I’ll dispense with my usual preamble blather, cept to say…
Gold stocks, as per the GDX, are up roughly 30% from their 2022 lows. Gold stocks are stronger than all other major indexes. The GDXJ is up closer to 40% from its 2022 low.
My point: this recent breakout could mark the initial stages of a significant trend change—a burgeoning bull market nobody is talking about.
First, I’ll update the companies covered in these pages in the past. Closer to the end of this piece, I’ll trot out a few new names that strike me as good value in this current market.
Forum Energy Metals (FMC.V) – (FDCFF.OTC)
Forum, featured in these pages in some detail on Nov. 22, has been generating significant newsflow over the past few sessions.
On Nov. 29, the Company reported progress at its Wollaston Uranium Project in the Athabasca Basin—Drilling Commences at Forum’s Wollaston Uranium Project.
The drill is now turning on this 100% owned project where last winter’s drill campaign was successful in identifying Gizmo, a high-priority zone with uranium grades up to 0.21% U3O8 along with strong alteration and geochemical values.
As per the map below, Wollaston is strategically located 10 kilometers south of Cameco’s Rabbit Lake Uranium Mill and 30 kilometers south of Orano/Denison’s McClean Lake Uranium Mill.
The plan is to complete approximately 1000m before Christmas, then continue the program into the new year with a minimum of another 2,000 metres, testing priority targets developed by the recent airborne magnetic/electromagnetic survey (see news release of November 15, 2022).
On Dec. 1, the Company announced that its recent hire—Dr. Rebecca Hunter—has taken on the role of VP of Exploration—Dr. Rebecca Hunter Appointed Vice President, Exploration at Forum Energy Metals.
Dr. Hunter has 15 years’ experience as a uranium exploration geologist in Saskatchewan and Nunavut. She began her career as an exploration geologist for Cameco from 2005 to 2016 and later as an independent geological consultant from 2017 to 2019. At Cameco, Dr. Hunter led the Turqavik-Aberdeen exploration project, which discovered the high-grade Tatiggaq and Qavvik uranium deposits adjacent to Orano’s (formally AREVA) Kiggavik Project in Nunavut. From 2015 to 2016, Dr. Hunter worked on the Dawn Lake project team advancing Cameco’s exploration northeast of Cigar Lake. She completed her Ph.D. degree in 2021 at Laurentian University, which focused on the structural geology and uranium metallogenesis of the northeast Thelon Basin.
Prior to joining Forum Energy Metals, Dr. Hunter spent 3.5 years as a Senior Minerals Geologist with the British Columbia Geological Survey focusing on the stratigraphy and structure of VMS, epithermal, and Cu porphyry mineral deposit systems in the Golden Triangle, northwest British Columbia. Dr. Hunter is a Professional Geoscientist (P. Geo.) with the Association of Professional Engineers and Geoscientists in Saskatchewan, British Columbia and Northwest Territories/Nunavut.
Dr. Hunter knows the above-noted Nunavut asset like the back of her hand. And amazingly, CEO Mazur picked up 53k-plus hectares of this ground for a mere $165k—the same ground Cameco poured roughly $80M into via 36k meters of drilling, geophysics, and other fieldwork.
Forum’s plan for the Summer of 23 will be to pick up where Cameco left off.
Then on Dec. 5, the Company tabled a PP of flow-through units priced at $0.13—Forum Announces Non-Brokered Flow-Through Private Placement of up to $1.7 Million.
The use of proceeds are for drilling at its 100% owned Wollaston uranium project in the northeast Athabasca Basin, Saskatchewan and further exploration of the Company’s uranium, copper, nickel and cobalt projects in Saskatchewan and Nunavut.
If the company tags a significant new U3O8 discovery at Wollaston, these common shares will likely attract an anxious audience.
The recent price action in Fission 3.0 is indicative of the market’s appetite for new discoveries in the Basin.
Curiously, Fission’s positive price trajectory comes without the benefit of actual (lab) assays. “Extremely radioactive and off-scale (>65,000 cps) mineralization” was detected in the drill core using a handheld Radiation Solutions RS-125 scintillometer.
