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Oreninc Index Update: May 22, 2017

ORENINC INDEX sees strong rebound as gold strengthens

 

ORENINC INDEX - Monday, May 22, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

Last week index score: 40.84 (updated)

This week: 69.70

Kootenay Silver (TSXV: KTN) began a 7,500m drilling program at its La Cigarra silver project in the Parral mining district of Chihuahua, Mexico.

NuLegacy Gold (TSXV: NUG) is ramping up its 2017 drilling campaign at its Iceberg project in Nevada, USA.

The Oreninc Index climbed in the week ending May 18th, 2017 to 69.70 from 40.84 as gold continued to rebound.

Total raises announced increased to C$110.5 million, a two-week high, which included seven brokered financings for a total of C$64.5 million, a four-week low within which there were three bought-deal financings for C$34.0 million, a six-week high. The average offer size decreased to C$2.9 million, a four-week low, whilst the total number of financings announced increased to 38, a three-week high.

The gold price recovered part of the losses of the previous two weeks to close at US$1,253 as the US dollar had its worst week since April 2016, ceding much of its gains since Donald Trump became president. President Trump continues to be the centre of news that contributes to turbulent markets, such as his firing of FBI Director James Comey, who was investigating his alleged links with Russia, and then moderating his stance on the NAFTA free trade agreement, stating the he wants to renegotiate it rather than withdraw from it as he had said previously.

With the gold price recovering, the van Eck managed GDXJ returned to growth and is now up 3.36% so far in 2017. The inventory of the SPDR GLD ETF continued to fall and closed at 850.7 tonnes, down from 851.8 tonnes the previous week.

In other commodities, silver was up on the week to close at US$16.84 whilst copper returned to growth to close the week at US$2.58. Oil continued to strengthen as WTI crude broke through the US$50 per barrel mark to close at $50.3.

The Dow Jones Industrial Average experienced a 200-point fall mid-week but had a strong finish to recover some of the lost ground to close the week down at 20,804. Canada’s S&P/TSX Composite Index followed a similar pattern with a 300-point mid-week fall with a strong close to end the week down at 15,458. The S&P/TSX Venture Composite Index didn’t seem to be affected by such things and closed the week slightly up at 806.90.

Summary:

  • Number of financings jumped up to 38, a three-week high.
  • Seven brokered financings were announced for $64.5m, a four-week high.
  • Three bought-deal financings were announced for $34.0m, a six-week high.
  • Total dollars increased to $110.5m, a two-week high.
  • Average offer size decreased to $2.9m, a four-week low.

 

Financial news highlights

Falco Resources (TSX-V: FPC) opened a C$25 million offering on a bought deal basis @ C$1.29.

  • Underwritten by a syndicate led by BMO Capital Markets
  • Funds to advance the Horne 5 deposit in Quebec, Canada, including the dewatering program, refurbishing of the shaft and ordering of long-lead items.

Northern Empire Resources (TSXV: NM) opened a C$ =INT( 20,000,000.00 )/1000000 20 million offering on a best efforts basis.

  • Underwritten by a syndicate led by Cormark Securities.
  • Priced at C$0.25 per subscription receipt.
  • Expected to close on or about May 30th.
  • Proceeds will be used to acquire the Sterling property from Imperial Metals for US$10.1 million.

Major Financing Openings:

  • Falco Resources (TSX-V:FPC) opened a C$ =INT( 25,000,200.00 )/1000000 25 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis. Each unit includes half a warrant that expires in 18 months. The deal is expected to close on or about June 7th.
  • Northern Empire Resources (TSX-V:NM) opened a C$20 million offering underwritten by a syndicate led by Cormark Securities on a best efforts basis. The deal is expected to close on or about May 30th.
  • Transatlantic Mining (TSX-V:TCO) opened a C$10 million offering on a best efforts basis. Each unit includes half a warrant that expires in 24 months. The deal is expected to close on or about June 14th.
  • Eastmain Resources (TSX:ER) opened a C$9.03 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. The deal is expected to close on or about June 8th.

