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News from October 2017

10/31/2017
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 200,000 meters in 2017 and have 20+ targets. They...  more
10/31/2017
Analysis  
Updated: Dragon Mining Ltd.
Dragon Mining is a small gold producer in Sweden and Finland. They have 1.6 million oz of gold and are producing 20,000 oz a year. They made a profit last year, but only have $1 million cash with no debt. Their all-in costs are around $1200 per oz. They...  more
10/29/2017
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
10/29/2017
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
10/29/2017
Analysis  
Updated: 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. They have a 70% option for...  more
10/29/2017
Analysis  
Updated: 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
10/29/2017
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. There objective is become a small gold...  more
10/28/2017
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
10/28/2017
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 cashed up and drilling aggressively and...  more
10/28/2017
Analysis  
Updated: Sunrise Resources Plc
Sunrise Resources is a London based exploration company. They have a possible silver discovery (Bay State) in Nevada. There have been some high grade surface samples (11 opt and 14 opt). Drill results have not yet confirmed the discovery, but they have...  more
10/28/2017
Analysis  
Updated: Sunrise Resources Plc
Sunrise Resources is a London based exploration company. They have a possible silver discovery (Bay State) in Nevada. There have been some high grade surface samples (11 opt and 14 opt). Drill results have not yet confirmed the discovery, but they have...  more
10/25/2017
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
10/25/2017
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
10/24/2017
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
10/22/2017
Analysis  
Updated: Atlantic Gold Corp
Atlantic Gold Corp has four surface projects next to each other that have a combined 2 million oz (their share) at 1.5 gpt. They have an experienced team and might be able to pull this off. They began production in 2017 at 50,000 oz (their share). They...  more
10/22/2017
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
10/22/2017
Analysis  
Updated: Emgold Mining Corp.
Emgold Mining had a nice project in California, but lost the option. This crashed their share price and they did a reverse split. Their FD market cap is down to $1 million. While investors have abandoned them, they have a 500,000 oz project in Nevada...  more
10/22/2017
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
10/22/2017
Analysis  
Updated: Dolly Varden Silver Corp
Dolly Varden Silver is project generator in Canada. They have one exploration project. 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...  more
10/22/2017
Analysis  
Updated: Patriot Gold Corp.
Patriot Gold is a small project generator focussed in Nevada. They have a 3% NSR for an open pit project (Moss) 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...  more
10/22/2017
Analysis  
Updated: Goldcliff Resource Corp.
Goldcliff Resources is project generator with 4 projects (3 in Canada and 1 in the US). Tulumeen is large copper/gold property (65,000 acres) in British Columbia. Pine Grove is a 40% JV of a small open pit gold project in Nevada (140,000 oz at 1.3 gpt)....  more
10/21/2017
Analysis  
Updated: Aton Resources Inc
Aton Resources (formerly Alexander Nubia International) has four early exploration projects in Egypt. They are a Canadian company with 175,000 acres of claims (24 mile trend with 14 target areas). They have a drill plan to do extensive drilling on two...  more
10/21/2017
Analysis  
Updated: QMX Gold Corp
QMX Gold (formerly Alexis Minerals) was a small producer in Quebec, Canada in 2016. They had to stop production at Lac Herbin due to high costs. They have had bad luck. In 2015, they had sold their flagship Snow Lake project in August 2015 to Hudbay for $  more
10/21/2017
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
10/21/2017
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. Their website is lacking information and the last financial report on Edgar is from 2015. So, the risk is very high for this company.......  more
10/21/2017
Analysis  
Updated: Rockcliff Metals Corp
Rockcliff Copper (previously Solvista Gold) is a project generator focused in Manitoba, with 100,000 acres. They are really a gold exploration company, with 4 high grade early exploration projects: Laguna, SLG, DSN, and Berry Creek. One of these could...  more
10/21/2017
Analysis  
Updated: Mexican Gold Corp
Mexican Gold (previously 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...  more
10/16/2017
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
10/15/2017
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
10/15/2017
Analysis  
Updated: Stakeholder Gold Corp
Stakeholder Gold is a small project generator. Their Ballarat project is on 10,000 acres in the Yukon (White Gold district). It is early exploration and they have not yet began drilling. They raised $2 million in 2016 and their FD market cap jumped to $14  more
10/15/2017
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 Forrest Kerr (23,000 acres) property in the...  more
10/14/2017
Analysis  
Updated: Black Dragon Gold Corp
Black Dragon Gold (formerly 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 crashed from 47 cents to 1 cent. Now it...  more
10/14/2017
Analysis  
Updated: Granada Gold Mine Inc
Granada Gold Mine Inc. (previously Gold Bullion Development) has a large gold project in Quebec, Canada. It is extremely undervalued with a FD market cap of only $16 million. The Granada property in Quebec is on 27,000 acres. It is both a surface and...  more
10/14/2017
Analysis  
Updated: SSR Mining Inc
SSR Mining (previously Silver Standard Resources) has significant potential. They have 650 million oz of silver resources and 9 million oz of gold. Plus, they have 1 million acres of exploration land. Production should steadily rise. Currently, the...  more
10/14/2017
Analysis  
Updated: Strategic Metals Ltd
Strategic Metals is a project generator in the Yukon. Their stock price rose 500% in 2010, and peaked at $4.34 per share in 2011, but has since crashed (along with many gold and silver mining stocks). At today's 36 cent price ($34 million fully diluted),...  more
10/14/2017
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. In 2017, they acquired VGP (Victoria Gold Project)...  more
10/14/2017
Analysis  
Updated: Blackham Resources Ltd
Blackham Resources is an emerging mid-tier producer in Australia. They have an 800,000 oz open pit project (Matilda) that began production in 2016. They will produce 60,000 to 80,000 oz annually at about $1200 all-in costs for 6 to 8 years (likely to get...  more
10/14/2017
Analysis  
Updated: Solidusgold Inc
SolidusGold Inc tried to purchase the 3 million oz (2 gpt) project from Newmont Mining in 2016 for $20 million. The deal was contingent on their ability to close a private placement to pay for the property. Their financing failed and the lost the...  more
10/12/2017
Analysis  
Updated: Tristar Gold Inc.