A solid hit at Wollaston, especially with the Company’s tighter cap structure— far tighter than Fission 3.0’s—could trigger a substantial re-rating in Forum’s modest $21.5 valuation.
Teuton Resources (TUO.V) – (TFE.FRA)
In late November, Teuton received its ninth and final set of drill results from its mothership Treaty Creek Project (TC) located in the prolific Golden Triangle of Northwestern British Columbia.
Geologically well endowed, TC adjoins and is on trend with Seabridge Gold’s KSM property and Newcrest Mining’s Brucejack property.
The resource base at TC currently stands at 19.4 million ounces at 0.74 g/t AuEq (M&I) and 7.9 million ounces at 0.79 g/t AuEq (Inferred).
Significantly, Teuton’s 20% interest in TC is carried until a production decision hits the table. Until then, JV partner Tudor Gold is footing the exploration and development bill (drilling in The Triangle is NOT cheap).
The Nov. 26 headline—Drilling of Step-out Area North of the Goldstorm Deposit at Treaty Creek Remains Open; Final Holes of 2022 Program Intersect Gold-Copper Mineralization; 1.71 g/t AuEq Over 180.0 m within 489.0 m of 1.12 g/t AuEq.
It’s important to note that four out of five holes reported in this release were drilled wholly or partially outside the 2021 NI 43-101 Mineral Resource Estimate area.
A standout among these five holes is GS-22-159 which tagged 1.71 g/t AuEq over 180 meters with 0.92 g/t Au, 6.10 g/t Ag and 0.61 % Cu. Ken Konkin, Tudor’s President and CEO, stated that this intercept, contained within a broader interval of 489.0 meters averaging 1.12 g/t AuEq (0.66 g/t Au, 3.60 g/t Ag, 0.36 % Cu), ended in strong Cu mineralization. Difficult ground conditions prevented the drill crew from pushing the hole deeper (you gotta love it when a fat hole bottoms out in strong mineralization).
The other standout hole was GS-22-162 which tagged 1.34 g/t AuEq over 145.5 meters with 0.61 g/t Au, 12.01 g/t Ag, and 0.5 % Cu.
Konkin went on to state that they were successful in expanding the deposit to the north, intersecting (near-surface) mineralization that represents a southeasterly expansion of the newly discovered Route 66 Zone, yielding 0.95 g/t AuEq over 42.0 meters.
The results presented below are verbatim as per the Nov. 26 press release:
SECTION 110+00 NE
- GS-22-160 was drilled to target the gold-dominant Route 66 zone. An intercept of 42.0 m grading 0.95 g/t AuEq (0.87 g/t Au, 1.66 g/t Ag, 0.05 % Cu) was returned that included a higher-grade segment of 1.91 g/t AuEq (1.83 g/t Au, 1.02 g/t Ag, 0.06 % Cu) over 13.5 m.
SECTION 117+00 NE
- GS-22-162 was drilled to target the CS600 domain, just outside of northeastern edge of the 2021 mineral resource area. An intercept of the CS600 gold-copper porphyry system was intercepted over a drill length of 258.0 m averaging 1.03 g/t AuEq (0.56 g/t Au, 8.42 g/t Ag, 0.31 % Cu) with an enriched zone of 1.34 g/t AuEq (0.61 g/t Au, 12.01 g/t Ag, 0.5 % Cu) over 145.5 m.
SECTION 118+00 NE
- GS-22-161 was drilled as a 150 m northeastern step-out from the 2021 mineral resource area. An intercept of the gold-copper porphyry system was intercepted over a drill length of 185.0 m averaging 1.26 g/t AuEq (0.74 g/t Au, 6.06 g/t Ag, 0.38 % Cu) with an enriched segment of 72.0 m grading 1.57 g/t AuEq (0.85 g/t Au, 6.27 g/t Ag, 0.55 % Cu). This hole demonstrates the strong continuity of gold-copper porphyry mineralization in the host intrusive to the northeast and that the CS600 system remains completely open in this direction.
