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08/31/2019
Analysis
Updated: Great Atlantic Resources Corp
Great Atlantic is a project generator focused in Canada. They have projects in Newfoundland and New Brunswick. All of them are early exploration and potential discoveries based on soil samples and some drilling. Currently they do not have anything... more
08/29/2019
Analysis
Updated: Metals Creek Resources Corp
Metals Creek Resources is small exploration company. Their Ogden gold project in Ontario is still early exploration, but drill results have been very good (12 meters at 210 gpt, 75 meters at 2.2 gpt, 21 meters at 6 gpt). It's too early to tell if they... more
08/29/2019
Analysis
Updated: G2 Goldfields Inc
G2 Goldfields (previously Sandy Lake Gold) is a project generator focused in Canada and Guyana. They have two early exploration projects. The Sandy Lake property in Ontario is a large property (90,000 acres) in a good location. They claim it is the only... more
08/29/2019
Analysis
Updated: Arizona Gold & Silver
Arizona Silver Exploration was formed in 2016. They currently focus on their newly acquired Philadelphia project, a past producing mine with gold grades that ranged from 3-0.79 opt (10-27 gpt) Au. Their first phase of drilling returned only ~10m... more
08/28/2019
Analysis
Updated: American Creek Resources Ltd
America Creek Resources is a project generator in Canada. They have three properties in the golden triangle in British Columbia: Treaty Creek, Electrum, and Dunwell. They have 2 JVs, with a 20% ownership for Treaty Creek, and 40% ownership for Electrum.... more
08/27/2019
Analysis
Updated: ECR Minerals Plc
ECR Minerals has three early exploration gold projects in Australia that look interesting. They are located in the Victoria district that has produced 80 million oz of high-grade gold. Windidda (400,000 acres, Avoca (100,000 acres), and Bailieston (25,000 more
08/26/2019
Analysis
Added: Stavely Minerals Ltd
Stavely Minerals is mostly a copper exploration company. They have several large copper/gold properties (Stavely, Ravenswood, Ararat, Yarram Park), plus one gold project (Mathinna Goldfield). They have had good drill results at Stavely (Thursday's Gossan) more
08/25/2019
Analysis
Updated: Investigator Resources Ltd
Investigator Resources is advancing a silver discovery (Paris) in Australia. It is already a 42 million oz resource (120 gpt) at surface. They have not decided how to advance it. There is a possibility they could build it themselves, although they are an... more
08/25/2019
Analysis
Updated: Emerald Resources
Emerald Resources is building an open pit gold project in Cambodia. Okvau (100,000 acres) has 1 million oz's at 2 gpt. It is economic, with a 40% after-tax IRR at $1300 gold. It is construction ready. They expect to complete financing in 2018 and begin... more
08/25/2019
Analysis
Updated: Emerald Resources
Emerald Resources is building an open pit gold project in Cambodia. Okvau (100,000 acres) has 1 million oz's at 2 gpt. It is economic, with a 40% after-tax IRR at $1300 gold. It is under construction with a $100 million loan. The feasibility study calls... more
08/25/2019
Analysis
Added: DELETE - Okapi Resources Ltd
Okapi Resources is a project generator from Australia. They have two early exploration projects. At this time, neither seem exciting, but perhaps that could change. Their Mambasa project is in Central Africa (DRC). It is a 70% JV. They appear to be... more
08/25/2019
Analysis
Updated: DELETE - Arc Minerals Ltd
Arc Minerals (previously Ortac Resources) is focused in Eastern Europe and Central Africa. They have a 1.3 million oz (2 gpt) project in Slovakia (Sturec). They did a PFS in 2013 ($100 million NPV), but it needs to be redone because cyanide use was... more
08/25/2019
Analysis
Updated: Oriole Resources PLC
Oriole Resources is a project generator focused in West Africa. They have 3 properties, plus equity interest in 4 companies, plus 2 NSRs. Their Dalafin project in Senegal is a 30% JV. IAMGold has a 70% option if they spend $8 million over 6 years.... more
08/25/2019
Analysis
Updated: Prodigy Gold
Prodigy Gold (formerly Abm Resources) is a gold exploration company with 1+ million acres in Australia. They have 4 JVs (Lake Mackay, Eur, Tobruk, and North Arunta) and are drilling 3 properties on their own. They seem to have a very capable exploration... more
08/24/2019
Analysis
Updated: DELETE - Oriole Resources
Oriole Reesources (previously Stratex International) is a project generator focused in Africa. They have interests in Thani Stratex Resources Ltd, Tembo Gold Corp. and Aforo Resources Limited for their exploration projects in Djibouti and Egypt, Tanzania... more
08/24/2019
Analysis
Updated: DELETE - Turquoise Hill Resources Ltd
Turquoise Hill Resources is really a copper producer, which is 51% owned by Rio Tinto, one of the largest copper producers. Rio Tinto is building and operating the mine. Their Oyu Tolgoi property located in Mongolia has significant precious metals. They... more
08/24/2019
Analysis
Updated: Bassari Resources Ltd
Bassari Resources has an advanced gold project in Senegal, West Africa. The Makabingui project (200,000 acres) has a 700,000 oz (their share) deposit (2.6 gpt) with a feasibility study. The capex is only $12 million for the open pit and $35 million for... more
08/24/2019
Analysis
Updated: Scotgold Resources Ltd
Scotgold Resources has a small high-grade gold deposit (Cononish) in Scotland. It's only 250,000 oz (11 gpt), but they plan to build it. It also has silver, so that will reduce the cash costs. They completed a feasibility study and it is very economic,... more
