Jack Chan’s Weekly Precious Metals Update

Source: Jack Chan for The Gold Report   06/24/2017

Technical analyst Jack Chan charts the latest moves in the gold and silver markets, and believes the ongoing consolidation may end soon.

Our proprietary cycle indicator is down.

chanhui6-24
The gold sector is on a long-term buy signal. Long-term signals can last for months and years and are more suitable for investors holding for long term.

chanhui26-24
The gold sector is on a short-term sell signal. Short-term signals can last for days and weeks, and are more suitable for traders.

chanspec6-24
Both speculation and OI are supportive for overall higher prices.

chanspdr6-24
The trend in gold is up.

chanhui36-24
Prices bounced firmly off the lower support, and the multimonth consolidation may be ending soon.

chansilver6-24
Silver is on a long-term buy signal.

chanslv6-24
SLV is on a short-term sell signal, and short-term signals can last for days to weeks, more suitable for traders.

chansilverspec6-24
COT data is supportive for overall higher prices.

Jack Chan is the editor of simply profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011.

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Disclosure:
1) Statements and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. The author was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) Jack Chan: We do not offer predictions or forecasts for the markets. What you see here is our simple trading model, which provides us the signals and set-ups to be either long, short, or in cash at any given time. Entry points and stops are provided in real time to subscribers, therefore, this update may not reflect our current positions in the markets. Trade at your own discretion. We also provide coverage to the major indexes and oil sector.
3) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

Charts courtesy of Jack Chan

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17521

Good News Pouring In for a British Columbia Miner

Source: The Gold Report   06/22/2017

Once again analysts are talking about this British Columbia mining company that just announced its first gold pour.

In a June 21 press release, Pretium Resources Inc. (PVG:TSX; PVG:NYSE) announced its 100% owned Brucejack Mine had its first gold pour and “that the flotation and gravity circuits are now operational. In addition, gold-silver flotation concentrate is being produced and bagged, with initial shipments scheduled.”

In a June 21 report, BMO Capital’s Andrew Kaip followed up on his May 1 report by explaining that “the focus for PVG now turns towards the ramp-up to commercial production. We currently model commercial production at the end of Q3/17, but note that following the announcement, PVG could declare commercial production earlier than expected.”

Kaip concluded by pointing out that “saleable shipments, even if for lower-grade material, will provide early-stage cash flow for the company. With Q2/17 results upcoming, financial reporting will provide an indication on how PVG is tracking towards its budget.” He rates Pretium as an Outperform with a target price of $19.50.

Eric Zaunscherb, an analyst with Canaccord Genuity, stated in a June 21 report that the gold pour “is a major milestone for the company as it has been working diligently to bring the project into commercial production, a declaration expected in the back half of this year.” Zaunscherb points out that in his May 1 report he highlighted “management’s view that the production of gold concentrate and doré in the coming weeks was on track; this current announcement is in line with expectations.”

Zaunscherb concludes “that the share-price dip of late is likely a good buying opportunity “and that “Pretium currently trades at a normalized P/NAV (5%) of 0.61x, a premium to covered development companies at 0.52x. In our opinion the premium is justified due to the project’s scalability (exploration upside), low sovereign risk and the potential appeal as an M&A target.” He maintains a Speculative Buy rating with a target price of $17.50.

In a May 17 interview with Gold Report, Louis James, editor of the International Speculator, highlighted that Pretium “is on the verge of pouring its first bar of gold” and pointed out that regardless of critics worried about Pretium’s methods that the “bulk sample produced something like 60% more gold than was expected based on the model.” He summarized “that the company was not being risky or cavalier; in fact, it was being conservative” and thought that “we’re about to find out if I’m right.”

Pretium is currently trading at around $9.39.

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Disclosure:
1) Melissa Farley compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pretium Resources Inc. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

Additional disclosures about the sources cited in this article

( Companies Mentioned: PVG:TSX; PVG:NYSE,
)

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17520

Junior Miner Cracks a Strategic Tough Nut in British Columbia

Source: The Gold Report   06/21/2017

The acquisition of the Toughnut Project in British Columbia would provide strategic access to the Silver King Shear Zone adjacent to the explorer’s existing properties.

Prize Mining Corp. (PRZ:TSX.V), a junior miner that holds the Kena-Daylight project in southeastern British Columbia, just announced that it has signed an option agreement to acquire a 100% interest in the Toughnut property, which is contiguous to the west side of Daylight. The company is taking a district-wide approach to the area.

According to Prize Mining Corp., “the 1,010 hectare Toughnut claims strategically cover over 3.5km strike length of the Silver King shear including most of the mineralized land between Prize’s main Starlight-Daylight block and Prize’s Sand block to the northwest.”

Feisal Somji, president and CEO of Prize Mining stated, “This is a strategic acquisition for Prize Mining as we now control what we believe to be the most significant part of the mineralized Silver King shear zone. This parcel of land will play an important role in this summer’s exploration program as we prepare to drill this fall.”

Under the terms of the agreement, Prize will pay CA$150,000, issue 250,000 common shares and spend CA$750,000 on exploration over the next five years. There is a 2% net smelter royalty (NSR), of which Prize has the right to purchase one half for CA$2 million up to the date of commencement of commercial production.