 

Major Financing Closings:

  • Continental Gold (TSX:CNL) closed a C$ =INT( 34,360,000.00 )/1000000 34.36 million offering on a strategic deal basis.  
  • Barkerville Gold Mines (TSX-V:BGM) closed a C$27.03 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis. Each unit includes half a warrant that expires in 18 months.  
  • Razor Energy (TSX-V:RZE) closed a C$17.75 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis. Each unit included half a warrant that expires in 12 months.  
  • Barkerville Gold Mines (TSX-V:BGM) closed a C$17.17 million offering on a best efforts basis.  

Company news

  • Kootenay Silver (TSXV: KTN) began a 7,500m drilling program at its La Cigarra silver project in the Parral mining district of Chihuahua, Mexico.Focus on the expansion of the La Cigarra mineral resource
  • Plan to update the resource before year end
  • Drilling testing satellite targets later this year

La Cigarra currently hosts a NI 43-101 measured and indicated mineral resource of 51.5Moz silver within 18.5Mt @ 86.3 g/t silver, and an inferred resource of 11.5Moz silver within 4.5Mt @ 80 g/t silver.

Conclusion

This drill program should add to and upgrade the La Cigarra mineral resources enabling the company to update its mineral resource estimate and set the groundwork to embark on a preliminary economic assessment. With producing silver mines located nearby and on trend, advancing the project should elicit interest from a producer for a JV or takeover.

NuLegacy Gold (TSXV: NUG)

Is ramping up its 2017 drilling campaign at its Iceberg project in Nevada, USA.

  • Three drill rigs operating on site as it seeks to add to the dimensions of its discoveries
  • Looking to define a big Carlin-style gold system
  • Iceberg is on trend from Barrick Gold’s (TSX: ABX) multi-million ounce Pipeline, Cortez and Goldrush gold mines.
  • A second RC rig and a diamond drill core rig have arrived on site and drill the first 12 of 24 holes planned to expand Iceberg.

Conclusion

NuLegacy has discovered the Iceberg and the Avocado Carlin-style gold deposits and has identified four more highly prospective exploration targets as it aims to find deposits with 90-110Mt tonnes of 0.9 to 1.1g/t of gold that could position it as a takeover target.

 

 

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Top 10 Financings in April 2017

 ORENINC PRESENTS THE TOP 10 FINANCINGS IN APRIL 2017 (below a market cap of 1.5bn CAD)

April saw 121 financings close in the Canadian financial markets for C$522.7 million including 55 financings for gold totalling $207.3 million, some 40% of the April total. The top ten gold financings totalled $167.5 million representing 81% of the total indicating that bulk of funds raised for gold projects are concentrated in a relatively small number of deals.

 

 

#1 Bluestone Resources C80 million

Bluestone Resources (TSXV: BSR) closed an $80 million financing @ $1.50 per subscription receipt led by Cormark Securities to finance the acquisition of the Cerro Blanco project and the Mita geothermal project in Guatemala from Goldcorp (TSX: G). Cerro Blanco is fully permitted for production and hosts very high gold grades with strong potential to expand historical resources of 2.05 Mt @ 12.69 g/t for 840koz Au in the Indicated category, as well as 0.75 Mt @ 9.34 g/t for 230koz Au in the Inferred category. The Goldcorp deal includes a right of first refusal on the assets, including the mining fleet, processing plant, and other equipment related to Goldcorp's Marlin gold mine in Guatemala once mining and processing activities cease.

