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Newsletter 04 /2019

This newsletter contains news on the following topics:
Share of the Week: GoldMining + Aurania Resources + Copper Mountain Mining + First Cobalt + MAG Silver + Steppe Gold + Central Banks with Drastic Gold Purchases + Panoro Minerals + White Gold + Fission Uranium + Defense Metals + eCobalt + Revival Gold + Zinc One + Maple Gold Mines + TerraX Minerals + Condor Gold + GT Gold + Copperbank Resources + Bluestone Resources + Fission 3.0 + McEwen Mining + Teranga Gold + Ximen Mining + Sibanye-Stillwater + Millennial Lithium + Delrey Metals

Visit us on 5 and 6 April 2019 at the INVEST 2019 Stuttgart at booth 4E40!
Furthermore, we cordially invite you to the 6th Deutsche Rohstoffnacht on April 5th from 6 p.m. at the Stuttgart Exhibition Grounds!
Free tickets for INVEST 2019 and the 6th German Rohstoffnacht can be found at:
Code: Rohstoffe2019

During the recent PDAC Toronto, interviews were conducted with some very interesting partners. Some of these interviews can be found in this issue.
Aurania Resources: Aurania Resources: Drill Program At Multiple Targets In Ecuador Started
Copper Mountain Mining: Copper Mountain Mining: Increasing Copper Production & Huge Upside Potential At Eva Project
First Cobalt: First Cobalt: Permitted Cobalt Refinery Could Generate Cashflow Soon
MAG Silver Presentation: MAG Silver Investor Presentation PDAC 2019
MAG Silver: MAG Silver: Development Full On Track & Huge Exploration Upside
MAG Silver 2: MAG Silver: Finding New Vein Structures Next To Main Vein
Steppe Gold: Steppe Gold: Last License Before Production Start For Cyanite Pending

Share of the week: GoldMining
GoldMining Announces Million Ounce Resource for Yellowknife Gold Project

GoldMining recently announced an updated mineral resource estimate for its fully company-owned Yellowknife gold project in the Northwest Territories, Canada. The mineral resource estimate was completed by SRK Consulting (U.S.) Inc. and includes an explored and indicated resource of 14,108,000 tonnes grading 2.33 g/t gold (1,059,000 ounces) and an inferred resource of 9,302,000 tonnes grading 2.47 g/t (739,000 ounces) at a variable cut-off grade of 0.5 and 1.5 g/t gold for open pit and underground resources respectively.
This resource estimate increases GoldMining's total explored and indicated resource to 10,530,000 ounces of gold (13,429,000 ounces gold equivalent) and the total inferred resource to 12,444,000 ounces gold (14,896,000 ounces gold equivalent). This leads on all projects of the company to an increase in the categories explored and displayed by 13% and the category inferred by 11%.

News: GoldMining Announces Resource Estimate for the Yellowknife Gold Project, Northwest Territories, Canada

Interview: GoldMining: New Resource Of Gold At Yellowknife


Market overview:

Central banks with drastic gold purchases

2018 was the record year for global gold purchases by central banks. According to the World Gold Council, a total of 651 tons of gold flowed to the central banks in 2018, 74 percent more than in the previous year. In 2016 and 2017, purchases were still below 400 tonnes of gold. In addition to Russia, Turkey and Kazakhstan, China and India in particular made their mark. Just as there were new buyers among the central banks, such as Poland and Hungary.
In addition, there are still central banks that have little gold but want to replenish their stocks. The background idea of the banks is clear: On the one hand there is hedging behind it, on the other hand there is the desire - precisely because of the US sanctions policy - to exchange dollar reserves for gold. Once again, China was particularly eager. In February, the country increased its gold reserves for the third consecutive month. The danger of trade wars and their economic effects continues to smoulder. Despite all this, the People´s Bank of China (PBOC) owns only 2.4 percent of its currency reserves in gold - still plenty of room to move up! In addition to PBOC, the precious metal was also purchased by the state currency administration and the China Investment Corporation. As far as the Chinese private sector is concerned, the quite significantly lower price of gold there and the expected tax cuts should lead to an increase in purchasing behaviour. With the generally positive mood for the gold price, investors with a little sense of speculation should venture into gold companies.
Commerzbank experts expect the price of gold to reach US$1,400 per troy ounce by the end of 2019.


Company news:

Panoro Minerals Discovers High Exploration Potential

Panoro Minerals recently announced the completion of the 2019 geophysical survey on the Cotabambas project. The completed program has resulted in a number of significant advances in the planning of the proposed drill program:

  1. Identification of a large chargeability anomaly underlying the porphyry mineralization exposed at surface that indicates the potential for a new porphyry target at depth;
  2. indicating the potential for skarn mineralization at a depth where a highly gravimetric zone is in close proximity to the high chargeability anomaly and also in close proximity to the surface exposed limestone formation corresponding to the outcrops of skarn mineralization mapped at the high-grade surface; and
  3. High magnetic response above and to the sides of the zone with high chargeability, indicative skarn mineralization potential at contact between a potential porphyry and the limestone unit.

