Gold Company Reports on Nevada ‘High-Impact Discovery Drilling’

Source: Streetwise Reports   01/21/2019

The explorer/developer is drilling six projects.

Allegiant Gold Ltd. (AUAU:TSX.V; AUXXF:OTCQX) announced in a news release that the company is drilling on the Red Hills project, completed drilling at the North Brown project, and has received all the assay results for Hughes Canyon.

The drilling at Hughes Canyon consisted of 12 rotary holes over 2,139 meters. Results show that 10 of the holes encountered a hydrothermal alteration “in several different stratigraphic units in a faulted and folded Mesozoic sedimentary package,” noted the release. Findings also demonstrated the presence of gold and silver mineralization, with gold grades greater than 0.1 grams per ton.

The company reported that while drill results at Hughes Canyon “are encouraging and suggest more drilling is necessary,” the property will “be abandoned.” The company stated that given its sizable portfolio of prospective properties, it will be better served by using its capital elsewhere.

Final assays for the third property drilled, North Brown, are expected in a week, the company noted. Around the same time, Allegiant will resume its drill program, next targeting Monitor Hills, the fourth property.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Allegiant Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Allegiant Gold, a company mentioned in this article.

( Companies Mentioned: AUAU:TSX.V; AUXXF:OTCQX,
)

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/article/2019/01/21/gold-company-reports-on-nevada-high-impact-discovery-drilling.html

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Trench Sampling at Yukon Project Shows Surface Mineralization

Source: Streetwise Reports   01/21/2019

Results continue to become available from this gold company’s 2018 exploration program.

Victoria Gold Corp. (VIT:TSX.V) reported in a news release the findings from its 2018 surface trench testing in the Nugget zone of the Dublin Gulch project in the Yukon.

That program involved building, mapping and sampling 13 trenches over 1,363 meters (1,363m), with more than 500 of those meters targeting Raven.

“Dublin Gulch is well endowed with gold mineralization exposed at surface as evidenced by these impressive first ever trench results,” President and CEO John McConnell said in the release.

Generally, the highest-grade assays came from the area of the Raven target, amid an “approximately 1 kilometer squared coincident gold-arsenic-bismuth in-soils geochemical anomaly,” noted the release. This sits in the previously untested southeastern margin area of the Nugget Intrusive Stock, which, after the Dublin Gulch Stock, location of the Eagle mine, is the second largest cretaceous intrusive body on this Yukon property.

Specifically, the trenching results demonstrated grade values ranging from 0.11–76.10 grams per ton (0.11–76.10 g/t) for gold and from 1.7–96.20 g/t for silver.

Some of the highlight assays are 124m of 3.51 g/t gold, including 2m of 76.10 g/t gold and including 58m of 4.68 g/t gold and 10.16 g/t silver—from trench TR18-33. Trench TR18-37 returned 18m of 4.31 g/t gold and 13.22 g/t silver.

Next to be released and soon are the results of the geophysical work done at Nugget, the company noted.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Victoria Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: VIT:TSX.V,
)

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/article/2019/01/21/trench-sampling-at-yukon-project-shows-surface-mineralization.html

Navigating Around the ‘Invisible Hand’

Source: Michael Ballanger for Streetwise Reports   01/21/2019

Sector expert Michael Ballanger reflects on financial forces and their effect on precious metals markets since the first of the year.

The Trump-Mnuchin-Powell “directive,” which engaged the Working Group on Financial Markets during the last weekend before Christmas 2018, has worked both beautifully and criminally as the term “moral hazard” has crept back into the mainstream dialogue. Once again, as we have seen countless times since “free markets” were transformed into “managed markets,” charts and graphs and volume studies carry zero sway over the “invisible hand” of the politico-banker cartel.

As the S&P 500 hovers some 300 points above the lows seen on Christmas Eve, we have witnessed the full power and fury of the central banking cabal, complete with their government and regulatory confederates, as they offer shadowless doubt that stock prices are indeed a big part of policy mandate. Also, right up there at the top of their to-do list, is “managing” the prices of gold and its junior surrogate, silver, as their centuries-old utilities as canaries-in-fiat-sensitive coal mines has been denigrated by decades of interventionalist price-capping. It is both maddening and infuriating but it is not unexpected; it was actually announced the weekend before Christmas with the Mnuchin statement regarding the Plunge Protection Team (PPT).

As much as the financial media would love to crow about the “biggest rally in a decade,” nothing—and I mean nothing—would have prevented an all-out crash in stock prices, the severity of which could have easily rivaled October ’87 or ’29, other than the stark and unabashed bailout by the cretins.

The abject panic that was permeating the trading rooms of every major bank and brokerage around the globe, so very palpable in December, has toned down since the government-mandated and bank-executed rescue took hold in very late December, composed of a series of interventions and TV appearances by current and former Fed officials and stock market perma-bulls. However, as I debate the notion of a V-shaped bottom for stocks leading to new highs in 2019, I am mindful of the results of the results of the Santa Claus rally and the First Five Trading Days rule, which would suggest that 2019 has a 70-80% chance of being an “up” year.