TriStar Gold has a potential large open pit project (CDS) in Brazil. It is on 200,000 acres and they think it has a 10 mile trend of mineralization. Management expects to find 2 to 4 million oz at 1.3 gpt. That is early speculation, but if they hit their...  more
10/11/2017
Analysis  
Updated: Amarillo Gold Corp
Amarillo Gold has an excellent project in Brazil. The Mara Rosa project (1.3 million oz at 1.6 gpt) is economic (30% after-tax IRR at $1300 gold) with cash costs of only $550 per oz. They are working on the final feasibility study, which will be released...  more
10/10/2017
Analysis  
Updated: Goldmining Inc
Goldmining Inc. (previously Brazil Resources) is a relatively new company trying to build their first mine. They have a good management team with influential people on the board. Their stated focus is to acquire advanced stage projects and bring them...  more
10/09/2017
Analysis  
Updated: Gowest Gold Ltd
Gowest Gold is advancing to production in Canada. They only have one project (North Timmins), but it is large (27,000 acres) and has 15 targets. Plus, the Bradshaw deposit is a 1.2 million oz (5 gpt) resource that looks like a sure thing. It is a high...  more
10/08/2017
Analysis  
Updated: NV Gold Corp
NV Gold is a project generator focused in Nevada. They recently obtained the ATV project (13,000 acres) in Nevada that has a good geological location. It is near an existing known gold system. If that gold system continues onto the ATV project, it could...  more
10/08/2017
Analysis  
Updated: Alio Gold Inc.
Alio Gold (previously Timmins Gold) is a mid-tier producer that began producing in 2010. Their San Francisco mine is winding down. They only plan to produce 500,000 oz through 2023, although I expect this to be extended because it currently has 900,000...  more
10/08/2017
Analysis  
Updated: Vista Gold Corp.
Vista Gold has a large project in Australia called Mt Todd (8 million oz at .8 gpt, with 82% recovery rate). The stock is currently cheap with huge upside potential. One red flag is they might not be able to finance the capex, which is projected to be...  more
10/08/2017
Analysis  
Updated: Ok2 Minerals Ltd
OK2 Minerals (formerly Gold Jubilee) has two large (combined 25,000 acres) early exploration gold/copper projects (Pyramid and Kinskuch) in Canada. Both are located in the Golden Triangle in British Columbia. Neither have had much exploration with very...  more
10/07/2017
Analysis  
Updated: Osisko Gold Royalties Ltd
Osisko Gold Royalties has two long term NSR deals with two large mines in Canada: Canadian Malartic (5%) and Eleanor (2% to 3%). Combined these two mines will produce more than 800,000 oz for a long time. This is a big reason why they have a market cap...  more
10/07/2017
Analysis  
Updated: Golden Rim Resources Ltd.
Golden Rim Resources has exploration projects in Burkina Faso and Chile. Kouri has a 10 mile strike length to explore. It looks promising. Their first resource estimate is due in December 2017 and is expected to be around 500,000 oz. Base on their drill...  more
10/07/2017
Analysis  
Updated: Golden Rim Resources Ltd.