08/24/2019
Analysis
Updated: Gold Reserve Inc
Gold Reserve Inc had been on hold since April 2008, when their mining license was revoked on their Brisas project by Venezuela. In 2014, they were awarded $740 million by an arbitration court. In 2016, Venezuela agreed to pay the $740 million settlement,... more
08/24/2019
Analysis
Updated: Gold Fields Ltd
Gold Fields is a major with a global footprint. They currently produce 2 million oz per year, making them the 7th largest gold producer. They have 8 operating properties with 10% of production in South Africa, 40% in Australia, 35% in West Africa, and 15% more
08/24/2019
Analysis
Updated: DRDGOLD Ltd
DRDGOLD is a mid-tier producer in South Africa. They recently sold their underground mine for $18 million. Blyvoor had high cash costs and they wanted to focus on their higher margin tailing reclamation project (from three old surface mines). Their gold... more
08/22/2019
Analysis
Updated: Mako Gold Ltd
Mako Gold is a new exploration company focused in West Africa. They have 3 early exploration properties. Two in Burkina Faso (Niou and Tangora) and one in Cote d'Ivorie (Napie). They seem to be focused on their Napie project, which appears to be a... more
08/21/2019
Analysis
Updated: Bluestone Resources Inc
Bluestone Resources is a new company that purchased a gold project (Cerro Blanco) from Goldcorp in 2017. I'm not sure why Goldcorp would give away a project with 1.5 million oz underground (10 gpt), for only $15 million, plus 5% of Bluestone. Perhaps... more
08/21/2019
Analysis
Updated: Commander Resources Ltd
Commander Resources is a project generator focused in Canada. They have about 8 early exploration gold projects, plus several base metals projects. They have been in business since 1989. It's somewhat surprising for a company around that long to have an... more
08/20/2019
Analysis
Updated: Velocity Minerals Ltd
Velocity Minerals is a Canadian developer focused on Bulgaria. Investors were ignoring their potential, giving them a $9 million FD market cap valuation in 2018. Today it has jumped to $47 million. They completed an economic PEA in 2017 (Rozino) and are... more
08/18/2019
Analysis
Updated: Coeur Mining Inc
Coeur Mining has underperformed since 2006. They have to reach $70 per share just to get back to where the share price traded in 2006. However, they have been aggressive, purchasing Orko Silver, Paramount Gold, and a mine from Gold Corp. In 2019, they... more
08/18/2019
Analysis
Updated: Bonterra Resources Inc
BonTerra Resources is a near-term gold producer in Canada. They acquired Metanor Resources in 2018 and now have aggressive plans to spend $45 million to become a mid-tier producer by 2020. They have 5 properties and a mill in Quebec. They plan to expand... more
08/17/2019
Analysis
Added: O3 Mining Inc
O3 Mining is a new project generator focused in Canada. They formed in 2019 by Osisko Mining acquiring Chantrell Ventures, Alexandria Minerals, and properties from Chalice Gold. Plus, Osisko Mining included some of their none-core assets. They currently... more
08/17/2019
Analysis
Added: GoldON Resources Ltd
GoldOn Resources is a project generator focused in Canada. They have 6 properties in the Red Lake district in Ontario. I don't know why their balance sheet is so weak, with only $500,000 in total assets. Several of their properties are large and in good... more
08/17/2019
Analysis
Added: O3 Mining Inc
O3 Mining is a new project generator focused in Canada. They were formed in 2019 by Osisko Mining who acquired Chantrell Ventures, Alexandria Minerals, and two properties from Chalice Gold. Plus, Osisko Mining included some of their none-core assets.... more
08/17/2019
Analysis
Added: DELETE - Tombola Gold Ltd
Ausmex Mining is a project generator focused in Australia. They claim to have two world class projects. However, they do not provide resource estimates for either one. So, they both early exploration. Mt Freda / Golden Mile is a JV, but I don't know... more
08/17/2019
Analysis
Updated: Victoria Gold Corp
Victoria Gold is building a large open pit project. Their Eagle Gold project looks excellent. It is a 5 million oz resource (.7 gpt) in Canada (Yukon). It is only a 70% recovery rate, so the actual resource is about 3.5 million oz, which is still large.... more
08/15/2019
Analysis
Added: Enduro Metals
Crystal Lake is a project generator focused in Canada. They have a single property (Newmont Lake) in British Columbia. It is a large property (135,000 acres) in the Golden Triangle. They had a discovery hole (14 meters at 26 gpt) and investors like their... more
08/14/2019
Analysis
Added: RosCan Gold Corp
RosCan Gold is a project generator in West Africa. They have one property (Kandiole) in Mali. It's on 65,000 acres with a lot of drill targets. It's early exploration and they only began drilling in 2018. They have been finding gold, but the widths have... more
08/14/2019
Analysis
Updated: DELETE - Bessor Minerals Inc
Bessor Minerals (previously Troymet Exploration) has two early exploration projects. Redhill in a copper/gold project while Golden Eagle has high grade gold, both of them in British Columbia . They also have 1% NSR on a project they sold to New Gold (they more
08/13/2019
Analysis
Updated: Alien Metals Limited
Alien Metals (formerly Arian Silver) is a small explorer in Mexico. They lost their 117 million oz San Jose project in 2015 due to debt issues. This leaves them with three exploration projects: Los Campos, La Africana and San Celso.
