Junior Resource Investing

Companion Article and Summary at: https://open.substack.com/pub/juniorr...

I have on Cassiar Gold Corp for the first time. If you’ve been active in this space the past few years, there’s a good chance you have come across this one. They burst onto the scene with new management and a new land package just in time for the mini-bull run from 3 or so years ago. However, like many in the junior explorer sector, good work has fallen on deaf ears the past few years. CEO Marco Roque joins me to discuss Cassiar and why it remains on track to successfully discover, expand, and sell a major resource.

Time Stamps

1:00 Elevator Pitch – The People

4:30 Elevator Pitch – Infrastructure

08:10 Met Work

10:20 Exploration Potential and Current Drill Campaign

14:00 Cost of Drilling All In

16:00 When can we expect a new MRE and explain your strategy going for inferred vs upgrading ounces

20:00 Why did the previous operator move on?

23:30 How do you effectively explore such a large land package

26:45 Rationale behind no PEA yet

31:15 is there a resource size you believe is critical mass required to release a PEA?

32:45 Is there anything you would do differently in hindsight over the past few years?

38:00 Has your strategy shifted away from the mill?

42:30 Final Thoughts

Disclaimer The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Back with Colin Padget and Founders Metals. It has only been a couple months since our last sit down, but the news flow Founders has put out since justifies another catch-up chat. Here, Colin fills me in on their new board appointment (one Chris Taylor), the recent $20m bought deal and $12+m strategic investment, & the requisite drill update/upcoming catalysts drill talk.

Time Stamps 01:30 Chris Taylor Getting Involved

6:00 Bought Deal and B2 Gold

14:00 Exploration Update]

17:15 Lawa Update and Final Thoughts

Disclaimer The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Link to Companion Article: https://open.substack.com/pub/juniorr...

Building off my previous conversation with CEO Mike Stark, this news update from Arizona Gold discusses how they opened a $3 million financing on Sept. 18 and closed it for $4.6 million on Oct. 3, with Sprott and Rick Rule along for the ride. That impressive show of market interest now gives Arizona an enviable amount of runway to explore its Red Hills target, the long-suspected source of all their mineralisation to date discovered at their Philadelphia project - for the first time ever. Interview, Article, and Summary below.

Time Stamps

00:30 Intro to News Release

02:20 How did Rick Rule come about.

3:50 Cost of Drilling

5:20 Review: Oatman District – what is in it.

9:00 What are the Red Hills you plan to drill and why is this a significant program for you

12:30 BLM-approved drill pads and drill plan

15:00 When will we see drilling?

17:10 Hoped for drill campaign size?

19:00 Final Thoughts

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Companion Article and Written Summary: https://juniorresourceinvesting.subst...

Prismo Metals have officially begun drilling their Palos Verdes project immediately adjacent to Vizsla Silver’s Panuco project. With 3000 meters budgeted, this drill campaign will test the property at depth and along strike in ways it has never been before. Success with this campaign will very materially grow any future resource in this very high-grade silver-gold district. With Vizsla as a formal partner offering technical expertise and guidance - including allowing Prismo to drill from its land to target at depth properly - this is a pretty exciting drill campaign which I also believe has a pretty high likelihood of success.

Time Stamps

01:00 Overview of News Release

02:30 Are there perceived delays to spud?

04:00 Why drill deeper here vs elsewhere?

06:45 Why is Vizsla’s Napoleon Vein an important analogue for your exploration?

10:40 Run through the three main goals of this program

14:30 Discussion of Graphics from News Release

17:45 How concrete is your drill program currently?

20:45 Timing for drill results

23:15 Hot Breccia Update

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Join the Community at:   / discord  

Companion Article and Summary at: https://juniorresourceinvesting.subst...

Published Sept. 21, 2024

Thesis Gold (TAU.V) has had a pretty good run over the past month or so since my site visit, rising some 60% from 60 cents to $0.95. Obviously someone has caught wind of the deep value imbalance that was (and still is, though not quite so extreme) here. A big part of this no doubt was the updated PEA Thesis put out a couple weeks ago that formally united Lawyers and Ranch and demonstrated some pretty compelling numbers. Below is my conversation I had with CEO Ewan Webster about that PEA, as well as the TAU’s future.