#2 Seabridge Gold C22 million

Seabridge Gold (TSX: SEA) closed a bought deal flow-through financing, including a full over-allotment, for $22 million @ $20 per flow-through share via syndicate of underwriters led by Canaccord Genuity and Cantor Fitzgerald to fund the 2017 exploration program at the KSM and Iskut projects in Northwestern British Columbia, Canada. KSM has an updated pre-feasibility study with proven and probable reserves of 38.8Moz Au and 10.2Blb Cu, placing Seabridge within the world’s top ten gold companies by reserves. Seabridge continues to de-risk KSM as it will eventually seek a joint venture partner to develop it.

#3 Coro Mining C$16.152

Coro Mining (TSX: COP) closed a non-brokered private placement for $16.152 million @ $0.15 per share, to fund the acquisition of Minera Rayrock from Peru’s Milpo to obtain the 12,000 tpy Ivan SXEW copper cathode plant that is close to its Marimaca project in Chile, and continued exploration of Marimaca where Coro is looking to double the copper resource this year as it eyes producer status by 2019. Marimaca currently has a resource of 21.5Mt @ 0.68% Cu in the measured and indicated categories, and 18.8Mt @ 0.53% Cu in inferred resources.

 

 

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Oreninc Index Update: May 15, 2017

ORENINC INDEX continues to slide

 

ORENINC INDEX - Monday, May 15, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

Last week index score: 46.28

This week: 36.89

The Oreninc Index fell in the week ending May 11th, 2017 to 36.89 from 46.28 as gold and other commodities had a more stable week.

Total raises announced decreased to C$68.4 million, an 18-week low, which included five brokered financings for a total of C$24.0 million, a two-week low within which there were three bought-deal financing for C$22.0 million, a three-week high. The average offer size increased to C$4.0 million, a seven-week high, whilst the total number of financings announced fell to 17, a 67-week low. This was the second week in a row where more deals closed versus opened. 

The gold price experienced a slight rebound to seemingly bring an end to its recent pummelling, ending the week up at US$1,228 per ounce from $1,226 the week before.

The van Eck managed GDXJ returned to growth this week and is again in positive territory for the year, up 3.14% so far in 2017. Following the plummet in the gold prices the previous week, the inventory of the SPDR GLD ETF saw a slight fall to close the week at 851.89 tonnes from 853.08 tonnes the previous week.

Silver followed gold and fell considerably to close at US$16.27. Copper was down slightly on the week at US$2.52. Oil fell about 10% on the week with WTI crude closing at $46 per barrel due to concerns about the continuing glut of worldwide supply. OPEC is due to meet on May 25th and is expected to discuss cutting production quotas to boost prices.

Silver saw a modest gain to close the week up 0.65% at US$16.45 whilst copper saw a modest fall of 0.44% to close the week at US$2.52 per pound. OPEC’s efforts to stem the fall in the oil price have yet to bear fruit as WTI closed the week at US$47.84

The Dow Jones Industrial Average pulled back to close at 20,896 and Canada’s S&P/TSX Composite Index followed suit and closed at 15,537 but the S&P/TSX Venture Composite Index saw growth return and closed up on the week at 793.64.

Summary:

  • Number of financings decreased to 17, a 67-week low.
  • Five brokered financings were announced for $24.0m, a two-week low.
  • Three bought-deal financings were announced for $22.0m, a three-week high.
  • Total dollars dropped to $68.4m, an 18-week low.
  • Average offer size increased to $4.0m, a seven-week high.

 

Financial news highlights

Continental Gold (TSX:CNL) announced a US$134 million financing to complete the capex fund raise to build a 250,000 oz/y underground gold mine at Buritica in Colombia.

  • Newmont Mining (NYSE: NEM) agreed to invest US$109 million in a non-brokered private placement to take a 19.9% stake in the company
  • RK Mine Finance Master Fund I agreed to invest US$25 million
  • Newmont and Continental will also form a strategic alliance to evaluate opportunities to partner on exploration of Continental’s other properties in Colombia.
  • The Buritica capex is US$389 million

Almaden Minerals (TSX: AMM) entered into an agreement with Sprott Capital Partners and Cormark Securities for a bought deal private placement to raise C$15 million to advance the Tuligtic gold-silver project in Mexico project through continued engineering, permitting activities and exploration drilling.

