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News from October 2016

10/29/2016
Analysis  
Updated: Millennium Minerals Ltd.
Millennium Minerals is a mid-tier producer in Australia (my definition). They have somewhat low resources at around 1.2 million oz. I have padded it to 1.5 million in my analysis because they are drilling 100,000 meters in 2016 and have 20+ targets. They...  more
10/29/2016
Analysis  
Updated: Dragon Mining Ltd.
Dragon Mining is a small gold producer in Sweden and Finland. They have 1.6 million oz's of gold and are producing 40,000 oz a year. They made a profit last year, and have $10 million in cash with no debt. Their all-in costs are around $1200 per oz....  more
10/28/2016
Analysis  
Updated: Focus Minerals Ltd.
Focus Minerals was a mid-tier producer in Australia, but they halted production in 2013 due to high cash costs. My guess is once gold passes $1400, they will resume production. They have two solid properties: Laverton (82%) and Coolgardie (100%). Both...  more
10/28/2016
Analysis  
Updated: Hochschild Mining Plc
Hochschild Mining is a large silver producer in South America. They will produce 35 million of silver equivalent (including gold) in 2016. All-in costs per oz are about $15 (silver equivalent). They currently have 4 operating mines in Peru and Argentina....  more
10/28/2016
Analysis  
Updated: Winston Gold Corp
Winston Gold Mining has two high grade past producing mines. However, neither has been in production in recent times, nor does either have a resource total. Both are exploration projects that will require drilling. Investors seem to like it, pushing up...  more
10/27/2016
Analysis  
Added: Winston Gold Corp
Winston Gold Mining has two high grade past producing mines. However, neither has been in production in recent times, nor does either have a resource total. Both are exploration projects that will require drilling. Investors seem to like it pushing up...  more
10/26/2016
Analysis  
Updated: Goldgroup Mining Inc
Goldgroup Mining is a small producer in Mexico. They had to sell their flagship Cabello Blanco project in 2014 because of financing issues. Now they are left with two small projects. Cerro Prieto is low grade open pit project. They began mining in 2015...  more
10/26/2016
Analysis  
Updated: Loncor Resources Inc
Loncor Resources is a new exploration company with 3.5 million acres in the DRC (Democratic Republic of Congo). When I looked at them in 2012, they had a FD market cap of $113 million. I thought that was bit pricey for a company without any resources....  more
10/25/2016
Analysis  
Updated: ATAC Resources Ltd.
ATAC Resources is project generator with a very large project. The Rackla Gold project is a 115 mile narrow trend on 400,000 acres in the Yukon, Canada. They are drilling about 20 deposits and have had excellent drill results. So far it seems like every...  more
10/25/2016
Analysis  
Added: GPM Metals Inc
GPM Metals has two early exploration silver projects. The Walker Goosan project (425,000 acres) in Australia is in an area known for silver discoveries. The Pasco project (12,000 acres) in Peru is also in a good location. Investors seem to like their...  more
10/25/2016
Analysis  
Added: Arcus Development Group Inc.
Arcus Development has 4 properties in the Yukon that comprise their Dawson gold project. All four properties are near each other and are approximately 10,000 acres in total. All are early exploration with very little if any drilling. These properties are...  more
10/25/2016
Analysis  
Added: DELETE - BRAVURA VENTURES C
Bravura Ventures has two early exploration gold projects. They recently optioned the Grew Creek project (27,000 acres) from Golden Predator. They can obtain 90% ownership for a very cheap price (cash, shares, and NSR). Grew Creek has 19,000 meters of...  more
10/24/2016
Analysis  
Updated: Tinka Resources Ltd.
Tinka Resources is a project generator with two significant projects in Peru. Their Ayawilca zinc/tin/silver project (35,000 acres) already has 2.5 billion lbs of zinc and is growing in size. They are currently trying to raise $7 million for drilling and...  more
10/24/2016
Analysis  
Updated: Golden Arrow Res Corp.
