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Newsletter 02 /2019

This newsletter contains news on the following topics: 
Share of the week: Aurania Resources + Silver starts in traditionally best year phase + Endeavour Silver + Sibanye-Stillwater + Millennial Lithium + TerraX Minerals + White Gold + Caledonia Mining + Uranium Energy + Bluestone Resources + Maple Gold Mines + Auryn Resources + Ravenquest Biomed

Vancouver Resource Investment Conference 21-22 Januar 2019
Alle Videos:  VRIC 2019 - Vancouver all videos

Site Visit Ravenquest Biomed in Edmonton:
RavenQuest BioMed Site Visit At Edmonton Facility, January 2019  
Interview: RavenQuest BioMed: Production Ready - Waiting For Cultivation License

Share of the week: Aurania Resources
Aurania Resources encounters high copper contents of up to 9%!

Aurania Resources recently reported up to 9% copper and 185 g/t silver in rock samples from rivers dewatering a donut-shaped magnetic anomaly. This anomaly has been identified as the porphyry target "Tsenken-A" in magnetic data from the Lost Cities - Cutucu project in southeastern Ecuador.
The significance of these high-grade copper results is that they suggest that the strong magnetic anomaly on sinks is not a single very large and wide target area, but is split into a cluster of separate magnetic anomalies, each of which could be a porphyry body. Therefore, instead of dealing with a potential copper source on sinks, there may be multiple sources, further highlighting the mineralization potential of the target area.

News: Aurania's Grab Sampling at "Tsenken-A" Target in Ecuador Yields Copper Grades as High as 9%

Newsflash: Newsflash #87 With Aurania Resources & Revival Gold

Video: News: Aurania Resources: Auranias Stichprobenentnahme im Zielgebiet Tsenken-A, Ecuador, liefert Kupfergehalte von bis zu 9%


Market overview:

Silver starts in traditionally best phase of the year

At the beginning of the year, the silver price is usually the best price. From about mid-January to early April, the price of the precious metal is statistically the most frequently on the rise. Currently, the silver price has also lagged significantly behind the gold price, the silver-gold ratio is correspondingly at a good 80. Looking at the last 15 years, the pattern has been pretty much the same in 11 cases - silver prices rose in the period mentioned. On average by 16 percent.
The reason for this development is that about 60% of silver is an industrial metal. At the beginning of a year, the industry orders larger quantities of silver, because companies usually plan ahead for the year, even though silver can be purchased more cheaply later in the year.
The analysts of the investment bank JP Morgan, on the other hand, see silver prices rising (only) in the second half of 2019. Because they see a recovery of the gold price, which will pull the little brother silver upwards with itself, whereby they trust the silver price a better development than the gold price. The price-driving factors for silver are similar to those for gold in the US$ and investor demand for a safe haven. JP Morgan analysts predict an average silver price of US$17.35 for the fourth quarter of 2019 and US$17.60 for 2020. From today's point of view, this is a plus of US$ 2 to 2.50 per ounce.
Silver stocks such as Endeavour Silver or MAG Silver, which are already promoting or will begin to do so in a few months, should benefit most from this.


Company news:

Endeavour Silver Reports Positive Quarterly and Annual Production Figures

Endeavour Silver recently reported that total production in 2018 included 5.5 million ounces (oz) of silver and 52,967 oz of gold. Silver equivalent production totaled 9.5 million oz at a silver to gold ratio of 75:1. In the fourth quarter of 2018, silver production was 1,386,505 oz, while gold production was 13,117 oz. This corresponds to a silver equivalent production of 2.4 million oz. Production output in 2018 was 7% higher than in 2017 due to higher mine throughput, higher silver and gold grades and higher mining rates at the El Cubo mine. The 7% failure to meet the 2018 production target was due to lower mine throughput and silver grades at Guanacevi, lower gold grades at Bolanitos and delays in commencing commercial production at El Compas.
For 2019, the Company expects an improvement in the performance of the Guanacevi and Bolanitos mines and the best possible utilization of the declining reserves at the El Cubo mine. In addition, the Company will have its first commercial production year at El Compas and, following a positive decision by the Board of Directors, will begin development of the fifth mine at Terronera.

