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Oreninc Index Update: January 15, 2018

ORENINC INDEX falls as gold threatens breakout

 

ORENINC INDEX - Monday, January 15th 2018

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Last week index score: 47.26 (Updated)

This week: 40.52

NuLegacy Gold (TSXV:NUG) reported encouraging gold mineralisation in one of two core holes drilled into the West Avocado zone.

Prospero Silver (TSXV:PSL) released a final update on the first-stage reconnaissance drilling of its Petate project in Hidalgo, Mexico.

 

The Oreninc Index fell in the week ending January 12th, 2018, as activity pulled back, to 40.52 from an updated 47.26.

The Fire and Fury: Inside the Trump White House, by Michael Wolff continues to provide a backdrop to the goings on inside the Tump Whitehouse, with the president continuing a rich vein of Trumpian form through comments about some of the countries where US immigrants come from. Quoting the words of former Trump Whitehouse communications director as expressed in the book: “you cannot make this s$&t up”.

A quieter week on the international front with the two Koreas engaged in a budding rapprochement that is reducing tension. In the UK, the politician that was one of the driving forces behind the referendum campaign for the UK to leave the European Union said that there should perhaps be another referendum before a final decision to leave the EU is made, and that the campaign to remain would probably have the upper hand.

Facebook founder Mark Zuckerberg saw a US$3 billion fall in his net worth on Thursday after commenting that he may restrict or remove paid-for advertising from users’ personal timelines.

Total fund raises fell to C$45.8 million, a two-week low, which included one brokered financing for C$10.5 million, a three-week high, and one bought-deal financing for the same amount, and also a three-week high. The average offer size fell to just C$1.6 million, a two-week low, whilst the total number of financings increased to 29, a three-week high.

Against this backdrop, gold continued its strong start to 2017 as the US dollar continued to show weakness.

Gold continued its recent growth spurt to close at US$1,337/oz from US$1,319/oz a week ago. The yellow metal is now up 2.7% so far in 2018. The van Eck managed GDXJ had a a rollarcoaster week, recovering strongly after shrugging off better than expected US CPI data, to close up at US$34.94 from US34.48 after seeing an intra-week low of US$33.27. The index is up 2.4% so far in 2018. The US Global Go Gold ETF saw an even stronger recovery to close up at US$13.05 from US$12.81 the week before. It is up 0.3% so far in 2018. The SPDR GLD ETF saw more selling to close at 828.96 tonnes from 835.86 tonnes a week ago.

In other commodities, silver closed down slightly at US$17.21/oz from US$17.22/oz a week ago. Copper also had a flat week to close down slightly at US$3.21/lb from US$3.22/lb last week. Oil was the big commodity winner of the week as it continued its breakout to close at US$64.30 a barrel from US$61.44 a barrel a week ago.

The Dow Jones Industrial Average continued its climb to close at 25,803 from 25,295 last week. Canada’s S&P/TSX Composite Index saw a volatile but flat week to close down at 16,308 from 16,349 the previous week. The S&P/TSX Venture Composite Index closed down at 878.20 from 895.71 last week.  

Summary:

  • Number of financings increased to 29, a three-week high.
  • One brokered financing was announced this week for C$10.5m, a three-week high.
  • One bought-deal financing was announced this week for C$10.5m, a three-week high.
  • Total dollars fell to C$45,8m, a two-week low.
  • Average offer size also fell to C$1.6m, a two-week low.

 

Financing Highlights

 

Liberty Gold (TSX:LGD) opened a C$10.47 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.

  • Bought deal of 24.9 million units @ C$0.42
  • RCF Opportunities Fund agreed to purchase 14.8 million units and will own 8.4% of the company.
  • Each unit consists of one share and half a warrant exercisable @ C$0.65 for three years.
  • The proceeds will be used for continued exploration and drilling programs and to finalize a resource estimate for its Goldstrike project.

Major Financing Openings:

  • Liberty Gold (TSX:LGD) opened a C$10.47 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis. Each unit includes half a warrant that expires in 36 months. The deal is expected to close on or about January 26th.
  • Cornerstone Capital Resources (TSXV:CGP) opened a C$5.17 million offering on a best efforts basis. The deal is expected to close on or about February 1st.
  • Melior Resources (TSXV:MLR) opened a C$5 million offering on a best efforts basis. Each unit includes a warrant that expires in 24 months. The deal is expected to close on or about January 24th.
  • DLV Resources (TSXV:DLV.H) opened a C$3.2 million offering on a best efforts basis. Each unit includes a warrant that expires in 12 months.

