March 2018

Bonterra Resource Ltd. (TSXV:BTR) – Bonterra’s Initial Winter Drill Results Look Good

Bonterra Resources Inc. (TSXV:BTR) reported encouraging initial results from its winter drill program at its Gladiator Gold Deposit which continue to confirm our view that resource expansion is likely. Highlights from these first four holes include, high grades from hole BA-18-04 intersecting 16.9 g/t Au over 6.5m at the Main Zone and 14.1 g/t Au over 1.5m at the South Zone as well hole BA-18-03A extended the strike length and depth in the Main Zone.

Novo Resources Corp. (TSXV:NVO) – Novo’s +5-tonne Samples Expected in ~1 Month

Novo Resources Corp. (TSXV:NVO) has provided an update on its exploration activities at Comet Well, which includes the expected announcement of +5-tonne bulk sample results in ~1 month. The samples were taken from the few meters of basal bouldery conglomerate that has been identified to be unique to the Powerline showing (Figure 1).

Anaconda Mining Inc (TSX:ANX) – Anaconda Plans to Make Formal Bid for Maritime

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Anaconda Mining Inc. (TSX:ANX) has announced it intends to make an offer to acquire Maritime, for consideration of 0.364 of a common share of Anaconda in exchange for each Maritime share, a 40% premium to the market. We view the potential acquisition as accretive to Anaconda shareholders, providing another source of feed for the Pine Cove Mill, specifically, providing a higher-grade source of feed than currently considered in the mine plan. While we expect a merger to be positive for our estimates, we have not yet incorporated it into our model as a formal offer has not yet been made and there is a risk that Maritime's significant shareholder Rambler Metals and Mining (TSXV:RAB), could make a counteroffer as they have similar synergies.

Brixton Metals Corp. (TSXV:BBB) – Brixton Hits Shallow High-Grade Cobalt at Hudson Bay

Brixton Metals Corp. (TSXV:BBB) continues to have drill success at its Hudson Bay project in the Cobalt Camp, highlighted by 0.22% Co, 0.48% Cu and 17.3 g/t Ag (0.25% CoEq, 336.62 g/t AgEq) over 3.00m (HB-18-04) and 0.71% Co, 10.3 g/t Ag, 0.46% Ni, 0.37% Zn (0.80% CoEq, 908.95 g/t AuEq) over 1.00m (HB-18-05), both at shallow depths of 46m and 56m respectively.