- GS-22-157 was drilled to determine the deep extension of mineralization along CS600, south of GS-21-113-W2. A drill length intercept of 220.5 m of 0.90 g/t AuEq (0.41 g/t Au, 7.88 g/t Ag, 0.33 % Cu) as well as an enriched zone of 89.5 m of 1.09 g/t AuEq (0.44 g/t Au, 7.63 g/t Ag, 0.48 % Cu) clearly demonstrates the continuity of the gold-copper porphyry intrusive system at depth.
- GS-22-159 was drilled to determine the deep extension of mineralization along CS600, north of GS-21-113-W2. A drill length intercept of 489.0 m of 1.12 g/t AuEq (0.66 g/t Au, 3.60 g/t Ag, 0.36 % Cu) as well as an enriched zone of 180.0 m of 1.71 g/t AuEq (0.92 g/t Au, 6.10 g/t Ag, 0.61 % Cu) strongly demonstrates the continuity of gold-copper porphyry intrusive system at depth and to the north. This hole ended in mineralization.
At the risk of coming off as a broken record, the following is a detail that bears repeating (from my Oct. 11 Highballer report):
Something to consider when sizing up the potential of Teuton’s 20% carried interest: the current 27.3M AuEq mineral resource estimate (MRE) is based on drill hole data up to the end of the 2020 drill season only. Since then, there have been two seasons of aggressive infill and step-out drilling at the project where the mineralization remains open in all directions and at depth. After the 2022 campaign is complete, Tudor will incorporate these past two years’ worth of results into an updated MRE. We should see those numbers drop in H1, perhaps as early as Q1 2023. We should also get our first look at TC’s economics via a PEA.
Apollo Silver (APGO.V) – (APGOF.OTC) – (6ZF0.FRA)
Apollo Silver has seen a nice lift over the past few weeks. In a less-than-ideal environment—tax loss silly season and all—the stock has surprised more than a few observers staging a 70%-plus rally off the lows witnessed in early November. Congrats to those who recognized the value by exercising the Buy toggle on their trading platforms.
It still has a lot of ground to recover to restore its former glory, but this recent trading action is a good start.
As a quick review: Apollo’s Calico Silver Project is getting a meaningful push along the resource definition and development curve.
Calico’s resource base currently stands at 166 million ounces of silver contained within 58.1 million tonnes at an average grade of 89 grams per tonne. There are also gold and barite values/credits in this resource.
A Dec.1 headline: Apollo Reports First Assay Results From Phase 2 Drilling.
Here, the Company reported the first batch of assays—six reverse circulation drill holes totaling 828 meters—from a recently concluded Phase 2 drill campaign at Calico. The goal of this phase of drilling was to upgrade the Inferred ounces to the higher confidence M&A categories and to expand the mineralized footprint of the current resource base.
Highlights verbatim as per the Dec. 1 press release (note the shallow nature of these mineralized intervals):
- Drilling continues to expand silver (“Ag’) mineralization at depth up to approximately 100 metres (“m”) below the base of the current mineral resource estimate (“MRE”) in the northern portion of the Waterloo deposit.
- Resource infill drilling results continue to confirm the continuous and predictable nature of near-surface silver mineralization, providing a solid foundation for the updated MRE in early 2023.
- Gold (“Au”) horizon continues to be intercepted with 39.0 m of 0.790 g/t Au intercepted in drill hole W22-RC-044 (15.0 m estimated true width).
- 133 g/t Ag over 129.0 m from 7.0 m depth down hole (W22-RC-043), including;
- 288 g/t Ag over 6.0 m from 67.0 m depth down hole;
- 287 g/t Ag over 3.0 m from 91.0 m depth down hole; and
- 280 g/t Ag over 6.0 m from 103.0 m depth down hole;
- 93 g/t Ag over 52.5 m from 38.5 m depth down hole (W22-RC-044), including;
- 257 g/t Ag over 1.5 m from 62.5 m depth down hole;
- 72 g/t Ag over 143.5 m from surface (W22-RC-058);
- 119 g/t Ag over 79.5 m from 1.0 m depth down hole (W22-RC-059), including;
- 284 g/t Ag over 1.5 m from 32.5 m depth down hole;
- 113 g/t Ag over 47.5 m from surface (W22-RC-061), including;
- 302 g/t over 1.5 m from 55.0 m depth down hole.