Major Financing Closings:

  • Harte Gold (TSXV:HRT) closed a C$26.97 million offering underwritten by a syndicate led by Cantor Fitzgerald Canada on a bought deal basis.
  • Kootenay Silver (TSXV:KTN) closed a C$4.02 million offering on a best efforts basis. Each unit includes half a warrant that expires in 36 months.
  • Horizonte Minerals (TSX:HZM) closed a C$3.64 million offering underwritten by a syndicate led by Numis Securities on a best efforts basis.    
  • Mineral Mountain Resources (TSXV:MMV) closed a C$2.89 million offering on a best efforts basis.

Company News

NuLegacy Gold (TSXV:NUG) reported encouraging gold mineralisation in one of two core holes drilled into the West Avocado zone.

  • Hole drilled 120m east of last year's discovery holes 32.5m @ 0.61g/t Au.
  • Another hole drilled 120m north of the 2016 Avocado discovery holes contained anomalous gold.
  • Fourteen additional holes, drilled in the North Iceberg, Serena, VIO and Western Slope zones are out for assay.

 

Analysis

 

These results establish continuity in the Avocado Zone by defining a 120m corridor of gold mineralization that is open for at least another 600m to the east and northeast, towards mineralization established in the East Avocado discovery.

 

Prospero Silver (TSXV:PSL) released a final update on the first-stage reconnaissance drilling of its Petate project in Hidalgo, Mexico.

  • Twelve shallow holes were completed to establish structure and to allow for more accurate targeting of deeper mineralized zones.
  • Drilling at Petate is being carried out as part of its reconnaissance drilling campaign of three targets financed by strategic partner Fortuna Silver Mines.
  • Prospero aims to mobilise onto the next target, Pachuca SE, as soon as possible with a 3-4-hole, ±1,800m program scheduled.

 

Analysis

Prospero has completed drilling the three projects under the arrangement with Fortuna and Fortuna has the right to select one for a JV.

The El Petate results highlighted interesting grades over intervals of up to 24.9m downhole, indicating prospective deeper targets for a follow-up program.

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Oreninc Index Update: January 8, 2018

ORENINC INDEX up as new year starts

 

ORENINC INDEX - Monday, January 8th 2018

North America’s leading junior mining finance data provider

 

ORENINC MINING DEAL CLUB
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www.miningdealclub.com

 

Last week index score: 41.79 (Updated)

This week: 46.11

 

The Oreninc Index grew in the week ending January 5th, 2018, as activity picked up in the first trading week of 2018, to 46.11 from an updated 41.79, although the New Year meant that there were only four trading days.

The news was dominated by extracts from Fire and Fury: Inside the Trump White House, a new book by Michael Wolff that features multiple comments by former White House strategist Steve Bannon about the president that paint him in a dim light. The book has shot to the top of the Amazon best seller list after its publication was brought forward as the White House tried to impose a cease and desist order.

Gold continued its strong close to 2017 due to a weakening US dollar and worse than forecast payroll data.

Total fund raises jumped as the new year began to C$116.7 million, a two-week high, which included no brokered financings and no bought-deal financings. The average offer size jumped to C$5.6 million, a four-week high, whilst the total number of financings decreased to 21, a 19-week low.

Gold continued its recent growth spurt to close at US$1,319/oz from US$1,302/oz after hitting a mid-week high of US$|,323/oz a week ago. The van Eck managed GDXJ had a softer week and closed up at US34.48 from US$34.13 last week after hitting a mid-week high of US$35.14. The US Global Go Gold ETF fell to close at US$12.81 from US$13.01 the week before. The SPDR GLD ETF saw some selling to close at 835.86 tonnes from 837.5 tonnes a week ago.

In other commodities, silver continued to grow closing at US$17.22/oz from S$16.93/oz a week ago. Copper saw a week of selling to close down at US$3.22/lb from US$3.30/lb last week. Oil continued its breakout to close at US$61.44 a barrel from US$60.42 a barrel a week ago after hitting a mid-week high of US$62.01 a barrel.

The Dow Jones Industrial Average returned to winning ways and took off like a rocket to break through the 25,000 mark and close at 25,295 from 24,719 from 24,754 last week. Canada’s S&P/TSX Composite Index tried to follow suit and powered up to 16,412 mid-week before falling back to close at 16,349 from 16,209 the previous week. The S&P/TSX Venture Composite Index saw strong growth to hit its highest level since October 2014 and close at 895.71 from 850.52 last week.  