While the stats are simply a look in the rear view mirror of historical stock prices, they certainly are no guarantee of a 2019 lift. But keep in mind that even if inflation came roaring back this year as stagflation takes hold of the mainstream economy, a 5% rise in consumer prices versus a 2% rise in the S&P would satisfy the statistical forecast but be of little or no benefit on a “net” basis.

This chart shows the relative performance of the major asset classes (gold, U.S. and European stocks, bonds, currencies, and crypto) since December 12. While a longer-term chart would reveal and much different result, the message is clear: Gold is outperforming everything in the past 45 days.

This is again why I always look around the world to gauge performance. It is also why gold prices are rising and at new all-time highs against a number of non-U.S. currencies. Despite the desperation of the price-capping exercise in gold, both it and silver have been able to hold the bulk of their gains since the summer lows and appear to be simply biding time until the next major downdraft in global equities sends the “fear bid” back into precious metals.

With due deference to Frank Holmes, the gold “Love Trade” is nowhere to be found right now; it has been subordinated by its meaner, older sibling, the “Fear Trade,” which rose up in Q4/2018, hissing and growling, with gnashing teeth and bloodshot eyes, in the move from $1,167 to a snick above $1,300. The song-and-dance, hat-and-cane act of Mnuchin and Powell from late last month has becalmed the golden beast for the time being, but if my analysis is correct, markets will soon revert back to behaviors closely resembling the October-December pattern of dip-buying in the precious metals and rip-selling in equities.

Speaking of rip-selling, one of my better passes last year was the purchase of the Goldman Sachs (GS:NYSE) December $200 put options, which I put on right after the headline linking them to that big Asian billion-dollar fraud and lawsuit. I watched the stock crater from $210 to $151.70 in less than two months, taking the puts from $3.40 to over $30 (by expiry) with my portion being cashed in around $25 (well-documented on Twitter). Well, the company that “does God’s Work” (ripping off clients) is back approaching $200 after it reported better-than-expected earnings and caught the algobots net short and in trouble.

The fundamental case for avoiding (shorting) GS lies in the macro picture of declining investment banking revenues in 2019 as the global growth story dissipates and is replaced with recession woes. Gone forever is the Blankfein Era and the Teflon Don approach to regulatory malfeasance and benevolent bullet-dodging by the company, which was described as “a giant vampire squid, its blood funnel attached to the face of humanity” so eloquently by Rolling Stone‘s Matt Taibbi.

As I expect to see happen in the S&P, all markets tend to (as opposed to “must”) have “retests” of their respective low points especially after the magnitude of the crash in Q4/2019. The losses from trading in 2019 are still being felt in the earnings reports and the guidance being reported is most definitely trying to gauge the negative asymetrical wealth (poverty?) effect brought about by the many new global bear markets. One thing cannot be denied: Despite the obscenity of the stock market bailout in late December, the S&P did have a closing day that constituted a 20%-plus decline from the highs, and therefore what we are currently witnessing is an exceedingly convincing, classic bear market rally. Goldman Sachs is also having a sharp, endorphin-charging bounce, but with RSI now back in the (overbought) 70s, the beginning of the retest cannot be far away. GS April $180 put options at $3.00 are once again back to a reasonable level, such that a retest of the December lows puts them back at around that magical $30 level. I opened a 25% position on Thursday and failed to trade them when they printed $4.85 immediately thereafter, so I will add an additional 25% early next week and then wait for the stock to roll over, confirming the likelihood that the idea is sound and can work.

As bear market rallies are easily the most elusive narcotic known to mankind, the euphoria being created in January 2019 is a perfect marinade sauce in which to soak the bulls as the bear arises from his well-earned, feast-induced nap begun in late December. When this Papa bear attacks again, he will be twice as violent and five times as destructive, as we get the high-probability retest of the Christmas Eve lows.

Inversely correlated to my stock market thoughts, the current pause in gold and silver should end with both getting an ample injection of amphetamines as the “Fear Bids” return and safe haven buying accelerates in response to any type of retest. However, the timing of that injection will not be an easy exercise, and I emphasize that point because “recency bias” is a cognitive flaw, especially after the emotional beating many experienced last month.

I picked up a graphic off Twitter, and credit goes to Craig Hemke of the TF Metals Report, who tweeted out this morning in a gesture of what I am sure is disgust and outrage.

“The more things change, the more things remain the same,” is the quote of the day when I see the open interest balloon like it has. Good for Craig in pinpointing this fraudulent price-capping exercise, which typifies the herding actions of the banking cartel that encourages the ownership of financial assets and discourages any thought of same for hard assets such as precious metals. Truly an outrage of the highest order.

The three big candles shown in the 3-month gold chart are undeniable proof of the interventions of which I have been wary and writing since the 1970s. These are now not only becoming more obvious, they are now actually being telegraphed by way of Twitter and “administration statements.” Gone forever are the days when I used to think that maybe I was sensing a little skullduggery in the trading patterns or a smattering of “shenanigans” in the COT figures or bank participation numbers. I now look at the gold and silver markets as “fully rigged,” along with stock index futures and the bond markets.