- 0.790 g/t Au over 39.0 m from 109.0 m depth down hole (W22-RC-044), including;
- 1.080 g/t Au over 19.5 m from 112.0 m depth down hole;
- and 2.551 g/t Au over 4.5 m from 115.0 m depth down hole;
- and 1.645 g/t Au over 1.5 m from 125.5 m depth down hole;
- and 1.125 g/t Au over 1.5 m from 130.0 m depth down hole;
- 0.825 g/t Au over 7.5 m from 137.5 m depth down hole;
- and 1.910 g/t Au over 1.5 m from 143.5 m depth down hole.
- 1.080 g/t Au over 19.5 m from 112.0 m depth down hole;
Assay results from the Waterloo Property continue to confirm the near-surface silver mineralization within the current MRE block model is continuous and predictable. Additionally, silver continues to be identified at depths below the base of the MRE potentially expanding the resource.
We could see an updated MRE as early as Q1 2023. The Company is also planning a PEA for 2023.
Goldseek Resources (GSK.C) – (4KG.FRA)
I last updated Goldseek roughly one month ago in a roundup titled A Nov. 8 Highballer report updating the companies on our list PLUS a few new names that may represent good value at this juncture.
The above-linked roundup included an interview with Goldseek’s CEO, Jonathon Deluce.
An excerpt from that Q&A:
Nolan: Your flagship asset is Beschefer. After two rounds of drilling, you believe you’ve barely scratched the project’s surface. Of the multiple zones you’ve tested with the drill bit, where do you see the greatest potential?
CEO Deluce: We see the greatest potential in the Central Shallow and East Zone each for varying reasons:
1. Central Shallow
This zone has the most historical drilling so this will be the bulk of a maiden resource. This zone has delivered high-metal factor intercepts, including 4.92 g/t over 28.65 meters by Goldseek in 2021. In 2022 we demonstrated the step-out potential of the zone to the northeast intercepting 3.20 g/t over 9.05 meters providing support that this zone is open in all directions while targeting the next higher-grade shoot.
2. East Zone
The east zone has the least drilling historically but hosts the highest metal factor
intercept of 55.63 g/t Au over 5.57 meters. Since optioning the project, we have
expanded the strike length of this zone to over 300 meters, and in 2022 through a
western step-out hole which intercepted 3.1 g/t over 6.5 meters are getting closer to
our goal of connecting this zone with the Central Shallow.
These two objectives are our top priority and a potential major rerating opportunity for shareholders. Our first objective is to find the next high-grade shoot because that is required to get the market excited during these harsh market conditions and will contribute to increasing the grade of our current block model of the deposit. Both Zones have the potential to deliver high-grade results, so every step-out hole has the potential to be our next high-grade hit while continuing to demonstrate the continuity of the zones.
On Nov. 30, Goldseek dropped the following headline—Goldseek Closes $831,500 Private Placement.
This was a modest financing that was taken up entirely by Goldseek management.
Mr. Deluce will take a control position in the Company and own 25,532,906 common shares which will represent approximately 43.0% of the Company’s then outstanding common shares.
Goldseek will use these funds to mobilize a drill rig to their flagship asset this winter. The Beschefer Project is located along the northern Abitibi Greenstone Belt, some 30 kilometers southwest of Wallbridge’s Fenelon Gold Project.
Goldseek also holds an extensive portfolio of projects located in some of Canada’s most prolific gold camps (Hemlo, Urban Barry, Quevillon, Val D’Or North, and Detour).
