14 Exploration Companies Report New Discoveries: ‘These Are Our Fantastic Results’

September 29, 2021

Source: Quinton Hennigh for Streetwise Reports   09/27/2021

During Crescat Capital’s Sept. 20, 2021 broadcast, Dr. Quinton Hennigh, Geologic and Technical Director of Crescat Capital, reviewed news released in the past two weeks on multiple companies in Crescat’s portfolio of mining explorers.

Dr. Quinton Hennigh, Geologist and Technical Advisor to Crescat Capital, began his presentation by highlighting that the prices of gold and silver are “in a soft patch,” or down temporarily. As a result, companies’ share prices are down, presenting an opportunity for investors to get in or add to their existing positions in some of these mining exploration stocks.

Hennigh’s first update was on Puma Exploration Inc. (PUMA:TSX.V; PUXPF:OTCBB), a company Crescat Capital invested in two months ago when its exploration team started drilling. Puma is currently systematically exploring the Williams Brook gold project in New Brunswick, in a belt that is yielding some impressive discoveries. As yet the kind of mineralized system present there is unclear. Hennigh, however, believes it is a hybrid, somewhere between an orogenic system and an epithermal system.

Soil sampling at Williams Brook yielded quite a few high grades, which is noteworthy, Hennigh said, because the stronger the gold values seen in a system, the better the outcomes. Puma followed up with some trenching, through which it saw quartz fanning and visible gold. The company is mapping the geology.


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This week Puma released its first drill results, mostly from the Lynx gold zone. They showed multiple ounces, in some cases up to 7 or 8. However, results from hole 2 were the best, including the phenomenal intercept of 5.55 grams per tonne (5.55 g/t) over 50 meters (50m). Holes 1, 5 and 6 also demonstrated significant lengths of mineralization.

“I would say that these guys are on to a bona fide discovery of some sort that will likely yield an economic discovery,” Hennigh said.

Puma has only explored about 700m of what appears to be a significantly larger gold system, and will  expand its drill program.

“This is just getting bigger and better.”

 

 

Hennigh next mentioned New Found Gold Corp. (NFG:TSX.V; NFGFF:OTCMKTS). New Found Gold announced some “very stout” numbers, Hennigh said. The company found a high-grade structure extending up into the top part of the system. The intercepts are shorter and a bit narrower than the previous ones, but “this is just gravy on top of this story now.”

The results tell us there’s a pipe going off into the hanging wall, and there is much more to explore there.

“There is more to be found up above and beyond the Keats zone,” Hennigh added. “This is just getting bigger and better.”

As for Eskay Mining Corp. (ESK:TSX.V), Hennigh said, it announced it discovered some volcanogenic massive sulphide (VMS) systems on the property. The New York area, hosts one, for instance. It looks like a robust target, nearly the mirror image of the Eskay anomaly immediately to the west, and is therefore of high priority.

 

“This is going to be one of the biggest VMS camp discoveries in a long, long time.”

 

 

 

Because Eksay is awaiting receipt of drill permits for this area, it is doing surface and soil sampling and other work that should help elucidate what the discovery is.

The other area of interest is a recently discovered VMS system called vermilion outcrop. It is located in the southern part of the project, around the C10 area. The geology around C10 is similar to that to the north of TV and Jeff, Hennigh said. He expects Eskay to follow up on the new VMS discoveries and imminently drill Vermilion, Spearhead and other targets.

“This is going to be one of the biggest VMS camp discoveries in a long, long time,” Hennigh said.

 

“I think this initial resource will be jaw dropping.”

 

 

He moved on to Eloro Resources Ltd. (ELO:TSX.V; ELRRF:OTCBB), noting that with drilling, the explorer is encountering mineralization to the northwest of the Santa Barbara breccia, the area it is targeting for a maiden resource estimate.

The mineralized system is heading in that northwest direction and is open.

“This could be an easy extension to an already humongous system,” Hennigh said.

“I think this initial resource will be jaw dropping.”

 

Regarding Snowline Gold Corp. (SGD:CSE; SNWGF:OTCQB), its drill holes are showing numerous little quartz veins in what is a Tintina-type gold system.