Golden Arrow Resources has a large silver project (Chinchilla) in northern Argentina. Silver Standard optioned 75% of the project in 2015, and is working on a pre-feasibility study. Chinchilla is a 140 million oz resource (60 gpt) with a PEA to produce 8...  more
10/24/2016
Analysis  
Updated: Oceanus Resources Corp
Oceanus Resources is a project generator with a large silver project in Mexico. The El Tigre silver project (50,000 acres) has 44 million oz at 75 gpt. It is getting close to a PEA and will likely become a mine. They are cashed up ($4 million) and are...  more
10/24/2016
Analysis  
Added: Sunrise Resources Plc
Sunrise Resources is a London based exploration company. They have a potential silver discovery (Bay State) in Nevada. There have been some high grade samples (11 opt and 14 opt). Drill results have not found a mine yet, but they have only drilled a few...  more
10/22/2016
Analysis  
Updated: Goldsource Mines Inc
GoldSource Mining is small producer in Guyana. They have a small project, starting with only 1,000 oz of production. They are starting small and plan to increase production organically to at least 35,000 oz annually. My guess is that they will steadily...  more
10/21/2016
Analysis  
Updated: Euromax Resources Ltd
Euromax Resources has significant upside potential. The Ilovitza project in Macedonia has 2.5 million oz (low grade of .33 gpt). It has a feasibility for 83,000 oz of annual production at $250 cash costs (using copper offsets), plus a large amount of...  more
10/20/2016
Analysis  
Updated: Paramount Gold Nevada Corp
Paramount Gold Nevada is a project generator. It is a new company (in 2015) that was a spinout of Paramount Gold, which sold their San Miguel project. That leaves them with the Sleeper project in Nevada and Grassy Mountain in Oregon. Sleeper is very...  more
10/19/2016
Analysis  
Updated: Nicola Mining Inc
Nicola Mining (formerly Huldra Silver) was a small producer in Canada. They have a high grade (10 opt) deposit (Treasure Mountain) that could be a low cost mine (because of zinc and lead offsets). They started at 600,000 oz and could have been able to...  more
10/19/2016
Analysis  
Updated: Lion One Metals Ltd
Lion One Metals has an advanced high grade project in Fiji called Tuvatu (90,000 acres). It is a 800,000 oz (6 gpt) deposit that is fully permitted and partially financed. The capex is $48 million with an after-tax IRR over 50% at $1300 gold. The cash...  more
10/19/2016
Analysis  
Updated: Lion One Metals Ltd
Lion One Metals has an advanced high grade project in Fiji called Tuvatu (90,000 acres). It is a 800,000 oz (6 gpt) deposit that is fully permitted and partially financed. The capex is $48 million with an after-tax IRR over 50% at $1300 gold. The cash...  more
10/19/2016
Analysis  
Updated: Liberty Gold
Pilot Gold was formed from Fronteer Gold’s management team. They have an advanced project in Turkey called Halilaga. It is really a copper project operated by Teck (60% ownership and operator), with 2 billion lbs of copper and 3.2 million oz of gold (18  more
10/18/2016
Analysis  
Updated: Roxgold Inc
Roxgold Inc. is a new mid-tier producer in Burkina Faso. Yaramoko is a million oz deposit with an avg grade around 12 gpt. They released a feasibility study with a capex of $107 million to begin producing 100,000 oz per year. The after-tax IRR is 47% at $  more
10/18/2016
Analysis  
Updated: Dolly Varden Silver Corp
Dolly Varden Silver is a new company. They started trading and drilling in 2012. Their 22,000 acre Dolly Varden property in northern British Columbia has 4 past producing mines. These mines produced 20 million oz at 10 to 30 opt in the 1920s and 1950s....  more
10/18/2016
Analysis  
Updated: Patriot Gold Corp.
Patriot Gold has a 3% NSR for a open pit project (Moss Mine) in Nevada. It is a 700,000 oz resource with cash costs at $500 per oz. Thus, it is economic. The capex is only $27 million, some of which has already been spent by the operator Northern Vertex (  more
10/17/2016
Analysis  
Updated: Almaden Minerals Ltd.
