reflected the weak operating results and ongoing water optimization program at its La Platosa Mine in Mexico. As a result of the quarter’s reduced production levels, cash costs increased by 83% QoQ and 55% YoY to US$17.95oz Ag. All-in sustaining costs (AISC) also increased significantly by 112% QoQ and 159% YoY to US$33.92/oz. While these results reflect the company’s weak operating results from Q3, in our view we do not consider them to be reflective of the company’s medium term potential. Once the ongoing water optimization program is complete, the company anticipates production to double and costs to decrease by 50%. In our view both operations and financial results are likely to improve in the new year as the optimization program lowers the water level in the mine.  read more


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