Time Stamps

00:30: What are you proud of in terms of what changed between PEA 1 and 2. 

03:00: Name a couple tradeoffs that made it better

07:20: Why didn’t inflation impact your project

09:46 Project Cost Advantages

13:30 Thesis Gold’s Dual Role of DevCo and ExploreCo and next 12 months

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Overview AbraSilver (ABRA.V) is a well-known name in this industry, and for good reason. It’s Diablillos project is big, high-grade, and full of potential. For some companies, an annual update might be enough to stay up to date. Not so with Abra. CEO John Miniotis fills me in on the many different important pieces of news Abra has released since we last spoke, such as a PFS, a share rollback, a deal with Kinross, and an ongoing exploration program which in part promises to drill out some truly blue sky targets.

Time Stamps

01:00 Company Intro

03:25 Drill campaign discussion

10:45 Drilling Priorities

12:15 Why is the strip ratio so high (6.4:1)

16:00 How does Heap Leach/cheap start-up optionality help with negotiations?

18:00 The porphyry – how did you decide to start exploring for it now.

23:00 Kinross Deal – Regional Partnership. What is it and why?

26:00 The Reverse Split. How do you navigate one without destroying value?

30:30 Looking back on the success of Abra – what were the signs from the start this could be a special project?

33:30 Final thoughts on Argentinian Jurisdictional Strength

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Link to Companion Article: https://juniorresourceinvesting.subst...

Sometimes, timing is everything.

Arizona's Philadelphia Property is a gold and silver vein/disseminated target located in Arizona in the Oatman Mining District (which historically produced over 2 million ounces of high-grade vein gold). Under Mike Stark as CEO, AZS has continued to efficiently and effectively advance a meaningful, though still unofficial, resource at this project. However, while successful, for the past couple years, that effort has been partly on pause while BLM permitting on surrounding land to previous drill campaigns was worked on. This is critical to AZS, because they (very reasonably) believe the Red Hill target on that BLM land to be the source dome of their disseminated gold. So while Arizona could continue to drill out other worthy targets, the ultimate prize required more involved permitting to be secured. Fair or not, Arizona has flagged while waiting for Again, which, finally, has been done. Mike Stark of Arizona Silver walks us through why his company’s Philadelphia property is an odds-on favourite to grow an impressive resource through continual discovery of open-pittable high-grade Ag/Au veins surrounded by a low-grade, economic, mineralization. A valid geological thesis suggests the best parts of the land package have yet to be drilled, a catalyst to look forward to in 2023.

Time Stamps

01:30 Intro to Arizona Gold

03:50 BLM Permitting Update – Why is this so important

06:40 What evidence do you have that the red hill is the feeder zone

10:15 Recent Red Fawn and Resaka drill results that missed a bit? How does it alter future plans.

13:40 Burn rate and preservation of capital

14:30 MRE

18:00 How many holes do you expect to drill in 2024/2024 drill plans

21:45 When will drilling begin

24:30 Lab time these days

26:00 Addition of Philip Yee

29:30 Final Thoughts

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

CEO Alain Lambert and President Steve Robinson join me to discuss their company Prismo Metals. Prismo had been advancing a high-grade silver+gold system in Mexico but have pivoted in the last couple of years to advance their new Hot Breccia property in Arizona's prolific copper belt. Next door to the long-lasting Christmas mine, Prismo's thesis is pretty simple - they know there are more rocks like those of the old mine waiting to be found buried a little bit deeper under some volcanic cover. Using modern ZTEM technology to identify highly conductive anomalies to target, and going deeper more effectively than previous generations, Prismo hopes to leverage modern advancements into modern discoveries.

Time Stamps:

00:38 Elevator Pitch

02:13 Personal Intros

06:40 Capital Structure

09:30 Decision to focus on Hot Breccia

14:40 History of Hot Breccia

20:30 Plan for Upcoming Drill Campaign

23:40 Use of AI

27:50 Has the ZTEM anomaly been hit by historical drilling.

33:00 Is this project too big for Prismo to conquer?

