PS: As a junior mining investor, the best way to poke fun at investors is to tell them assays are imminent! And the second the assays are out, the hoards and mobs will demand the next assays, and if there are none, demand more drilling. Repeat and rinse!
All of the following companies have drilled or are drilling, and have assays to be reported from their previous, or ongoing drill programs.
I'm expecting an exciting next month or two, with results coming from the companies below, and hopefully with good intersections/results, a lot more drilling to follow up on the properties.
The TSX Venture needs some excitement!
GGI.V - (Garibaldi Resources Corp)
It's been quite the long wait (understatement!) for assays. Let's not forget that GGI has 13 holes left to be reported from the 2018 season; 3848meters in total, or more than the amount of meters drilled in the 2017 season.
Last traded at $0.99, 108.6million shares outstanding.
IMR.V - (iMetal Resources Inc)
The company today reported "it has closed a hard dollar private placement at 15 cents per unit for gross proceeds of $250,000" importantly with "A new institutional investor is participating for the largest portion of the placement. Insiders of the Company have
subscribed for an aggregate of 146,667 units".
Notice also that the PP was at $0.15 (but with a full WT at $0.20), but was 30% over the last closing price. This is good to see. You can still buy lower than the PP!
I'm expecting to see assays and/or VTEM results soon, as they also mentions that "The Company will be updating investors on developments at Gowganda West in the near future."
Last traded at $0.135, 100.7million shares outstanding.
SUP (Northern Superior Resources Inc - SUP.V)
Northern Superior, on February 14 "is pleased to announce that it has initiated a 5,000 metre ("m") core drill program on its Ti-Pa-Haa-Kaa-Ning ("TPK") gold-silver-copper mineral property, Northwestern Ontario."
I met with the CEO, Tom Morris at PDAC, and followed up after the PDAC, to confirm that a few holes have been drilled and have been sent to labs to be assayed. Results of course, will depend on timing of the labs.
They will also continue drilling for the next little while as their Feb 14 NR stated drill would be over approximately 6 weeks, for a total of around 5,000meters.
The current market cap is only $8million, the current drilling program is being funded by a major, "Yamana Gold Inc. ("Yamana"), granting Yamana an option to earn a 70% ownership interest in the Company's 100% owned TPK property, northwestern Ontario.". Minimum spend is $2 million per year (total $10million). For full details see their NR on November 26, 2018 .
I've purchased shares here because of the information available, a recommendation by someone to me, and also the fact the market cap is so low, with no attention from the market on it at all - a historical hole of "TPK-10-004, returned an assay value of 25.9 g/t gold over 13.5m", boulders up to 94gt gold, found at Target 3, the fact that drilling is ongoing, and they've now cleaned up the share structure.
They have extremely detailed presentations on their website at
http://www.nsuperior.com/Investor-Centre/investor-presentations.aspx
Direct Link
http://www.nsuperior.com/cmsAssets/docs/pdfs/Corporate_2019_PDAC_March_v2.pdf
Last traded at $0.25, 35.1million shares outstanding.
MONT.CN (Miramont Resources Corp)
Miramont Resources on January 22nd, 2019 announced that it "is pleased to announce that it has commenced drilling on its Cerro Hermoso project in southern Peru. Up to 5,000 meters will be drilled in this first phase to test three priority targets."
The company aims to drill these 3 targets:
1. Central Breccia Zone: Selective sampling by Miramont has confirmed widespread gold mineralization in this zone with values up to 18 grams per tonne of gold.
2. Stockwork Zone: Values as high as 500 g/t Ag, 3.9% Cu and 10 g/t Au have been found here. Coincident magnetic and conductivity anomalies indicate the potential for a buried intrusion near surface.
3. Carbonate Replacement Zone: This zone is known from a review of historic underground mapping. D Coincident resistivity and conductivity anomalies may indicate the presence of sulfide bearing limestone units continuing to the northwest
Visually, you can see them below.
Hve a look at the magnetics, where the company mentions a possible intrusion.
(much more details on the company's corporate presentation - https://www.miramontresources.com/images/feb2019/Miramont_Presentation.pdf
Now, what I like with exploration stocks, is when a company has magnetics/soil samples/channel samples/grab samples all indicating a possible discovery could be made. Big red/pink blobs, gold/copper/silver samples surrounding drill targets, and a very well respected geologist (Dr. Quinton Hennigh, who is also their Chairman of the board).
