Value Microcaps Junior Miners

[Lone Clone]

GNG, TUO, KRR, KTN, CCW, EDV, OGC

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GNG, TUO, KRR, KTN

Take a look at the NRs put out by Golden Goliath Resources aka GNG in 2021. Almost all of them concern their Kwai gold prospect in Ontario, culminating with a PR entitled 'Golden Goliath Completes First Drill Program on Kwai Property', which in essence said "we didn't find any worthwhile gold but we are very encouraged". Now look at the NRs from 2022. There is nary a mention of Kwai, which they clearly hope we'll forget about. Instead the headlines are all about the Wish Ore gold prospect, also in the Red Lake area.

The latest NR announces a small drill programme, 5 holes totaling 600m, to test the leads their exploration this year has generated. I guess they are a little gun shy after pouring all that time and money into Kwai with nothing in return.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34050759

Teuton Ventures aka TUO announced that drilling has commenced on their JV with Optimum Ventures on the Harry property, in BC's Golden Triangle 30 km SW of the Eskay Creek Mine and located between Ascot Resources' Premier Mine and Newcrest Mining’s Brucejack Mine. If you check out the terms of the JV, OPV really likes this property. In return for 80% of it they have to carry out $9M of exploration and give TUO $1.5M, 4M shares of OPV, and a 2% NSR.

So far exploration has identified multiple zones which this drilling is designed to follow up on: Saw Cut (Au/Ag), BR (Au/Ag), and Swann (Cu/Pb/Zn/Au/Ag). Various types of mineralization, mostly sulphides similar to the mines mentioned above have been identified on the property. Note that Harry is lower altitude so drilling can proceed later into the winter.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34051998

Kaoroa Resources aka KRR has released more excellent drilling results from its Beta Hunt gold/nickel mines in Australia.

First up, we get the second set of assays from the recently discovered Mason zone, and judging by results like 12.0g/t g/t over 17.0m, it looks like an important new source of ore. Mason is parallel to and west of the Larkin Zone, and we also get more strong assays from both Larkin and the nearby Cowell zone. All these zones lies south of the Alpha Island fault, an area which looks destined to deliver a lot of valuable ore to their mills.

The Western Flanks zone at Beta Hunt already has a significant high grade gold resource. Infill drilling at Western Flanks results in this NR include 20.2 g/t over 3.5m and 11.5 g/t over 4.7m, but perhaps even more important, deep drilling has extended mineralization 250m below the current resource envelope, and with higher grades like 3.1 g/t over 10.8m to boot.

Ongoing drilling will follow up all these discoveries, eventually leading to an updated Resource Report.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34052041

And I am sorry to report that Kootenay Resources aka KTN has decided to screw current shareholders even more thoroughly by repricing their already too low private placement even lower, to a third of the price they could have set a few months ago. I have lost all respect for this management team.

https://ca.finance.yahoo.com/news/kootenay-silver-amends-terms-private-214500026.html

Meanwhile, Saville points out that action in both gold and PM stocks remains constructive, but we have not yet received confirmation that the lows set last month were actually intermediate term bottoms.

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CCW, EDV, OGC

Canada Silver Cobalt Works aka CCW, the little company with its fingers in (too?) many pies, has released 2 NRs in 3 days concerning their Eby-Otto gold prospect in Ontario, located on the Cadillac-Larder Break 5km from AEM's producing Macassa Gold mine. It's a great location, to be sure, and there are gold showings outcropping at surface, but we'll still don't have any assays from the samples taken at these outcrops. Nevertheless, CCW is pushing ahead with several phases of geophysics, but don't mention any drilling plans.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34052249

The second NR, two days later, announces the start of drilling and give a little more info about the drill targets. Why they didn't save some money by combining the two NRs into one escapes me.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34053362

FWIW, Edison has come out with a new detailed analyst report on Endeavour Mining aka EDV. I am not sure if accessing this link requires a free membership.

https://www.edisongroup.com/wp-content/uploads/2022/10/Endeavour-Mining-Quarter-end-refinements-and-Lafigue-go-ahead.pdf

Oceanagold aka OGC released its Q3 results, and they could best be described as mixed. Didipio in the Philippines performed as expected now that it is back in full operation and Haile in the US continued to perform well, but heavy rains impacted Macraes in New Zealand, meaning both gold production was down around 10% to 104k oz, while copper production from Didipio was down just slightly.

Even though costs were up sharply, the company did manage to make a profit. In spite of generating free cash flow from their operations, their cash stash dropped $20M to $130M, but that was primarily because they paid down some of their debt. They also maintained their full year guidance in spite of the Q3 difficulties, thanks also to a good quarter at Waihi in New Zealand, which will do even better in Q4 as they access higher grade ore.

All eyes are now on the permitting underway for the Haile underground mine, which is expected to start production Q4 2023. They have started construction activities while they wait for final permits, expected this quarter.

https://www.siliconinvestor.com/readmsg.aspx?msgid=34054742