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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


Monday, September 18, 2017 Derek Macpherson

VIT Explores Spinach Target North of Olive-Shamrock

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Victoria Gold Corp. (TSXV:VIT) reported initial results from the Spinach target located to the north of the Olive-Shamrock deposit. Due to limited exploration work and no drilling had been previously completed, Victoria undertook a soils geochemistry survey prior to drilling which was used to identify targets. Results included 1.04 g/t Au over 14.3m (DG17-866C), 1.19 g/t Au over 9.1m (DG17-862C) and 2.38 g/t Au over 6.10m (DG17-860C) within wider intervals, indicating the opportunity for further growth north of Olive-Shamrock, near the Eagle Gold Mine. We expect continued exploration success to be a positive catalyst for the stock and should help demonstrate the exploration upside that exists on the property. Victoria currently trades at a discount on a per ounces basis, or C$31/oz versus peers at C$57/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


Monday, September 18, 2017 Derek Macpherson

Tinka Delivers More High Grades out of South Ayawilca

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Tinka Resources Ltd. (TSXV:TK) reported results from an additional nine step-out holes drilled at its Ayawilca zinc project in Peru (Figure 1). At South Ayawilca, results intersected high grade mineralization along the western end in hole A17-089 grading 16.7% Zn, 33 g/t Ag and 681 g/t In over 10.8m, as well in hole A17-087 grading 9.6% Zn, 0.1% Pb, 472 g/t Ag and 15 g/t In over 0.9m. Drilling at West Ayawilca expanded mineralization (holes A17-083 and A17-085), intersecting 8.0% Zn, 0.6% Pb, 61g/t Ag and 133 g/t In over 2.9m in hole A17-083. Initial results from Chaucha, Zone 3 and Valley target areas were reported, which although lacked significant zinc mineralization the company is planning more drilling in 2018 to further understand these areas. Notably, Tinka expects to update the Ayawilca zinc resource in early November which will include mineralization from South Ayawilca (2 holes pending), step-out drilling at South Ayawilca will continue until December. We believe as Tinka continues to demonstrate exploration upside at Ayawilca it should support and may expand the current premium it trades at relative to peers (C$0.03/lbs vs. C$0.01/lbs ZnEq). read more


Friday, September 15, 2017 Derek Macpherson

NEE Advances Moss; Site Visit Next Week

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Northern Vertex Mining Corp (TSXV:NEE) provided an update regarding construction activities underway at its Moss Mine in Arizona. Concrete work and liner installation is progressing, final grading is being completed for the initial leach pad cell for first ore stacking in early October, the pilot plant is decommissioned and the area is regraded for production, permitting process for the powerline continues as well, crushing plant deliveries are almost complete with assembly having already commenced. The company noted, it is working on a PEA to extend the current mine-life by accessing neighbouring un-patented lands, which would also include expansion of mine facilities. Northern Vertex trades at C$103/oz a premium to peers (C$44/oz). We view the premium valuation as reasonable given that the Moss mine is financed, permitted and under construction. In addition, the company’s valuation does not appear to account for the potential of meaningful mine-life extension and improved economics from the ongoing optimization and exploration programs. Derek Macpherson will be visiting the Moss Mine next week. read more


Thursday, September 14, 2017 Derek Macpherson

RCKS Charts: AMI

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In this edition of RCKS Charts, Keith has evaluated AuRico Metals Inc. (TSX:AMI). AMI has been in a positive long-term uptrend dating back to January 2016, as seen by its rising trendline and 200dma. The trendline has provided solid support on pullbacks along the way. Most recently AuRico, after rallying to a new all-time high at C$1.43, has begun to consolidate those gains. This is a normal development during an upleg and suggests more upside to follow. The rising weekly momentum provides additional support for higher objectives. The next upside target is the top of the trend channel at C$1.55-1.60. Additional higher targets are also possible. Support lies across C$1.32-1.33 then C$1.25. The consolidation provides opportunity to add or establish new positions. (Figure 1) read more


Thursday, September 14, 2017 Derek Macpherson

ANX Reports Strong Q1 F2018

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Anaconda Mining Inc. (TSX:ANX) reported Q1 F2018 production and partial financial results, selling 4,723 oz Au and generating revenues of C$7.6 million during the quarter. The company is well-positioned in meeting F2018 guidance of 15,500 oz Au. It is also worth noting, Resource Capital Gold Corp. (TSXV:RCG) reported positive results from bulk sampling and test mining completed at its Dufferin gold project, which is very similar and along strike from the company’s Goldboro project. Based on our preliminary estimates, we continue to believe that Anaconda is undervalued at current levels. read more


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