 

Summary:

  • Number of financings decreased to 21, a 19-week low.
  • No brokered financings were announced this week, a 16-week low.
  • No bought-deal financings were announced this week, a six-week low.
  • Total dollars jumped to C$116,7m, a two-week high.
  • Average offer size also jumped to C$5.6m, a four-week high.

 

 

Financing Highlights

 

PetroShale (TSXV:PSH) opened a C$93.95 million offering on a strategic deal basis. The deal is expected to close on or about January 15th.

  • Investment agreement with private equity firm First Reserve for US$75 million.
  • Preferred shares in PetroShale subsidiary with a five-year term with a cumulative annual dividend of 9% per year.
  • Subsidiary preferred shares are exchangeable into common shares @ C$2.40.
  • Net proceeds to fund capital expenditures, the non-permanent repayment of outstanding senior loan balance, the repayment and retirement of outstanding subordinated loan and future potential acquisition opportunities.

Major Financing Openings:

  • PetroShale (TSXV:PSH) opened a C$93.95 million offering on a strategic deal basis. The deal is expected to close on or about January 15th.
  • Thor Explorations (TSXV:THX) opened a C$4.25 million offering on a best efforts basis.
  • Trueclaim Exploration (TSXV:TRM) opened a C$3 million offering on a best efforts basis. Each unit includes a warrant that expires in 60 months.
  • Gorilla Minerals (CSE:GOCO) opened a C$2.25 million offering on a best efforts basis. Each unit includes half a warrant that expires in TBA months.

Major Financing Closings:

  • Mason Graphite (TSXV:LLG) closed a C$45 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.
  • NGEx Resources (TSX:NGQ) closed a C$12.5 million offering on a best efforts basis.    
  • M2 Cobalt (TSXV:MC.V) closed a C$8.5 million offering on a best efforts basis. Each unit included half a warrant that expires in 24 months.
  • Gowest Gold (TSXV:GWA) closed a C$6.77 million offering on a best efforts basis.

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Oreninc: Interview Session with Mickey Fulp - Episode 17

Our bi-weekly interview series with the Mercenary Geologist, Mickey Fulp and Kai Hoffmann

Recorded on December 18, 2017

Topics discussed:
- Oreninc Index - year end obervations

- Value of Bitcoin

- Platinum Market

- Numbers of the week

Participants:
- Mickey Fulp, Mercenary Geologist
- Paul Harris, Editor at Oreninc / Colombia Gold Letter
- Kai Hoffmann, CEO Oreninc

VISIT www.oreninc.com
VISIT www.goldgeologist.com
VISIT http://colombiagold.co/en/blog/
VISIT www.miningdealclub.com

https://www.youtube.com/watch?v=7xshGGsx3Kw

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Oreninc Index Update: January 1, 2018

ORENINC INDEX plummets as activity dries up at year end

 

ORENINC INDEX - Monday, January 1st 2018

North America’s leading junior mining finance data provider

 

ORENINC MINING DEAL CLUB
Access to high-quality, pre-vetted financing opportunities
www.miningdealclub.com

 

Last week index score: 67.93 (Updated)

This week: 38.59

Avrupa Minerals (AVU:TSXV) reported on progress at drilling projects in Kosovo and Portugal. 

 

The Oreninc Index plummeted in the week ending December 29th, 2017, the last trading week of 2017, to 38.59 from an updated 67.93 as the holiday season reduced the trading days and saw financings reduced to a trickle and perhaps taking time off to recharge the batteries for the New Year. That said, gold provided a late Christmas present and continue its strong end to the year closing over the US$1,300/oz mark once again. Other commodities such as silver, copper and oil also saw a strong finish to the year

Total fund raises announced plummeted to the lowest level in about two years to C$14.7 million, a 102-week low, which included np brokered financings and no bought-deal financings. The average offer size fell to a tiny C$0.6 million, a 51-week low, whilst the total number of financings halved to 23, an 18-week low.

Gold continued its recent growth spurt to close at US$1,302/oz from US$1,274/oz a week ago. Gold added about US$50/oz over the last two trading weeks of the year and had a trading range of US$1,146-1,357/oz over 2017. The van Eck managed GDXJ followed suit with a strong week and closed up at US$34.13 from US$33.53 last week, although it saw some selling off from its week high of US$343.30 as the week drew to a close. It closed 2017 up 8.2% in 2017. The US Global Go Gold ETF showed a similar chart to close at US$13.01 from US$12.83, giving it a range of 11.22-14.13 since its launch mid-year. The SPDR GLD ETF had a static week closing at the same 837 tonnes as a week ago, and up 15 tonnes on its 2016 close of 822 tonnes.