Almaden Minerals has decided to build their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties (Mexico, Canada, and Nevada) and NSRs to their stockholders in a new company (Almadex Minerals). Ixtaca will begin production...  more
10/17/2016
Analysis  
Updated: Almaden Minerals Ltd.
Almaden Minerals has decided to build their flagship project in Mexico (Ixtaca). They spun out their 40 exploration properties (Mexico, Canada, and Nevada) and NSRs to their stockholders in a new company (Almadex Minerals). Ixtaca will begin production...  more
10/17/2016
Analysis  
Updated: Atlantic Gold Corp
Atlantic Gold Corp has four surface projects next to each other that have a combined 1,800,000 oz (their share) at 1.5 gpt. They have an experienced team and might be able to pull this off. They plan to begin construction in 2016 for initial production...  more
10/17/2016
Analysis  
Updated: Atlantic Gold Corp
Atlantic Gold Corp has four surface projects next to each other that have a combined 1,800,000 oz (their share) at 1.5 gpt. They have an experienced team and might be able to pull this off. They plan to begin construction in 2016 for initial production...  more
10/17/2016
Analysis  
Updated: Caledonia Mining Corp. Plc
Caledonia Mining is a small producer in Zimbabwe, Africa. Production is 50,000 oz and they get 49%. All-in costs are about $1000 per oz. They have cash flow, $10 million in cash, and no debt. Plus, they have 18 properties to explore (200,000 acres in...  more
10/17/2016
Analysis  
Updated: Excellon Resources Inc.
Excellon Resources is a small silver producer in Mexico. They are producing about 2 million oz of silver equivalent (including base metals) with all-in costs around $17 per oz. That's not great. But they are currently spending $10 million to double...  more
10/16/2016
Analysis  
Updated: Caledonia Mining Corp. Plc
Caledonia Mining is a small producer in Zimbabwe, Africa. Production is 50,000 oz and they get 49%. All-in costs are about $1000 per oz. They have cash flow, $10 million in cash, and no debt. Plus, they have 18 properties to explore (200,000 acres in...  more
10/16/2016
Analysis  
Added: Engold Mines Ltd
Engold Mines has a potential discovery in British Columbia. The La Hache property (45,000 acres) has had significant drilling and several holes with gold: 26 meters at 7 gpt, 12 meters at 4.5 gpt, and 172 meters at .8 gpt. It is still early exploration...  more
10/15/2016
Analysis  
Updated: Rockcliff Metals Corp
Rockcliff Copper (previously Solvista Gold) is a new exploration company (2010) in Colombia and Canada. They got lucky and had gold discoveries on both of their Colombian properties (Caramanta and Guadalupe – 100,000 acres) during phase 1 drilling....  more
10/15/2016
Analysis  
Updated: Rockcliff Metals Corp
Rockcliff Copper (previously Solvista Gold) is a new exploration company in Canada. They have a 65% interest in a high grade copper discovery (Snow Lake) in Canada, that also has gold, silver, and zinc. The discovery is already 300 million lbs of copper...  more
10/15/2016
Analysis  
Added: Goldcliff Resource Corp.
Goldcliff Resources has a large copper/gold property (Tulumeen) in Canada. Investors seem to like their potential, bidding up the FD market cap to $10 million. It seems like a very high risk speculation stock to me. They also have a 40% JV in a small...  more
10/14/2016
Analysis  
Updated: QMX Gold Corp
QMX Gold (formerly Alexis Minerals) is a small producer in Canada. They sold their flagship Snow Lake project in August 2015 to Hudbay for $12 million. All that they have left is their Lac Herbin mine. It has low resources of about 100,000 oz and high...  more
10/14/2016
Analysis  
Updated: Peruvian Metals
Duran Ventures is an early project generator in Peru, but also a toll miners. 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. They are exploring at Chucara (50%...  more
10/13/2016
Analysis  
Updated: DELETE - Barker Minerals Ltd
Barker Minerals has a large land package in Canada (British Columbia). They have several projects on 128,000 acres. These include all types of mixes of minerals (gold, silver, copper, lead, zinc). They are currently focusing on Frank Creek (copper, zinc,...  more
10/13/2016
Analysis  
Updated: Santa Fe Gold Corp.