The results of the 3D interpretation of the geophysical survey show interesting growth and size potential for the Cotabambas project. Both the porphyry and skarn potential in Zone 1 of the Chaupec target could bring significant improvements in size, grade profile and mine life to the current plan for the Cotabambas project.
News: Geophysical Survey at Cotabambas Identifying Porphyry and Skarn Potential at Cotabambas Project, Peru
Interview: Panoro Minerals: Focussing On Chaupec Target & Looking For Partners For Antilla Copper Project

White Gold Announces $13 Million Drill Program
White Gold announced a few days ago its fully funded exploration program for 2019 on its extensive 439,000-hectare land package. The 2019 Exploration Program, which has a budget of approximately $13 million, is designed to continue the Company's new high-grade Vertigo discovery on its JP Ross property, to expand the resources of the Golden Saddle and Arc through diamond drilling on the GS West Fund and other nearby targets, the recently acquired 230th Vertigo Exploration Program, and to expand the Company's existing exploration program.000 ounces VG resource (4.4 million tonnes grading 1.65 g/t gold inferred resource at 0.5 g/t gold cut-off) on the QV property and to identify and test high-level regional targets.
2019 will be one of the most exciting years for White Gold and has the potential to be a year of transformation for the company. The systematic regional exploration approach works very well and led to four new discoveries last year (Vertigo, GS West, Ryan's Surprise and Betty Ford). This year's program also includes diamond drilling on the Vertigo discovery to expand this new, unique style of high grade gold mineralization.
News: White Gold Corp. Announces Fully Funded $13M Exploration Program Focused on Vertigo Discovery, Further Increasing Golden Saddle and VG Gold Resources and New Gold Discoveries
Interview: White Gold: Further Exploration At Multiple New Discoveries In White Gold District
Newsflash: Newsflash #91 With M2 Cobalt & White Gold

Fission Uranium: Fission Uranium: Completion Of Pre-Feasibility Study Early 2019
Defense Metals: Defense Metals: Exploring Rare Earth Project In Canada
eCobalt: eCobalt Solutions: Working On Feasibility Study With 50% Higher Targeted Production
Revival Gold: Revival Gold: Optimizing Metallurgy, Further Drilling Planned & Gold Market Overview
Zinc One: Zinc One: Looking For Financing Partners - Fast Into Production After Financing

Maple Gold Mines Arranges Financing
Maple Gold Mines recently announced that it has arranged unfunded flow-through financing for total gross proceeds of C$2.3 million through the issuance of 18,400,000 common shares at C$0.125 per share.
This flow-through capital increase against a premium to the market allows the Company to cover exploration and drilling expenses throughout the year. Drilling will commence shortly as the Douay project is financially strengthened and discussions continue with other potential long-term partners.
News: Maple Gold arranges $2.3 million Flow-Through Financing

TerraX Minerals Confirms Very High-Grade Gold Structures
TerraX Minerals has recently completed the reconstruction and sampling of 1,579 metres of the 16,000-metre-long historical drill core recovered from the core of the Giant Mine. The Company is very pleased that gold mineralization is trending toward the Barney Deformation Corridor target zone along the northern extension of the structure in which the Giant Mine was located. The mineralization within the historic drill core is adjacent to historic high-grade assays within vein and shear zone structures over wide alteration zones similar to those at Giant. Individual test values from the margins of historical sampling included 5.06 g/t Au, 2.74 g/t Au, 1.65 g/t Au, 0.99 g/t Au and 0.96 g/t Au.
News: TerraX confirms that Gold structures that hosted one of Canada’s highest grade past producing mines (The Giant Mine) extend onto TerraX target zone

Condor Gold: Condor Gold: Increased Land Package & Resource Estimate
GT Gold: GT Gold: Exploring High Grade Copper Gold Deposit In Golden Triangle
Brent Cook: Exploration Insights: Market Outlook On Gold, Copper & Uranium
Frank Holmes: Frank Holmes: Positive PMI Indicates Higher Commodity Prices & AI In Mining
Copperbank: Copperbank Resources: Upcoming Electrification Will Change The Copper World

Bluestone Resources Generates 22 Million CA$
Bluestone Resources recently announced that it has completed its previously announced increased Bought Deal financing. The offer comprised 12,800,000 units of the Company at a price of CA$1.25 per unit and an over-allotment of 5,141,321 units for total gross proceeds of CA$22,426,651.
The Company plans to use the net proceeds of the Offering to develop the Company's Cerro Blanco Gold Project and for general corporate purposes.
News: Bluestone Closes Upsized $22 Million Bought Deal Financing