Since my Nov. 8 roundup, Goldseek’s common shares have doubled in price, from a lowly two pennies to $0.045. Its market cap currently sits at a very modest $2.65M. These shares have a lot of room to run should these geological sleuths tag significant mineralization during the next phase of drilling.
Patriot Battery Metals (PMET.V) – (PMETF.OTC) – (R9GA.FRA)
PMET is no stranger to these pages, having been introduced last April when it was trading in the $1.60 range. Full disclosure: PMET is currently my largest holding, a function of some very friendly price chart action since that time.
The stock has seen a nice lift in recent sessions, despite a dearth of assay-related newsflow. This news drought is due to an imposed blackout as it prepares to trade on the Australian Stock Exchange. Expectations are high among the PMET faithful that this ASX debut will mark a new chapter in the Company’s evolution as a critical district-scale source of Li in the booming battery metals arena. It’s widely thought that Australian investors have a much greater appetite for a good Li play—more than those in North America.
Trading Down Under is expected to commence on Dec. 7—Patriot Battery Metals ASX Listing Update
After it begins trading on the ASX, it shouldn’t be long before a backlog of assays begins flowing from a 26k-plus (90-hole) drill campaign that wrapped up on October 24.
A fully funded multiple-rig drill program will commence next month—three rigs are already on site. Two additional rigs will be added in early February. This five-rig drill program is expected to continue through the winter and spring.
Did I mention that the PMET party faithful has high expectations for this imminent ASX trading debut?
HighGold Mining (HIGH.V) – (HGGOF.OTC)
HighGold’s Johnson Tract Project in Southcentral Alaska currently boasts a high-grade resource of 1,053,000 ounces @ 9.39 g/t AuEq (Indicated) and 108,000 ounces @ 4.76 g/t AuEq (Inferred).
On November 29, HighGold dropped a spectacular interval from its 2022 campaign—a program that saw 55 holes drilled for 10,346 meters (drilling wrapped up in mid-October)—HighGold Mining Intersects 18.76 g/t Gold over 120.5 Meters in Infill Drilling at JT Deposit, Alaska.
The interval in the text of the headline—18.76 g/t Au, 0.55% Cu, 3.86% Zn, 0.93% Pb, 6 g/t Ag (22.1 g/t AuEq) over 120.5-meters—was an infill drill hole, but it’s a massive hit nonetheless. It confirms and characterizes the robust geological structure underpinning this mothership asset.
To date, assay results have been released for 19 of the 55 drill holes completed during the 2022 Program. Remaining assay results will be released in batches on an ongoing basis pending review and meeting Company quality assurance-quality control protocols. The Company is currently focusing on environmental baseline and engineering studies to support the continued advancement of the Project.
Prime Mining (PRYM.V) – (PRMNF.OTC) – (04V3.FRA)
Prime continues to report excellent results from a recently concluded Phase-2 drill program at its Los Reyes Project in the mining-friendly district of Sinaloa, Mexico. Los Reyes’ mineralized footprint spans over 15 square kilometers encompassing three known gold-silver deposit areas—Guadalupe, Z-T, and Central.
The Nov. 28 headline: Prime Drills Multiple Bonanza and High-Grade Intercepts at Guadalupe Including 33.2 gpt Au and 1,072 gpt Ag over 2.0 Metres
HIGHLIGHT GUADALUPE DRILL INTERCEPTS:
- 6.8 gpt Au and 166 gpt Ag over 19.5 meters (18.3 meters estimated true width or “etw”) in hole 22GE-118;
- 12.8 gpt Au and 646 gpt Ag over 3.3 meters (1.1 meters etw), and 4.2 gpt Au and 212 gpt Ag over 37.2 meters (12.7 meters etw) in hole 22GE-121;
- 8.8 gpt Au and 289 gpt Ag over 7.9 meters (5.6 meters etw), including 33.2 gpt Au and 1,072 gpt Ag over 2.0 meters (1.4 meters etw) in drill hole 22GE-122;
- 6.8 gpt Au and 208 gpt Ag over 13.6 meters (6.8 meters etw) in hole 22GE-120.
i-80 Gold (IAU.TO) – (IAUX.NYSE)
i-80 has gone on a tear since I first featured it in these pages in early November.
