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News from August 2019

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: 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
08/18/2019
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: Marathon Gold Corp
Marathon Gold is developing a large gold project in Newfoundland. Their Valentine Lake project has an 18-mile discovery trend on 60,000 acres and already has 4.2 million oz (open pit / underground) at 1.8 gpt. This could easily grow in size. The...  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
08/17/2019
Analysis  
Added: Ausmex Mining Group 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  
Added: Chesser Resources Ltd.
Chesser Resources is an Australian-based project generator focused in West Africa. They have 100,000 acres in Senegal. Their Diamba Sud project appears to be a mine in the making. They have made 2500 drill holes and have been finding gold. They also have...  more
08/17/2019
Analysis  
Added: Aethon Minerals Corp.
Aethon Minerals is a project explorer focused in Chile. They have 3 properties on 250,000 acres. It is mostly an area for copper, but gold is also in the area. They are being acquired by Abraplata Resources, which should close soon. I'm not sure why...  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: 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: 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
08/15/2019
Analysis  
Added: Crystal Lake Mining Corp.
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  
Updated: Cornerstone Capital Resources Inc.
Cornerstone Capital Resources is a project generator. One of their properties (Cascabel) has become a monster project in Ecuador. It has 20 million oz of gold (.2 gpt), although it is mostly a copper project. Their JV partner (Solgold) plans to mine 400,0  more
08/14/2019
Analysis  
Updated: 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
08/14/2019
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
08/13/2019
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: 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
08/12/2019
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
08/11/2019
Analysis  
Updated: Newrange Gold Corp
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
08/11/2019
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: Apollo Consolidated Ltd.
Apollo Consolidated is an Australian project generator. They have a high-grade surface discovery in Australia (Lake Rebecca) with excellent drill holes (42 meters at 7.7 gpt, 49 meters at 4.5 gpt, 59 meters at 3.2 gpt). This is the current focus and...  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
08/10/2019
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: Blackham Resources Ltd
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: 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
08/10/2019
Analysis  
Updated: Breaker Resources
Breaker Resources is a project generator focused in Australia. They have a high-grade gold discovery (Lake Roe/Bombara) that is a surface mine, with underground potential. It is a 1 million oz resource (1.4 gpt). They think the open pit will be at least...  more
08/08/2019
Analysis  
Updated: Cornerstone Capital Resources Inc.
Cornerstone Capital Resources is a project generator. One of their properties (Cascabel) has become a monster project in Ecuador. It has 20 million oz of gold (.2 gpt), although it is mostly a copper mine. They plan to mine 400,000 oz annually for 25+...  more
08/08/2019
Analysis  
Updated: New Jersey Mining Company
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: 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
08/06/2019
Analysis  
Updated: San Marco Resources Inc.
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
08/05/2019
Analysis  
Updated: African Gold Group 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
08/05/2019
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
08/04/2019
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: Northern Vertex 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: 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: 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: Mountain Boy Minerals Ltd
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
08/03/2019
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: 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: 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
08/02/2019
Analysis  
Updated: Teranga Gold Corp
Teranga Gold is a mid-tier producer in West Africa. Their Sabodala project in Senegal is a large (4.4 million oz) open pit project. Cash costs are projected to be around $700 per oz in 2019, with all-in costs around $1100 per oz. They are currently...  more
08/01/2019
General  
July 2019 Newsletter Posted.
The July 2019 newsletter has just been posted.  more


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