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08/31/2020
Analysis
Updated: Peruvian Metals
Peruvian Metals (previously Duran Ventures) is an early project generator in Peru, but also a toll miner. They have a 100 tpd mill (Aguila Norte) that they own 80%. They want to expand the mill to 500 tpd, and to use a lot of their own ore. For this... more
08/30/2020
Analysis
Updated: DELETE - Otso Gold
Otso Gold (previously Nordic Gold and Firesteel Resources) is a near-term gold producer in Finland. Their Laiva gold mine (10,000 acres) was built by a previous owner for $250 million. The mine is on care and maintenance and requires about $15 million to... more
08/30/2020
Analysis
Updated: 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) and has a 600-meter strike. It is a 70%... more
08/30/2020
Analysis
Updated: TNR Gold Corp
TNR Gold is a project generator with an interesting project in Alaska. Their Shotgun project covers 17,000 acres in a very good location to find gold. They already have a 700,000 resource at 1 gpt, with a lot more likely to be discovered. This is a... more
08/29/2020
Analysis
Updated: Stavely Minerals Ltd
Stavely Minerals is mostly a copper exploration company. They have several large copper/gold properties (Stavely, Ravenswood, Ararat, Yarram Park) in Western Victoria, which is a hot spot at the moment. They have had good drill results at Stavely (Thursda more
08/29/2020
Analysis
Updated: American Creek Resources Ltd
America Creek Resources is a project generator in Canada. They have two properties in the golden triangle in British Columbia: Treaty Creek (20% JV) and Dunwell. Both are located near the Seabridge KSM and Pretium Brucejack projects. They are currently... more
08/29/2020
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 (25,00 more
08/28/2020
Analysis
Updated: Arizona Gold & Silver
Arizona Silver Exploration was formed in 2016. They have 4 silver projects in Arizona and Nevada. They are currently focused on their newly acquired Philadelphia project, a past producing mine. They are drilling it and have had success. Shares have been... more
08/27/2020
Analysis
Updated: Investigator Resources Ltd
Investigator Resources is advancing a silver discovery (Paris) in Australia. It is already a 42 million oz resource (130 gpt) at surface. They have not decided how to advance it. There is a possibility they could build it themselves, although they appear... more
08/27/2020
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
08/27/2020
Analysis
Updated: Orogen Royalties Inc
Orogen Royalties is a project generator. It was created in 2020b from the combination of Evrim Resources and Renaisance Gold. They call themselves a royalty company, but are really an exploration company with 10 NSRs. But these NSRs are not providing any... more
08/26/2020
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
08/26/2020
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
08/26/2020
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 9 operating properties with 10% of production in South Africa, 40% in Australia, 35% in West Africa, and 15% more
08/25/2020
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
08/25/2020
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
08/25/2020
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
08/25/2020
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
08/24/2020
Analysis
Updated: Bluestone Resources Inc
Bluestone Resources acquired the Cerro Blanco project 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 that was the best deal they... more
08/24/2020
Analysis
Updated: Avrupa Minerals Ltd
Avrupa Minerals is a Canadian based Project Generator that is exploring in Europe. They have 12 projects, most of which are primarily base metals (Copper and Tungsten), and are focusing in Portugal and Kosovo. They have 4 JVs, one in Kosovo, Germany, and... more
08/24/2020
Analysis
Updated: DELETE - Pan Andean Minerals Ltd
Pan Andean Minerals (formerly BCGold Corp) is small project generator based in Canada. They have a large property in Peru (Chanape / Pucacorral) that they recently obtained. It is currently their focus. Past drill results have been encouraging: 55 meters... more
08/24/2020
Analysis
Updated: Mako Gold Ltd
Mako Gold is a new exploration company focused in West Africa. They have 2 early exploration properties. Napie in Cote d'Ivorie is a significant discovery with excellent recent drill holes. It has a substantially target area with a 15-mile strike. They... more
08/24/2020
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
08/23/2020
Analysis
Updated: 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 non-core assets. They... more
08/23/2020
Analysis
Updated: Victoria Gold Corp
Victoria Gold is a mid-tier producer in Canada. Their Eagle Gold project began production in 2019. It is a 5 million oz resource (.7 gpt) the Yukon. It is only a 72% recovery rate, so the actual resource is about 3.5 million oz, which is still large. It... more
08/22/2020
Analysis
Updated: Enduro Metals
Enduro Metals (formerly Crystal Lake Mining) 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 have several discovery holes (14... more
08/22/2020
Analysis
Updated: 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 are early exploration. Mt Freda / Golden Mile is a 30% JV with Newcrest... more
08/22/2020
Analysis
Updated: GoldON Resources Ltd
GoldOn Resources is a project generator focused in Canada. They have 5 properties in the Red Lake district in Ontario. Several of their properties are large and in good locations. They are low on cash, so expect dilution because they need funds to drill.... more
08/20/2020
Analysis
Updated: 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. They started drilling in 2018 and have found a significant discovery (65 meters at 5 gpt). It appears to be a... more
08/20/2020
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
08/20/2020
Analysis
Updated: Dundee Precious Metals Inc
Dundee Precious Metals is a mid-tier producer. They have two producing gold mines in Bulgaria. Chelopech at 170,000 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
08/19/2020
Analysis
Updated: Pinnacle Silver and Gold
Newrange Gold (previously Colombian Mines) is a project generator. They recently sold their Colombia properties (Yarumalito and El Dovio). They are now focusing on a gold discovery in Nevada (Pamlico). It is a 6,300 acre property with several targets.... more
