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Sunday, February 11, 2018 Derek Macpherson

Sierra Provides Positive Update on its Assets

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We recently attended the Sierra Metals Inc. (TSX:SMT) Investor and Analyst Day and were impressed with the quality of the presentation and the outlook for the company. While there are certainly important operational improvements ongoing at the company’s projects, the presentation focused on providing an update on the company’s brownfield exploration, which has revealed significant exploration upside. The presentation schedule included an overview of the company’s financials, exploration targets, operations and guidance for its three projects. Sierra’s VP Exploration & General Manager in Mexico, Alonso Lujan, went through each project and provided an in-depth overview of exploration activities. The company’s Chief Operating Officer, Gordon Babcock, was also very effective in providing an operational update and outlook for Sierra.  read more


Friday, February 09, 2018 Derek Macpherson

MQR Improves Economics with Updated Croinor PFS

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Monarques Gold Corp. (TSXV:MQR) reported an updated prefeasibility study (PFS) for its Croinor property near Val-d’Or, Quebec, improving project economics and highlighting an opportunity for growth. Reserves increased to 129,292 Au oz, outlining underground operations with average production of 31,472 Au oz annually over 3.6 years with after-tax NPV5% of C$18.3 million and IRR of 30%. At C$19/oz, Monarques currently trades at a significant discount to producing and development stage peers (C$39/oz).  read more


Thursday, February 08, 2018 Derek Macpherson

FCC Samples More Co in Cobalt North – A Focus in 2018

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First Cobalt Corp. (TSXV:FCC) reported high grade cobalt assays from surface sampling near the past producing Hamilton mine in Cobalt North. A total of 16 samples were collected, highlights include 2.01% Co, 1.92% Co and 1.55% Co, along 200m of strike length. Cobalt occurs with nickel and silver, similar to other areas of the camp, an opportunity for by-products in future operations. The company noted broader mineralized systems with lower average grades are a longer-term focus for potential low-cost, open-pit operations. In 2018, 15,000m of drilling is planned for Cobalt North, including Hamilton, in addition to geochemical surveys, ground electromagnetic surveys as well as induced polarity and resistivity geophysical surveys. Ongoing exploration activities, including sampling and the recent initiation of the structural control study, are valuable in providing key geological information. 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. We expect results from the ongoing exploration program to be an important upcoming catalyst. read more


Wednesday, February 07, 2018 Derek Macpherson

eCobalt Updates ICP Resource

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eCobalt Solutions (TSX:ECS) reported an updated resource estimate for its Idaho Cobalt Project (“ICP”), increasing Measured & Indicated tons by 13% to 3.87Mt at 0.59% Co and Inferred tons by 18% to 1.82Mt at 0.46% (Figure 1). The updated resource includes 3 holes (5,000ft) and is planned to be used in the optimized feasibility study anticipated for Q2 2018. We expect the increase in Measured & Indicated tons to result in increased reserves in the updated study. Exploration results incorporated into the update suggest the Ram deposit remains open at depth and along strike, which will be the focus of future expansion drilling. We view eCobalt as one of the few companies positioned to meet the near-term increase in cobalt demand, taking advantage of the current upswing in metal prices. The project’s location, in the U.S., places it in a mining friendly jurisdiction with low political risks versus other Cobalt developers.
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Wednesday, February 07, 2018 Derek Macpherson

ANX Goldboro Drill Results Highlight Upside

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Anaconda Mining Inc. (TSX:ANX) reported initial 2018 results from the ongoing 6,000m drill program at its Goldboro project in Nova Scotia, showing multiple areas with visible gold. We view the results positively, as they suggest resource expansion is possible beyond the current resource and PEA. Resource expansion at Goldboro would represent upside to our recently released estimates.  read more


Wednesday, February 07, 2018 Derek Macpherson

Aquila Announces Updated Back Forty Resource

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Aquila Resources Inc. (TSX:AQA) has provided a resource update for its Back Forty Au-Zn project in Michigan, USA. The company’s new resource updates the mineral resource estimate released on February 3, 2013. The updated estimate includes 22 diamond drill holes that were completed between 2015 and 2017 with the objective of upgrading the inferred resource to the measured and indicated category, in preparation for a feasibility study, once final permits are received later this year. The updated resource estimate was also determined based on revised and updated net smelter return (NSR) calculations and cut-off values. The updated NSR calculations were based on updated metal pricing, metal recoveries and product specifications which were derived from recently completed metallurgical test work in addition to revised terms related to smelting, refining and transportation. The company’s updated resource estimate was divided into in-pit and out-of-pit quantities in addition to sub-categories of metallurgy type, which included floatable and leachable quantities. However, in comparison to previous measured and indicated resource estimates, contained zinc increased 12%, contained gold increased 4%, contained silver increased 11%, contained copper increased 5.8%, contained lead increased 27% and contained zinc equivalent increased by 8% (Figure 1). read more


Wednesday, February 07, 2018 Derek Macpherson

Mawson Receives 3rd Party Validation from Goldcorp

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Mawson Resources Ltd. (TSX:MAW) has received a C$8.1 million strategic investment from Goldcorp Inc. (TSX:G), by way of a private placement, subscribing to 18,000,000 units at a price of C$0.45 per unit. Each unit consists of one common share and one half of one common share purchase warrant, totaling 9,000,000 warrants, exercisable at a price of C$0.65 for a 2-year period upon close. Subsequent to the financing, Goldcorp will own 12.7% of Mawson on a non-diluted basis or 17.9% on a partially diluted basis, assuming full exercise of the warrants, and will obtain rights to maintain ownership and participate in future financings. Proceeds from the financing will be used for exploration in Finland, the company recently began a 15,000m drill program at its Rompas-Rajapalot project. Results from ongoing drilling are expected to be an upcoming catalyst for the company, as it looks to build a maiden resource. read more


Wednesday, February 07, 2018 Derek Macpherson

RPX Continues to Have Drill Success in the MMSZ

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Red Pine Exploration Inc. (TSXV:RPX) reported additional results from ongoing drilling at its Wawa Gold project (Figure 1). Drilling discovered new high-grade veins in the Minto Stockwork, 27.84 g/t gold over 3m (SD-17-131) and intersected high grade mineralization in the extension of the Minto Mine South Zone (MMSZ), 13.15 g/t gold over 3.1m (SD-17-131). Results indicate the continuity of mineralization in the MMSZ, where the company has plans to develop a NI 43-101 resource. Red Pine currently trades at a discount to peers (C$23/oz vs. peers at C$52/oz). 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, particularly when you take into account the significant growth potential of this deposit. read more


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