News: Endeavour Silver Produces 5.5 Million oz Silver and 52,967 oz Gold for 9.5 Million oz Silver Equivalents in 2018


Endeavour Silver Increases Mineral Reserves by More Than 30%

Endeavour Silver announced recently updated National Instrument 43-101 mineral reserve and resource estimates for its active mines and exploration and development projects in Mexico.
The Company has increased its silver reserves by 38% to 46.33 million ounces (as of December 31, 2018) and its gold reserves by 35% to 426,700 ounces within one year. The Company also has silver resources of 22.3 million ounces and gold resources of 240,100 ounces measured and indicated in the categories and 53.2 million ounces of silver and 261,900 ounces of gold inferred in the categories.

News: Endeavour Silver Updates 2018 Mineral Reserve and Resource Estimates

Video:  Endeavour Silver: Reducing Costs At Guanacevi By Half - Terronera Production Decision Coming Soon  

Sibanye-Stillwater can build on (South African) banks

Sibanye-Stillwater reported a few days ago that all lenders of its revolving credit facilities (RCF) in US dollars and rand, which include 13 leading South African and international banks, have agreed to maintain the RCF's net debt ceiling.
The extension of the so-called covenants at higher borders will provide the Group with additional flexibility at a time when the Group expects more operational stability and continuous value creation from entering the Platinum Group Metals sector.

News: Sibanye-Stillwater retains favourable debt covenant for 2019


Millennial Lithium can produce battery grade lithium carbonate

Millennial Lithium reported a few days ago that the process tests completed by SGS Canada Inc. were benchmarked at its facilities in Lakefield, Ontario using brine from the company's Pastos Grandes project in Salta, Argentina. The material has produced battery quality (> 99.5% Li2CO3) for lithium carbonate. The results of the final cleaning tests showed a lithium carbonate product of 99.92% Li2CO3.
The typical lithium carbonate battery level for EV batteries is approximately 99.5% Li2CO3, indicating that Pastos Grandes Sole is suitable for industry standard processing and the company is able to manufacture a battery quality product. The laboratory-scale test has also created an excellent framework for the pilot plant, which is currently in the final planning phase. It also forms the basis for the potential commercial plant design for the Company's final feasibility study.

News: Millennial Produces Battery Grade Lithium Carbonate from Pastos Grandes Brine


Millennial Lithium: Buy recommendation with target price 4.40 CA$!

The renowned analyst firm Cantor Fitzgerald recently published a research report on Millennial Lithium. The analysts discussed the pipeline of expected news regarding the flagship project Pastos Grandes and recommended the Millennial share for a buy with a 12-month price target of CA$ 4.40. The analysts also discussed the pipeline of the flagship project Pastos Grandes.

Research Report: Buy recommendation for Millennial Lithium from Cantor Fitzgerald Research - Target price: 4.40 CAD

TerraX Minerals Evaluates Historic Drill Cores + Saves Drilling Costs
TerraX Minerals recently announced that the Company, in collaboration with The Geological Survey, has often been able to evaluate the NWT and The Giant Mine Remediation Project 16,000 metres of historic drill cores. In a preliminary drill core review, TerraX's geologists have identified visible gold. They are currently logging and splitting drill core intersections suitable for analysis.
The acquisition of the visible gold drill cores provides an unexpected boost to the development of the key targets, which will provide investors with an early look at the analytical results in the first half of 2019. The Company has effectively gained a full drilling season at a fraction of the usual cost.
News: TerraX Recovers 16,000 meters of Historical Core
Video Presentation: TerraX Minerals: Focus On 4 Projects At Yellowknife Gold Trend

White Gold Acquires Another Gold Project Including 230,000 Ounces of Gold
White Gold recently announced that it has entered into a binding written agreement dated January 11, 2019 pursuant to which the Company will acquire from the seller the property known as the QV Gold Project on the terms set forth therein. The property covers 16,335 hectares in the White Gold District of the Yukon, increasing the Company's total holdings in the White Gold District to 439,000 hectares. Comstock acquired the option on Shawn Ryan's QV property in 2010 and discovered the VG Zone deposit at the southern end of the property in 2012, where most of the historical work was concentrated. To date, VG has drilled approximately 4,300 metres of diamond over 23 holes. Of these, 17 diamond drill holes formed the basis for an initial resource estimate of 230,000 ounces of gold (4.4 million tonnes grading 1.65 g/t gold) in the inferred category at a cutoff of 0.5 g/t gold.
The QV Gold Project is a strategic addition to White Gold's portfolio of high-quality assets in White Gold District and complements its existing gold resources on Golden Saddle and Arc.
News: White Gold Corp to Acquire QV Gold Project from Comstock Metals Ltd; Includes 230,000 Oz Gold Inferred Resource on the VG Deposit Contiguous to the White Gold Property & High Priority New Targets
Newsflash: Newsflash #88 With Bluestone Resources, Copper Mountain & White Gold

