Value Microcaps Junior Miners

[Lone Clone]

CCW, GOT, KTN, KRR, TUO, OSU, MAI, OGC, HMLO, IPT,, WM, IAU, CAPT, MIRL, SSL, GQC, SVB, NRN, RIO, ORS

And some Saville scattered throughout......

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Canada Silver Cobalt Works aka CCW announced the start of exploration at its Eby-Otto property, which covers 1000 hectares at the intersection of a fault and an alteration zone in Kirkland Lake. They recently completed geophysics and are now doing some mapping and sampling leading up to a drill programme. The property's location is certainly prospective, but only the drill will tell us if they is anything there.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33970698

Goliath Resources aka GOT released yet another frustrating PR regarding the ongoing drill programme on the Surebet zone at their Golddigger gold/silver prospect in BC's Golden Triangle. Why frustrating? Because although all the holes mentioned in this release, like the ones in a number of previous PRs, intersected what appear to be extensive zone of minerlaization, we still get no actual assays from any of the holes. I sure wish they had skipped some of the PRs and instead used the money to pay for expedited assays.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33970730

Kootaenay Silver aka KTN completed the sale of its 35% interest in the Cervantes gold/copper prospect in Sonora, Mexico to JV partner Aztec Minerals in return for 10M AZT shares plus a 0.5% NSR. Combined with the shares it already has, KTN now owns 11.85% of AZT.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33971931

As part of their effort to increase production from their Beta Hunt gold/nickel mine, Karora Resources aka KRR is drilling up two new gold zones called Mason ans Cowell on each side of the already defined Larkin zone. Today they released results from the first two holes with the headline results being 6.0 g/t Au over 13.0M at Mason and 2.4 g/t Au over 5.0M at Cowell, a good start. In addition, they announced that second decline at Beta Hunt is now 67% complete, on budget and on schedule, and that it will be ready for use in Q2 next year.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33971944

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TUO, OSU

Teuton Resources aka TUO reported another set of outstanding drill results from the Goldstorm gold/silver/copper deposit on the Treaty Creek JV in BC's Golden Triangle., outstanding for several reasons.

First off, step-out holes continue to extend Goldstorm, interestingly finding higher copper levels such as 0.41% Cu over 87.0Mm that averaged 1.01 g/t AuEq (0.45 g/t Au, 6.86 g/t Ag, 0.41% Cu). As well, infill drilling continues to find what they call pulses of higher grade minerlaization that are often higher in silver, e.g. GS-22-146 cut 517.5M of 1.10 g/t AuEq (1.02 g/t Au, 4.17 g/t Ag, 285 ppm Cu) with an enriched, deeper portion averaging 2.64 g/t AuEq over 102M (2.48 g/t Au, 8.88 g/t Ag and 491 ppm Cu). Intercepts like that have the potential to make a lot of money for whoever eventually mines them.

As well, a number of holes at the nearby Eureka zone continue to flesh out that mineralization with intercepts like 46.0Mm of 1.05 g/t AuEq (0.89 g/t Au, 6.41 g/t Ag and 697 ppm Cu).

The monster just keeps on growing!

https://www.siliconinvestor.com/readmsg.aspx?msgid=33973364

You may recall I sold out of Orsu Metals aka OSU following the Russian invasion of Ukraine because OSU's assets consisted of a gold property in Russia. Not long after, they announced an RTO which will turn them into a helium exploration company. Now we get news that thanks to Western sanctions and new Russian laws forbidding the transfer of mining assets, they will likely get nothing for the gold property after their Russian subsidiary is forced into bankruptcy. Nevertheless, they are pushing forward with the RTO.