Major Financing Openings:

  • Continental Gold (TSX:CNL) opened a C$34.36 million offering on a strategic deal basis. The deal is expected to close on or about May 18, 2017.
  • Almaden Minerals (TSX:AMM) opened a C$15 million offering underwritten by a syndicate led by Sprott Capital Partners on a bought deal basis. Each unit includes half a warrant that expires in 36 months.
  • Cartier Resources (TSX-V:ECR) opened a C$6.01 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis. The deal is expected to close on or about May 30, 2017.
  • EnerGulf Resources (TSX-V:ENG) opened a C$5 million offering on a best efforts basis. Each unit includes a warrant that expires in 24 months.

 

Major Financing Closings:

  • Bullman Minerals (TSX-V:BUL) closed a C$7.03 million offering on a best efforts basis.
  • East Asia Minerals (TSX-V:EAS) closed a C$3.3 million offering on a best efforts basis. Each unit included half a warrant that expires in 60 months.
  • Fura Emeralds (TSX-V:FUR) closed a C$3.05 million offering on a best efforts basis. Each unit included half a warrant that expires in 24 months.
  • Rise Gold (CSE:RISE) closed a C$2.07 million offering on a best efforts basis.

Company news

Prospero Silver (TSXV: PSL) closed a C$1.5-million strategic investment from Fortuna Silver Mines (TSX: FVI)

  • Prospero will allocate C$1.2 million to drill testing selected projects
  • C$300,000 will be allocated towards generative efforts in Mexico
  • Fortuna has the right to select one project within 18 months, potentially earning in to a 70% interest by spending US$8 million over six years and completing a PEA on the selected property

Conclusion

The Fortuna strategic investment provides Prospero with the funds for proof of concept drilling on its three main properties, which if successful, could lead to Fortuna entering into one or more joint ventures with the company to fund ongoing exploration.

 

 

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Oreninc Interview Series with Mickey Fulp - Episode 07

May 3rd, 2017 // Our bi-weekly interview series with the Mercenary Geologist, Mickey Fulp.

Topics discussed
- Discussing the recent slump in metal prices and the drop off in mining stocks
- Cobalt 27 Capital: $200mn CAD financing on the horizon - our take on the new player in the Cobalt space
- Mickey, Paul and Kai present their numbers of the week.

We recorded the interview on May 3rd, 2017 in a New York hotel room and via Skype.

Participants:
- Mickey Fulp, Mercenary Geologist
- Kai Hoffmann, CEO Oreninc
- Paul Harris, Staff Writer OrenincOreninc Interview Series with Mickey Fulp - Episode 06

 

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Oreninc Index Update May 8, 2017

 ORENINC INDEX plumbs new depths

 

ORENINC INDEX - Monday, May 8, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

Last week index score: 60.47

This week: 46.28

Avrupa Minerals (TSXV: AVU) started drilling at its Slivovo project in Kosovo.

The Oreninc Index fell in the week ending May 4th, 2017 to 46.28 from 60.47 as gold and other commodities took a beating.

Total raises announced decreased to C$78.4 million, a four-week low, which included six brokered financings for a total of C$30.0 million, a two-week high within which there were two bought-deal financing for C$15.0 million. The average offer size decreased to C$3.1 million, a two-week low, whilst the total number of financings announced fell to 25, a 16-week low.

The gold price continued to be under pressure as the US dollar strengthened and the stock markets grew, with gold ending the week down at US$1,226 from $1,268 the week before. Just two weeks ago gold was threatening US$1,300 when it hit an April high of US$1,294 on the 18th.

The van Eck managed GDXJ continued to fall and is now in negative territory down 4.06% so far in 2017. Despite the plummet in the gold price, the inventory of the SPDR GLD ETF held ground falling a tad to close at 853.08 tonnes from 853.4 tonnes the previous week.