Prize Mining reported that the Toughnut Showing, “which includes old pits, shafts and trenches, had grab samples from Pacific Sentinel in 1989 that returned 6.64 g/t, 8.65 g/t, and 32.8 g/t Au with associated silver ranging between 33 and 175 g/t Ag. Follow up diamond drilling by Valeterra Resource in 2010 returned a best intercept of 6.9 g/t Au and 143 g/t Ag over 2.0m, and 4.05 g/t Au over 8.0m in hole VTN10-005.”

The company also stated that the Gold Eagle Showing, which is located 500m north of the Toughnut Showing, “was drilled by US Borax in 1988 who reportedly returned a strongly anomalous intercept of 90 g/t Au over 1.53m (RC hole S88-43) (AR 19503). In 2010 Valterra Resources also drilled the property with its best results being 4.02 g/t Au and 9.52 g/t Ag over 24.33m (including 4.0m of 14.47 g/t Au and 3.46 g/t Ag). The zone has been tested to 73m and remains open and along strike and down dip.”

Prize Mining earlier reported that it had engaged TerraLogic Exploration to manage the 2017 Daylight exploration program. The company noted that the Daylight Property is a “contiguous land package located in the northwest corner of Prize’s approximately 8,000 hectare Kena Project. The Daylight Property hosts four historical producing gold mines: Starlight, Victoria, Great Eastern and Daylight. A detailed desktop compilation carried out by TerraLogic has identified and prioritized four highly prospective gold bearing zones based on previous field work including geochemistry, geophysics, prospecting, surface sampling, and limited diamond drilling.”

Veteran investor Chen Lin discussed Prize Mining in an article in The Gold Report on May 25, prior to the announcement of the option agreement: “I had a discussion with Prize Mining CEO Feisal Somji yesterday. If you recall, Mr. Somji built and sold Rio Alto during the recent downturn of the market. PRZ is his new baby, and it is a new kid in town for junior investors. PRZ has consolidated the district of Daylight in British Columbia for the first time. The company is going to drill the high-grade targets this summer. According to the historical mining results, the chance of high-grade discoveries (30-100 grams/ton gold over multiple meters) is high. Going forward, Mr. Somji plans to do ‘bulk sampling’ of the high-grade material starting in 2018, and send the samples to the Kinross mill nearby, which is running out of ore. This way he will be able to generate good cash flow to support building a mine there.”

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Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, shares of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Prize Mining Corp., a company mentioned in this article.

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17519

Dollar Update

Source: Clive Maund for The Gold Report   06/20/2017

The U.S. dollar has held up better than expected, says technical analyst Clive Maund, as he discusses its downside potential.

While the dollar has held up better than expected in the recent article “The Sun Rises on the Precious Metals Sector” in that it has not continued to drop, it hasn’t risen much either, and what rise there has been has significantly unwound its earlier oversold condition, which, of course, has opened up downside potential again. We can see all this on the latest 8-month chart for the dollar index shown below. While the most optimistic interpretation of this chart is that it is forming an intermediate base here and that the still rising 200-day moving average some way above indicates room for a sizeable rally, the break below the red trendline a month ago is still viewed as a bearish development, especially as until now it has been forced lower at an accelerating pace by the parabolic downtrend shown, and we have seen a bearish moving average cross late last month. In any event, and regardless of whether it breaks higher or not, there is quite heavy resistance immediately above, at the parabolic trendline, then the red downtrend line almost at the same level, and above that towards the support level in the 98.5 area which having been breached a month ago is a source of resistance.

US Dollar 8-month chart

The following text written with respect to the 4-year dollar chart is taken from the report “The Sun Rises on the Precious Metals Sector” as it is unchanged. . .

On the 4-year chart for the dollar, we can see how the it broke out above resistance to new highs on euphoria over Donald Trump’s election victory, but it was subsequently unable to hold on to these gains, and has slumped back into the large trading range, a bearish development, particularly as the entire pattern from early 2015 now looks like a giant bearish Broadening Top. Having broken down back into the pattern and below its 200-day moving average, which is rolling over, it now looks like it will continue lower to the key support level at the bottom of the pattern, as a 1st stop, despite its already being significantly oversold. If it breaches this support there is some support lower down at the red trendline, which marks the lower boundary of the Broadening Top, but if it breaks below that things could quickly get a lot more serious.

US Dollar Index 4-year chart

Clive Maund has been president of http://www.clivemaund.com, a successful resource sector website, since its inception in 2003. He has 30 years’ experience in technical analysis and has worked for banks, commodity brokers and stockbrokers in the City of London. He holds a Diploma in Technical Analysis from the UK Society of Technical Analysts.

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Disclosure:
1) Statements and opinions expressed are the opinions of Clive Maund and not of Streetwise Reports or its officers. Clive Maund is wholly responsible for the validity of the statements. Streetwise Reports was not involved in the content preparation. Clive Maund was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
2) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

Charts courtesy of Clive Maund.

