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Red Pine Exploration Inc. (TSXV:RPX) reported additional high-grade results from 3 holes targeting and further extending the Minto Mine South Zone, as highlighted by hole SD-17-90 averaging 15.3 g/t gold over 2.03m. Visible gold was once again intersected in the Minto Mine South Zone, the zone remains open at depth and along strike and the company notes its predictability allows it to be explored efficiently. In addition, a new gold-bearing structure has been identified by hole SD-17-92 which intersected 4.01 g/t Au over 2.07m. Results from 12 boreholes are still pending from the Minto Mine South Zone, and an additional 10 holes are in the planning stages to define strike and depth which will also help to further understand the Minto E Zone. Red Pine currently trades at a steep discount to peers (C$28/oz vs. peers at C$61/oz), which does not appear to reflect the current deposit or its significant growth potential. We believe that as Red Pine continues to demonstrate the potential of the Wawa Gold Project through its ongoing exploration program, it should close the valuation gap to peers. read more
Aston Bay Holdings Ltd (TSXV:BAY) has begun the 2017 exploration program for its Storm and Seal properties on Somerset Island, Nunavut. A property-wide geophysical program is underway for August into September which includes 18,000 line km flown with 200m line spacings. In July, a two-week field exploration program was completed as a part of the 2017 program. Results from this year’s exploration work will define targets for future drilling in the summer of 2018. We expect these results to be a near-term catalyst for the company and should help provide more insight on the properties opportunity. read more
Novo Resources Corp. (TSXV:NVO) released initial bulk sample results from its Karratha Gold Project in Western Australia, providing a first look at the indication of high grade gold mineralization. Results of the sample taken from Purdy’s Reward (50% earn-in/JV) returned a weighted averaged of 67.08 g/t Au, which included 87.76 g/t Au (subsample #1) and 46.14 g/t Au (subsample #2). Importantly, in both subsamples a significant amount of gold was not contained in the coarser (nuggety) portion. In subsample #1 12.53% in the fine fraction and in subsample #2 15.63% was in the fine fraction, this suggests disseminated (or background) grades of ~11 g/t and 7 g/t, respectively. This is important as our +10 million ounce estimate is based on disseminated grades of 3 g/t (excludes nuggets). It remains early days and there is plenty of work required to definitely demonstrate continuity and grade but these initial results are encouraging. In the coming weeks, plans are still underway to complete full-scale, systematic trench bulk sampling and large diameter RC drilling which will include ~30 holes, 20-50m in depth, to follow recent results. To note, the agreement between Novo and Artemis Resources Ltd. (ASX:ARV) is expected to be executed by August 23rd 2017, which subsequently Novo will earn a 50% stake in Purdy’s Reward, adjacent to its recently acquired/consolidated Comet Well property. 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
We had the opportunity of visiting Novo Resources Corp. (TSXV:NVO) Karratha Project in Western Australia. The main goal of our visit was to determine if the recent significant increase in the share price (up 240% since July 10th) was warranted and in our opinion, it was. Based on our trip, the company’s recently acquired Comet Well property (80% owned), has the potential to host more than 10 million ounces of gold. We highlight that it is very early days, and the company has a significant amount of work to prove us correct. As well, the exceptionally nuggety nature of the deposit is going to provide challenges to determine a true resource grade and the potential exists that an initial NI 43-101 compliant resource could understate grade. We highlight that our view on the project’s potential has been adjusted for these factors and does not include the additional 2km of strike on the adjacent Purdy’s Reward (option to earn 50% from Artemis Resources Ltd. – ASX:ARV). We are comfortable with this opinion because of the pervasiveness of gold nugget discoveries across the trend. Important catalysts remain on the horizon for the company, including the initial bulk sample results from Purdy’s Reward, and the start of exploration at Comet Well. read more