Government officials now view the stock market as a “national security” issue, along with the U.S. dollar. Since the U.S. war machine requires unlimited and infinite funding to police the globe under a U.S. protectionist mandate, there can be nothing allowed anywhere that sheds risk on the status quo. The ultimate Achilles heel of the military is the U.S. dollar’s status as the world’s reserve currency, and it stands to reason that countries shedding dollars in favor of gold or silver are going to feel the wrath of the price managers.

Forgive my cynicism but the last three sovereign leaders who threatened to take payment for oil in non-U.S. dollar settlement terms were Saddam Hussein, Muammar Gaddafi and Hugo Chavez—all deceased in short order and with great dispatch shortly thereafter. Of course, it might be said that Chavez died of “natural causes,” but his country (Venezuela) has become a modern-day hellhole after being one of the most prosperous in Latin America a few decades ago. To wit, it comes as little surprise that the bullion bank behemoths executed high-level orders and capped the precious metals rally and U.S. dollar decline last week, coinciding with marvelous symmetry the big pop in stocks.

I was in discussion with Getchell CEO Bill Wagener last week, during which he showed me his NRA membership card and his firearms license, along with photos of his latest sojourn at the firing range in the state of Colorado, where he currently resides. He was offering me some insights on this newsletter and in particular, the opening quote, which is “Gold is the money of kings. Silver is the money of gentlemen. Barter is the money of peasants. And debt is the money of slaves.” He asked me if he could add a fifth sentence to the quote: “Lead is the money of the revolution,” to which I said “Let’s make it, ‘Lead is the money of change.'” Ergo, the new jingo for this missive is going to be the one shown at the bottom of the following graphic.

Food for thought?

Going into the upcoming week, I expect to see some profit-taking in the stock market rally, and I will be looking to buy put options on Goldman Sachs and the S&P 500 at some point. However, as you have read here since the Christmas Eve when I showed everyone the RSI for the S&P at 19 and suggested that “the time to be short has passed, “that does not mean that the market has V-bottomed nor does it follow that the advance has to end any time soon. Bear market rallies are dangerous and very difficult to trade because once the mesmerizing effect of the mercurial levitation on clouds of hope and desperation dissipates, you are left with an air pocket bereft of anything but the memories of what exactly took stocks into”crash mode” in Q4/2018. Trade wars, balance sheet normalization, quantitative tightening, and global growth impediments are all still very real threats to valuation, but as we have seen since the 2009 bailout, momentum trumps valuation in this New World Order of algorithmic assignments and interventions.

As you pore over charts and blogs and brokerage reports, just keep one thing pasted above your quote monitor: The “invisible hand” is there to liberate you from your wealth unless you play ball and drink from the party-line punchbowl. Charging stock markets is the champagne narcotic that fills the revelers with confidence and glee; gold and silver are the caffeine that sobers up the room. And the enemy is not without means.

Originally trained during the inflationary 1970s, Michael Ballanger is a graduate of Saint Louis University where he earned a Bachelor of Science in finance and a Bachelor of Art in marketing before completing post-graduate work at the Wharton School of Finance. With more than 30 years of experience as a junior mining and exploration specialist, as well as a solid background in corporate finance, Ballanger’s adherence to the concept of “Hard Assets” allows him to focus the practice on selecting opportunities in the global resource sector with emphasis on the precious metals exploration and development sector. Ballanger takes great pleasure in visiting mineral properties around the globe in the never-ending hunt for early-stage opportunities.

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Disclosure:
1) Michael J. Ballanger: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: Getchell Gold and Goldman Sachs. My company has a financial relationship with the following companies referred to in this article: Getchell Gold. I determined which companies would be included in this article based on my research and understanding of the sector. Additional disclosures are below.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Getchell Gold Corp., a company mentioned in this article.

Charts and images courtesy of Michael Ballanger.

Michael Ballanger Disclaimer:
This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.

( Companies Mentioned: GS:NYSE,
)

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/article/2019/01/21/navigating-around-the-invisible-hand.html

Australian Metals Firm Reports ‘Strong Q2 FY19 Production Results’

Source: Streetwise Reports   01/21/2019

A BMO Capital Markets report detailed this miner’s quarterly production of each metal and how those figures stacked up against estimates.

In a Jan. 17 research note, analyst Edward Sterck with BMO Capital Markets reported that South32 Ltd.’s (S32:ASX) “Q2 FY19 production results came in above our forecasts on average, but are likely to be offset by weaker-than-expected received prices.”

Production during Q2 FY19 of all metals except silver and thermal coal was in line with or above BMO’s forecasts, Sterck indicated. Received prices were as BMO anticipated except for one metal that exceeded the projection and three that were “a touch weaker.”

Sterck provided the specifics for and commented on each commodity.

Alumina production was 1,383,000 tons (1,383 Kt), 6% higher than BMO’s estimate, due to strong performance at Worsley. The received price of alumina from Worsley was 4% lower than BMO’s forecast.

Aluminium production was 247 Kt, in line with BMO’s estimate.

Manganese ore production was 1,439 Kt, 5% higher than BMO’s projection due to solid output at Gemco and Samancor. The received price for RSA manganese ore was 4% lower than BMO’s estimate.

Nickel production was 10.4 Kt, 3% higher than BMO’s forecast.

