Almaden Minerals Ltd. (TSX: AMM, Amex: AAU) - Almaden continues to impress us with the way they create and develop mineral projects with their strong technical team. Their self-drilled, fully owned Ixtaca Project continues to return mineralized drill intercepts and is looking more and more like it has the potential to be a significant gold-silver resource. In 2012 Almaden also plans to drill its wholly owned El Cobre copper-gold porphyry project as well as advancing other projects both wholly owned and in partnerships.
2011 Highlights
- After previously delivering a positive PEA on the Elk Gold Deposit, sold it to Beanstalk Capital for shares and an outright 2% NSR. Part of the Beanstalk holdings was later sold for $2.9M to monetize the asset.
- Sold Caballo Blanco Project to Goldgroup Mining for a cash payment of $2.5M, shares of Goldgroup and an undivided NSR of 1.5%.
- Drilled 30,000 + meters at Ixtaca with a program that has grown to 4 drills.
- Acquired 100% interest in El Cobre porphyry copper-gold project.
2012 Expectations
- Further drilling at the Ixtaca Zone.
- Release of first resource report for Ixtaca.
- Drilling at El Cobre porphyry copper-gold project.
Animas Resources Ltd. (TSX.V: ANI) - Animas is a North American exploration company with diversified mining interests in one of the world’s fastest developing mining countries, Mexico. Animas Resources believes that a significant portion of the known gold resources at Santa Gertrudis may be economically viable at current gold prices. As such, Animas plans to begin a prefeasibility evaluation of the Cristina, Trinidad, Escondida, La Gloria, Greta/Ontario, Tracy, and Tigre deposits (429,300 oz at 1.55± g Au/t) in 2012 with work being completed in phases. Animas Resources also continues to conduct reconnaissance exploration within Mexico in an attempt to acquire high quality precious metal exploration projects.
2011 Highlights
- Consolidation of Santa Gertrudis land holdings (now totaling 624 km˛).
- New 43-101 report (2010) with a compliant “inferred” resources for the Cristina (MDA), Trinidad, Escondida, Mirador, Greta, La Gloria, Tracy, Tigre deposits.
- Acquired, by staking, the high quality Desierto gold prospect within the Sonora Gold Belt (Herradura-type gold deposit potential).
2012 Expectations
- Animas Resources believes that a significant portion of the known gold resources at Santa Gertrudis may be economically viable at current gold prices. As such, Animas plans to begin a prefeasibility evaluation of the Cristina, Trinidad, Escondida, La Gloria, Greta/Ontario, Tracy, and Tigre deposits (429,300 oz at 1.55± g Au/t) in 2012 with work being completed in phases.
- Additional, more detailed geological mapping, rock-chip/biogeochemical sampling, and gravity surveying are scheduled for the Desierto Project during 2012, and it is expected that a shallow, RAB-type drilling program will be initiated within the area during the latter part of 2012.
- Animas Resources will continue to seek a major joint venture partner for the Ariel project.
Commerce Resources Corp. (TSX.V: CCE, OTCQX: CMRZF, FSE: D7H) - We like the Blue River project’s potential to contribute conflict-free Tantalum and Niobium to the strained world supply. A recent positive Blue River PEA supports the prospect. Their Rare Earth Eldor resource continues to grow, is graced with heavies, and stands to be supported by Quebec’s Plan du Nord.
2011 Highlights
- Positive PEA for Blue River Tantalum-Niobium Project, B.C.
- Large initial inferred resource estimate for Ashram REE Deposit, Eldor Project, Quebec.
- Completion of $7.5 million non-brokered private placement to accelerate exploration and development of projects.
2012 Expectations
- Updated resource estimate and commencement of pre-feasibility work for Blue River Project.
- Assay results from remaining holes from winter program at Eldor Project.
- New resource estimate and PEA for Ashram Deposit, Eldor Project.
East West Petroleum Corporation (TSX.V: EW) - 3 things impress us about East West. First, their team includes a preeminent world expert of unconventional oil and gas recovery techniques: Dr. Marc Bustin. Second, they are partnered with multi-billion dollar energy producers on promising projects around the globe. Third, their model allows them to risk only conservative amounts of their robust treasury to advance projects.
2011 Highlights
- Raised C$30M in a PP, and had ~$30M in the bank at year end.
- Secured 4 projects in Romania totalling 1M acres. JV established with NIS (51% owned by Gazprom Neft). NIS will be spending over $50M in 2012 drilling 12 wells.
- The India Deal: Block AA-ONN-2010/2 was awarded to a partnership consisting of Oil India Ltd. (operator, 40%), Oil and Natural Gas Corporation of India (30%), Gas Authority of India Ltd. (20%), and East West Petroleum (10%).
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Announced acquisition of a new exploration block in morocco.
2012 Expectations
- Results coming in from NIS drill program. NIS is spending $56M on wells, and NIS knows the geology very well, as they are drilling in neighboring blocks in Serbia.
- Details and results of the contractual agreement with Halliburton, a leading global energy service company.
- Results from Morocco, which hopefully will attract a major, similar to JV in Romania.