Victoria Gold Corp. (TSXV:VIT) reported drill results from its Popeye Target, located ~1km west of the Olive-Shamrock deposit, near the Eagle Gold Mine. The target has been relatively unexplored, with only having four holes previously drilled. Results were highlighted by hole DG17-832C returning 46.63 g/t Au over 4.3m, including 131 g/t Au over 1.5m, in addition, 100m apart, results from the second hole returned lower grade material. Although early days, the positioning of the target, between two key areas on the Dublin Gulch property, make it a target of interest and acts as another example of the properties exploration upside. We expect continued exploration success to be a positive catalyst for the stock and should help demonstrate the exploration upside that exists. Victoria currently trades at a discount on a per ounces basis, or C$32/oz versus peers at C$59/oz, which we believe does not take into account the exploration potential of the Dublin Gulch property or that the project is “shovel-ready”. read more
Galway Metals Inc. (TSXV:GWM) reported results from 13 holes and wedge off a hole completed at its Estrades property in western Quebec. Drilling intersected unusually high-grade zinc deep in hole GWM-17E-27 twice, returning 28.5% Zn, 2.2 g/t Au, 181.0 g/t Ag, 0.3% Cu and 0.9% Pb over 3.3m including 18.6% Zn, 0.3 g/t Au, 190.7 g/t Ag, 0.5% Cu and 0.5% Pb over 2.6m. In the same hole, drilling also intersected mineralization at shallow depths and revealed a new discovery midway as it crossed a fault. In addition, the company is targeting copper-rich source vents through an induced polarization (IP) program, results have shown “very strong chargeability” around hole GWM-17E-08, which intersected 17.7m of massive sulphides. Results continue to be positive, as the company fills in the gaps of the previous resources (Hole 19AW) and areas remain open. Upcoming drilling at Estrades will continue to be a combination of shallow and deep holes as the program focuses on expanding resources, as well, results from Clarence Stream are pending and the company is planning to receive the pit constrained and updated underground resource estimates by the end of September for the property. Continued exploration success is likely to be an important near-term catalyst for the company at both properties, and should help close the significant valuation gap between Galway (C$20/oz) and peers (C$36/oz). read more
On July 31st, 2017, Novo Resources Corp. (TSXV:NVO) provided an update on ongoing activities at its Karratha, Beatons Creek and Marble Bar projects (Figure 1). Announced in May, through a JV with Artemis, Novo is earning into a 50% interest at Purdy’s Reward in Karratha. Bulk samples were recently collected from Purdy’s Reward and results are expected shortly which should provide clarity on grade. To the southwest, at Beatons Creek, the company recently partnered with Sumitomo to advance the project, results are pending from RC drilling and bulk sampling, and a detailed overview of recent work will be available at the end of August. At Marble Bar, west of Beatons Creek, results are pending from 24 RC drill holes (13 at Virgin Creek, 11 at Contact Creek), which are expected to be released at the end of August. Novo trades at a significant C$604/oz premium to peers (C$145/oz), which is justified because of the projects significant exploration upside both at Beatons Creek and in Karratha, along with Beatons Creek’s potential for low operating and capital costs. Our VP Mining Analysis, Derek Macpherson will be attending a site visit and providing additional commentary in the week ahead. read more
Sierra Metals Inc. (TSX:SMT, BVL:SMT) reported Q2 2017 financial results from its Yauricocha mine in Peru (Sociedad Minera Corona S.A. - 81.8% owned subsidiary). Unadjusted for ownership interest, revenue for the quarter was US$38.5 million and although a slight decrease QoQ (1.7%), a 62% increase YoY. Q2 marks the second highest quarter of production in Yauricocha’s history, the first being Q1 2017. YoY cash cost per AgEq oz payable decreased by 12%, while AISC per AgEq payable oz decreased by 9%, however compared to Q1 2017 costs increased; cash cost per AgEq oz payable by 15% and AISC per AgEq payable oz by 27%. The increase in costs was a result of increased Capex as well as exploration expenses and the cost of infrastructure improvements, all of which should have longer term value. The company is expecting to complete updated technical report in Q4 2017. Yauricocha remains a key aspect of the company’s operations, ongoing exploration success is important to enhancing the company’s value. read more
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