Met coal production from Ilawarra was 1.6 million tons (1.6 Mt), 60% higher than BMO’s estimate “as we were expecting a longwall move this quarter,” Sterck noted. The move is now slated for Q3 FY19. The received price for met coal beat BMO’s forecast by 9%.

Silver production was 2.9 million ounces, 2% lower than BMO’s estimate.

Thermal coal production in South Africa was 6.4 Mt, 15% lower than BMO’s estimate due largely to weaker domestic thermal coal output on the heels of the August 2018 dragline event. The dragline is expected to return to service by the end of January 2019. The received price of thermal coal was 15% lower than BMO’s forecast.

Compared to H1 FY19 production, current FY19 targets indicate volume growth in alumina and thermal coal, by 9% and 38%, respectively. They suggest aluminum should remain relatively flat, and manganese ore, silver and met coal should drop 13%, 6% and 41%, respectively.

Sterck concluded, however, that “the company remains well-positioned for a strong FY19 as a whole.”

In other news, Sterck indicated, South32’s current chief financial officer (CFO) Brendan Harris will assume the role of chief marketing officer. Current group treasurer Katie Tovich will fill the CFO position.

BMO has an Outperform rating and a £2.10 per share target price on South32, whose stock is currently trading at around £1.87 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

Disclosures from BMO Capital Markets, South32, January 17, 2019

IMPORTANT DISCLOSURES

Analyst’s Certification
I, Edward Sterck, hereby certify that the views expressed in this report accurately reflect our personal views about the subject securities or issuers. I also certify that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.

Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Company Specific Disclosures
Disclosure 9C: BMO Capital Markets makes a market in South32 in Europe.

For Important Disclosures on the stocks discussed in this report, please click here.

( Companies Mentioned: S32:ASX; S32:LSE,
)

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/article/2019/01/21/australian-metals-firm-reports-strong-q2-fy19-production-results.html

Rise Gold Slowly but Surely Progressing High-Grade Idaho-Maryland Project

Source: The Critical Investor for Streetwise Reports   01/21/2019

The Critical Investor profiles a company that he believes is “one of the more remarkable gold exploration stories around.”

1. Introduction

After a year which saw not a lot of enthusiasm in the mining sector to put it mildly, topped off by a resulting brutal tax loss selling season, sentiment for mining and gold in particular seems to be recovering, so in my view it is time to look at one of the more remarkable gold exploration stories around. Rise Gold Corp. (RISE:CSE; RYES:OTCQB), a small junior headquartered in Vancouver, is looking to find gold in, around and below the past-producing high grade Idaho-Maryland gold mine in California. This project contains a considerable historical (2002) high grade estimate done by Amec Foster Wheeler of 0.4 Moz @ 9.1 g/t Au M&I and 0.9 Moz @ 12.7 g/t Au Inferred, or a more recent one by Pease in 2009, estimating 472 Koz @ 10 g/t Au M&I, and 1 Moz @ 12 g/t Au Inferred.

Personally I consider Amec by far the most reputable engineering firm globally, and therefore I mention their estimate, although it is firmly outdated. Of course both estimates aren’t NI 43-101 compliant as both are not recent enough, using today’s QA/QC procedures, but it provides a first indication of mineralized potential. These estimates are historical, non-compliant and outdated, but aren’t hot air at all in my opinion, as the Idaho-Maryland Mine had to halt production in 1954 when it was nowhere near depletion.

The company has analyzed all available historical data, constructed all sorts of (3D) models, maps and sections, defined targets, raised cash and has completed its 2018 drill program, and is setting up for its 2019 drill program after raising C$2.5 million in the last quarter. As Rise has to drill pretty deep most of the time (600–1800m), progress hasn’t always been easy and quick, but as the company doesn’t seem to have any problem reeling in strategic investors like Yamana and Southern Arc, the quest for gold continues. Let’s see what the potential is for investors.

All presented tables are my own material, unless stated otherwise.
All pictures are company material, unless stated otherwise.

All currencies are in US Dollars, unless stated otherwise.

2. Company

Rise Gold Corp is a U.S. exploration and development company with Canadian headquarters, focused on creating shareholder value through advancing a gold project in California. The company is developing an exploration strategy for its fully owned Idaho-Maryland gold project, a former past producing mine located in Grass Valley, California.

Rise Gold currently has 145.99 million shares outstanding (fully diluted 240.709 million), 80.06 million warrants (the majority is due @ C$0.10–0.15),and several option series to the tune of 14.51 million options (C$0.18 on average) in total, which gives it a market capitalization of C$10.95 million based on a January 17th share price of C$0.075. The company has no trouble raising cash despite its CSE listing, as it raised C$0.35 million in September 2018, and C$2.5 million in November 2018. As a consequence, their treasury contains about C$3 million at the moment, which is enough for this year’s drill program. Waning mining sentiment and few results didn’t go unnoticed for Rise shareholders, as can be seen here:


Share price; 3 year time frame

Although gold has seen significant gains on a dropping U.S. dollar, and sentiment improved somewhat as usual after tax loss selling season, Rise hasn’t been following suit quite typically. One reason for this could be that the company is still flying very much under the radar, but the share price also seemed to experience support from the November raise, bringing on board intermediate producer Yamana Gold and seeing Southern Arc reinforcing their holdings in Rise. That way the share price was prevented to drop off mid-December as most mining stocks did, but on the other hand wasn’t able to recover lost ground as there wasn’t much lost ground to make up for. In my view at such lows it seems the bottom is in at C$0.05, and any significant drill result could very well support a higher share price soon, as the market cap is still small at around C$10 million.