In other commodities, silver had a strong end to the year to close although failing to end north of US$17/oz, closing at US$16.93/oz from US$16.32/oz a week ago. Its 2017 range was US$15.18-18.65/oz. Copper also put in a strong close to the year to close at almost a year high of US$3.30/lb from US$3.23/lb last week. Its 2017 range was US$2.52-3.32/lb. Oil also had a strong week to break through the US$60 a barrel mark and close at a year high of US$60.42 a barrel from US$58.47 a barrel a week ago. Oil’s 2017 range was US$43.76-60.51 a barrel.

The Dow Jones Industrial Average had a rare losing week to close at 24,719 from 24,754 last week. Its 2017 range was 19,677-24,876 and posted a 28.1% gain over the course of the year, which in large part explains why precious metals price growth was subdued throughout 2017. Canada’s S&P/TSX Composite Index saw a growth week to close at 16,209 from 16,165 the previous week. It gave a 2017 return of 9.1% and a range of 14,915-16,232. The S&P/TSX Venture Composite Index saw strong growth to close at a year-high of 850.52 from 810.30 the previous week. Its 2017 range was 749.90-850.72.

Summary:

  • Number of financings dropped to 23, an 18-week low.
  • No brokered financings were announced this week, a 15-week low.
  • No bought-deal financings were announced this week, a five-week low.
  • Total dollars fell to C$14.7m, a 102-week low.
  • Average offer size also fell to C$0.6m, a 51-week low.

 

Financing Highlights

Major Financing Openings:

  • Jericho Oil (TSXV:JCO) opened a C$2.27 million offering on a best efforts basis.  Each unit includes half a warrant that expires in 24 months.
  • Giyani Metals (TSXV:WDG) opened a C$2 million offering on a best efforts basis.  Each unit includes half a warrant that expires in 18 months.
  • Metallic Minerals (TSXV:MMG) opened a C$1.38 million offering on a best efforts basis.    
  • Eagle Graphite (TSXV:EGA) opened a C$1.2 million offering on a best efforts basis. Each unit includes a warrant that expires in 60 months.

Major Financing Closings:

  • Cobalt 27 Capital (TSXV:KBLT) closed a C$97.81 million offering underwritten by a syndicate led by TD Securities on a bought deal basis.
  • Metanor Resources (TSXV:MTO) closed an C$11.35 million offering underwritten by a syndicate led by Sprott Capital Partners on a best efforts basis. Each unit included half a warrant that expires in 24 months.
  • Barkerville Gold Mines (TSXV:BGM) closed a C$10.99 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis.
  • MGX Minerals (CSE:XMG) closed a C$5.8 million offering on a best efforts basis.

Company news

Avrupa Minerals (AVU:TSXV) reported on progress at drilling projects in Kosovo and Portugal. 

  • Partners funded two drill programs during 2017. 
  • In Kosovo, Byrnecut International completed an 18-hole, 6,280m core drilling program at the Slivovo gold project, while in Portugal Blackheath Resources completed a single, exploratory test hole at the Covas tungsten project.
  • At Slivovo, the 2017 drill program was originally planned for 5,670m. and saw Byrnecut fulfil its 85% earn-in commitment. Avrupa is no longer contributing to the program and expects to be diluted to a 2% NSR in 2018.

 

Analysis

Avrupa continued to advance its exploration programs in Kosovo and Portugal through partner funding, and expects to continue to do so in 2018, and generate additional news flow from exploration results.

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Oreninc Index Update: December 26, 2017

ORENINC INDEX falls as financings slow for holiday period

 

ORENINC INDEX - Tuesday, December 26th, 2017

North America’s leading junior mining finance data provider

 

ORENINC MINING DEAL CLUB
Access to high-quality, pre-vetted financing opportunities
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MERRY CHRISTMAS AND A HAPPY NEW YEAR TO OUR SUBSCRIBERS

 

Last week index score: 94.81 (Updated)

This week: 64.88

 

Zinc One Resources (TSXV:Z) reported additional results from an ongoing surface-sampling program at its Bongará zinc mine project in north-central Peru.

 

The Oreninc Index fell in the week ending December 22nd, 2017, the last trading week before the Christmas holidays in North America and Europe, to 64.88 from an updated 94.81 as financings slowed with the approach of the year-end holiday season. That said, gold continued to mount a strong finish to the year and closing in on the US$1,300/oz mark once again.