Miramont resources checks all these boxes for me and looks quite compelling.
Last traded at $0.56, 54.8million shares outstanding.
ARU .V (Aurania Resources Ltd)
Aurania Resources is a company which has locked up a ton of land in Ecuador. They currently have 16 targets, and are focused right now drilling a target called Crunchy Hill.
On March 8th - the company reported that "Aurania reports that the scout drilling program at the Company’s Crunchy Hill epithermal gold-silver target in southeastern Ecuador is progressing well. The first hole is expected to be completed over the weekend and the second hole at Crunchy Hill will be drilled on a different bearing from the same drill platform as Hole 1. Results will be released in due course after several holes have been completed."
When I first looked at this company, I was scratching my head a bit, $100+ million market cap without a single drill hole! Well, further searching/reading on the company's website (http://www.aurania.com/) and YouTube Channel (https://www.youtube.com/channel/UCdCaUv87co3e5qAE8gSiFWg) found a huge vault of information, which was very compelling.
Keith Barron & other folks involved in ARU discovered the largest gold deposit in Ecuador over 10 years ago (14m Oz! at Fruta del Norte) with a company called Aurelien Resources bought out for $1.2b- it was so big that authorities didn't know how to handle it, and laws/regulations had to be put in place. It's finally being put into production this year, see this article here from January this year http://www.mining.com/lundin-kicks-off-underground-work-flagship-fruta-del-norte-project/.
Keith, in his videos, states that he studied the area of the new claims that ARU has obtained, for over 10 years. A lot of research, on the ground work has been done by Keith and team over the past few years to get to this point to start drilling.
Like Miramont, there is a plethora of samples, maps and of course management (which by the way owns more than 55% of the company!) checks all my boxes for a speculative play.
It's in elephant country, looking for elephant deposits.
Do have a look at their site and YouTube channel to learn more.
Last traded at $3.89, 32.8million shares outstanding.
IRV.CN (Irving Resources Inc)
And lastly, Irving Resources. Like Auriana Resources, several years of work have gone into preparing the first drilling program on their property in Hokkaido, Japan.
Drilling was announced to have started on March 13, 2019. "All necessary work permits have been received for its drill crew, and it has commenced diamond drilling at its Omu Gold Project in Hokkaido, Japan. Drilling is being conducted by Mitsui Mineral Development Engineering Co., Ltd. (“MINDECO”) and Rodren Drilling International Ltd., Winnipeg, Manitoba. The first target that will be tested is the Omu Sinter, an 8-20 meter thick terrace of silica that was deposited within an ancient hot-spring pool."
The company plans to start with 8 holes, and expand to 15 if the first 8 drill holes look good.
Let's go over the short checklist again: samples, mapping, management.
1. Samples: "Irving discovered the Omu Sinter in late 2016, and subsequent prospecting resulted in collection of spot rock chip samples grading up to 14.6 gpt Au and 50.8 gpt Ag" - check!
2. Mapping/Surveys: Check! (see corporate presentation)
3. Management/Geologists: Dr. Quinton Hennigh - check!
Learn more about Irving Resources by having a look at their corporate presentation https://www.irvresources.com/assets/docs/ppt/Irving-presentation-Mar1-2019revMar6-reduce.pdf
Japan is no stranger to high grade gold deposits, just look at the Hishikari Mine, currently operating producing over 200k oz of gold a year, with a grade of over 30gpt gold. The Hishikari Mine is a epithermal gold target, which is true of the Omu Gold Project as well.
Last traded at $2.09, 43.9million shares outstanding.
Did not get to cover all the stocks I wanted too today, perhaps I'll make a part 2, at some time, or combine with an update on how these drill plays end up.
Disclaimer:
The author is not a registered investment advisor, currently has long positions in these stocks. The author has not been paid by anyone to write this article. All facts are to be checked by the reader. For more information go to the company's respective website(s) and read the company’s profile and official documents on www.sedar.com, also for important risk disclosures. This article is provided for information purposes only, and is not intended to be investment advice of any kind, and all readers are encouraged to do their own due diligence, and talk to their own licensed investment advisors prior to making any investment decisions.