The management team is led by President and CEO Ben Mossman, who knows all about underground gold mines in North America with over 15 years of experience as a mining engineer under his belt (Snap Lake Mine for DeBeers Canada, Bellekeno Mine for Alexco Resource Corp). Since Southern Arc bought into its first strategic position, several positions have been filled by staff related to Southern Arc, not only in the Board of Directors but also management and the advisory team. This could evolve into a nice potential one-two, where maybe Southern Arc gets the benefits of a higher return at a hypothetical Yamana buyout. Key person in all this is John Proust, CEO of Southern Arc. Interesting names are director Bob Gallagher and former director and current advisor Alan Edwards.

Last but not least is director Thomas Vehrs, who is a huge asset in determining the right exploration strategy. Holding a PhD in geology, Dr. Thomas Vehrs is a highly regarded and experienced exploration geologist with over 40 years of experience in the Americas. For the past ten years, Dr. Vehrs held the position of VP Exploration for C$740 million market cap Fortuna Silver Mines.

3. Idaho-Maryland project

Rise Gold has one project, the Idaho-Maryland Gold project, located in Grass Valley, Nevada Country, in the state of California. Grass Valley deposits are classified as a gold quartz vein type deposit, often higher grade and extending at great depths. California didn’t exactly build the best reputation as a mining friendly jurisdiction over the years, caused predominantly by permitting issues. Because of it, the state is ranked #61 out of 91 jurisdictions worldwide on the Policy Perception Index by the latest Fraser Survey at the moment, which basically reflected 2017. However, a lot has changed since Trump took over, as he is pro-mining and anti-permitting. Furthermore, a few mines have been permitted in the last few years in California, also before Trump, Nevada County would be the lead agency and not the state of California, and in addition to this the project is located on private land, which makes permitting much easier compared to federal (BLM) land, as stated in the technical report:

“The Project area is covered by private land and no permits or consultations with the US Bureau of Land Management (BLM) or the US Forest Service (USFS) would be required.”

Because of all this I view permitting risk for Rise Gold as manageable.

The former Idaho-Maryland Mine has a long past behind it. The mine was reportedly the second largest gold mine in the United States in 1941, producing up to 129,000 oz gold per year before being forced to shut down by the U.S. government in 1942 due to World War II, as the workforce was needed in war efforts. Significant production after the war-time shutdown never occurred.

As mentioned earlier, there is a historical resource estimate completed in 2002 by Amec, using a cut-off grade of 3g/t Au (for correct and full disclosure see company documents, as one cannot rely on a historical resource estimate):

4.jpg

A few more historical resource estimates have been completed since then, the most recent being the one by Pease in 2009. They estimated 472 Koz @ 10 g/t M&I, and 1 Moz @ 12 g/t Au Inferred, based on a 1.44 Mine Call Factor multiplier (the grade at the mill head was much higher than the sampling grade, so a correction factor was applied). No historical, non NI 43-101 compliant resource estimate can ever be relied upon as mentioned, so keep this in mind.

The underground workings of the former Idaho-Maryland Mine are flooded, and it would cost a lot of time and money to dewater this just for drilling, as the underground workings are extensive. The company had the New Brunswick shaft inspected with a remote operated vehicle to a depth of 701m (full depth over 1,000m), to see if it was intact.

It appeared the shaft was open over the inspected length, and the woodwork appeared to be in good condition. This could be important for future development, being either deep drilling or mine development, as constructing a new shaft is a costly business (for this size and depth easily a US$40–50 million). The historical hoisting capacity was 75t/h, so this means a full-time 1,800 tpd, which would be more than enough for such an operation. Management thinks this can be increased if needed at today’s standards, without the need to widen the shaft. Notwithstanding all this, as underground workings are flooded, exploration needs to take place from surface, demanding deep drilling, which is expensive, although management elected to buy two drill rigs for C$611,000 in June 2018 to save on ongoing drilling costs, one of them among the most powerful rigs available on the market these days.

Rise Gold also bought quite a bit of land surrounding the mine for different future mine purposes, as can be seen here:

To get a bit of an impression about the Idaho-Maryland Mine itself, here is a 3D view of the different underground workings, ranging from surface to a depth of -1650 ft (about -550m), with the mined out historical mineralization in red and magenta:

Some of the deepest drill results are reported from below 1800m. Please note that the nearby former Empire-Star Mine had underground workings going as deep as 1,600m, which is almost as deep. This mine was shut down due to a labor strike, and also contained significant reserves, and is still owned and shelved by Newmont.

4. Drill Results

As the operators were mining three separate, rich veins (Idaho #1 and #3, Brunswick) and ramping up to double the production to 250,000 oz before WWII halted everything in the past, it will be understandable that numerous exploration targets in and around the mine workings were already identified during and after operation in those days.