Santa Fe Gold was a small producer in New Mexico (Summit mine), but they had to stop production due to low gold prices. They had $13 million in debt. I think they sold Summit, Ortiz, and Mogollon to reduce their debt. They do mention these projects on...  more
10/12/2016
Analysis  
Updated: DELETE - Jayden Resources Inc
Jayden Resources is a project generator with an advanced gold project in Canada (British Columbia). The Silver Coin project is a 1.6 million oz resource (1 gpt), plus 10 million oz of silver. The 2011 PEA calls for an open pit of only 1 million oz (50,000  more
10/12/2016
Analysis  
Updated: Pacific Ridge Exploration Ltd
Pacific Ridge Exploration is a project generator that has been in business for 55 years. They have 4 early exploration gold projects (100% owned) in the Yukon. They recently made a 30% JV deal on their 70,000 acre Mariposa property. Early results have...  more
10/11/2016
Analysis  
Updated: Aton Resources Inc
Aton Resources (formerly Alexander Nubia International) has four early exploration projects in Egypt. They are a Canadian company with 600,000 acres of claims. They have a drill plan to do extensive drilling on two projects (although they are currently...  more
10/11/2016
Analysis  
Updated: DELETE - Quartz Mountain Resources
Quartz Mountain Resources is a small project generator focused in Canada. They had two two properties in British Colombia (Buck and Galaxie), but they let their leases lapse. They currently do no have any projects and their FD market cap has dropped to $1  more
10/10/2016
Analysis  
Updated: Mexican Gold Corp
Source Exploration has an interesting property in Mexico called Las Minas. It is on 4,000 acres and they have discovered 6 mineralized zones while drilling 14,000 meters. They think it could be a large mine. Early drill results have been very good: 244...  more
10/09/2016
Analysis  
Updated: Stakeholder Gold Corp
Stakeholder Gold is a project generator in Canada. They have two projects. Currently they are focusing on Ballarat (10,000 acres) in the Yukon. It is early exploration and they have not yet began drilling. Recently they raised $2 million and their FD...  more
10/09/2016
Analysis  
Updated: DELETE - Nevada Sunrise Gold Corp.
Nevada Sunrise Gold is a project generator with three gold projects in Nevada, including 2 JVs. None of their projects are advanced. Kinsley Mountain is optioned to Pilot Gold, who has acquired 79%. There is gold at Kinsley Mountain, where 140,000 oz...  more
10/08/2016
Analysis  
Updated: WildSky Resources
China Minerals purchased Hawthorne Gold in 2011. The current FD market cap is only $3 million (trading for 1 cent). They have a 150,000 acre property (Cassiar) in Canada (British Columbia) that has a 1 million oz (1 gpt) surface mine project called...  more
10/08/2016
Analysis  
Updated: Aben Resources Ltd
Aben Resources is an early project generator in Canada. The CEO has had success before, selling his last two companies. They have four gold projects and all are early exploration. In 2016, they obtained the Kerr Forrest (23,000 acres) property in the...  more
10/07/2016
Analysis  
Updated: Black Dragon Gold Corp
Astur Resources is a case study on the high risk of gold mining stocks. They had an economic project (Salave in Spain) and then their environmental mining permit was denied. The stock has crashed from 47 cents to 2 cents. Now it is back to 4 cents. They...  more
10/07/2016
Analysis  
Updated: DELETE - Sage Gold Inc
Sage Gold has a small gold project in Canada. They own 60% of the Clavos project in Ontario. It is a 320,000 oz deposit (4.7 gpt) and has exploration potential to extend the life of the mine. The capex is only $8 million and they could begin production...  more
10/06/2016
Analysis  
Updated: Newrange Gold Corp
Colombian Mines is a project generator with a lot of potential. They have 7 project areas covering approximately 225,000 acres, 3 of which look very promising. The Yarumalito project (30% JV) is still early exploration (16,000 meters drilling to date),...  more
10/05/2016
Analysis  
Updated: Constantine Metal Resources Ltd.