I don't know if... more
08/13/2019
Analysis
Updated: Intl. Tower Hill Mines Ltd
Int. Tower Hill Mines (ITHM) has a monster project (Livengood) in Alaska with 20 million oz (.5 gpt) with an 80% recovery rate. It has a pre-feasibility study with a $1.8 billion capex to produce 350,000 oz for 20+ years. Cash costs are about $900 per oz... more
08/12/2019
Analysis
Updated: Chibougamau Independent Mines Inc
Chibougamau Independent Mines has a large (23,000 acres) gold/copper exploration property in Quebec. It has 8 past producing gold/copper mines and a 3,000 tpd mill. The best thing about it is the location. Also, it has significant exploration potential.... more
08/12/2019
Analysis
Updated: Dundee Precious Metals Inc
Dundee Precious Metals is a mid-tier producer. They have two producing gold mines in Bulgaria. Chelopech at 150,000 oz, with significant offsets in silver, copper, and zinc. Cash costs are under $600 per oz, with all-in costs around $1000 per oz.... more
08/11/2019
Analysis
Updated: Magellan Gold Corp
Magellan Gold recently acquired a gold mine and mill in Mexico. It only has about 50,000 oz (10 gpt), but they have a mill and plan to mine it. The problem is they are out of cash and do not have a PEA or scoping study. So, the risk is very high.... more
08/11/2019
Analysis
Updated: Aloro Mining Corp
Aloro Mining is a new exploration company focused in Mexico. They have one property (Los Venados) that is near two previously mined open pits (gold). They drilled it twice in 2019 and in both of them they received disappointing results. They are out of... more
08/11/2019
Analysis
Updated: Pinnacle Silver and Gold
Newrange Gold (previously Colombian Mines) is a project generator. They have 2 projects in Colombia that look promising. The Yarumalito is still early exploration (18,000 meters drilling to date), but is forecasted to have potential for 3 million oz.... more
08/11/2019
Analysis
Updated: Pacific Ridge Exploration Ltd
Pacific Ridge Exploration is a project generator that has been in business for 45 years. They have 7 early exploration gold projects, mainly in Yukon, 3 of them optioned to third parties.