- Continue exploration work in India.
Ethos Capital Corp. (TSX.V: ECC, OTCQX: ETHOF) - We believe 2012 will bring news of major gold discoveries in the Yukon. Which companies will hit these discoveries, only time will tell. Ethos is in as good a position as any company with a massive land package in the heart of the White Gold District and properties adjacent to and along strike with known discoveries. Early soil and trench samples suggest source gold could be near.
2011 Highlights
- Amassed huge land package consisting of five separate properties in the Yukon's Klondike region totaling 4,963 mineral claims.
- On the Betty Property, Ethos identified the Mascot Creek gold soil anomaly, comparable to the soil anomalies that were found at both Kinross's Golden Saddle and Kaminak's Coffee discoveries.
- Follow up trenching at Mascot Creek returned gold mineralization of 7.3 g/t over a 50 meter interval.
- Discovered a second significant gold soil target 7.5 square kilometers in size on the Wolf Property.
- Ended the year well cashed with close to $15 million in the treasury.
2012 Expectations
- Final assay results from more then 33,000 soil samples collected and rock results from 15-20 more trenches will be announced in Q1.
- Exploration budget to be completed in Q1 with expected emphasis focused on furthering the understanding of the Betty Property.
- Yukon properties will be drill ready in Q2.
- Advancement of Corrales silver project in Mexico. A substantial drill program is being planned and permitted to test identified targets
Fission Energy (TSX.V: FIS, OTCQX: FSSIF) - Fission has pushed through the external challenges Uranium encountered in 2011. Well cashed (approx $25MM) and well partnered they look to ride the momentum of their next door neighbor Hathor’s takeover bids into 2012. With a little more work, we think their J-Zone project will be ripe for takeover also. Also due to make news is their promising Patterson Lake discovery.
2011 Highlights
- Multiple high grade intercepts at J Zone with grades as high as 46.15% U3O8.
- J Zone strike length currently 578m x 50m, an increase of over 400% since January 2011.
- Raised $17.5 million to bring Fission's working capital to 25.2 million by December 2011.
- High Grade boulder field discovery at Patterson Lake South. Assays as high as 39.6% U3O8.
2012 Expectations
- J Zone possible takeover after Rio Tinto's 2011 takeover of Hathor Exploration.
- A 25,000m $7.3million winter exploration program at Fission's Waterbury Lake property.
- NI 43 101 resource estimate for Fission's high grade J Zone expected 1st quarter. (Announced 16 January 2012).
- Increased exploration of high grade boulder field at Patterson Lake South.
Mawson Resources Ltd (TSX: MAW) - Several of the highest grades of gold ever seen have come from hundreds of bedrock samples over a 6km trend from Mawson’s Rompas Project in Finland. Regulatory permission to drill should be attained in the near future and some of the most anticipated drill cores in the mining world will be on the way. Additionally, with a yes vote shareholders will beneficially receive shares of 2 other resource companies soon.
2011 Highlights
- Significantly advanced understanding of the Rompas gold project during second year field season.
- At Rompas: discovered the best grade gold zone to date, expanded the known mineralized footprint in all directions and demonstrated the continuity of mineralization between previously isolated high grade mineralized sites greater than 100m.
- Vested non-core Scandinavia uranium assets with acquisition of 20.5% in Europe’s key uranium exploration and development company.
- Initiated the spin-out of South American assets into stand-alone listed entity.
2012 Expectations
- Commencement of the first major drill campaign at Rompas with the aim to establish continuity of mineralization in three dimensions once the granted permits come into legal force.
- Continue to explore the company’s vast 75,000 Ha landholding immediately surrounding Rompas.
- Refocus Mawson as a gold focused exploration company with the discovery and acquisition of new properties.
Medallion Resources Ltd. (TSX.V: MDL, OTCQX: MLLOF) - Medallion is an innovator among rare-earth companies. They are challenging conventional practices, those focused on hard-rock occurrences with complex metallurgy, to achieve significant near-term production. They are looking to apply known extraction techniques to mineralized beach sand and river placer deposits found in plentiful supply in countries outside of China. Mining beach sands requires little, if any, crushing. Crushing can represent approximately 60% of production costs. In addition the rare-earths from beach sand deposits are currently being discarded. If successful, they could leapfrog other hopeful rare-earth producers.
2011 Highlights
- Aggressively pursued opportunities with mineral-sands producers to achieve expedited production of rare earths.
- Completed a year of investigation, research, and conducted multiple property visits related to monazite deposits and sources.
- Engaged Hamza Thindal Capital to communicate Medallion's unique value to the investment community and strategic partners.
- Tested monazite samples submitted by several heavy-mineral-sands producers with an attractive distribution of rare-earth elements.
- Commenced trading on the U.S. Over-the-Counter (OTC) market's highest tier, OTCQX, under the symbol MLLOF.
2012 Expectations
- Negotiate and finalize monazite processing partnerships or purchase-agreements in Q1 of 2012.
- Medallion's technical team will continue to evaluate and explore untapped sources of rare-earths with a focus on mineral sands deposits.