US president Donald Trump looks set to achieve his first major policy victory as the Senate approved his drastic reform to the US tax code—its most major reform in 30 years—that includes US$1.5 trillion in tax breaks. The bill will reduce the top individual tax rate from 39.6% to 37% and cuts the corporate tax rate from 35% to 21%. Trump believes this will stimulate the US economy and result in generating benefits to all Americans through the trickle-down effect. Real estate businesses, such as the ones owned by Trump, will be one of the main beneficiaries of the tax reform.

On the international front, tensions ratcheted up another notch in southeast Asia as the United Nations agreed additional trade embargos on North Korea to dissuade it from continuing to develop its nuclear missile capability, including further restricting sales of oil to the country. North Korea said that the additional embargos is tantamount to a declaration of war.

Total fund raises announced fell to C$124.7 million, a three-week low, which included four brokered financings for C$16.1 million, a three-week low, and three bought-deal financings for C$15.0 million, also a three-week low. The average offer size fell again to C$2.7 million, a three-week low, whilst the total number of financings announced fell again to 46, a four-week low.

Gold continued its recent growth spurt to close at US$1,274/oz from US$1,256/oz a week ago. Gold is now up 11.04% since the start of the year. The van Eck managed GDXJ followed suit with a strong week and closed up at US$33.53 from US$31.46 last week. It is now up 6.3% so far in 2017. The US Global Go Gold ETF showed a similar chart to close at US$12.83 from US$12.22 last week. The SPDR GLD ETF sold off during the week to close at 837 tonnes from 844 tonnes a week ago.

In other commodities, silver had a more subdued week than its yellow metal counterpart to close at US$16.32/oz from US$16.05/oz a week ago. Copper had another strong week to close at US$3.23/lb from US$3.13/lb last week. Oil also had a week of continued price growth to up at US$58.47 a barrel from US$57.30 a barrel a week ago.

The Dow Jones Industrial Average saw modest growth to close at 24,754 from 24,651 last week. Canada’s S&P/TSX Composite Index saw a stronger week to close at 16,165 from 16,041 the previous week. The S&P/TSX Venture Composite Index saw growth to close at 810.30 from 801.23 the previous week.

 

Summary:

  • Number of financings fell to 46, a four-week low.
  • Four brokered financings were announced this week for c$16.1m, a three-week low.
  • Three bought-deal financings were announced this week for c$15.0m, a three-week low.
  • Total dollars decreased to c$124.7m, a three-week low.
  • Average offer size also decreased to c$2.7m, a three-week low.

 

 

Financing Highlights

 

Sabina Gold & Silver (TSX:SSB.T) opened a C$66.06 million offering on a strategic deal basis.

  • Chinese gold producer Zhaojin International Mining agreed to purchase 24.9 million shares @ C$2.65 for a total investment of about C$66.1 million.
  • Zhaojin will own about 9.9% of Sabina with an option to increase its shareholding up to 19.9%
  • The financing provides Sabina with a cornerstone investor for the development of its Back River project in Nunavut, Canada that is at pre-construction stage.
  • Back River has the potential to produce ~200,000 ounces a year for ~11 years with an initial CAPEX of C$415 million.

 

Major Financing Openings:

  • Sabina Gold & Silver (TSX:SSB.T) opened a C$66.06 million offering on a strategic deal basis.
  • Barkerville Gold Mines (TSXV:BGM) opened a C$10 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis. The deal is expected to close on or about December 28th.
  • Red Eagle Mining (TSX:R) opened a C$5.62 million offering on a best efforts basis. Each unit includes a warrant that expires in 56 months. The deal was expected to close on or about December 21st.
  • GoviEx Uranium (CSE:GXU) opened a C$5 million offering on a best efforts basis.  Each unit includes a warrant that expires in 24 months. The deal was expected to close on or about December 22nd.

Major Financing Closings:

  • Cobalt 27 Capital (TSXV:KBLT) closed an C$85.05 million offering underwritten by a syndicate led by TD Securities on a bought deal basis.
  • McEwen Mining (TSX:MUX) closed a C$12.88 million offering underwritten by a syndicate led by Cantor Fitzgerald Canada on a bought deal basis.
  • Adventus Zinc (TSXV:ADZN) closed a C$10 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis.
  • SilverCrest Metals (TSXV:SIL) closed a C$10 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.

Company news

Zinc One Resources (TSXV:Z) reported additional results from an ongoing surface-sampling program at its Bongará zinc mine project in north-central Peru.

  • Highlights included 32.2m @ 31.92% Zn

Analysis

With drill permits now in hand, the company will begin shallow drilling at Bongara in the new year and looking to replicate both its high-grade sampling results and the 20% zinc grades achieved from historical mining activity.

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