The 2002 Amec report lists the characteristics of typical orogenic gold deposit types, as Idaho-Maryland falls in this category, and here are some very relevant and interesting highlights:

1. “Tabular fissure veins in more competent host lithologies, veinlets and stringers forming stockworks in less competent lithologies. Typically occur as a system of en echelon veins on all scales.”

2.”Vein systems may be continuous along a vertical extent of 1–2 km with minor change in mineralogy or gold grade; mineral zoning does occur, however, in some deposits.”

Orogenic gold deposits can also have their disadvantages, as they can be hard to delineate, also due to possible nugget effects and narrow veins at depth. Fortunately for Rise Gold, Idaho-Maryland is something special in this regard:

3.”Past production at the Idaho-Maryland Mine has demonstrated significant vertical and horizontal continuity of the veins. The great vertical extents of veins of similar gold deposits, such as the adjacent Empire Mine, suggests extensions of the #1 Vein, 3 Vein system, and the Brunswick Veins to depth and there exists potential for significant stockwork-style mineralization within the Brunswick Block.”

Keep the remarks about stringers, en echelon veins, vertical extent of 1-2 km, and great vertical and horizontal continuity of veins in mind, when actual drill results will be discussed later on.

As the Idaho-Maryland system is probably too deep and complex to drill out completely (to Reserves) from surface, the strategy of Rise Gold will be exploration and in the end delineation to Indicated and Inferred Resources, probably on a grid spacing of 50m. Drill costs are estimated by the company at ~$140/m all-in, now that it owns the rigs themselves. Otherwise the costs would have been US$240–300/m all-in. Because of considerable depth, management may use directional drilling, with a few widely spaced, deep motherholes first after which multiple branch holes will be drilled.

The currently most significant exploration targets identified at the Idaho-Maryland Gold Project are in untested ground below the historical mine workings. These targets are extensions of the Idaho #1 Vein, Brunswick, 3 Vein System, and the Crackle Zone.

10.jpg

The Crackle Zone, a concept initiated by renowned geologist and Hall of Famer Alan Bateman a long time ago, could prove to be the theory that might propel the Idaho-Maryland project into Tier I territory if correct. It basically envisions a converging feeder structure to all currently know mineralized zones, located below them and continuing at depth.

The size of this wedge could have an average width of 400m, average thickness of 5m and a length of 900m, creating a volume of 31.6M m3. Based on a gravity of 2.75 t/m3, the Crackle Zone target could be 5 Mt, which is sizeable of course. If this Zone indeed proves to be the converging point of the other zones, I wouldn’t be surprised if the total resource could pan out to be 1-2 Moz or even larger.

Let’s see what results the drilling has provided us so far. The first results that came back are shown here:

It was a narrow intercept, but very high grade, in line with historical mineralization, which is in large part narrow vein based. This is how things typically look down below:

According to management, the first deep hole was aimed at the Idaho #1 target, designed to be drilled between the mined stopes (voids) on the Brunswick veins so that the crew wouldn’t have to drill through open voids, which can be difficult. Unfortunately they missed as the hole deviated into the other direction than expected, and a new hole was drilled.

The news release also contained a pretty interesting bit of information:

“Assay data from the Drillhole indicates that the highest gold grades in the composites are located in the wall rocks immediately adjacent to the quartz vein, rather than in the quartz veins themselves.

The company’s observation that the wall rocks of the quartz veins hosts high grade gold could have major implications to the interpretation of the historic data from the mine. In most cases, the historic operator reported drill core and channel sample assay results for only intersections of quartz and rarely conducted sampling of the adjacent material. If there are important gold values in the adjacent wall rock, the historic sampling would have greatly underreported the gold grades of the mineralized veins.”

If the engineering firms like Amec and Pease also used quartz vein based mineralization for their estimates, things could get fascinating as drilling progresses.

The concept of mineralization being located close to the (mined out) quartz veins appeared to continue with the next set of drill results, especially at the Brunswick East Block target veins:

“Drill hole B-18-04 was the first drill hole to test below the multiple parallel veins mined on the eastern side of B1600 level. This drill hole intersected four veins with significant gold values.

On the B32 Vein, an intercept of 8.0 gpt gold over 4.0m was intersected east of the historic mine workings, between the B1300 and B1450 levels. In addition to the downdip potential of the B32 Vein, this intercept highlights the potential of significant mineralized material remaining in the levels above B1600 level, in and around the historic mine workings and stopes.

On the B10 Vein, two closely spaced veins assayed 4.0 gpt gold over 2.8m and 4.4 gpt gold over 3.0m. The two intercepts are located immediately below the B1600 level. Historic mining (stoping) occurred along the B1600 level, immediately above the intercepts.”

For clarity, the mentioned 1600 number is 1,600 feet below ground level, which is slightly over 500m. The results above are an example of the mentioned en echelon vein sets, and there are many of those, mined and currently being discovered. Because of these results, management expects that former operators have left a lot of mineralization at these levels, which aren’t very deep relatively speaking.