The lesson -- put Russia at the very top of your Avoid list, along with the likes of Ecuador and Bolivia and Uzbekistan.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33973078

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MAI

Minera Alamos aka MAI released its quarterly report. They have had an 'interesting' time starting production at Santana, located in Sinaloa, Mexico, the first of three Mexican gold mines they will be building over the next few years. First they had problems with record rainfall causing flooding, but this has since turned into a record drought for the area, an obvious problem for a heap leach mine that requires plenty to water to operate. In spite of the drought, they were able to sell 3100 oz Au in Q2 while operating at or above break even and were able to build their cash stash to over $9M at the ned of the quarter. With most of the construction complete and kinks worked out and the rains returning, they have been able to ramp up production and should at last soon be able to declare commerciality.

With Santana now virtually complete, MAI is turning their attention to Cerro de Oro, located in Zacatecas. They recently completed a small capital raise to ensure sufficient working capital, and will be releasing a PEA next month.

https://www.newsfilecorp.com/release/134806

I will add that I agree with IKN that, given the above two items, MAI is perfectly set for a buy right now. I may have to buy even more to add to my stash.

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OGC, HMLO, IPT, MAI

Oceanagold aka OGC has delisted from the ASX leaving them only listed on the TSX. They didn't specify why, but normally these are done because the volume on the exchange didn't justify the costs.

https://ca.finance.yahoo.com/news/delisting-080400434.html

Hemlo Explorers aka HMLO announced the signing of the final agreement for the Pic gold prospect in Ontario whereby a subsidiary of ABX can earn 80% of the property by spending $1M year for 5-7 years on exploration as well as funding a PFBS. ABX also subscribed for a small PP into HMLO. Barrick is notorious for not releasing much news about their JVs with juniors, but for them to make this commitment shows how prospective Pic is. If they get as far as delivering a positive PFBS I expect HMLO would be bought out of its remaining 20% interest.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33979129

Imapct Silver aka IPT announced their Q2 results. This company has never exhibited much ambition, being content to dribble along around breakeven based on production from their silver polymetallic mines in Zacatecas, Mexico. Q2 was no exception; production and grades were higher but silver prices were lower so they managed to record a small loss. They are in sound financial shape, with cash over $18M and no debt, and they might actually be stepping up if the words about a new focus on exploration and development, but we shall see.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33979148

If you want to read the IKN newsletter's in depth coverage of Minero Alamos aka MAI's recent quarterlies, you'll have to subscribe, but I will say that it emphasizes MAI's strong financial position as they approach the declaration of commerciality for their Santana gold mine in Mexico and the start of construction of their next mine, Cerro de Oro, with a growing treasury, minimal debt, and an unused line of credit. And IKN reminds us that Cerro de Oror is supposed to start production before the end of 2023, and that between cash on hand and what they will be earning from Santana, there should be no need to touch that line of credit. Best news, the rains have continued, but not too much...

Saville continues to maintain that gold will likely set an all-time high early in 2023 when the Fed reverses course with respect to interest rates, and that gold stocks will shortly commence a cyclical bull market. He also expects the rest of the commodities will commence a bull early next year/

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WM,IAU, CAPT

Wallbriege Mining aka WM released the latest set of drill results from its Martiniere property, located 30 km west of its flagship Fenelon property on the Detour Fenelon gold trend in Quebec. Martiniere already has a substantial resource, but the results from the more than 30 km of drilling since then are making Martiniere look more and more like it could host at least one, probably more, potential mine.

Three holes are the most significant. One with an assay of 12.27 g/t Au over 5.60M extends the Matiniere West zone more than 400M to the west, another extended Martiniere West more than 300M down plunge, and the third found 2.50 g/t Au over 17.35M near surface between Martiniere West and the Central zone. Further drilling will follow up whether these two zones are linked., but before that the a new Resource Report, which will include three further holes for which assays have not yet been received, will be released.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33980330