Fission 3.0 encounters high levels of radioactivity
Fission 3.0 recently announced the results of the first drill program on its Key Lake South properties (Karpinka Lake and Hobo Lake Projects) in the southeastern Athabasca Basin region of Saskatchewan, Canada. A total of approximately 1,300 m was drilled in eight completed holes, all of which encountered varying degrees of hydrothermal alteration and six holes of anomalous radioactivity. It is noteworthy that holes KL19-005, KL19-006 and KL19-007 drilled in the northern part of the comprehensive land package encountered the most significant hydrothermal alteration and paleo-weathering, which are considered important factors for receiving high-grade uranium mineralization and are prioritized for follow-up.
With USD 6 million in cash, Fission 3 is well equipped to further develop its extensive portfolio of deposits.
News: Fission 3.0 Drills Strong Alteration in Multiple Holes at Key Lake South

McEwen Mining: McEwen Mining: Increasing Production & Improving Operations To Reduce Costs in 2019
Teranga Gold: Teranga Gold: Increasing Gold Production Significantly Over Next 2 Years In West Africa
Ximen Mining: Ximen Mining: Exploring "Brett" - An Epithermal Gold Deposit In Canada
Zinc One Presentation: Zinc One Resources: Development Of Bongara Zinc Project In Peru

Sibanye-Stillwater prevails in court
A few days ago, Sibanye-Stillwater was able to announce that it had received a ruling from the Labour Court stating that the extension on 18 February 2019 of the gold agreement concluded with the National Union of Mineworkers (NUM), UASA and Solidarity to the AMCU and other non-unionised workers is valid and lawful.
Due to the legally binding nature of the renewal agreement, the company will now start and participate in an independent verification process to confirm the representation of the various trade unions required to implement the renewal agreement.
News: Labour Court declares the extension of the wage agreement to AMCU, valid and lawful

Millennial Lithium achieves outstanding pumping results
Millennial Lithium recently reported outstanding results from a short-term pump trial of a third production well at the Pastos Grandes project in Salta, Argentina. The PGPW18-17 pump well was installed as a future production well and in March 2019 lithium broth was pumped there at short notice to determine aquifer parameters and chemical fluctuations over a period of 72 hours. At a flow rate of 19.4 litres/second, the setback value was approx. 30 metres with rapid recovery of the water level. The estimated transmittance was calculated from the water level recovery data at about 100 square meters per day.
The transmissivity value, calculated at approximately 100 m²/day, is encouraging and indicates that the aquifer has good potential for long-term pumping. With a strong cash position, Millennial is on track to prepare an updated 43-101 resource report early in the second quarter and complete the Bankable Feasibility Study later in the quarter.
News: Millennial Reports Positive Pumping Test Results from Third Production Scale Well at Pastos Grandes Project, Argentina Investor Relations and Communications / Branding Agreements
Newsflash: Newsflash #90 With Auryn Resources, Millennial Lithium & Uranium Energy
Interview: Millennial Lithium: Pilot Plant Under Construction - Next Step Financing

Delrey Metals Acquires New Vanadium Project
Delrey Metals has recently announced the signing of a non-binding term sheet relating to the right and option to acquire an 80% interest in and to certain mineral licenses of the Four Corners Project. These include strong, drill-defined vanadium mineralization in the Keating Hill Zone with a potential strike length of more than 4.5 kilometres and four additional vanadium mineralization zones that have never been drill tested.
News: Delrey Announces Signing of Term Sheet on the Four Corners Vanadium-Iron-Titanium Project in Newfoundland and Labrador

TerraX Minerals receives important water license
TerraX Minerals recently announced that the Mackenzie Valley Land and Water Board has issued a Type B Water License approving TerraX's comprehensive exploration plan for all land holdings of the Yellowknife City Gold Project. The water licence extends the new land use permit. This water license is valid for 7 years until 6 March 2026 and covers all TerraX claims and leases on the entire 70-kilometre YCG project route.
News: TerraX receives Type B Water License from Mackenzie Valley Land and Water Board


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: GoldMining + Aurania Resources + Copper Mountain Mining + First Cobalt + MAG Silver + Steppe Gold + Panoro Minerals + White Gold + Fission Uranium + Defense Metals + eCobalt + Revival Gold + Zinc One + Maple Gold Mines + TerraX Minerals + Condor Gold + GT Gold + Copperbank Resources + Bluestone Resources + Fission 3.0 + McEwen Mining + Teranga Gold + Ximen Mining + Sibanye-Stillwater + Millennial Lithium + Delrey Metals.

Swiss Resource Capital AG has concluded IR consulting agreements with the following companies mentioned in this issue: GoldMining + Aurania Resources + Copper Mountain Mining + First Cobalt + MAG Silver + Steppe Gold + Panoro Minerals + White Gold + Maple Gold Mines + TerraX Minerals + Bluestone Resources + Fission 3.0 + Sibanye-Stillwater + Millennial Lithium + Delrey Metals.

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

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