Constantine Metal Resources is a project generator focused in Canada and the US. They have five exploration projects, three of which are JVs. This is a high speculation stock with significant potential. They have a FD market cap of $10 million. They are...  more
10/05/2016
Analysis  
Updated: Transition Metals Corp
Transition Metals is a project generator with 32 projects (9 gold) in Canada and 4 JVs. They are focusing on 5 district size plays: 2 gold, 1 copper, and 2 nickel, copper, and PGMs. All are early exploration. They have a tiny FD market cap of $6 million....  more
10/04/2016
Analysis  
Updated: Euro Sun Mining Inc
Euro Sun Mining (formerly Carpathian Gold) was a mid-tier producer in Brazil with a huge debt load. In 2015, they were able to make a deal to sell the project for the amount of debt ($177 million). Now they are debt free with a large gold/copper project...  more
10/04/2016
Analysis  
Added: Solidusgold Inc
SolidusGold Inc purchased a 3 million oz (2 gpt) project from Newmont Mining in 2016 for $20 million. This deal is dependent on their ability to close a private placement to pay for the property. It is likely to close, because the Northumberland project...  more
10/04/2016
Analysis  
Added: Solidusgold Inc
SolidusGold Inc purchased a 2.7 million oz resources (2 gpt) from Newmont Mining in 2016 for $20 million. This deal is dependent on their ability to close a private placement to pay for the mine. It is likely to close, because the Northumberland project...  more
10/03/2016
Analysis  
Updated: Goldquest Mining Corp
Goldquest Mining has a large discovery in the Dominican Republic. They released a solid drill hole in May 2012 of 231 meters at 2.4 gpt. That single drill hole pushed the stock from 7 cents to $1. Then they released a monster hole of 258 meters at 4.5...  more
10/03/2016
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 heading to production. The capex is $110 million and the after-tax IRR is 30% (with a 41% tax rate). It has...  more
10/02/2016
Analysis  
Updated: Anglogold Ashanti Ltd.
AngloGold Ashanti is one of the largest majors. They are also one of the most undervalued. In fact, they have a 2.5 rating, which is rare for a major. The key for this company is reducing their debt ($2.6 billion) and avoiding political issues in S....  more
10/02/2016
Analysis  
Updated: Endeavour Mining Corp
Endeavor Mining is a mid-tier producer in West Africa, with 5 operating mines in 4 countries. Their market cap has jumped to $1.8 billion, so they aren't cheap anymore. They are producing 600,000 oz with all-in costs around $1100 per oz. They have large...  more
10/02/2016
Analysis  
Updated: Manas Resources Ltd.
Manas Resources had two open pit projects in Kyrgyzstan. The Shambesai deposit was 700,000 oz (2 gpt) and the Obdilla deposit is 485,000 oz (2 gpt). They sold both projects in 2016 for $10 million. They are finalizing the acquisition of a new project (Vic  more
10/01/2016
Analysis  
Updated: Barkerville Gold Mines Ltd
Barkerville Gold is steadily advancing toward becoming a large company. Their market cap has jumped from $37 million to $176 million in the past two years. They have potentially 5 to 20 million oz (2 gpt) of gold in British Columbia. In 2013 the stock...  more
10/01/2016
Analysis  
Updated: Blackham Resources Ltd
Blackham Resources is a near-term producer in Australia. They have an 800,000 oz open pit project (Matilda) that will begin production in 2016. They will produce 100,000 oz at about $1100 all-in costs for 6 to 8 years (likely to get extended). Plus, they...  more
10/01/2016
General  
September 2016 Newsletter Posted
The September 2016 newsletter has just been posted.  more


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