Caledonia Mining presents good production figures + wants to increase production drastically
Caledonia Mining recently announced gold production at the Blanket Mine in Zimbabwe for the quarter and year ended December 31, 2018. 14,952 ounces of gold were mined during the quarter ended December 31, 2018, up 7 percent from production in the previous quarter. Approximately 54,512 ounces of gold were produced during the year ended December 31, 2018, which is in line with the production forecast of 54,000 to 56,000 ounces for 2018. Caledonia also informed investors that gold production is expected to be between 53,000 and 56,000 ounces in 2019.
The Company is on track to achieve production of approximately 80,000 ounces of gold per year from 2021 onwards following completion of the Central Shaft. The Central Shaft has currently reached a depth of 1,150 metres and is being sunk to 1,204 metres. According to expectations, the sinking of the Central Shaft will be completed by mid-2019 and it will then be equipped and put into operation.
News: 2018 Production Update and 2019 Production Guidance

Caledonia Mining: Buy recommendation with target price 14.55 US$!
The renowned analyst firm Arrowhead Research recently published a research report on Caledonia Mining. The analysts responded to the good figures for the first nine months of the 2018 financial year and recommended the Caledonia share as a buy with a fair price target of US$14.55. The analysts also discussed the good figures for the first nine months of the 2018 financial year.
Research Report: Arrowhead Research gives buy recommendation for Caledonia Mining with target price 14.55 USD

Uranium Energy Releases Advanced Resource Estimate for Reno Creek ISR Project
Uranium Energy recently announced that it has completed an updated National Instrument 43-101 resource estimate for its Reno Creek ISR project. The report estimates a Measured and Indicated mineral resource of 26 million pounds of uranium ("U3O8") at a weighted average grade of 0.041% U3O8 of 32 million tonnes and an Inferred mineral resource of 1.49 million pounds U3O8 at a weighted average grade of 0.039% U3O8 of 1.92 million tonnes.
For the first time, Uranium Energy has consolidated the major mineralized trends of the Reno Creek ISR Project in the Eastern Pumpkin Buttes District of the Powder River Basin. The company now has the largest approved ISR uranium project in the USA.
News: Uranium Energy Corp Announces New and Consolidated NI 43-101 Mineral Resources* at the Reno Creek ISR Project, Wyoming
Video:  Uranium Energy: Uranium Market Analysis, Advancing Reeno Creek In 2019  

Bluestone Resources in the Northern Miner
The Northern Miner, one of North America's leading mining leaves, recently dedicated an episode to the emerging gold developer Bluestone Resources.
Report: Bluestones Cerro Blanco Project is picking up speed, Northern Miner article
Newsflash: Newsflash #88 With Bluestone Resources, Copper Mountain & White Gold
Video: Bluestone Resources: Guatemala & Cerro Blanco Impressions  

Maple Gold Mines develops new 3D model for Douay Gold Project
Maple Gold Mines has created a new 3D geological and tectonic model for its Douay gold project. The new 3D model will improve the targeting of additional resources in subsequent drilling campaigns and provides the basis for an updated resource estimate.
News: New 3D Geological Model highlights multiple higher-grade mineralised zones untested below shallow depth at Douay Project

Auryn Resources in the Northern Miner
Auryn Resources' recent exploration successes have also recently been featured in the Northern Miner magazine.
Report: Auyrn Resources in Norther Miner Magazine
Video: Auryn Resources: Two Projects For Sale - Focus On Sombrero & Committee Bay  

Swiss Resource Capital AG and the authors of Swiss Resource Capital AG currently hold or intend to hold shares in the following companies mentioned in this issue: Aurania Resources + MAG Silver + Endeavour Silver + Sibanye-Stillwater + Millennial Lithium + TerraX Minerals + White Gold + Caledonia Mining + Uranium Energy + Bluestone Resources + Maple Gold Mines + Auryn Resources.

Swiss Resource Capital AG has concluded IR consulting agreements with the following companies mentioned in this issue: Aurania Resources + MAG Silver + Endeavour Silver + Sibanye-Stillwater + Millennial Lithium + TerraX Minerals + White Gold + Caledonia Mining + Uranium Energy + Bluestone Resources + Maple Gold Mines + Auryn Resources.

This publication is based on Swiss Resource Capital AG's detailed risk warnings, limitations of liability and disclaimers, which can be viewed here: Risk Disclosure and Disclaimer

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