Golden Rim Resources has 3 early exploration gold projects in Burkina Faso. Kouri has a 10 mile strike length to explore, and looks promising. Their first resource estimate is due in December 2017 and is expected to be around 500,000 oz. Base on their...  more
10/07/2017
Analysis  
Updated: Orefinders Resources Inc
Orefinders Resources has a gold discovery (Mirado) in Ontario. It is a 440,000 oz (1.3 gpt) resource. That's a pretty good size discovery for their $3.5 million FD market cap. It's a past producing mine, so permitting shouldn't be difficult. Plus, they...  more
10/07/2017
Analysis  
Updated: Blind Creek Resources Ltd
Blind Creek Resources is a small exploration company in Canada. Their Blende property in the Yukon is getting overlooked it has 132 holes drilled and 38 million oz (57 gpt) of silver at surface (historical resource). Yet, they have a FD market cap of $4...  more
10/07/2017
Analysis  
Updated: Contango Ore Inc
Contango Ore has a large high grade surface discovery (Tetlin) in Alaska. Drill results have been stunning. One drill hole was 38 meters at 51 gpt, another was 58 meters at 14 gpt (both from near surface). They have already found about 2 million oz of...  more
10/07/2017
Analysis  
Updated: Silver Spruce Resources Inc
Silver Spruce Resources is a project generator with a recent acquisition in Arizona. Their Kay project is only 470 acres, but has a historical resource of 1.6 million oz of gold equivalent, including copper, zinc, gold, and silver. They will need to...  more
10/07/2017
Analysis  
Added: Kestrel Gold Inc
Kestrel Gold is a project generator focused in Canada. They have several properties in the Yukon (Val, Jual, Ten Mile, Clear Creek, Barney Ridge, and King Solomon, but all are early exploration with little drilling. They also have a project at the top of...  more
10/07/2017
Analysis  
Added: AEX Gold
Alopex Gold is an exploration/development company focused in Greenland. They have an advanced project (Nalunaa) with 250,000 oz at 18 gpt. It was a past producing mine from 2004 to 2009, producing 350,000 oz. They want to return it to production. They...  more
10/07/2017
Analysis  
Added: Cassini Resources Ltd
Cassini Resources is a project generator focused in Australia. They have an advanced base metals project (Musgrave) that has nickel and copper. It is a 30% JV. They also have an exciting gold exploration project (Mt Squires). It is a 30 mile trend (500,00  more
10/07/2017
Analysis  
Added: Noble Mineral Exploration Inc
Noble Mineral Exploration is a project generator focused in Canada. They have two projects in Ontario. Project 81 (175,000 acres) is a potential nickel, gold discovery. They have 9 drill ready targets and a total of 500 targets to explore. It could be an...  more
10/01/2017
Analysis  
Updated: CMC Metals Ltd
CMC Metals is trying to become a small silver producer. They have a small producing gold JV in California (Radcliff). It is only 225,000 oz (7 gpt) resource. They have 50% ownership, and should have positive cash flow soon. PBI is the operator and...  more
10/01/2017
Analysis  
Updated: Evolving Gold Corp
Evolving Gold is a small project generator focused in Canada. They have one gold property (Toro) that appears to be a potential discovery based on 400 samples. They need to drill and will need to dilute shares to raise money. This is a very high risk...  more
10/01/2017
Analysis  
Updated: Greencastle Resources Ltd
Greencastle Resources is a new project generator. They have 2 early exploration gold properties in Nevada: Jewel Ridge and Indian Creek. Currently they are not drilling either property and do not appear to have much activity. The do own 50% of...  more
10/01/2017
Analysis  
Updated: Golden Share Resources Corp
Golden Share Mining is a project generator in Ontario, Canada. They have two early exploration gold projects: Berens River and Shebandowan. Both are past producing mines with historical resources (around 400,000 oz). One of these projects could easily...  more
10/01/2017
Analysis  
Updated: Palamina Corp.
Palamina Corp is a new project generator. The are focusing on Peru, with 5 early exploration projects. They also have 3 projects in Mexico. It appears like there has been very little drilling on their properties. This is the same Soltoro Gold...  more
10/01/2017
Analysis  
Added: Guyana Goldstrike Inc
Guyana Goldstrike is a project generator with a gold property in Guyana. Marudi has a 450,000 oz (2.5 gpt) deposit, and they are targeting 1 to 2 million oz. They do not have a company presentation and they appear to be making slow progress. Expect share...  more
10/01/2017
Analysis  
Added: VR Resources Ltd
VR Resources is a project generator focused in Nevada. They have 5 early exploration gold projects. They are drilling Bonita (8,000 acres), which is their largest project. All of the others are fairly small, ranging from 300 acres to 600 acres. They do...  more
10/01/2017
Analysis  
Added: Cariboo Rose Resources
Cariboo Rose Resources is a project generator focused in Canada. They are drilling their Canadian Creek project in the Yukon that is located between Goldcorp (Kaminak's Coffee deposit) and Western Copper & Gold. There is a good chance they will find a...  more
10/01/2017
Analysis  
Added: Katoro Gold PLC
Katoro Gold has two gold projects in Tanzania. Imwern is a 500,000 oz (1.4 gpt) deposit that they are advancing to production. They plan to do a PFS and DFS, but they will need funds to accomplish that goal. Their target is to begin production at 50,000...  more
10/01/2017
Analysis  
Added: Parallel Mining Corp
Parallel Mining is a project generator focused in Burkina Faso. They have two projects. Garsay (40,000 acres) has had a few holes drilled in 2015 and 2016 and appears to be a potential discovery. Sebe (25,000 acres) has also had a few holes drilled and...  more
10/01/2017
General  
September 2017 Newsletter Posted
The September 2017 newsletter has just been posted.  more


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