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17517

Quebec Explorer Raises $4M, Welcomes Eric Sprott And Osisko Mining as Significant Shareholders

Source: The Critical Investor for The Gold Report   06/20/2017

Exploration on its Quebec property is up next for this junior after raising money from some prominent players, says The Critical Investor in this company update.

After compiling, interpreting and modelling all available data and surveys, and defining targets, Genesis Metals Corp. (GIS:TSX.V; GGISF:OTC) needed cash to advance their flagship Chevrier Gold project to the next stage: commencing of drilling. Management worked hard to gain interest, and it seemed they succeeded in their aim to get the company funded to drill well into 2018. On top of this, they welcomed two of the most respected and well-known names in the business, Eric Sprott and Osisko Mining as significant shareholders, which is impressive. The company completed 2 rounds of financing to achieve this.

On June 5, 2017, Genesis Metals closed its C$3.25-million non-brokered private placement previously announced on May 24, 2017. Eric Sprott, Delbrook and other large, strategic institutional investors also participated in this first big round.

The company issued a total of 7.3 million (7.3M) units at the price of C$0.14 per unit for gross proceeds of C$1M and 13.95M flow-through (FT) units at the price of C$0.16 per FT unit for gross proceeds of C$2.2M. Each unit consists of one share of the company and one-half of one warrant, each whole warrant exercisable to purchase one share at $0.20 per share until June 5, 2019. The FT units have warrants with an exercise price of $0.23 per share until June 5, 2019. A 2-year warrant is a healthy period, and the small discount and the 40-45% warrant exercise premium isn’t a dead giveaway too. Sometimes you see up to 5-year expiry periods with hardly any premium, which create an almost (and often sizeable) risk free overhang for non-participating investors, which I don’t really appreciate.

Finders fees accounted for 7% in cash and 7% in 2 year warrants, which is normal; standard finders fees are about 6-7% and can go as high as 10% in a bear market. The cash fee being paid was C$121,732.80 (C$117,672.80 to Medalist Capital, C$2,100.00 to Raymond James and C$1,960 to Echelon Wealth Partners) and the warrants issued were 146,160 finder warrants at C$0.14 and 632,940 finder warrants at C$0.16. (751,100 warrants to Medalist Capital, 14,000 warrants to Raymond James and 14,000 warrants to Echelon Wealth Partners). The warrant expiry prices were significantly lower compared to the placement warrants, but the amount is relatively small so I don’t bother too much here.

Sprott buying into Genesis for the first time and Delbrook topping up was a good thing to see, as big names bring additional credibility to a story. Eric Sprott acquired 4.85M shares and 2.4M warrants, representing approximately 7.2% of the issued and outstanding (O/S) shares on a non-diluted basis and 10.4% on a partially diluted basis. Delbrook acquired 3.48M shares and 1.74M warrants, which together with Delbrook’s existing holdings of 3.85M shares, resulting in a total of 7.33M shares and 1.74M warrants, representing approximately 10.83% O/S on a non-diluted basis and 13.07% on a partially diluted basis. This is all based on 67.65M shares O/S post-financing. Of course, a 21M shares plus 11M warrant dilution is very significant, as the company had a very tight 46.6M shares O/S and about 15M warrants and options, which would make this a 45% dilution O/S, and 34% F/D, but the company had to raise the cash anyway, the share structure is still relatively tight, and the company is set to start trenching and drilling shortly.

Chevrier Gold Project, trenchingChevrier Gold project; trenching

One can always debate whether a junior should raise in different rounds or not, trying to get success with the first-round cash, get the share price up and raise a second round at less dilution, but in this case I don’t see a lot of difference as for example a C$0.30 would save only about 5M shares O/S, and raising it all at once brings a lot of comfort for management, not having to go to the markets in the midst of a drill program. On top of that, Osisko Mining wanted in too, and you can’t send those guys, being the big power player in the Quebec region, away very easily as a small junior in my view.

On June 15, 2017, Genesis Metals closed its second and smaller non-brokered private placement previously announced on June 6, 2017, and this placement had the same share prices and warrant exercise prices as the C$3.2M placement. The company issued a total of 1.75M units at the price of C$0.14 per unit for gross proceeds of C$206,500 and 3.9M flow-through units at the price of C$0.16 per FT unit for gross proceeds of C$624,000.

Most of this placement was taken by Osisko Mining as a first investment, which acquired 4.7M shares and 2.3M warrants representing 6.4% of O/S shares of the company and 9.6% on a partially-diluted basis. The above percentages are calculated based on 73M O/S shares after closing. Again, Medalist Capital played a vital role in bringing Osisko to the table, receiving the same finders fee (about 7% cash and warrants) as was paid during the other round. This Osisko stake is in line with other strategic investments of Osisko in juniors in the broad area around Windfall, like Beaufield and Enforcer.

I estimate the cash position of Genesis Metals at C$4-4.2M at the moment, which is enough to complete several drill programs and other exploration activities well into 2018. So far, the company has been busy analyzing and interpreting existing data, completing an IP survey, modelling the Main, South and East Zones and defining trenching- and drill targets.

