Metals Update 16/9/2020

Int’l Speculator downgrades Almaden to sell from hold

The International Speculator, in its Aug. 27, 2020, issue, downgrades Almaden Minerals Ltd. (recently 97 cents) to “sell” from “hold.” The newsletter said buy 11 times between March 4, 2003, and Sept. 1, 2010, at prices ranging from 68 cents to $3.25. It then said sell some — perhaps half — on March 4, 2011, at $3.99. Assuming a $1,000 investment for each of the 11 buys, selling half the $11,000 investment at $3.99 yielded a profit of $8,497 and left shares, which cost $5,500, worth $13,997. The Speculator then said buy 12 more times between July 7, 2011, and Aug. 23, 2019, at prices ranging from 98 cents to $3.28. Assuming 12 more investments of $1,000, and taking into account the remaining $5,500 investment after the March 4, 2011, one-half sale, selling the $17,500 position at 97 cents would yield a loss of $6,188. The Speculator’s advice comes with a brief commment, “Almaden [has] gained nearly 65% since mid-July.”

Int’l Speculator downgrades Dynacor to sell from buy

The International Speculator, in its Aug. 27, 2020, issue, downgrades Dynacor Gold Mines Inc. (recently $2.12) to “sell” from “buy.” The newsletter said buy 11 times between July 8, 2013, and June 24, 2019, at prices ranging from $1.15 to $2.20. Assuming an investment $1,000 for each of the 11 buys, selling the $11,000 position yields a profit of $2,286. The sell comes with a brief comment from the writer: “Dynacor is mainly focused in Peru. I think this is one we can sell, and revisit in the future if markets stabilize.”

Int’l Speculator downgrades Orea Mining to “sell”

The International Speculator, in its Aug. 27, 2020, issue, downgrades Orea Mining Corp., the former Columbus Gold Corp. (recently 15.5 cents), to “sell” from “hold.” This is the newsletter’s second go-round with the French Guianese explorer. The Speculator said buy Columbus Gold on April 2, 2007, at $1.48 and again on Oct. 1, 2007, at $1.21. It then said sell on May 1, 2008, at 63 cents. Assuming an investment of $1,000 for each of the two buys, selling the $2,000 position at 63 cents yielded a loss of $1,073. The newsletter then said buy 14 more times between Feb. 7, 2011, and March 26, 2020, at prices ranging from 12 cents to 95 cents. Assuming 14 investments of $1,000 each, selling the $14,000 position at 15.5 cents yields a loss of $7,506. The sell comes without commentary.

Serengeti to add second drill rig to Kwanika Sept. 16

Serengeti Resources Inc.’s drilling program at Kwanika is now progressing well with the addition of a second drilling rig due to start on Sept. 16 in order to expedite completion of the program by late September. Serengeti expects that the total program will include up to 4,300 m of drilling in eight to nine drill holes testing a number of exploration targets and resource expansion opportunities. Two holes have been completed to date with the third currently under way. Initial core samples have been submitted to the analytical laboratory and initial results are expected in late September or early October. The advanced resource-stage Kwanika project is about 26,000 hectares, held by Kwanika Copper Corp. (KCC),* and is located in the northern Quesnel Trough of British Columbia, which hosts numerous porphyry copper-gold deposits.

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Steppe Gold drills 22 m of 2.4 g/t Au at ATO in 2019

Steppe Gold Ltd. has provided an update on the exploration drilling and trenching programs at the ATO gold mine and Uudam Khundii (UK) gold project.

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Nighthawk’s Colomac amenable to all recovery tech

Nighthawk Gold Corp. has provided results from the latest metallurgical testwork collected in 2019 from the Colomac gold project, centrally located within the company’s 100-per-cent-owned Indin Lake gold property, Northwest Territories, Canada. Four bulk drill core samples were submitted for SAGDesign, gravity concentration, flotation, bottle roll cyanide leaching and column heap leach testing with results reported herein.

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Freeman Gold acquires two Idaho mining claims

Freeman Gold Corp. has acquired the Moon No. 100 and Moon No. 101 unpatented mining claims, located within the historical resource area of the company’s 100-per-cent-owned Lemhi gold project, located in Idaho, United States. The Moon claims are located toward the northern portion of the historical resource area in the immediate vicinity of historical drill holes 86065, 93002 and 93005, which contain significant gold mineralization including both broad (193.55 metres of 1.8 grams per tonne gold) and high-grade (57.91 metres of 4.09 g/t Au) gold intercepts (see attached table).

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Oroco Resource closes $7.26-million private placement

Oroco Resource Corp. has closed a non-brokered private placement of 12.1 million units at a price of 60 cents per unit, for gross proceeds of $7.26-million. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole share purchase warrant will be exercisable into one additional common share for a period of 24 months from closing at a price of 90 cents per share. The exercise period for the share purchase warrants may be accelerated to 30 days if, at any time after the first six months of the warrant exercise period, the volume-weighted trading average of the company’s shares exceeds $1.50 over a period of 20 consecutive trading days.