These deposits tend to be large in this area and economic. Victoria Gold Corp. started the Eagle mine in the vicinity, and it is in a deposit similar to what’s at Snowline’s project.

“I think these [Snowline] guys have just slammed into the second discovery in one season. Unbelievable,” Hennigh said.

 

With drilling, Goliath Resources Ltd. (GOT:TSX.V; GOTRF:OTCQB; B4IF;FSE) encountered some beautiful sulfide quartz veining, or sulphide quartz breccia veining that looks very much like what ran high grade in the hole down on the cliff. In its recent news release, the company noted it is now hitting mineralization in just about every hole it drills.

“What I’m really, really anxious to see is what they hit downdip,” Hennigh said.

 

Firefox Gold Corp. (FFOX:TSX.V) reported a great intercept, just under 8 grams over 16m.

“If we’re lucky, we will see the system expand at depth and become something perhaps like Ikari, which is a short distance away,” Hennigh said.

Hennigh had recently spoken about Firefox Gold during the Beaver Creek Precious Metals meeting.

 

With respect to Labrador Gold Corp. (LAB:TSX; NKOSF:OTCQX), it intersected a nice high-grade interval in its HTC zone in hole 21-47.

It returned 128.51 grams per tonne (128.51 g/t) gold over 1.12m.

“[Labrador is] approaching this very systematically and starting to expand the picture of the high grade and how it’s distributed,” Hennigh said.

The Newfoundland-based mineral exploration company is definitely on the radar.

 

He talked about Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LLO:ASX; LY1:FSE), which is now drilling and releasing results consistently from Tuvatu.

Last week the company announced some “very stout intercepts.”

Results included 10 g/t gold over 8.5m surface from an infill hole near surface and 25 g/t gold over 3.7m downhole.

The feeders part of the system is showing multiple high-grade intercepts, which Hennigh said he thinks “will prove be an important extension of this gold system.”

 

Another company with positive drill results is Defiance Silver Corp. (DEF:TSX.V; DNCVF:OTCBB). It announced some great, wide intercepts, including 20.97m of 179 g/t of silver equivalent.

“When you see intercepts like that, you know you can develop tonnage quick,” Hennigh said. “Once again, I think these are our fantastic results in a world-class silver camp.”

 

Hennigh mentioned Monarca Minerals Inc. (MMN:TSX.V; ORAGF:OTCMKTS).

All three of its newly reported holes hit long intervals of skarn and showed visible sulphide, Hennigh said.

 

Tectonic Metals Inc. (TECT:TSX.V; TETOF:OTCQB), at its Tibbs project, is about to drill test Jorts, a Titina granite-type gold target, on the periphery of its claim block.

“I’m very optimistic that Tectonic, if they get out there and they drill a few holes here, maybe will have a home run,” Hennigh said.

 

He briefly addressed Grande Portage Resources Ltd. (GPG:TSX.V; GPTRF:OTCQB; GPB:FSE), saying it announced high-grade results from surface samples.

One channel sample, from the hanging wall split of the Goat vein, showed grading 115.3 g/t gold over 1.48 feet.

 

As for White Rock Minerals Ltd (WRM:ASX; WRMCF:OTCQF), it commenced drill testing some of its new VMS targets.

Hole HR21-07 in the Hunter zone returned 0.22m of 11.9% zinc, 2.8% lead, 0.9% copper, 63 parts per million (63 ppm) silver and 0.2 ppm gold, Hennigh said.

The intercept is only 0.2m wide, but it shows the sulphide system extends to the west of previously drilled areas.

Missed the macroeconomic portion of the Sept. 20 briefing? Click here for part one of Crescat’s coverage.

 

Streetwise Reports Disclosures:

1) This is contributed content from Crescat Capital compiled by Doresa Banning for Streetwise Reports LLC. Doresa Banning provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. Her company has a financial relationship with the following companies referred to in this article: None.

2) Dr. Quinton Hennigh is Crescat Capital’s Geologic and Technical Director. You should assume that as of the publication date, Dr. Quinton Hennigh has a position in the securities discussed and therefore stands to realize significant gains in the event the price of security moves.

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