The interpretation of compiled data has identified 11 (I, J and K were added recently) priority targets that require evaluation by drilling in 2017:

Genesis' Chevrier Gold Project

Additionally, results from the recent IP survey have identified at least two new chargeability anomalies that appear to have not been evaluated by drilling:

Anomalies

And:

Chevrier Deposit Map

These anomalies probably will result into targets with following letters of the alphabet, and are the first targets to be drilled by Genesis, starting in the beginning of July, followed by the East Zone, and after this the drill rig will be mobilized to the Main Zone. Trenching around the Main Zone will start at the end of June, by the way. The company has planned a 5,000m drill program based on one rig for this summer, of which 2,000m will be focused on the IP targets and the East Zone, and 3,000m to the Main Zone for infill drilling.

As discussed in my earlier article on Genesis, the company only needs to redrill a fraction (about 10% it seems) of the historical holes to prove up the historical resource estimate, and my view is they can achieve 0.7-1.0 Moz by this small drill program, which is a bargain of course. If this figure can be reached and the ounces could be indeed economic as estimated, then this would put in a solid floor for Genesis. This summer program will be followed by a 5,000m fall-winter program. The all-in drill costs are estimated by management at C$170/m, so this entire program would only cost C$1.7M, with plenty of meters to spare if new discoveries would need further exploration.

I suggested to add one more rig, but it appeared that available rigs and especially personnel are very rare now in Quebec, since again Osisko Mining is using a lot of available drillers with their current 400,000m program, and active developers like soon to be acquired Integra also have a large drill program going on. In addition to this there are numerous explorers like Balmoral, Aurvista, Beaufield, etc. at work, and of course producers doing grade control drilling.

The 3D geological modeling is nearing completion for each of the three mineralized zones as mentioned, and the company is also working on rendered sections, which will increase the understanding of deposits. The results from the modeling will enable a better understanding of gold distribution and parameters that control this mineralization, and define the infill drill program for each zone:

Main Zone 3D Model

Another issue discovered by the company was the fact that not all located drill core was assayed, so the company is reassaying 1 out of 5 existing drill cores at the moment. To give you an idea for costs of this particular method of analysis, this will cost C$22/m, so this is relatively cheap since it is only a few holes of a few hundred meters each. I also asked the costs for an IP survey for the entire claim package since this seems to be flooded with targets, but this would be too costly, as the last IP survey already cost about $150k and covered only several targets. Management estimated a total survey at about C$1M, which was out of reach, plus the company already had defined more than enough targets to keep themselves busy for a year.

Genesis Metals is also performing the same work on compiling and interpreting of data on its other property, October Gold, to be finished in August. Since prices of claims and land packages were going up like crazy and there is increasing interest, the company told me looking for a JV partner was definitely something from the past now. It will be obvious that there is no money to complete all sorts of exploration and drilling on October Gold, but management isn’t planning on shelving it completely either.

A bit of a surprise was the leaving of Chairman Rob McLeod, who has been with the company and its predecessor since inception. As exploration is in his blood I’m sure he wanted to be involved at the beginning of drilling at Chevrier, but it appeared that Rob had too many directorships according to Glass Lewis rules, and his focus was increasingly needed at his family company, IDM Mining, of which he is CEO. Fortunately, and despite those rules of best practices, etc., Rob is able to stay involved at Genesis as a strategic advisor though, and CEO Brian Groves will assume the role of chairman in addition to his current position. Less of a surprise was the appointment of Vice President Jeff Sundar to president, as he was the founder and president & CEO of Genesis until the restructuring last year.

A long story short: Genesis Metals is fully cashed up and ready to drill, and I’m very curious what will come out of this. I expect the first few exploration drill holes to take two to three weeks to complete, plus another three to four weeks of assaying, although it will most likely also be crowded at the assay labs at the moment. Nevertheless, I expect a busy second half of the year for Genesis, with hopefully a lot of positive drill results, possibly taking care of a long-awaited re-rating.

October Gold propertyOctober Gold project; prospecting

I hope you will find this article interesting and useful, and will have further interest in my upcoming articles on mining. To never miss a thing, please subscribe to my free newsletter at http://www.criticalinvestor.eu/, in order to get an email notice of my new articles soon after they are published.

Critical Investor Disclaimer:
The author is not a registered investment advisor, and currently has a long position in this stock. Genesis Metals is a sponsoring company. All facts are to be checked by the reader. For more information go to Genesis Metals Corp. and read the company’s profile and official documents on http://www.sedar.com, also for important risk disclosures. This article is provided for information purposes only, and is not intended to be investment advice of any kind, and all readers are encouraged to do their own due diligence, and talk to their own licensed investment advisors prior to making any investment decisions.

The Critical Investor is a newsletter and comprehensive junior mining platform, providing analysis, blog and newsfeed and all sorts of information about junior mining. The editor is an avid and critical junior mining stock investor from The Netherlands, with an MSc background in construction/project management. Number cruncher at project economics, looking for high quality companies, mostly growth/turnaround/catalyst-driven to avoid too much dependence/influence of long term commodity pricing/market sentiments, and often looking for long term deep value. Getting burned in the past himself at junior mining investments by following overly positive sources that more often than not avoided to mention (hidden) risks or critical flaws, The Critical Investor learned his lesson well, and goes a few steps further ever since, providing a fresh, more in-depth, and critical vision on things, hence the name.

