RCKS Talk

19-Jul-2018

Honey Badger Exploration Inc.

Strategic Property in Historic Camp

Impact: Mildly Positive

Honey Badger Exploration has entered into an option agreement with Cairngorm Mines Limited to acquire 100% interest in the Beaver Silver Property, located in the historic Thunder Bay silver district.
  • In order to exercise its option, Honey Badger must complete the following requirements within the 3-year option period following the execution of the agreement: cash payments totaling $125,000, the issuance of securities with a market value of $410,000, and the incurrence of exploration expenditures totaling $750,000
  • If the option were to be exercised, a 2% net smelter return will be granted to Caringorm, of which 1% is available to be repurchased for $1,000,000
  • The acquisition of the Beaver Silver property and Beaver Silver mine supports Honey Badger’s strategy of combining historical data and advanced technological data to exploit the underexplored nature of the district; data from 1960s sampling has been compiled and airborne magnetics surveys have already been completed
With an experienced management team and an extensive land package in an under-explored and highly prospective Ag-Co district, we expect pending assay results from 2018 drilling to reflect this potential and be important catalysts for the stock.

19-Jul-2018

First Cobalt Corp.

Drilling High-Grade Cobalt at Iron Creek

Impact: Mildly Positive

First Cobalt has tested the western extension of mineralization at the Waite Zone of the Iron Creek Cobalt Project in Idaho with 6 underground drill holes, validating previous results which had extended the total strike length of the zone to 520m and along a dip length of over 250m.
  • At the Waite Zone, a broad intercept, to the west of the previously drilled initial resource area, contained 24.6m grading 0.28% Co and 0.22% Cu (0.30% CoEq or 3.02% CuEq, based on US$30/lb Co and US$3/lb Cu)
  • The high-grade intercepts are contained within broader zones of lower grade cobalt-copper mineralization that has the potential to be suitable for bulk mining methods, pending further drilling
  • Drilling at Iron Creek has extended the strike and dip beyond the boundaries of the maiden resource estimate expected in October (primarily based on 2017 drilling by US Cobalt), and an encouraging consistency of cobalt grades over wider widths and higher than expected copper grades, support further testing of the western strike extension of Iron Creek for a second resource estimate in early 2019
On an EV/hectare basis, First Cobalt is trading at a discount to other cobalt explorers in the Cobalt Camp of Ontario (C$0.011/ha vs peers at C$0.018/ha). We continue to believe the company’s unique attributes, including its land position, infrastructure and recent acquisition of US Cobalt are likely to close the gap to other cobalt exploration peers.

18-Jul-2018

SolGold Plc.

Exploration Update Lays Out 10 Priority Projects Across Ecuador

Impact: Mildly Positive

SolGold has provided an update on the initial exploration of its 72-regional concessions across Ecuador. The company has identified 10 priority targets for phase two exploration (Figure 1), which will focus on advancing the projects through geophysical surveying and soil geochemistry, with drill testing to begin once permissions are in place. Initial results at the La Hueca, Porvenir and Blanca Nieves projects have been highlighted by the company.

  • At the Blanco Nieves project (Figure 2), rock chip samples have returned high grade gold mineralization highlighted by: 617g/t Au, 0.59% Cu, 317g/t Ag, 0.74% Zn and 542g/t Au, 0.54% Cu, 254g/t Ag, 0.50% Zn
  • At La Hueca (Figure 3), recently discovered Co-Mo rich outcrops have continued to grow the project, with the best of multiple similar high-grade rock chip samples returning 6.27% Cu, 0.29g/t Au, 22.9g/t Ag, and >1% Mo
  • Rock chip sampling at Porvenir (Figure 4) has returned high grade copper results, including 8.65% Cu, 6.64% Cu, and 5.10% Cu, while at Cisne Loja, a large epithermal gold zone has been delineated with rock chip values as high as 15.25g/t Au and 23.6g/t Ag over a 2.5 x 1.5km zone
  • SolGold is efficiently exploring its large land package by operating multiple field teams to scour the underexplored country in an effort to find the next Alpala
In our view, the SolGold's current valuation (C$0.038/lb vs. peers at C$0.026/lb CuEq) does not fully reflect the exceptional nature of the existing Cascabel project, its the meaningful exploration upside or the company’s portfolio of exploration projects in Ecuador.

18-Jul-2018

Ascot Resources Ltd.

Additional High-Grade Drill Results from Big Missouri and Premier/Northern Lights

Impact: Mildly Positive

Ascot Resources has released results from 9 drill holes at Big Missouri and 21 holes at Premier/Northern Lights, within the Premier-Dilworth property near Stewart, British Columbia.
  • Drilling at Big Missouri continues to identify new gold mineralization with intersections of 8.07g/t AuEq over 4.29m and 7.74g/t AuEq over 5.5m
  • Drilling at Premier/Northern Lights has demonstrated that the current resource has growth potential in this area, with notable intercepts of 9.91g/t AuEq over 2m and 10.34g/t AuEq over 2m
  • The current drill program is designed to delineate a large enough high-grade underground resource to justify the restart of the Premier mine using the existing the infrastructure. These results continue to suggest this is a likely outcome, and the company plans to start on initial engineering studies in June
Based on the company’s recent resource update (open pit & underground), Ascot trades at a discount (C$30/oz versus peers at C$95/oz). We expect the ongoing news from exploration and infill drilling on higher-grade underground resources to close the gap to peers.

17-Jul-2018

Monarques Gold Corp.

Initial 2018 Results Point to Beaufor Mine-Life Extension

Impact: Mildly Positive

Monarques Gold reported its first set of results in 2018 from the planned 30,000m drill program at the Beaufor Mine. In our view, the results from these first 9 holes (2,047m) suggest mine life extension for Beaufor is possible; however, more work is needed.
  • 20.62g/t Au over 3.95m was intersected at QF1, which lies ~70m from the lower contact of Zone Q, the main zone currently in production at Beaufor
  • All five holes drilled at the 1700 project intersected mineralization, confirming the vertical and lateral extension of a mineralized lens containing several veins; more work to be done on the western extension
  • Results show strong gold potential in Zone Q footwall suggesting potential to increase the mineral resource in this area; the next round drilling, which is already underway, will test the West, Central and East sectors of QF1
Monarques continues to trade at a discount to peers (C$13/oz vs. peers at C$33/oz) and we believe the upcoming resource expansion drilling and technical studies including a conceptual study on Wasamac should help close the valuation gap to peers.

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