THH – Musings on a bunch of juniors

My personal thoughts on multiple juniors below. Note that I own shares of all companies and some are banner sponsors. Thus consider me biased!

Condor Resources

Looks likely to have hit something on the first hole into the HSE system at Pucamayo East. Also appears to be trying to drill into a porphyry while drilling the HSE system. Longer holes, a bit longer time frame, but potential for two discoveries in one campaign. The HSE system is a tier 1 target in my book. I am very biased as I own a very large amount of shares.

Hercules Silver

While maybe not as quick to prove up as Condor I would put it in the category of Condor/Snowline type conviction plays but with lower risk given the silver resource already in hand. Really like this one right now.

Barsele Minerals

Barsele is incredibly cheap in my opinion as the company owns 45% of the largest undeveloped gold project in Scandinavia. Agnico Eagle owns the other 55%. I think the company is doing  raise now and I plan to participate and add to my holdings.

Goliath Resources

Looks to be maybe one of the best gold/silver discoveries in Canada last few years. Not pricing in anywhere near even a tier 3 mine. Cheap in my book.

Western Alaska

I think they already have around  ~100 Mo of high grade AgEQ and an entire CRD/porphyry district to explore. Market is totally whack in my opinion. Cheap.

Red Pine Exploration

One of my newest sponsors and one of my favorite advanced explorers right now.

Inflection Resources

While I had hoped that the wildcat holes around the Duck Creek area would have turned up some smoke I think the market is totally out of touch. Duck Creek North will see more geophysical surveys which will take a bit of time. This should obviously help in pin pointing where the porphyry actually is and thus would increase the chance of success to find it in the not too distant future. Furthermore it sounds like they are pretty much into the out shell of a porphyry at Myallmundi. Yet the MCAP is C$15 M which is pricing in say a 6% chance of finding something worth $1 B (Where Inflection gets to keep 25% after carried to PFS + NSRs). Crazy reward potential given that they might be close to two porphyries already IMO.

Brixton Metals

Not a true bulls eye yet at Camp Creek but the system is wide open and could be absolutely huge. Trapper returned some decent hits but not the quantum leap kind of results which might have put it towards being the flagship project. Ivanhoe Electric appears to have success over at Hog Heaven where they are have an earn in agreement with Brixton. All in all very cheap based on the sum of its parts and all projects are in tier 1 jurisdiction. Basically a real estate play with 3 incipient discoveries to boot.

NevGold

Two good looking projects in good jurisdictions. Both projects have resources in the ground already. This, like Red Pine, is a good story for anyone who wants both beta and alpha. It’s cheap which is most important.

Trigon Metals

If the copper price does not crash and the company is able to run a relatively smooth operation then C$35 M could look quite cheap some day given the growth profile.

Magna Mining

Nickel sulphide deposits are rare. Advanced nickel sulphide deposits in the best jurisdictions are extremely rare. Dirt cheap.

Fathom Nickel

Again, nickel sulphides are very rare. Fathom controls one district and one mega district scale nickel projects. Dirt cheap even though they are quite early stage IMO.

Altamira Gold

After the ongoing Private Placement is done I expect the company to quickly put in the first ever deep holes into the Maria Bonita target. This is a Snowline/Lavras Gold type intrusion target where the mineralization starts from surface. Preliminary metallurgical results have been encouraging and Brazil seems to be one of few jurisdictions in the world where one can relatively easy permit a mine to boot.

Tectonic Metals

Still waiting for the first (modern) holes into the giant gold target they have up in Alaska. If things go well then Tectonic could become one of the hotter stories in the gold space in the not too distant future. Quantum leap potential and thankfully we already know the big system is gold bearing thanks to limited historical drilling.

Juggernaut Exploration

Waiting for assays (encouraging visuals)

Eskay Mining

Waiting for assays. It sounded like some holes had at least interesting visuals. What this story needs, especially in this environment, is a bona fide (new) discovery.

Eloro/Cartier Silver

Both got slammed big time after Eloro’s resource showed lower total grade than many expected. Eloro’s resource will no doubt get quite a bit better with more drilling but until further notice it is a big beta play in light of the huge but low grade resource. Cartier has kinda made a decent discovery hole already and looks to be quite cheap. With that said it is very early stage and thus a high risk/high reward scenario.

Headwater Gold

Waiting for assays (encouraging visuals at multiple projects)

Core Assets

Doing a PP. I will try to participate. Early stage exploration but from a real estate perspective it is attractive… Huge land position in Canada with potentially CRD and porphyry targets.

Pacific Ridge

Basically left for dead for some reason (Shitty market mostly I guess). PEX has not had the flashiest porphyry results and that is basically needed in the worst market since 2015. Things will change some day of course. Anyway, PEX looks cheap in light of Kliyul and their other projects.

Irving Resources

The delineated sinter resource can fetch some value to a smelter company but won’t be enough to be a company maker I suspect. The Omu Project sure has potential but so far the slam dunk, barn burner holes one would expect to find somewhere in LSE systems have eluded the company. Yamagano on the other hand could be a company maker with the help of Newmont and that is yet to be drilled.

Note: Not investing advice.