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Streetwise Reports Disclosure:
1) The following companies mentioned in the article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
2) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
3) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

Charts and photos provided by author

( Companies Mentioned: GIS:TSX.V; GGISF:OTC,
)

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17515

Feasibility Study Offers Optionality to Maximize Cash Flow

Source: The Gold Report   06/15/2017

Peter Breese, CEO of Asanko Gold, discusses the recently released definitive feasibility study for the Asanko Gold Mine in Ghana, and the two-stage organic growth plan.

The Gold Report: Thanks for joining us today. Last week Asanko Gold Inc. (AKG:NYSE.MKT; AKG:TSX) released a definitive feasibility study on its expansion projects for the Asanko gold mine in Ghana. Can you tell us some of the highlights?

Peter Breese: The study is what I would term very robust. It demonstrates we have a clear growth plan for the Asanko Gold Mine from its current production level of around 230,000–240,000 ounces a year of gold to 450,000 ounces at steady state production. What I see as quite important is not only do we have a lot of flexibility on how we can best implement this plan, it’s also a low-cost, long-life asset, and it’s in Ghana, which is one of the best mining jurisdictions in Africa.

The expansion will be done in two stages, Project 5 Million and Project 10 Million. The combined capital for both projects is around $350 million, generates a 12.5-year life of mine with an after-tax internal rate of return in excess of 20% at very competitive, all-in sustaining cash costs (AISCs), which bodes well for our ability to generate cash in all cycles. Project 10 Million generates cash from operations of around $130 million a year.

TGR: Would you tell us what Project 5 Million and Project 10 Million look like?

PB: Project 5 Million is a very capital-efficient growth project. Essentially it optimizes the throughput capacity around what we call the process bottleneck, which is the milling circuit. It takes the milling circuit from current operations of about 3.6 million tons per annum (3.6 Mtpa) to 5 Mtpa. This will cost just over $20 million and involves upgrading simple things like pumps, tailings lines and gold recovery processes. We have started work on that and expect the project to be complete before the end of this year.

TGR: What kind of production would you be expecting to get from Project 5 Million by the end of the year?

PB: Project 5 Million maintains our production profile at current rates of 230,000–240,000 ounces for about 20 to 21 years. If we didn’t invest in Project 5 Million, we would see a gradual decline in production in the coming years. It’s a very low-capital entry project, with payback in just over a quarter.

The second part of that project is the installation of an overland conveyor linking our largest deposit, Esaase, to our existing processing operations. The overland conveyor facilitates the opening up of the Esaase pit and this is what gives us the 21-year life of mine.

TGR: How long is this conveyor going to be?

PB: The conveyor is 27 kilometers long and has been designed to ultimately handle Project 10 Million. In the first instance, when we first open up Esaase and the processing facility is running at 5 Mtpa, the conveyor will only be transporting about 2 Mtpa of ore. But once Project 10 Million comes in, the conveyor can ramp up to 8 Mtpa.

TGR: Can you tell us about Project 10 Million?

PB: Project 10 Million leverages off the infrastructure already in place at the Asanko Gold Mine. We’ve designed Project 5 Million and the conveyor on a modular basis. In Project 10 Million, we build a second 5 Mtpa carbon-in-leach plant right next to the existing processing facility, which is upgraded to 5 Mtpa in Project 5 Million. That will give us 10 Mtpa in processing capacity. We’ll then start mining the Esaase deposit at higher rates as it will be the main ore source, taking it up to 7–8 Mtpa

TGR: The modularity of this project appears to give you a good bit of flexibility. Could you talk about what factors you see playing into the timing of development?

PB: In the mining industry, flexibility is key. The great thing about Asanko is Project 5 Million is imminently capable of sustaining itself for over 20 years, generating around $80 million a year in cash from operations.

Project 10 Million really boosts our production and propels us into one of the largest gold mines in Africa at 450,000 ounces/year. It’s easily within the Top 10 gold mines in Africa, which by world standards is very good, and with a mine life of over 12 years. Essentially Project 10 Million maximizes production over a shorter life of mine.

The reason for the modular design is that, for a junior company such as us, we need to be able to fund our growth projects and the strength of our balance sheet is a critical factor. As I’ve said before to many shareholders, I have an allergy to too much debt and an allergy to too much dilution through equity raisings. While there are requirements for both in the business, they must be kept to a sustainable level and mustn’t destroy shareholder value.

The great thing about the modular design is they’re all standalone projects in their own right and they can be switched on at any time in the future. It’s all around prudent balance sheet management: How do we manage our balance sheet and how do we make sure that we don’t get to a situation where our cash balances fall to a precarious level? Right now, forecasts are telling us that by the end of this year, we’ll have in excess of $80 million in the bank, and by the middle of next year, 2018, we’ll have about $100 million in the bank. This puts us in a very comfortable position to then decide the best way to grow going forward.

TGR: Beyond Project 10 Million, what other opportunities for growth exist at Asanko?