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Atico Mining drills 5.33 m of 8.6 g/t Au at La Plata

Atico Mining Corp. has provided the results of the first six holes from its North block drill program at the La Plata precious-metal-rich volcanogenic massive sulphide (VMS) project in Ecuador. These holes have significant implications as numerous holes have reported wider intercepts than the anticipated mineralized zone included in the initial mineral resource polygon of the North block.

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Int’l Speculator downgrades Almaden to sell from hold

The International Speculator, in its Aug. 27, 2020, issue, downgrades Almaden Minerals Ltd. (recently 97 cents) to “sell” from “hold.” The newsletter said buy 11 times between March 4, 2003, and Sept. 1, 2010, at prices ranging from 68 cents to $3.25. It then said sell some — perhaps half — on March 4, 2011, at $3.99. Assuming a $1,000 investment for each of the 11 buys, selling half the $11,000 investment at $3.99 yielded a profit of $8,497 and left shares, which cost $5,500, worth $13,997. The Speculator then said buy 12 more times between July 7, 2011, and Aug. 23, 2019, at prices ranging from 98 cents to $3.28. Assuming 12 more investments of $1,000, and taking into account the remaining $5,500 investment after the March 4, 2011, one-half sale, selling the $17,500 position at 97 cents would yield a loss of $6,188. The Speculator’s advice comes with a brief commment, “Almaden [has] gained nearly 65% since mid-July.”

Int’l Speculator downgrades Atico to hold from buy

The International Speculator, in its Aug. 27, 2020, issue, downgrades Atico Mining Corp. (recently 57 cents) to “hold” from “buy.” The newsletter said buy 10 times between Nov. 8, 2013, and June 24, 2020, at prices ranging from 25 cents to 77 cents. Assuming an investment of $1,000 for each of the 10 buys, the $10,000 holding is worth $12,795. The advice to buy comes without elaboration. The writer explains that investors got a “nice bonus” on Aug. 5 in the form of strong gold drilling results. The original reason for recommending Atico was its El Roble copper mine in Colombia, but the company is also advancing a gold-sliver project in Ecuador called La Plata. The headline intercept was 6.8 metres grading 19.5 grams per tonne gold and 224 g/t silver (along with 12.2 per cent copper and 3.7 per cent zinc). He says that this high-grade hit shows good potential to expand the existing La Plata mineral resource. Atico is continuing drilling here, ahead of updating the resource calculation and moving toward mine planning. The writer dangles the possibility of more good drill holes over the coming weeks.

Bonterra Res begins processing work at Bachelor mill

Bonterra Resources Inc. has started processing material at the Bachelor mill.

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Eskay Mining private placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced July 28, 2020.

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Oroco Resource 12.1-million-share private placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Sept. 14, 2020.

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Southern Silver 1.2-million-share private placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced Aug. 28, 2020.

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Altus to sell two projects to Stellar AfricaGold

Altus Strategies PLC has signed a definitive purchase and sales agreement and net smelter return royalty agreements with TSX Venture Exchange-listed Stellar AfricaGold Inc. in respect of Altus’s Prikro and Zenoula gold projects located in Ivory Coast.

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GR Silver drills 5.1 m of 19.2 g/t Au at Plomosas

GR Silver Mining Ltd. has released drill results from the company’s recently announced surface core drilling program in the Plomosas mine area as well as results from the continuing validation of historic drilling at its 100-per-cent-owned Plomosas silver project in Sinaloa, Mexico.

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Victory Metals arranges $2-million private placement

Victory Metals Inc. intends to complete a non-brokered private placement offering for proceeds up to $2-million through the issuance of up to five million common shares in the capital of the company at a price of 40 cents per share.

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Globex Mining acquires 14 claims in New Brunswick

Globex Mining Enterprises Inc. has acquired 15 claims 20 kilometres north-northeast of Hartland, N.B., in Carleton county, covering the Grassville South manganese zone.

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Southern Silver closes CLM deal, financings

Southern Silver Exploration Corp. has closed the transaction with Electrum Global Holdings LP to acquire Electrum’s 60-per-cent indirect working interest (for a total 100-per-cent interest) in the Cerro Las Minitas project located in Durango, Mexico. As consideration for the acquisition, Southern Silver must pay Electrum an aggregate US$15 million in a combination of cash and common shares, of which US$5 million and 2,336,590 common shares (valued at US$1,006,403 which, together with a credit of C$1,350,000 deposit paid, represents the US$2,000,000 share equivalent payment) have now been paid. The remaining consideration must be paid on or before:

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Allegiant optionee drills 38.1 m of 1.08 g/t Au at Bolo

Allegiant Gold Ltd. has released New Placer Dome Gold Corp.’s drilling results for the first reverse circulation (RC) drill hole at Allegiant’s 100-per-cent-owned, Carlin-style Bolo gold-silver project in Nevada. New Placer can earn an initial 50.01% interest in Bolo by making share payments to Allegiant totaling US$1 million and completing US$4 million in exploration expenditures.

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