08/19/2020
Analysis
Updated: Magellan Gold Corp
Magellan Gold recently sold their Mexico and Arizona properties. Now they are left with a recent acquisition in Idaho (Center Star). This is an early exploration project. They are low on cash and will need to dilute for drilling. I’m surprised their FD... more
08/18/2020
Analysis
Updated: Riversgold Ltd
Riversgold Ltd is a new project generator that formed in 2017. They have an aggressive management team with projects in Australia (8 properties), Alaska (3 properties), and Cambodia (4 properties). All of them are early exploration with very little... more
08/18/2020
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% carried interest. A... more
08/18/2020
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, including True Gold. I have them listed as a project generator, but they could become a producer.... more
08/18/2020
Analysis
Updated: Lumina Gold Corp
Lumina Gold (previously Odin Mining) has a large gold/copper project in Ecuador. Cangrejos has 16 million oz (.5 gpt) of gold and 2 billion lbs of copper. They did a PEA that shows a 25-year mine life at 365,000 annual gold production. With the copper... more
08/16/2020
Analysis
Updated: Centerra Gold Inc
Centerra Gold is a Canadian-based major. They have 11 million oz of reserves and are producing about 800,000 oz at around $1000 per oz all-in costs. Free cash flow will be around $500 million in 2020. Their Kumtor mine in Kyrgyzstan produces around 550,00 more
08/16/2020
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 10,000 oz. They have enough resources to mine for several years.... more
08/16/2020
Analysis
Updated: Sun Summit Minerals
San Marco Resources is a project generator. They are drilling their Buck property (50,000 acres) in British Columbia. It has good historic drill results and their market cap has jumped to $16 million.
They also have three early exploration projects... more
08/16/2020
Analysis
Added: Magna Terra Minerals Inc
Magna Terra Minerals is a project generator focused in Eastern Canada. They have 4 projects and seem to be an exciting new stock. They are drilling Cape Spencer (New Brunswick) and Great Northern (Newfoundland). Plus, their Rattling Brook property (Labrad more
08/15/2020
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
08/15/2020
Analysis
Updated: Toubani Resources Inc
African Gold Group has a late-stage project in southern Mali. Koboda already is a 2 million resource at 1 gpt, and could get much bigger. The capex is $136 million, with an after-tax IRR around 40% at $1300 gold and NPV at $225 million. Cash costs are... more
08/15/2020
Analysis
Updated: MTB Metals
Mountain Boy Minerals is a project generator with 8 gold/silver projects in British Columbia (Golden Triangle). Currently, they are drilling 3 target areas on American Creek. This could be a significant discovery. Their BA silver project on 23,000 acres... more
08/14/2020
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. Construction will be... more
08/14/2020
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
08/14/2020
Analysis
Updated: Sandstorm Gold Ltd
Sandstorm Gold is a high-quality gold royalty company. They are focusing on gold and currently have 23 producing assets (under contract). They have strong free cash flow (about $50 million in 2020) from these properties and are growing rapidly at about... more
08/12/2020
Analysis
Updated: Sirios Resources Inc
Sirios Resources is a project generator with a focus on Quebec, Canada. They have a large open-pit with their Cheechoo project (1.6 million oz at .7 gpt). They plan to release a PEA in 2021. There are also giving guidance to produce a pre-feasibility... more
08/12/2020
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
08/12/2020
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
08/11/2020
Analysis
Updated: Amarc Resources Ltd
Amarc Resources appears to be a project generator (but they claim to be an exploration and development company). They have one gold project in British Columbia. Newton is a 1.5 million oz deposit with potential. However, it is low grade (.4 gpt) and... more
08/11/2020
Analysis
Updated: Southern Arc Minerals Inc
Southern Arc Minerals is a project generator based in Canada. They have had several successful discoveries, but never seem to be able to monetize them into shareholder value. It has been a nightmare for shareholders, with the stock price falling from $20... more
08/10/2020
Analysis
Updated: Inca Minerals Ltd
Inca Minerals has a high-grade zinc/silver discovery (Riqueza) in Peru. They have identified 20 veins at surface. The average sample has returned 7% zinc and 200 gpt silver. They recently formed a JV with South32, who has an option for 60%. This creates... more
08/10/2020
General
New SeekingAlpha Article:Silver Miners Shine
https://seekingalpha.com/article/4367147-silver-miners-shine more
08/10/2020
Analysis
Updated: Soma Gold Corp
Soma Gold (formerly Para Resources) is new gold producer in Colombia. They have two producing mills/mines. El Limon (55,000 aces) is about a 400,000 oz (5 gpt) deposit with a 250 tpd mill. Operadora (16,000 acres) is about a 150,000 oz (5 gpt) deposit... more
08/09/2020
Analysis
Updated: Altiplano Metals
Altiplano Minerals is advancing two copper/gold projects in Chile. Both projects are currently small, but have exploration potential to expand in size. Farallon is a past producing underground mine with a 300,000 ton deposit (.4 gpt gold and 2% copper).... more
08/09/2020
Analysis
Updated: Angkor Resources
Angkor Resources is a project generator in Cambodia. They have 5 large properties on 250,000 acres, but all are early exploration without a significant discovery. They have 3 JV deals where their partners are drilling. They are low on cash, so expect... more
08/09/2020
Analysis
Updated: Spearmint Resources Inc
Spearmint Resources has 5 early exploration gold projects in Canada. Several of them are in the golden triangle (including Hammernose) and in Quebec (Perron - East). It does not appear that they have done much drilling and are low on cash. They seem to... more
08/07/2020
Analysis
Updated: East Africa Metals Inc
East Africa Metals is a project generator. They arose from a spin-out from Canaco Resources in 2012. They have three large resources in Tanzania and Ethiopia.
