Value Microcaps Junior Miners

[Lone Clone]

BTO, IPT

B2Gold aka BTO released an updated Resource Report for the Anaconda gold deposit located 20km from their producing Fekola mine in Mali. It is anticipated that saprolite ore at Anaconda will be mined via open pit and trucked to Fekola for processing beginning next year.

And it should be a significant contribution. The Indicated resource, all oxides, includes 32.4Mt @ 1.12 g/t containing more than 1.1M oz Au, while the Inferred resource, mostly sulfides but also with a significant oxide component, includes 54Mt @ 1.20 g/t containing more than 2M oz Au. (These figures use a $1600/oz Au cutoff; numbers are also available in the Resource Report for other cutoffs.)

BTO continues drilling at Anaconda to expand the resource, and has also allocated $33M to begin development of mine infrastructure aimed at extracting the oxide ore.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33769953

Impact Silver aka IPT released annual results from its silver mines and mills in Zacatecas, Mexico. IPT normally operates around breakeven, but thanks to the high price of Ag (and byproducts Pb and Zn) they actually made a decent profit last year in spite of lower than expected ore grades and cost pressures. I was glad to see them finally getting off their schneids and doing some serious exploration, including buying a drill. They ended the year with over $24M in their cash stash and no debt.

They also announced another ambitious exploration for 2022, mostly looking for new ore around their currently and past producing mines, but also looking to define new ore bodies for future production. They are also looking at bringing the Capire mine back into production using new processing technology.

High silver prices rescued IPT from what would have been a difficult year in 2021. I am hoping that this year they can do a better job of capitalizing on them by mining more and higher grade ore.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33770003

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WM, BTO, IPT

Wallbridge Mining aka WM brings us news that they have completed 1800m of underground access tunnels into the heart of the Area 51 gold deposit on the Fenelon property in Quebec they are busy developing. This has allowed them to use direct sampling to confirm the grades in the recently release initial Resource Report, plus they have begun underground drilling, hitting intercepts like 2.23 g/t Au over 25.35M including 11.77 g/t Au over 2.85M. This drilling will be used to convert Inferred Resources to M&I.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33771784

In the wake of yesterday's PR from B2Gold aka BTO releasing a Resource Report for the Anaconda deposit near their Fekola Au mine in Mali, TD released a new analyst report. They saw the impact as positive but kept BTO at Buy with a target of $9.

And yesterday I was far too gentle in my discussion of Impact Silver aka IPT's annual results, something made clear by the IKN blog's trashing of the company, which reminded me why I am glad I only have a small position.

https://iknnews.com/impact-silver-ipt-v-and-a-reminder-of-the-mind-numbing-mediocrity-of-the-silver-sector/#post-comments

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EDV, IAU, RIO

Enedeavour Mining aka EDV published its annual report for last year. I didn't see anything that hasn't already been released -- which isn't to say I am correct in that assertion -- other than that Q4 cash costs declined even further to only $639/ oz Au produced.

https://ca.finance.yahoo.com/news/annual-financial-report-060000790.html

For Edison's thorough review of what is in EDV's annuals, see this link. As Edison points out, even though they had already adjusted their numbers upwards on the basis of previously published information, EDV still beat those adjusted numbers handily, marking the ninth straight year of outperformance. And based on average multiple of its gold mining peers, they see a fair price for EDV as $C50.93. EDV remains materially discounted relative to their peers.

https://www.edisongroup.com/wp-content/uploads/2022/03/Endeavour-Mining-Ninth-successive-year-of-outperformance.pdf

i-80 Gold aka IAU released its Q4 and annual results. As they are not quite in production yet, this NR is mostly a recap of their accomplishments as they amassed a number of PM deposits in Nevada along with the infrastructure which will be required to bring them into production over the next few years. The new number to note is that at year end they had over $87M in cash on hand as well as over $50M in restricted cash. Together with the gold prepayment and silver stream deals they have in place, this will be more than enough to cover capex and opex until they become cash flow positive.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33779145

Rio2 aka RIO announced they had received from WPM the first $25M of the gold stream prepayment for the Fenix gold mine they are developing in northern Chile. Another $25M will be be forthcoming when they get the EIA permit, expected in March, so they are all set up to get construction underway as permits allow.

https://ca.finance.yahoo.com/news/rio2-announces-receipt-first-deposit-110000112.html

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WM, GQC, GOT

Wallbridge Mining aka WM is best known for Fenelon and Martiniere, two close to each other gold deposits in Quebec they are drilling up preparatory (I believe) for packaging and sale, but they have other irons in the fire. There are a number of nickel and PGM properties around Sudbury we never hear about these days, but more importatntly they have amassed a large set of properties covering much of the Detour-Fenelon Trend, arguably the most underexplored greenstone belt in Quebec.

This PR contains the results of ongoing exploration on those other properties surrounding Fenelon and Martiniere. First up, we hear about the discovery of a new zone containing narrow but high grade gold intercepts at Graset, close enough to the east of Fenelon to be be considered as a satellite production area for the eventual mine. This will be followed up by future drilling.

Then we hear news from an ongoing drill programme at their JV with Midland on Casault, which borders Martiniere to the west. The results are promising enough that the drill programme has been extended.

In addition, we are awaiting the results of a grassroots exploration programme on a number nearby prospects involving mapping and sampling as well as geophysics.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33781130&srchtxt=wallbridge

There have been multiple false alarms that Goldquest aka GQC was about to get the permits it needs to develop the Romero gold deposit in the Dominican Republic. Those rumours were all false.

Now we get a PR from GQC which is pretty well as misleading. They try to spin recent developments as positive, even though the sum total is that there is still no timeline for the permit even to be considered, no mater what flowery prose the politicians use. I guess it is a slight positive that they are restarting exploration in the DR, albeit we are given no details as to what they are doing and where.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33782189

Goliath Resources aka GOT released a PR touting the exploration potential of their 100%-owned Golddigger property in BC's Golden Triangle, where they are already identified a robust gold deposit called Surebet as well as another prospect called the New Extension Zone. Expert studies of samples from the property indicate that both Surebet and New Extension are expressions of a deep and very large mineralizing system, so this year's exploration, as well as expanding Surebet, will be tasked with looking for extensions downdip of Surebet as well as looking for further faulted offsets.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33782213

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OGC

Oceanagold aka OGC released an extremely detailed update on their Resources and Reserves today. Set aside an hour if you want to go through it in detail, but the bottom line is that Proven and Probable Reserves company-wide were down about 7% in the last year, primarily due to mining depletion, while Measured and Indicated Resources were down almost 10%, partly due to mining depletion but also reclassification of some former Resources at Macraes in New Zealand as no longer considered to be economic. As well, their much smaller Inferred Resources declined almost 10% as the result of conversion to M&I through drilling.

These declines do look alarming at first glance, but much of the decline is due to exactly where they are in the development and exploitation of each of their mines and prospects. Resources and Reserves will start growing again, or at least not declining, when planned exploration and development ramps up, particularly at Didipio when exploration halted altogether during the licensing kerfuffle. That said, I would not be surprised if they are looking for acqusiitions as another way to bolster those numbers.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33783682