- Make progress towards establishing a monazite processing facility.
- Continue the exploration of the Company's Canadian property, the Red Wine Rare-Earth Project in Labrador, which has the potential for large-tonnage and low-cost production.
Millrock Resources Inc. (TSX.V: MRO) - Millrock is a prospect generator with a tremendous portfolio of early stage projects and a veritable who’s who list of resource company joint venture partners. Their land packages include large positions in both Alaska and Arizona, allowing for year round work and news flow. Their model keeps them roughly cash flow neutral eliminating the need for additional financing and dilution.
2011 Highlights
- PROJECT EXPANSION: With the inclusion of Rainville in April, Millrock had built a portfolio of 13 projects in 2011, increasing its exposure for discovery and providing shareholders with a number of catalysts for value creation.
- DRILLING BUDGET: With eight joint-venture partners in 2011, including Kinross, Vale, and Teck, Millrock spent $14.9M on exploration drilling, $13M of which came directly from its partners.
- STRATEGIC ALLIANCE: Following its project generation model, Millrock formed a strategic alliance with Vale. The alliance will see Vale provide Millrock with up to US$2.0M in funding over two years, to complete early-stage exploration work and develop copper porphyry projects that Vale will also fund.
- DRILL HIGHLIGHT ALASKA: Discovered Intrusion-related gold mineralization at Estelle project (funding partner: Teck), Alaska and drilling resulted in a thick, low grade intersection (0.43 g/t Au over 365.3 m) at the Oxide Ridge prospect. This will be a focus for 2012 drilling.
- DRILL HIGHLIGHT ARIZONA: Discovered a porphyry copper system at the Galiuro Project (funding partner: Vale). Drilling is presently ongoing.
2012 Expectations
- Continue to systematically build value by sticking rigorously to Project Generator - Joint Venture model.
- Another busy year of partner-funded exploration coming.
- Will expand upon our discoveries at Estelle gold project, Alaska and other projects throughout Arizona and Alaska.
Rare Element Resources (TSX: RES, Amex: REE) - Rare Element's 100% owned Bear Lodge property is one of the largest disseminated rare earth deposits in North America according to a US Geological Survey. The Rare Element story got better and better both with their corporate development and project advancement in 2011. They are on schedule and we believe they will be one of the early "winners" in the race to produce race earths.
2011 Highlights
- Updated resource estimate; drilled 60 holes + 40 large diameter holes for bulk sample.
- Positive Scoping Study (PEA) on oxides.
- Completed $66MM financings Approximately $64 million in cash as at September 30, 2011.
- Discovered heavy rare earths in the western half of their expanding Bear Lodge District.
2012 Expectations
- Increased reserve/resource base by 38% in January 2012.
- Due to release PFS results in 1Q 2012.
- Anticipate increased reserve/resource base when remainder of 2011 drill holes are incorporated into database.
Tarsis Resources Ltd. (TSX.V: TCC) - Tarsis is one of our favorite prospect generators with projects in both the Yukon and Mexico. The latitude disparity allows for year round work and news flow. Early mineralized samples and assay indications hold a lot of promise for resource discoveries. We are looking for 2012 to be a pivotal year that expands on their successful grass root efforts thus far.
2011 Highlights
- Mexico: Discovery of sediment hosted (Carlin-like) gold mineralization at our Erika property.
- Yukon: Great progress and results on our White River gold-copper-silver property.
- More than $1 million of exploration done on our Prospector Mountain property by optionee Silver Quest Resources.
2012 Expectations
- Final results from soil sampling and trenching at White River, Yukon.
- Drill results from Prospector Mountain (Silver Quest are being taken over, they hope to get the news out shortly).
- Option White River on favorable terms as per the business model.
- Option Erika on favorable terms as per the business model.
- Continue generative exploration programs, both in Yukon and in other jurisdictions.
- Maintain a tight share structure by avoiding dilution
Tasman Metals Ltd. (TSX.V: TSM, Amex: TAS) - Tasman is one of just a few Rare Earth Companies we favor and with good reason, as their Norra Karr project in mining friendly Sweden provides a unique and compelling investment opportunity. Norra Karr is shaping up as a world class rare earth deposit that can supply much of Europe's needs for these critical metals for in excess of 25 years. The project is unusually rich in Dy and Y, two of the most in demand REE's both of which have large and growing markets in Europe. Tasman is well positioned for success. During 2012 we anticipate seeing German industrial companies move to secure their REE supply through strategic relationships, and Tasman is a very natural fit.
2011 Highlights
- Large resource established and expanded with additional drilling.
- Metallurgical milestones achieved, with a low temperature sulphuric acid leach achieving good recovery.
- Acquisition of a new advanced REE project (Olserum), that is rich in heavy REE's and with an established metallurgical process.
- Shares listed on the AMEX.
2012 Expectations
- Refinements in metallurgical processing methods including pilot plant scale testing.
- Release of a PEA giving first information on project costs and profitability.
- Submittal or a mining lease application.
- Drill out and resource statement on Olserum.