The Company dropped yet another impressive set of assays from an ongoing drill campaign at its wholly-owned Ruby Hill Property in Eureka County, Nevada—i-80 Gold Expands High-Grade Gold Mineralization at Ruby Hill.
This latest round of assays—9.0 g/t Au over 51.2 meters, 14.4 g/t Au over 14.2 meters & 11.0 g/t Au over 9.9 meters—demonstrates good continuity along the Ruby Deeps zone to the west of the past-producing Archimedes pit.
Ongoing drilling is focused on defining and expanding gold mineralization in the primary zones while also testing several high-potential targets on the Property including the recent Hilltop discovery. Step-out drilling in both the Upper and Lower Hilltop Zones continues to intersect sulphide mineralization (additional results pending), confirming substantial expansion potential and a recently completed geophysical survey has identified several nearby high-priority anomalies. As a result, the 2022 drill program at Ruby Hill will continue with more than 40,000 metres expected to be completed by year-end.
Brief (noteworthy) headlines
Snowline Gold (SGD.C) – Snowline Gold Intersects 2.5 Grams Per Tonne Gold Over 128.2 m From Surface Within 285.2 m of 1.4 Grams Per Tonne Gold at its Valley Zone, Rogue Project, Yukon
Skeena Resources (SKE.TO). Multiple headlines, the latest being – Skeena Enhances 22 Zone with Newly Discovered Mineralization Intersecting 2.85 g/t AuEq over 16.56 metres
Lion One Metals (LIO.V) – Lion One Extends the URW3 Lode, a Key Component of The 500 Zone Feeder, with Several Bonanza-Grade Drill Intercepts at Its Tuvatu Gold Mine, Fiji
Sokoman Minerals (SIC.V). Multiple headlines, the latest being – Sokoman and Benton Channel Samples up to 13.57% Cs2O and Confirm High-Grade Cesium Discovery at the Golden Hope Joint Venture, Southwestern Newfoundland
Red Pine Exploration (RPX.V) – Red Pine discovers two high-grade structures: Intersects 5.57 g/t gold over 8.51 m west of the Surluga Deposit and 10.18 g/t gold over 4.89 m south of the Sadowski Zone
Thesis Gold (TAU.V) – Thesis Gold Drills 32.00 m of 3.14 g/t AuEq at Ridge
A few new names
Northern Superior Resources (SUP.V) – (NSUPF.OTC)
- 121.05 million shares outstanding
- $54.57M market cap based on it’s recent $0.45 close
This company has multiple facets; each component is worth examining closely. But what interests me most is its TPK Project in Northern Ontario.
After a long wait, the company is now fully permitted to drill off this highly prospective project—Northern Superior Receives Drill Permits for TPK Project at the Core of its Ontario Strategy.
Heightening the allure, TPK is one of several projects about to be spun off into a separate entity.
Colossal gold grain-in-till dispersal corridors at TPK
Big Dam Area
Within the Big Dam area of the TPK property (southeast third of the property), a unique geological feature, a gold grain-in-till apron, has been defined. This “apron” is 6 kilometers wide with a dispersal of gold grains from source of up to 11 kilometers is the largest such feature reported in north America. It is important to bear in mind that gold grain anomalies of this scale are amalgamated responses from a cluster of gold zones. They normally indicate a large gold system or district rather than a single gold zone. Number of gold grains recovered from 10kg samples of basal till within this apron reach as high as 1258 grains, a remarkable number. Just as important, many of these samples consist of gold grains that are pristine (average 90%).
Gold grains characterized as ‘pristine‘ haven’t traveled far from their bedrock source. A world-class Au deposit could lurk in these immediate subsurface layers.
Bottom line: you cannot get this number of gold grains over such a large area unless you have significant gold mineralization exposed at the bedrock surface for glacial ice to erode, transport and deposit within a relatively short distance from source (≤200m).