The next drill result also handled the Brunswick vein system, and reported B-18-05, again containing multiple mineralized intercepts, indicating several stacked veins:

Visible gold was also detected in the B40 vein, and management was excited to see wider mineralization as well. The average grade of this vein didn’t surpass economic viability in itself, but it could be an interesting “pathfinder” vein, leading up to better mineralization. This hole returned more mineralization at great depth:

These intercepts are both economic although very narrow. Again, the minimum mining width is 2m, so average grades of 46 g/t and 30.5 g/t over 2m is very good.

It got CEO Mossman to comment on the results like this:

“These deep drill intercepts demonstrate the large exploration potential of the Idaho-Maryland Gold Project. To be able to hit deep high-grade gold mineralization with a single blind hole speaks to the great strength of this gold system. Rise has intersected multiple zones of important gold mineralization in all five holes completed to date. This deposit is known for hosting exceptionally continuous gold veins and every drill hole reinforces our belief that the Idaho-Maryland is one of the most exciting high-grade gold projects in America.”

Usually with these very short intercepts it is a case of nuggety mineralization, but as Amec mentioned in its reported, the type of mineralization of these deposits tends to be very continuous and extends very deep. This is exactly what we are seeing now, and this gets management excited as well.

To get a bit of a visual on the results so far, here is a section:

It might be that Rise Gold hit the earlier mentioned converging feeder structure at depth, as conceptualized by Bateman many years ago. In a long section also including the latest intercepts, things are shown like this:

This is all very encouraging in my view. Bit by bit the story gets more and more interesting, only reinforced further by the latest set of results, released on December 13, 2018:

For the first time the company intercepted the earlier mentioned stringers with visible gold, and again when recalculating the high grade 0.5m intercept for a minimum 2m mining width the resulting grade is very economic at 547.5 g/t. An intercept of 6.8m @ 149.3 g/t would have been very good as it implies more continuity (veins have a tendency to pinch and swell a lot), but the beauty of this type of geology is that the continuity is very good. As the shorter intercept (0.5m @ 2190 g/t) contains more gold than the longer intercept (6.8m @ 149.3 g/t) which it is part of, I asked CEO Mossman for an explanation. He stated that they rounded the widths in the news release to one decimal. The work done at site is in feet. So this interval was 1.5 ft, which is 0.457 m. Since the assay is so high this couple centimeters causes the rest of the interval to show as a negative grade in a calculator. We will post the results to 2 decimals in the future. I pasted the interval into the doc below so you can see the entire detail:

HoleID

SampleID

From

To

Length

Description

Au_ppm

I-18-10

Y973269

987.765

988.299

0.533

Irregular qtz veining with strong alteration/pyritization

5.56

I-18-10

Y973270

988.299

988.847

0.549

As above

10.20

I-18-10

Y973271

988.847

989.823

0.975

Scattered veinlets, weak alteration

1.92

I-18-10

Y973272

989.823

990.783

0.960

Single narrow qtz carb vein, weak pyritization.

1.26

I-18-10

Y973273

990.783

991.911

1.128

Scattered veinlets, weak alteration.

0.02

I-18-10

Y973274

991.911

992.901

0.991

As above

0.00

I-18-10

Y973276

992.901

993.419

0.518

As above

0.79

I-18-10

Y973277

993.419

993.877

0.457

3cm qtz vein with much visible gold. 10% pyrite in wallrock

2190.00

I-18-10

Y973279

993.877

994.578

0.701

Qtz carb veinlets; weak alteration

5.20

On a map, the location of the latest drill results of the 52 Vein target can be visualized:

Not all results are that good, but keep in mind that the nearby historical results (6.1m @ 4.1 g/t, 13.3m @ 5.4 g/t and 9.1m @ 16.5 g/t) are certainly economic, providing a vein strike length of at least 100m at this location.

 

This drilling at depth takes up a lot of time and resources, but if Rise Gold manages to come close to the historical resource estimates, let’s say they prove up 1 Moz of high grade mineralization, a re-rating can be expected, as its EV per oz would be in the range of US$10–15/oz, assuming more dilution. The average for this metric for explorers with a resource currently hovers around US$45/oz, according to this Haywood Securities table, part of its most recent Weekly Dig update:

This table contains outliers in both directions, so I believe this figure to be pretty accurate. If the directional drilling of Rise Gold proves to be successful, and a 1 Moz resource is in the cards, then I don’t see a reason why this stock wouldn’t at least double from here. Management is convinced there is much more gold left in the old underground workings and below this, it’s up to them to show the world what the Idaho-Maryland really contains at depth.

5. Conclusion

After completing 11,610 m of drilling, it appears that Rise Gold is hitting gold everywhere it looks. This in itself is pretty rare, and especially the economic intercepts at depth indicate large mineralized potential. Historical resource estimates point into the direction of 1 Moz, but management thinks there could be more. The Rise Gold story with its roots in the fascinating, distant past is coming together nicely now, after hitting lots of veins, acquiring two rigs, raising lots of cash, attracting two strategic parties of which one is well-known producer Yamana Gold, and assembling a very experienced group of people. Because of the deep exploration, things will likely not advance very quickly, but with this type of backing there will be no shortage of financial and technical support, and Rise Gold should be able to advance Idaho-Maryland slowly but surely into a significant deposit in my view.