PB: We have a huge amount of exploration potential and hold one of the largest land packages in Ghana on the Asankrangwa Gold Belt. All the other majors in Ghana— such as Gold Fields Ltd. (GFI:NYSE), Newmont Mining Corp. (NEM:NYSE), AngloGold Ashanti Ltd. (AU:NYSE; ANG:JSE; AGG:ASX; AGD:LSE) and Kinross Gold Corp. (K:TSX; KGC:NYSE)—are all on the other two major gold belts, both the Sefwi Belt and the Ashanti Gold Belt.

Asanko is on the Asankrangwa Gold Belt, and we’re the only miner there. We’ve done extensive studies on the prospect of the Sefwi Belt. Historically there’s been very little sophisticated exploration techniques applied to this belt. So, we’ve upped the ante on that. And right now, we’re in the process of completing a three-dimensional inversion study and that is coming up with a number of high-priority targets.

Instead of going to buy anything else right now, we’ve decided to look in our backyard and see what else we can find. Last year, with little effort and a very cost-effective budget, we found 300,000 ounces. If you look at the quality of the two assets that we have right now with over 5 million ounces of reserves, the chance of adding more to that is very good.

TGR: Management is important to investors. Can you tell us about the experience of Asanko’s managers?

PB: We have a core group of people who have been together for between about 8 and 32 years. We’ve built eight large-scale mines together in Africa, and prior to that, many of us worked in the big mining companies in Africa. Our skill set covers the entire technical and financial range, as well as human resources. It’s important to remember that building a mine or finding a large deposit or doing a feasibility study is not just about a technical solution. It’s also about people, local communities, having a social license to operate, and we pay a lot of attention to that as well.

Members of the management team at Asanko are also owners. Along with Directors, we own just under 3% of the company, which is important. In fact, the Chairman and I bought shares last July in the market and we have never sold a share.

The core executive management team at Asanko has combined mining development and operational experience in excess of 250 years, which is extraordinary for a junior company of this size, and I think the fact that we built the Asanko Gold Mine ahead of schedule and under budget is a testament to the team.

TGR: Would you talk more about how you anticipate funding the capex for the project?

PB: Currently, we have just over $60 million cash in the bank. This year we anticipate making around $80 million. If you take our capex for the year, that means we’ll get to the end of the year with between $80 million and $95 million in cash. We then continue to generate between $80 million and $90 million a year. We will get to the middle of next year with in excess of $100 million.

That $100 million then facilitates the next phase, which is building the conveyor belt, which costs about $80 million. Once we’ve built the conveyor belt, each one of those steps continues to drive more value, drive higher production and, therefore, more free cash flow. And so, it’s about maintaining our cash flow margin on a per-ounce basis that generates that cash. We are very comfortable from a cash-in-bank and a cash flow-generating capacity because that’s what we’re doing every day right now. We’re producing the ounces and generating the cash.

TGR: What’s your guidance for this year?

PB: Our guidance for this year is 230,000–240,000 ounces gold, and as a goal, AISC of $880–920 per ounce. We expect it to be maintained at that level for another two to three years while we develop the next phase of projects. Thereafter, it goes gradually up to about 450,000 ounces/year, and we see a big drop in AISC then because this is a volume game, so fixed overhead gets spread over higher production. So, we’ll see our AISC drop to $870–880 per ounce at 450,000 ounces.

TGR: Are there other points that you would like our readers to know?

PB: There are a couple of key pillars to this organization. First, we have a team that’s been there and built mines many times before, and I think it’s borne out by our first year of operations. To deliver a project ahead of schedule and under budget is extraordinary in this day and age.

Second, when we switched production on, we planned to ramp it up to steady state in six months, and we got there in three months. Now we’re running within the first three quarters of switching on the mine at 20% above design capacity. We see no reason why we can’t replicate the same process. Right now, the steps are more deliberate and a little bit slower. The reason for that is we already have debt and we don’t believe that we should be issuing equity. We don’t have to grow just for growth’s sake. It’s about growing in a responsible manner and adding value to shareholders. Over the past week, I’ve been meeting many of our key shareholders and analysts and they have been very supportive.

If you take our current valuation right now, we’re trading at just under three times future cash flow. And if you take our peers, they’re trading between 8 and 12 times cash flow. We think that if we continue producing the ounces and delivering the cash flow, the market will soon see that there’s a rerating about to come.

TGR: Thanks for your insights, Peter.

Peter Breese is President, CEO and Director of Asanko Gold Inc. Breese has over 25 years of operational experience in the global mining industry, predominantly in southern Africa and Australia. Prior to joining Asanko, he was CEO of Mantra Resources, before its US$1 billion acquisition by ARMZ in 2011 and Chief Executive of Norilsk International, following its acquisition of LionOre Mining in 2007, where he was COO.

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Disclosure:
1) Patrice Fusillo conducted this interview for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or her family owns, shares of the following companies mentioned in this interview: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
2) Asanko Gold Inc. is a sponsor of Streetwise Reports. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclaimers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Asanko Gold Inc. had final approval of the content and is wholly responsible for the validity of the statements. Opinions expressed are the opinions of Peter Breese and not of Streetwise Reports or its officers.
4) Peter Breese: I was not paid by Streetwise Reports to participate in this interview. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview. I own shares of the following companies mentioned in this interview: Asanko Gold Inc.
5) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts’ statements without their consent.
6) This interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
7) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

( Companies Mentioned: AKG:NYSE.MKT; AKG:TSX,
)

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17510

Stepout Drilling Continues to Deliver Strong Zinc Results for This Junior

Source: The Critical Investor for The Gold Report   06/15/2017

The latest set of drill results seems to solidify this deposit’s reputation as a Tier 1 zinc asset in the making, says The Critical Investor in this update.