Up till now, i-80 Gold aka IAU has released many high grade gold intercepts from the four mines the company has under development in Nevada, but in their latest release, from a drill campaign underway at the Ruby Hill property, we hear about a new style of mineralization. Yes, there is gold, but the emphasis in the newly discovered Hilltop zone is on high grade silver, lead, and zinc, e.g. the highlight intercept of 515.3 g/t Ag, 28.9 % Pb, 10.5 % Zn, and 0.9 g/t Au over 28.3 M. This style of mineralization was already know to exist on the property and was mined in the past, but was ignored in recent years as the focus was strictly on the gold deposits. IAU's drilling has already expanded the polymetallic mineralization by a considerable extent, and they assure us that mining it is part of their future plans.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33980365

Capitan Maining aka CAPT released assays from five more holes drilled in the Jesus Maria zone on its Cruz de Plata silver/polymetallic property in Durango, Mexico. All five holes intersected significant mineralization, and given the emphasis on finding high grade zones, results such as 1.5M of 307.53 g/t Ageq and 1.5M of 344.77 g/t Ageq within 21.3M of 132.86 g/t Ageq indicate they were successful. Indeed, they not only extended a known high grade zone along strike and at depth, they also intersected a new one. Drilling continues, as does mapping and sampling which has identified a number of new prospects, and the company is planning a property wide geophysical survey.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33980406

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MIRL, KTN, SSL

Minera IRL aka MIRL announced they have discovered a new area of minerlization at the limits of current workings at their Corihuarmi gold mine in Peru. This mine was opened in 2008 with a projected four year mine life, but it's the gift that keeps on giving, as they have always been able to find enough new gold to justify the continuation of mining, a good thing or the company would have gone bust long ago.

Alas, still no word on getting rid of the corrupt overpaid CEO who uses the company to siphon money to his family and cronies.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33983294

Kootenay Silver aka KTN continues to drill up the D and F veins at its Columba prospect in Chihuahua, Mexico, with the headline intersections being 2,330 g/t Ag, 0.06% Pb, and 0.80% Zn across 1.63M, and 574 g/t Ag, with 0.19% Pb, and 0.66% Zn over 3.9M. The D vein has now been extended to 425M and a depth of 340M, and the F vein to a length over 1 km and a depth of 160M, with both remaining open in multiple directions. Drilling continues on both. With that much potential ore already defined, I would not be surprised to see KTN follow their usual practice of attracting a deep pocketed partner to JV the property and take over the expenses.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33983351

Sandstorm Gold Royalties aka SSL announced they completed the transformation back into a pure royalty/streaming company by engendering the reverse takeover that is creating Horizon Copper (HCU), which will receive SSL's 30% stake in the Hot Maden development project in Turkey, a 25% stake in ETG.TO, and a copper stream. In return SSL will receive a gold stream on Hot Maden, a secured convertible promissory note worth $95M, a 34% stake in HCU, and an right of first refusal on all future streams emitted by HCU.

It is clear that HCU and SSL plan to maintain a close relationship, I hope to the benefit of both. I will be looking into HCU as to whether it is worth investing in.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33983320

In response, TD issued a new analyst report on SSL seeing the impact as Slightly Positive, given how advanced Hot Maden is through the permitting process, but kept them at Buy with a target of $10.50.

Saville points out that in recent years, gold stocks have made reversal, either up or down, in August/September. Given that the recent trend is down, this points to an upward reversal in the near future. Of course, these kinds of indicators always work until they don't, but IMO he is probably right.

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GQC, SVB

Goldquest aka GQC got a new CEO today, and the PR mentions repeatedly, including in the headline, that he is a Dominican, which we are given to understand will help to finally get the permits for the Romero gold project in the Dominican Republic which has been on hold for several years waiting for those permits. Will this appointment help? The new guy says he is very confident that they will get the permit soon, but he would, wouldn't he...

https://ca.finance.yahoo.com/news/goldquest-welcomes-ceo-director-dominican-000000379.html