Their most recent acquisition is Spius in British Columbia.... more
08/10/2019
Analysis
Updated: Wiluna Mining
Blackham Resources is a gold producer in Australia. They are producing 70,000 oz with all-in costs around $1200 per oz. They have large resources around 6 million oz and have plans to expand production to 200,000 oz annually (around 2022). The capex for... more
08/10/2019
Analysis
Updated: Liberty Gold
Liberty Gold (formerly Pilot Gold) was formed from Fronteer Gold and True Gold's management team. The CEO is Mark O'Dea. He has sold his last two projects. I have them listed as a project generator, but they could become a producer. They are valued by... more
08/10/2019
Analysis
Updated: Salazar Resources Ltd
Salazar Resources has a late stage project (El Domo deposit on their large Curipamba property). El Domo (850,000 oz at 2.8 gpt) looks like it is a mine. The capex is $110 million and the after-tax IRR is 30%. They have 25% JV interest. Curipamba is on... more
08/10/2019
Analysis
Updated: Lumina Gold Corp
Lumina Gold (previously Odin Mining) has a large gold/copper project in Ecuador. Cangrejos has 8 million oz of gold and 1 billion lbs of copper. They did a PEA in 2018 that shows a 16-year mine life at 370,000 annual gold production. They are currently... more
08/08/2019
Analysis
Updated: Idaho Strategic Resources Inc
New Jersey Mining is a small gold producer in Idaho. Their Golden Chest deposit is 400,000 oz at 1.5 to 3 gpt. They are currently mining both open pit and underground, although only about 5,000 oz. They have enough resources to mine for several years.... more
08/06/2019
Analysis
Updated: Sun Summit Minerals
San Marco Resources is a project generator focused in Mexico. They have four early exploration projects. Chunibas (1,200 acres) is a 30% JV. Their JV partner is drilling. Oregano (175,000 acres) is still early exploration. 1068 (4,500 acres) is early... more
08/06/2019
Analysis
Updated: Centerra Gold Inc
Centerra Gold is a Canadian-based emerging major. They have 14 million oz of reserves and are producing about 750,000 oz at around $1000 per oz all-in costs. Free cash flow will be around $150 to $200 million in 2019 at $1300 gold. Their Kumtor mine in... more
08/05/2019
Analysis
Updated: Arkle Resources PLC
Connemara Mining is a small project generator with two gold projects in Ireland. Inishowen is believed to have similar geology to Dalradian's Curraghinalt Project (high grade veins), but first drill results back in 2017 returned only few short and... more
08/05/2019
Analysis
Updated: Toubani Resources Inc
African Gold Group has a late stage project (feasibility completed) in southern Mali. Koboda already is a 2 million resource at 1 gpt, and could get much bigger. They tried to make a 50% JV deal with Hummingbird Resources in 2017, but it was canceled.... more
08/04/2019
Analysis
Updated: Elevation Gold Mining Corp
Northern Vertex Mining is small gold producer in Arizona called Moss. It is a 450,000 oz (gold equivalent, including silver) resource at .8 gpt. The feasibility study has excellent economics. The IRR is 44% at $1300 gold. They plan to produce 40,000 oz... more
08/04/2019
Analysis
Updated: Minco Silver Corp
Minco Silver is highly undervalued. They have a large high-grade deposit (150 million oz and growing) that is an anomaly. It is high grade at 6 opt and is near surface. Thus, it will be a low cost ($6 per oz cash costs) / high-profit mine. The cash flow... more
08/04/2019
Analysis
Updated: Sandstorm Gold Ltd
Sandstorm Gold is a relatively new royalty company. They are focusing on gold and currently have 21 producing assets (under contract). They have solid cash flow (about $60 million per year) from these properties and are growing rapidly at about 20% per... more
08/04/2019
Analysis
Updated: DELETE - Strategic Minerals Corp. NL
Strategic Minerals is drilling a gold discovery (Woolgar) in Australia. They have found 1.2 million oz at 2 gpt and will likely find more (120,000 acres). They have been drilling since 2014 and need a PEA. It's still early exploration and they will... more
08/04/2019
Analysis
Updated: Maritime Resources Corp
Maritime Resources has a past producing property (Green Bay) in Newfoundland (2000 to 2004). It is about 2 years away from restarting production with financing. They completed a PFS in 2017, and it is economic with about a 35% after-tax IRR, with cash... more
08/03/2019
Analysis
Updated: Sirios Resources Inc
Sirios Resources is a project generator with a focus on Quebec, Canada. They have a gold discovery with their Cheechoo project (17,000 acres). Their FD market cap exploded in 2016 from $6 million to $54 million from good drill results. They have now... more
08/03/2019
Analysis
Updated: Scottie Resources
Scottie Resources (previously Rotation Minerals) is a project generator focusing on gold exploration in the Golden Triangle in British Columbia. They have 7 properties (Scottie, Black Hills, Summit Lake, Ruby, Bitter Creek, Bow, Stock). Scottie is a past... more
08/03/2019
Analysis
Updated: Thor Explorations Ltd
Thor Exploration is advancing a gold project in Nigeria. The Segilola project (6,500 acres) is a 500,000 oz open pit deposit (4 gpt) with also an underground mine. They have completed a feasibility study, permitting, and financing. They will break ground... more
08/03/2019
Analysis
Updated: Entree Resources Ltd
Entree Gold is a project generator with a large copper/gold project. The Oyu Tolgoi project in Mongolia is one of the largest in the world, with 22 billion lbs of copper and 24 million oz of gold (.4 gpt) and 45 million oz of silver (2 gpt). It has an... more
08/03/2019
Analysis
Updated: MTB Metals
Mountain Boy Minerals is a project generator with 8 gold/silver projects in British Columbia (Golden Triangle). Their BA silver project on 23,000 acres has had excellent early drill results (50 meters at 4 opt, 65 meters at 3 opt). Their MB silver... more
08/01/2019
General
July 2019 Newsletter Posted.
The July 2019 newsletter has just been posted. more
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