The latest set of drill results recently released by Tinka Resources Ltd. (TK:TSX.V; TLD:FSE; TKRFF:OTCPK) seems to further solidify Ayawilca’s reputation as a Tier I zinc asset in the making. Not only confirmed hole A17-063 the thick South Ayawilca mineralization with one of the best intersections of zinc mineralization at Ayawilca to date, a world-class 47.7 meters grading 11.3% zinc. Just as important was hole A17-066, which extended the strike of South Ayawilca in eastern direction, and delivered first proof of the idea that South Ayawilca and Central Ayawilca might be connected. The hole reported 3.5 meters at 7.4 % zinc and another 5.0 metres at 11.3 % zinc at a slightly greater depth. I have colored these holes in red:

Ayawilca Zinc Resource

A17-063 is obviously excellent and confirms a very thick, high grade central mineralized zone in South Ayawilca, which until now seems centered around monster hole A17-056 (63.9m @ 5.6%Zn AND 52m @ 10.1% Zn). Compared to these holes the intercepts of A17-066 pale in comparison, but are still very economic and mineable. I didn’t expect anything big per my last article on this, but was still hoping for mineralization to remain a bit thicker, and more gradually declining towards Central Ayawilca as it would increase tonnage faster of course, but I will show later on that Tinka has nothing to complain about in this regard.

Here is the full set of drill results from the news release again:

Key Highlights

Hole A17-059:

· 0.8 meters at 37.5 % zinc, 0.5 % lead & 69 g/t silver from 50.3 meters depth (vein).

Hole A17-063:

· 47.7 meters at 11.3 % zinc, 18 g/t silver & 313 g/t indium from 302.2 meters depth, including

· 9.8 meters at 17.4 % zinc, 28 g/t silver & 587 g/t indium from 303.3 meters depth; and

· 12.2 meters at 17.1 % zinc, 26 g/t silver & 495 g/t indium from 327.4 meters depth.

Hole A17-064:

· 0.5 metres at 15.6 % zinc, 11 g/t silver & 304 g/t indium from 269.9 metres depth; and

· 0.4 metres at 14.5 % zinc, 17 g/t silver & 39 g/t indium from 277.2 metres depth.

Hole A17-065:

· 19.3 metres at 4.7 % zinc, 7 g/t silver & 93 g/t indium from 219.5 metres depth, including

· 2.6 metres at 20.6 % zinc, 23 g/t silver & 529 g/t indium from 236.2 metres depth; and

· 26.6 metres at 3.6 % zinc, 4 g/t silver & 46 g/t indium from 266.4 metres depth; and

· 24.7 metres at 3.8% zinc, 5 g/t silver & 51 g/t indium from 307.3 metres depth.

Hole A17-066:

· 3.5 metres at 7.4 % zinc, 24 g/t silver & 111 g/t indium from 330.9 metres depth, and

· 5.0 metres at 11.3 % zinc & 37 g/t silver & 270 g/t indium from 345.0 metres depth;

CEO Graham Carman had a few interesting things to say; I start with this quote from the news release:

We are finding that the zinc mineralization is zoned around iron sulphides (mostly pyrrhotite with lesser pyrite) which may also host tin mineralization (note: tin assays are pending).”

Management didn’t disclose results for tin yet, and after asking Carman it appeared that this was for two reasons: first it takes several weeks longer to do tin assays, and second they prefer to release current and possibly upcoming tin assays together, as soon as they have a solid understanding of an eventual mineralized tin zone. My assumptions on this are twofold: they might only want to release those results when they actually imply an economic tin orebody at South Ayawilca, and it’s simply too early for this at the moment, besides this these tin assays could point towards another connection: the Tin Zone below Central Ayawilca, and management wants to investigate this completely.

This was even more interesting:

“We have also encountered an important northeast-trending fault, and can confirm that post-mineral movement has displaced mineralization laterally which opens additional exploration opportunities.”

The existing South-West/North East trending fault is meant here, see the semi-horizontal line in this slightly outdated map:

2017 South Ayawilca Drill Program

Instead of this being a normal ((semi-)vertically displaced) fault, management now believes this is a slip-strike (horizontally displaced) fault and that the movement took place post-mineralization. This in turn could indicate that entire South Ayawilca has been part of Central Ayawilca in the past, and was displaced horizontally to the South west along this SW/NE slip-strike fault. Then why would Tinka bother drilling north of this fault?