The Magambazi project (25,000 acres) in Tanzania. It is a 1 million oz surface deposit (1.4... more
08/07/2020
Analysis
Added: DELETE - Alliance Resources Ltd
Alliance Resources is developing a small high-grade gold mine (Wilcherry) in Australia. It's only 180,000 oz (5 gpt), but the capex is only $33 million. The key for them will be acquiring financing and then using the cash flow for finding more gold on... more
08/07/2020
Analysis
Updated: Abacus Mining & Exploration Corp
Abacus Mining and Exploration has a 20% interest in a large copper/gold project in Canada (British Columbia). The Ajax project has 2.7 billion lbs of copper and 2.6 million oz of gold reserves. They plan to produce 58,000 tons of copper and 125,000 oz of... more
08/06/2020
Analysis
Added: Hammer Metals Ltd
Hammer Metals is a project generator focused in Australia. They have to large properties that are being drilled. Bronzewing South (50,000 acres) is in Western Australia, and they are drilling a discovery. Mt Isa (500,000 acres) is a 40% JV and their... more
08/05/2020
Analysis
Updated: NeXGold Mining Corp
Treasury Metals has an advanced gold project (Goliath) in Ontario, Canada. It is an open pit (800,000 oz at 2.5 gpt) and underground (700,000 oz) mine. The PEA was updated in 2017 for a capex of $100 million to build the open pit and mill. It will... more
08/05/2020
Analysis
Added: Grande Portage Resources Ltd
Grande Portage Resources has a high-grade gold discovery (Herbert) in Alaska. It's an 850,000 resource (10 gpt) and is growing in size. If they can double the size of the resource, they could do well. However, it's already a bit pricey ($39 million FD... more
08/04/2020
Analysis
Added: DELETE - Brigadier Gold Ltd
Brigadier Gold is a project generator focused in Mexico. They have a large (10,000 acre) silver property (Picachos) in a good location. It is situated between Vizsla and GR Silver properties that both have significant discoveries. For this reason,... more
08/04/2020
Analysis
Added: Freeman Gold Corp
Freeman Gold is advancing an open-pit gold project (Lemhi) in Idaho (7500 acres). It has 350 historic holes, but the grade and size is unknown. They plan to release a maiden resource in 2020. They recently tried to raise $4 million, but there was enough... more
08/03/2020
Analysis
Added: Apollo Silver
Apollo Gold is a new project generator focused in Chile and Mexico. They recently obtained a property in Chile (Apollo - Sancarron) that has not been drilled. They plan to do initial drilling in 2021. So, this is a very high-risk spec stock. They do have... more
08/03/2020
Analysis
Added: Monarca Minerals Inc
Monarca Minerals (formerly Oremex Silver) is a project generator focused in Mexico. They have 3 early exploration projects. One of them (Tejamen) has a low-grade resource of 28 million oz (45 gpt). They plan to drill San Jose (12,500 acres) this year.... more
08/02/2020
Analysis
Updated: Augusta Gold Corp
Bullfrog Gold has a small open pit project in Nevada (Bullfrog). It is a 700,000 deposit at 1 gpt. It is on a property where Barrick Gold mined 2.3 million oz from 1989 to 1999. I would expect it to have a low capex and be easy to permit. They plan to... more
08/02/2020
Analysis
Added: Black Cat Syndicate Ltd
Black Cat Syndicate is a gold mining company in Australia. They seem to be going in a good direction. In 2020, they acquired several properties and now have potential to grow into a mid-tier producer. Their resources are currently low at 700,000 oz, but... more
08/02/2020
Analysis
Updated: Callinex Mines Inc
Callinex Mines is a project generator focused in Canada. They are really a zinc exploration company with 4 zinc projects totalling 2.6 billion lbs of zinc eq. They might even be a development company, with guidance of production at their Nash Creek (New... more
08/01/2020
General
July 2020 Newsletter Posted
July 2020 Newsletter Posted. more
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