Former Idaho-Maryland Mine; Brunswick mine shaft

I hope you will find this article interesting and useful, and will have further interest in my upcoming articles on mining. To never miss a thing, please subscribe to my free newsletter on my website http://www.criticalinvestor.eu to get an email notice of my new articles soon after they are published.

The Critical Investor is a newsletter and comprehensive junior mining platform, providing analysis, blog and newsfeed and all sorts of information about junior mining. The editor is an avid and critical junior mining stock investor from The Netherlands, with an MSc background in construction/project management. Number cruncher at project economics, looking for high quality companies, mostly growth/turnaround/catalyst-driven to avoid too much dependence/influence of long-term commodity pricing/market sentiments, and often looking for long-term deep value. Getting burned in the past himself at junior mining investments by following overly positive sources that more often than not avoided to mention (hidden) risks or critical flaws, The Critical Investor learned his lesson well, and goes a few steps further ever since, providing a fresh, more in-depth, and critical vision on things, hence the name.

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The author is not a registered investment advisor. Rise Gold is a sponsoring company. All facts are to be checked by the reader. For more information go to http://www.risegoldcorp.com and read the company’s profile and official documents on http://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.

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from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/article/2019/01/21/rise-gold-slowly-but-surely-progressing-high-grade-idaho-maryland-project.html

Gold Company Continues Advancing Val d’Or Project Toward Restart

Source: Streetwise Reports   01/20/2019

An iA Securities report provided an operational update on this Canadian producer.

In a Jan. 17 research note, iA Securities analyst George Topping reported that Wesdome Gold Mines Ltd.’s (WDO:TSX) “2019 production guidance is in line” and the pace at Kiena is accelerating. “Management is advancing Kiena to a low cost, short timeline restart,” he wrote.

Topping reviewed the company’s Q4/18 and 2018 production results. The miner produced 17,300 ounces (17.3 Koz) gold in Q4/18, which was less than Q3/18’s “outstanding” 19.8 Koz. Total production for 2018 was 71.7 Koz gold.

As for grades from the underground Eagle mine, they were lower in Q4/18, at 10.6 grams per ton (10.6 g/t) versus Q3/18’s 13.3 g/t. However, Topping noted, Q3/18’s grades were atypical, as mining focused on the high grades in August due to mill problems. Grades, though, in 2019 should rebound.

Topping also discussed the company’s production, grade and capex targets for 2019. Wesdome guided to 72–80 Koz production, which is in line with iA’s projected 77 Koz. Guidance grades at the Eagle underground mine are expected to increase about 3% to between 15.5 and 16.5 g/t. This should lower the all-in sustaining cost to about US$985–1,040 per ounce.

Wesdome has budgeted to spend $26.9 million in 2019 on exploration drilling with five rigs and underground development at Kiena, whose resource should expand to 1 million ounce. That could support about 100 Koz of an annual production, ramping up to 170 Koz per year, as exploration efforts progress. Exploration at Eagle will continue as well.

The company had $27 million in cash at year-end 2018 and remains free cash flow positive from its Eagle mine.

IA Securities has a Strong Buy recommendation and a CA$6.20 per share price target on Wesdome, whose stock is currently trading at about CA$4.27 per share.

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Disclosures from iA Securities, Wesdome Mines Ltd., Research Update, January 17, 2019

Conflicts of Interest: The research analyst and or associates who prepared this report are compensated based upon (among other factors) the overall profitability of iA Securities, which may include the profitability of investment banking and related services. In the normal course of its business, iA Securities may provide financial advisory services for the issuers mentioned in this report. iA Securities may buy from or sell to customers the securities of issuers mentioned in this report on a principal basis.

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from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/article/2019/01/20/gold-company-continues-advancing-val-dor-project-toward-restart.html

Silver-Gold Company Delivers in Q4/18 for ‘Strong End to the Year’

Source: Streetwise Reports   01/19/2019

A CIBC report specified 2018 production and 2019 production guidance figures.

In a Jan. 16 research note, CIBC analyst Cosmos Chiu reported that SSR Mining Inc.’s (SSRM:NASDAQ) three producing mines each exceeded the upper end of annual production guidance in 2018. Further, production guidance for 2019 implies growth.

The company’s production in 2018 totaled 2.8 million ounces (2.8 Moz) silver, above CIBC’s 2.5 Moz estimate, and 301,000 ounces (301 Koz) gold, in line with CIBC’s forecast. Of the total, 892 Koz silver and 75 Koz gold were produced in Q4/18.

Chiu noted that all of SSR’s three producing assets contributed with strong performance. Seabee achieved record production for 2018. Marigold boasted record tons placed along with “slightly higher grades and consistent recoveries.” At Chinchillas, ramp-up continued.

For 2019, Chiu relayed, SSR guided to midpoint production levels of 4.9 Moz silver and 312 Koz gold, at $693 per ounce.

Chiu concluded the report with, “SSRM remains one of our Top Picks among the intermediate producers for 2019, as we expect strong operational performance once again.”

CIBC maintains its Outperformer rating and $14 per share price target on SSR Mining, whose current share price is about $11.63.

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Disclosures from CIBC, SSR Mining Inc., Earnings Update, January 16, 2019

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from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/article/2019/01/19/silver-gold-company-delivers-in-q4-18-for-strong-end-to-the-year.html