Management believes there could be another geological phenomenon at play. According to recent and earlier drilling (A15-046 (directly west of Central Ayawilca) intercepted 2.1m @ 37.3% zinc from 99.2m depth, and 6.3m @ 3.1% zinc at a depth of 185.7m, and A17-059 (see map above) intercepted 0.8m @37.5% Zn from 51m depth and 2m @6.3% Zn from 60m depth), there appear to be relatively thin zinc veins, hosted in sandstone, on top of limestone north of South Ayawilca and west of Central Ayawilca. This could, according to management, resemble the following diagram (USGS, provided by Tinka):

Ayawilca Geology

So the geologists of Tinka are basically planning on finding the feeder structure of those veins now, and possibly even connecting all zones together at depth. If they actually manage to do this, then it will be clear that Ayawilca could be a “zinc elephant” (usually this term is reserved for large copper deposits). And this is even regardless of what Tinka will find at the other targets like the coveted Zone 3.

According to the news release, Tinka has now released results from eleven drill holes of an estimated total of 30 holes planned for 2017. Seventeen holes have been completed. There are currently two rigs drilling at South and Central Ayawilca focusing on resource expansion and connection of these areas. A third drill rig is currently testing the possible extensions of West Ayawilca. A fourth rig has started at Zone 3, drilling hole A17-073, and as this is more mountainous terrain, a smaller, portable rig is used, which also drills a bit slower than the other 3 rigs. The result of this hole is expected in 4 weeks from now, and I’m very curious what assays will be reported here, as all surveys were very promising so far.

After discussing drill results and exploration potential, I also want to look a bit further into the consequences for my earlier hypothetical resource estimate.

Current results could increase the mineralized envelope roughly to an estimated (l x w x h) 500m x 175m x 40m x 3.3t/m3 = 11.5Mt, assuming continuous mineralization, and a narrowing mineralized envelope towards the Central Ayawilca. I believe the mineralized envelope there to be a bit wider (100m) then my earlier estimated 50m which I considered really conservative, based on a bit too enthusiastic, much thicker estimated mineralization (30-35m). The current 10m thick intercept could in my view justify a less conservative approach when estimating the width of mineralized zones here, as even the sandstone across the fault returned vein type mineralization. As I estimated an average thickness of 50m for entire South Ayawilca in my last article (which was based on anticipating a 30-35m intercept at A17-066), total tonnage for South drops from an estimated12.3Mt to an estimated 11.5Mt. When mineralization would in fact be continuous between A17-066 and upcoming drill result A17-068, at a thickness of about 10m, another hypothetic 0.5Mt could be added, so this is not very significant. Total estimated tonnage could come in close to an estimated 30Mt anyway (18.8Mt + 11.5Mt = 30.3Mt), and this would be already excellent.

On top of exploration, management is also applying for a larger permitted area around Zone 3, to cover more of the gravity anomaly. The timeline on this isn’t available yet.

I also discussed drilling costs with management; they provided me with an all-in quote of US$300/m. When taking a currently completed estimated 6800m of drilling @US$300/m, this could have cost US$2M, leaving about an estimated US$6M (cash position reported per Dec 31 2016: C$12M or US$8.8M, accounting for corporate G&A etc.) in the treasury at the moment which is substantial, and could easily accommodate much more drilling if needed.

So it looks like Tinka Resources is ticking all the right boxes so far, and I am looking forward to the next batch of drill results, which I expect to come in three to four weeks from now.

The author is not a registered investment advisor, and has a long position in this stock. Tinka Resources is a sponsoring company. The views, opinions, estimates or forecasts regarding Tinka’s performance are those of the author alone and do not represent opinions, forecasts or predictions of Tinka or Tinka’s management. Tinka has not in any way endorsed the information, conclusions or recommendations provided by the author.

All facts are to be checked by the reader. For more information go to http://www.tinkaresources.com and read the company’s profile and official documents on http://www.sedar.com, also for important risk disclosures. This article is provided for information purposes only, and is not intended to be investment advice of any kind, and all readers are encouraged to do their own due diligence, and talk to their own licensed investment advisors prior to making any investment decisions.

The Critical Investor is a newsletter and comprehensive junior mining platform, providing analysis, blog and newsfeed and all sorts of information about junior mining. The editor is an avid and critical junior mining stock investor from The Netherlands, with an MSc background in construction/project management. Number cruncher at project economics, looking for high quality companies, mostly growth/turnaround/catalyst-driven to avoid too much dependence/influence of long term commodity pricing/market sentiments, and often looking for long term deep value. Getting burned in the past himself at junior mining investments by following overly positive sources that more often than not avoided to mention (hidden) risks or critical flaws, The Critical Investor learned his lesson well, and goes a few steps further ever since, providing a fresh, more in-depth, and critical vision on things, hence the name.

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Streetwise Reports Disclosure:
1) The Critical Investor: The author, or members of the immediate household or family, own shares of the following companies mentioned in this article: Tinka Resources. The author’s company has a financial relationship with the following companies mentioned in this article: Tinka Resources.
2) The following companies mentioned in the article are sponsors of Streetwise Reports: None. Streetwise Reports does not accept stock in exchange for its services. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
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4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article.

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( Companies Mentioned: TK:TSX.V; TLD:FSE; TKRFF:OTCPK,
)

from The Gold Report – Streetwise Exclusive Articles Full Text https://www.streetwisereports.com/pub/na/17511