36:20 Cost of Drilling

41:10 Palos Verdes Plans

49:30 Final Thoughts

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

Written Summary and Companion Article: https://juniorresourceinvesting.subst...

Tocvan Ventures is drilling again, ready to continue to rapidly advance its Pilar project to production. CEO Brodie Sutherland stopped by again for a drill campaign update and to touch on other recent news releases. Met work, the expanded land package, Mexico as a jurisdiction, neighbouring analogues, and the drill campaign in detail are all discussed.

Time Stamps

01:05 Run through recent 56.4M of 1 gpt Aug from 18M result

04:25 How far away from historical drilling and other TOC holes was this hole?

07:30 Where were the hole locations of the drills that missed in the recently-released batch

09:45 Why are you confident you’ve find the source of all the placer gold? (plus expanded land package discussion)

12:30 How many holes have you drilled in this program as of May 16

14:30 What targets do you know will be drilled out this campaign

16:10 Financing Discussion – Can this previous financing fund all of 2024?

18:20 What is a Technical Justification Study

20:40 Met work recovery – what’s your preferred path/flow sheet at this point?

23:15 2024 Catalysts we can expect

25:45 Final Thoughts to Brodie (Mexican Jurisdiction)

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.

CEO Claudia Tornquist and Chair Chris Taylor join me once again to talk recent news from their company Kodiak Copper. Kodiak continues to eat their elephant one bite at a time as they progress their massive MPD porphyry project in southern BC. We discuss 2023 results and the impact of VRIFY's powerful new tool to be used in 2024, wherein Kodiak will use AI to help collect, collate, and analyzing their above and below ground exploration data to help in their quest for BC's next great porphyry. Two parts to this one - part 1 is dedicated to 2023 and part 2 is dedicated to 2024.

Time Stamps:

Part 1: 2023

02:00 General Overview of 2023 Drill Program

03:55 Successes and Struggles

07:55 Why did some holes fail to get assays

11:15 With hole 18 (525m at .09% CuEq) – what clues do you have that it is the edge of a porphyry and not the center?

17:10 What evidence do you have that MPD South is a single complex?

21:30 Hole 15 at the South (13m @ 0.43% Cu and 659 g/t Ag) – Explain how it fits in your model Part 2: 2024

26:10 2024 Exploration Plans Overview

28:30 VRIFY – How much is proprietary black box and how much can you see behind the curtain?

33:05 How much human input goes into the modelling system

39:30 What is 2024 priority region for drilling?

42:35 How do you balance drilling aggressively while copper is hot while being defensive when the share price is suppressed?

44:15 How do you split up meterage – spread things out or concentrate?

47:05 Which 2024 targets are Kodiak-generated vs. VRIFY-generated?

48:30 Resource estimate at Gate Zone to be expected?

51:15 When can we expect VRIFY details from the south?

51:50 How is your relationship with Teck?

Disclaimer

The content found in the JuniorResourceInvesting podcast is for informational and entertainment purposes only and is not to be considered personal legal or investment advice or a recommendation to buy or sell securities or any other product. The information provided is accurate to the best of our knowledge, but we are not responsible for errors, omissions, or inaccuracies. We are not registered investment advisors. It is based on opinions, SEDAR+ filings, current events, press releases and interviews but is not infallible. It may contain errors and JuniorResourceInvesting offers no inferred or explicit warranty as to the accuracy of the information presented. If personal advice is needed, consult a qualified legal, tax or investment professional. Do not base any investment decision on the information contained on JuniorResourceInvesting or our videos. We may hold equity positions in some of the companies featured on this site and therefore are biased and hold an obvious conflict of interest. Similarly, we may have been compensated by the company we interviewed for this episode, which is also an obvious conflict of interest. I work hard to be independent, objective, and selective, but you should be critical of my work. JuniorResourceInvesting may provide website addresses or links to websites and we disclaim any responsibility for the content of any such other websites. The information you find on JuniorResourceInvesting is to be used at your own risk. By following JuniorResourceInvesting, you agree to hold JuniorResourceInvesting, its owner, associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred. Rights to all images remain with original owner.