Within the Annex area (northern third of the property) a second remarkable dispersal of gold grains occurs. The Keely Lake gold grain-in-till dispersal corridor is not as wide as the Big Dam apron but is still 3.5km wide with a dispersal of gold grains from source of 13.5kms (Figure 5). Recall, that a gold grain-in-till dispersal train dispersed from many gold deposits is maybe 200m wide with a dispersal of 3kms.
The number of gold grains recovered from 10kg basal till samples associated with this corridor is very high at 1302 grains, again most of which are pristine (average 90%). Recall again that 15-25 gold grains recovered from 10kg basal till samples is an important indicator of gold mineralization, and that pristine grains indicate close proximity to source (≤200m).
These gold grain-in-till dispersal corridors are also peppered with high-grade boulders—up to 94.2 g/t Au at Big Dam and up to 727 g/t Au at Annex.
A discovery hole back in 2010 tagged 25.87 g/t Au over 13.45 meters in a limited drill campaign. After much study, the thinking is that the drill bit merely nicked the primary target, missing its mark.
Once the spin-off is complete, the company will drill TPK. I suspect they’ll launch an aggressive campaign, having already teed up a number of high-priority targets.
I don’t currently own Northern Superior, but I intend to establish a core position before TPK is spun off.
The Company’s slide deck is linked here.
Paycore Minerals (CORE.V)
- 27.99 million shares outstanding
- $41.98M market cap based on its recent $1.50 close
This one got away from me a bit—it could’ve been purchased much cheaper only a few days back.
I’m highlighting Paycore primarily because I see it as a potential takeover target. Its flagship project—the FAD Property located on the Battle Mountain-Eureka Gold Belt in Nevada—lies along the same structural corridor as i-80. In fact, both companies are helmed by common management.
Paycore’s latest assay-related press release highlighted robust CRD mineralization – 6.3% zinc, 10.3% lead, 376.3 g/t silver and 7.1 g/t gold over 14.8 meters (inc 4% zinc, 3% lead, 248.4 g/t silver and 15.9 g/t gold over 5.8 meters) from 738.8 – 753.6 m depth. If it continues to tag similar mineralization further along strike, I suspect they’ll get swallowed up by i-80 Gold.
Timberline Resources and Golden Lake are also positioned along the same geological setting. All three companies—Paycore, Timberline, and Golden Lake—could fall prey to an aggressive area consolidation campaign by i-80. But an aggressive resource-hungry Producer looking to bulk up its project pipeline might take a run at 1-80 first.
Nevada is a top-shelf mining jurisdiction, and the Battle Mountain-Eureka Gold Belt is a highly prospective geological setting. All four of these companies could have a target on their back.
This just in…
PAYCORE MINERALS INTERSECTS 27.4 METERS OF 10% ZINC, 1% LEAD, 79 g/t SILVER and 8.0 g/t GOLD, INCLUDING 13 METERS OF 16% ZINC, 1% LEAD, 110 g/t SILVER and 11.1 g/t GOLD FROM THE POLY-METALLIC FAD PROJECT
West Vault Mining (WVM.V) – (WVMDF.OTC)
- 58.09 million shares outstanding
- $54.61M market cap based on its recent $0.94 close
West Vault’s 75% owned Hasbrouck Gold Project is located along the Walker Lane gold trend in Southern Nevada. The Company has a high confidence ounce count on its books.
A 2016 PFS has largely de-risked the above resource base (note the low CapEx and conservative Au price inputs).
There’s potential for a significant rerating here. It may represent one of the more obvious takeover candidates in the junior arena.
The problem with this stock is that it trades by appointment only—it’s not the most liquid stock in the junior arena. But purchasing it anywhere near current levels may represent solid value, especially if you believe we’re on the cusp of an epic bull market.
Full disclosure: the author has been compensated for the Forum Energy Metals, Teuton Resources, Apollo Silver, and Goldseek Resources content. The author owns shares in Forum, Teuton, and Patriot.Disclaimer - Legal Notice
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