Silver Bull aka SVB has one asset other than some shares in other companies, the Sierra Mojada Ag/Zn/Pb property in Coahuila, Mexico. Unfortunately the property has been blockaded since September 2019, without the authorities doing anything about it, so it is no surprise that South32 has dropped its option on the property. Sieera Mojada has been rendered worthless, in turn making a SVB a shell company. Apparently they are actively looking for other assets, but IMO management is now much more focused on ARK, a recently spun out and listed company with copper assets in Kazakhstan.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33985366

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NRN, RIO, ORS

Ever hopeful Northern Shield Resources aka NRN announced the highest grade yet discovered on their Root & Cellar Au/Ag/Cu prospect in Newfound, a grab sample assaying 111 g/t Au. The market reaction is nil, an outcome due to none of their hopes having in the end panned out over the last number of years. This was one of a number of samples collected near their latest target, dubbed Conquest, but as these are only grab samples from a team of geologists without a meaningful discovery on their resumes, don't get too excited.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33989992

NRN also announced they are doing a 1 for 5 share consolidation, which will leave them with under 60M shares. I am not one to dwell on regrets, but I do regret trying to squeeze an extra penny out of my not inconsiderable NRN holding, thus missing the chance to sell them all at 18 cents, almost 10 times the current share price.

Rio2 aka RIO released its first major update following the the rejection of a permit to develop its Fenix gold/silver project in northern Chile. As expected, they are appealing the rejection on technical grounds, saying they had indeed fulfilled all requirements, and they appear to have good grounds to win the appeal. They have plenty of cash on hand, but since the appeal process is expected to take up to two years to complete, they do warn that they may need to raise some money in that time. (FWIW, the IKN newsletter thinks they will have no problem raising any necessary funding.)

The background is that the new government in Chile has apparently given orders to reject all permit applications, even those that are very popular with the locals like Fenix is. However, that government just took a major blow with voters emphatically rejecting their proposed consituttional review process in a referendum, and IKN thinks this will mean the purging of hard left anti-mining elements behind the rejections. So who knows, this may resolve itself somehow even before the appeal is concluded.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33990007

We've been waiting to hear some drill results from Orestone Mining aka ORS's summer drill campaign at its Captain Au/Cu porphyry prospect in north central BC, but the company must have liked the look of the core because today they announced that they have increased the size of the property by 80% to 9692 ha. this is elephant country, located 30 km from the Mt. Milligan mine, so maybe they think the elephant is a even bigger than they thought.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33990033

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WM, KTN

It can be no surprise that Wallbridge Mining aka WM has initiated a new Resource Report for its Fenelon gold prospect in Quebec, given that the company has completed over 100km of drilling since the last one was released last year. There are two novel aspects: 1) this one will include the nearby Martineire deposit; and 2) this time the optimization focus on underground mining. the method used to extract most of the gold deposits in the area, rather than an open pit that was envisioned for the last one The new version is expected to be ready in Q1 next year, and even better, WM has also commissioned a PEA for completion in Q2. I am guessing that its release will mark the moment we find out whether WM is planning to sell off the properties, as I have been expecting, or decides to go ahead, with or without a partner, to develop the mines.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33991361

Kootenay Silver aka KTN continues to report excellent drill results from the current drill campaign on the B & D Veins at its Columba Ag/Au/Pb/Zn prospect in Chihuahua, Mexico. In this PR we find both narrow high grade results -- 2.45m of 5,840 g/t Ag, 3.0 g/t Au, 3.08% Pb, and 17.25% Zn, the best drill result on the property to date -- and longer intercepts of what looks like mineable material, e.g. 29m of 453 g/t Agr 0.6% Pb, and 1.43% Zn These and similar results extended the D Vein a further 100m along strike, and the vertical extent is now over 300M, and remains open in almost every direction.

KTN is now talking about the potential for Columba to contain over 100M oz Ag, and to that end are designing a further drill progamme to extend the B, D, and F Veins, as well as test a number of exploration targets across the property.

https://www.siliconinvestor.com/readmsg.aspx?msgid=33991345