Silver followed gold and fell considerably to close at US$16.27. Copper was down slightly on the week US$2.52. Oil fell about 10% on the week with WTI crude closing at $46 per barrel due to concerns about the continuing glut of worldwide supply. OPEC is due to meet May 25th and is expected to discuss cutting production quotas to boost prices.

The Dow Jones Industrial Average had another strong week and closed over 21,000 again at 21,007 whilst Canada’s S&P/TSX Composite Index consolidated and closed at 15,582 but the S&P/TSX Venture Composite Index slide and closed down on the week at 781.72.

We recorded the next the podcast series with Mercenary geologist Mickey Fulp during which we discussed the reasons behind the plunge in commodity prices this week. We also looked at Cobalt 27 and the US$200 million financing it announced.

Summary:

  • Number of financings increased to 25, a 16-week low.
  • Six brokered financings were announced for $30.0m, a two-week high.
  • Two bought-deal financings were announced for $15.0m, a three-week low.
  • Total dollars fell to $78.4m, a five-week low.
  • Average offer size decreased to $3.1m, a two-week low.

 

Financial news highlights

Marathon Gold (TSX:MOZ) announced a C$15 million bought deal financing with RBC Capital Markets that was subsequently increased to C$16.2 million, to raise funds to continue exploration and development of the Valentine Lake gold project in Newfoundland.

  • 30,000m of drilling is to be completed by the end of 2017
  • Valentine Lake is a gold system that is 20km long with just 10% of the trend looked at in any great detail.

Victoria Gold (TSXV:VIT) opened and completed a flow-through financing for C$10 million with a single subscriber.

  • The proceeds will be used to extend the 2017 exploration program at its Dublin Gulch property in Yukon that hosts its Eagle Gold deposit.
  • Eagle Gold has proven and probable reserves of 2.7moz Au contained in 123Mt @ 0.67 g/t Au.

Major Financing Openings:

  • Marathon Gold (TSX:MOZ) opened a C$15 million offering underwritten by a syndicate led by RBC Capital Markets on a bought deal basis. The deal is expected to close on or about May 25.
  • Victoria Gold (TSX-V:VIT) opened a C$10 million offering on a best efforts basis.    
  • Kennady Diamonds (TSX-V:KDI) opened a C$10 million offering on a best efforts basis. The deal is expected to close on or about May 15.
  • North Arrow Minerals (TSX-V:NAR) opened a C$5 million offering on a best efforts basis.  Each unit includes a warrant that expires in 36 months.

 

Major Financing Closings:

  • Bacanora Minerals (TSX-V:BCN) closed a C$16.9 million offering on a strategic deal basis.    
  • Novo Resources (TSX-V:NVO) closed a C$15 million offering underwritten by a syndicate led by Red Cloud Klondike Strike on a best efforts basis. Each unit included a warrant that expires in 24 months.
  • Victoria Gold (TSX-V:VIT) closed a C$10 million offering on a best efforts basis.    
  • Zinc One Resources (TSX-V:Z) closed a C$10 million offering on a best efforts basis.

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Company news

Avrupa Minerals (TSXV: AVU) began drilling at its Slivovo project in Kosovo.

  • 17 drill holes planned, totaling 5,700m
  •  At least six general target areas to be tested
  • Results-dependent program may have two follow-up phases
  • Aim to increase the Slivovo resource by at least 250,000 oz Au
  • C$8.3 million cost fully-funded by Byrnecut.

Conclusion

 

Avrupa’s drilling program aims to discover, delineate and define additional high-grade gold resources at its Slivovo deposit with a target of adding at least 250,000 oz Au to the resource from several targets proximal to the current deposit. The first phase of 5,700m in 17 holes will test geophysical anomalies and other targets. Through the exploration funding agreement, Avrupa is diluting its ownership position, which if it falls below 10%, will convert into a 2% NSR.

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