Impact: Positive Brixton has released the remainder of its phase one drill results from Hudson Bay and is now focusing drilling on its nearby Langis property also in Ontario’s Cobalt Camp.
Novo Resources Corp. (TSXV:NVO) – Preliminary Results from Larger Bulk Sample Look Good; Grade Expected by End of May
Impact: Positive Novo Resources announced preliminary results from its larger bulk sample program at Comet Well, and while the market appears to have expected grade, a rough estimation of grade and location of the sample are very encouraging in our view.
Impact: Mildly Positive NxGold has discovered more gold nuggets and provided an update on its maiden mapping program at its Mt. Roe Gold Project in the Pilbara, which is adjacent to properties held by Novo Resources (TSX:NVO) and Artemis Resources (ASX:ARV).
Impact: Positive Bonterra has announced positive preliminary metallurgical testwork from the Gladiator Gold Deposit, which represents a significant hurdle for the company’s resource development program.
Impact: Positive SolGold’s exploration drilling is continuing to hit high-grade copper-gold mineralization outside existing 16.2Blb CuEq resource at Alpala, with the company’s Cascabel Project in Northern Ecuador.
Impact: Positive With the discovery of a new zone outside current resources, drilling continues to support our view that resource expansion is likely.
Impact: Mildly Positive Drill results from Hudson Bay are encouraging, intersecting additional high-grade silver and cobalt mineralization. Drilling continues to intersect high grade silver and cobalt mineralization at Hudson Bay. Past producing Hudson Bay leverages both silver and cobalt markets. More results pending, additional high-grade intercepts expected to be key near-term catalyst. Based on peers in the Cobalt Camp, we believe Brixton remains undervalued, for example First Cobalt (TSXV:FCC) trades at C$0.017 EV/ha, while Brixton trades at C$0.004 EV/ha.
Impact: Positive Mawson continues to discover high-grade mineralization at Rajapalot through drilling, which has expanded the mineralized footprints of each prospect.
Impact: Positive Results from additional drilling at Gladiator continue to support our view the deposit is likely to materially grow. Drilling expands Gladiator, intersecting a new gold zone south of Barbeau. Continuity of deposit demonstrated through recent infill results. Assays are pending, follow-up drilling underway to test south of new zone. Given our expectation for meaningful resource growth at its flagship Gladiator deposit, assuming a 2M oz Au resource at Gladiator, Bonterra trades at a discount to peers (C$26/oz vs. peers at C$36/oz).