Impact: Neutral SolGold has provided an update on the drilling programs at the Alpala and Aguinaga deposits at the Cascabel Cu-Au project in Ecuador.
Novo Resources Corp. (TSXV:NVO) -Work-to-Date Suggests Upper Conglomerate is Continuous over ~2.5km of Strike
Impact: Positive Novo Resources continued drilling and fieldwork has identified the Upper Conglomerate over 2.5km, which supports our view that a large gold deposit is possible at Purdy’s Reward and Comet Well. Key highlights from this release include:
Impact: Positive NxGold has completed its first trenches at the Mt. Roe project in the Pilbara of Western Australia with the objective of evaluating the target conglomerate horizon. The company has also completed first pass exploration at its Prinsep project, ~12km north of Mt. Roe.
Impact: Mildly Positive Mawson Resources has announced the results of 10 holes drilled during the winter drill program at its 100% owned Rajapalot Au-Co project in Northern Finland.
Impact: Positive Brixton Metals has announced that they intend to spin-out its cobalt assets in the Cobalt Camp of Ontario in order to create a cobalt focused standalone company for its shareholders.
Impact: VeryPositive Pacton Gold has entered into a binding letter of intent to acquire 100% of the Bellary Dome exploration license from Marindi Metals Ltd. (ASX:MZN), which is located in the Pilbara region of Western Australia.
Bonterra Resources Inc. (TSXV:BTR); Metanor Resources Inc. (TSXV:MTO) – BTR to Acquire MTO; Only One Interloper Possible
Impact: Positive Bonterra Resources has announced that the company has entered into a binding letter of intent to acquire Metanor Resources for ~C$0.73/share in an all share transaction (1.6039 Bonterra shares for each Metanor share), representing a 30% premium to Friday’s close and an aggregate transaction value of C$78 million on a fully diluted in-the-money basis. Prior to completion of the acquisition, Bonterra is to spin out its Larder Lake assets in Ontario with C$7M in cash to create a new gold explorer for its shareholders. The proposed acquisition should create a new advanced Canadian gold explorer and developer focused on the Urban-Barry Gold Camp.
Lion One is on the path to production and we believe it trades at a discount based on the current project plus there is substantial exploration upside that could be game changing for the company and its share price.
Impact: Positive Drilling at the Mallina deposit continues to yield positive results as De Grey continues to expand its Pilbara gold assets. The stacked en-echelon lode type deposit has a strike length of 3km and is open at depth and along strike, with high potential for discovery of additional lodes and linking structures.
Impact: Mildly Positive Bonterra Resources announced further infill drill results at Gladiator, which includes the intersection of 44.9g/t Au over 3.0m extending a high-grade ore shoot at the Footwall Zone of their Gladiator Gold project.