As reported by Bloomberg just a few days ago, David Harquail, chief executive officer of Franco-Nevada Corp., stated “After a downturn that squeezed capital investments, most gold producers have no choice but to invest in new projects as existing mines are depleted…”
As the world’s mining industry converges on Toronto today for the PDAC in hopes of finding opportunity, we are here for meetings, but have already staked claim to our top junior for the gold sector… and while here, we’ll be sharing its story with industry pros.
Something is Happening at Hemlo
Two weeks ago we wrote about Canada’s four most significant gold camps and how their historic discoveries came to be. The fourth camp we highlighted in that report was Hemlo, located in northwestern Ontario, near the town of Marathon. And although it is the youngest of the four majors, with the discovery hole coming in 1981, its three mines have extracted more than 22 million ounces of gold to date. For reasons we will soon get into, many geological experts agree Hemlo has been less explored than Canada’s other three major gold camps, which include Timmins, Red Lake and Kirkland Lake.
Barrick, the world’s largest gold producer, has only one producing gold mine in Canada: the Hemlo Mine. In May of 2013, Barrick announced the extension of its Hemlo Operation from five years to twelve.
And on February 22nd, 2017, Barrick released a 219-page global Operations and Technical Update. As can be seen from the timeline and graphic below (from pg.33 of Barrick report), beginning in 2015 the “Mineralized Potential” at Hemlo began to increase, according to Barrick; then, in 2016 it surged…
Barrick’s Operations and Technical Update went live via a webcast not even two weeks ago. In comments from company management, we found more clues to Barrick’s potential increasing focus on Hemlo…
Rob Krcmarov, Executive Vice President, Exploration and Growth of Barrick, explained,
“At Investor Day last year, we featured numerous high-grade intercepts west of Hemlo. And, these intercepts were down plunge of really what’s a magnificent ore body.”
And that,
“In fact, we have a bold new concept to really aim, to convert Hemlo back into a core mine again…”
Finally noting,
“…The key point is that this enormous ore deposit has been operating for about 30 years now and continues to show that there is still much, much more to come.”
Later in the Webinar, Matt Gili, Barrick’s Chief Technical Officer, explained,
“The commonly held view was that Hemlo’s heyday had been in the past. But we challenged that thinking. The VRS process asked, what would it take to convert Hemlo into potentially a core mine? First came the game changer: the opportunity to double the size of our land package. Having additional land removed infrastructure constraints, along with the potential for extending the ore deposit. And the Enabler? There was a comprehensive geologic compilation, concluding that there is indeed a potential to turn Hemlo into a core mine.”
He concluded,
“So the future of Hemlo: go west, go deep, automate.”
Industry professionals and geologists long speculated something was going on at Hemlo. It often came up in our conversations at mining events in recent years, and you better believe it will be a topic of conversation this week at the PDAC…
We believe it won’t be long before juniors are vying for land near Barrick’s Hemlo Mine – one of Canada’s largest and longest running gold producers.
Attracting the Herd
The vast majority of top gold camps in Canada that produce and continue to support high-grade gold mines are located in Ontario and to a lesser extent, Quebec. These camps that host mega-ounce deposits often spawn new staking rushes, investment and discoveries. And that’s why and how this speculative arena continues to draw in big funders and thousands of investors globally.
The opinion of many industry pros we’ve spoken with is that parts of the Hemlo region have not been adequately explored. In fact, it was that same belief that led to the initial Hemlo discovery in 1981…
With Barrick doubling its land package, having just reported that mineralized potential is increasing, and discussing possibly making its Hemlo Operation a core mine again, we felt it critical to take a serious look at juniors positioned in this famed gold region.
To See the Future, Know the Past
If you recall from our past writings, gold does not typically outcrop in the Hemlo region of the Wawa-Abitibi Greenstone Belt. Mainly for this reason, its historic discovery came much later than the other three prominent Canadian gold camps as the science of exploration had to improve.
The story of Hemlo’s discovery, which led to it becoming Canada’s 4th largest gold camp, begins with two brilliant men: Don McKinnon and John Larche. Both were prospectors from way back and had studied the Hemlo area for almost 20 years.
“Larche grubbing the ground with a tractor and backhoe and McKinnon grubbing by means of mining publications, geological surveys, and public and corporate reports. When claims in the area that both men coveted reverted to the Crown in December of 1979, they immediately acted on the opportunity.”
These guys were hungry, perhaps even obsessed, to make a discovery. They could taste the gold and risked it all to, quite literally, make history. Larche, with a wife and four children, had reportedly once gone for 18 months without earning any money. Both men were patient, steadfast and perhaps stubborn… it was their unwavering dedication which ended up making them millionaires and forever known in the history books of Canada for discovering Hemlo.
While Hemlo is still producing gold, the famed prospector Don McKinnon passed away at the age of 83 on August 9, 2012. His old partner, renowned Timmins prospector John Larche, died just a few months later on October 8th at the age of 84. They are legends in the mining space.
McKinnon’s accomplishments were acknowledged in 1983 when he was named one of the PDAC’s prospectors of the year, and awarded the Order of Canada in 1996. He was also awarded a Queen’s Golden Jubilee Medal in 2002 and a Queen’s Diamond Jubilee Medal in 2012. In May 2012, he was given the key to his home city, Timmins.
Over 22 million ounces have been extracted from Hemlo since the two men made the historic discovery…
While Don McKinnon has passed, his blood still courses through his son’s veins. Gordon McKinnon, a mineral explorer himself, has recently secured a massive land position in the Hemlo region. Having lived in Ontario his entire life and watching his dad make history while growing up, it was only a matter of time before he went back. Back to Hemlo, where his family’s name became eternally linked with gold discovery in Canada.
The Apple Doesn’t Fall Far From the Tree
Speaking candidly with Gordon, he let us know that having a father like Don McKinnon provided for a unique childhood, to say the least. Going on trips with his dad from an early age, he saw the drive and attention to detail required of a prospecting legend.
Gordon McKinnon graduated with an Honours Bachelor degree in Management and Organizational Studies from the University of Western Ontario in 2006. An incredibly driven young man, throughout the years Gordon has lived many aspects of the exploration and mining business.
The Opportunity Now
While you can’t go back in time and bet on Don McKinnon or Corona Resources, his son, Gordon McKinnon, is the President and CEO of a little-known Canadian junior that is starting to garner some attention from the investment community. After discovering and expanding an iron ore deposit in Nunavut, the young CEO has come out the other side of a brutal four-year bear market in precious metals in remarkably good shape. Well-funded, he’s put together a stout team as he moves into the Hemlo region, an area his father helped make famous…
To lead his company’s exploration efforts, Gordon has brought together some of the most senior personnel that were directly responsible for the discovery and development of Hemlo. More on this shortly.
In mid-2016, Gordon’s company welcomed Osisko Mining (approx. $630 million market cap) as one of its largest shareholders. Osisko is co-chaired by prominent mining entrepreneur and investor *Mr. Sean Roosen. The company then acquired additional gold exploration projects in northwestern Ontario (the Hemlo region) and rolled its stock back 4 for 1 in a restructuring…
It was a year of transition and rebirth for Gordon’s company. And, as it happens, the flagship asset is located approximately 17 kilometres northeast of Barrick’s Hemlo Williams Mine (expected to produce more than 200,000 ounces of gold while employing roughly 700 people in 2017). That’s right. Don McKinnon’s son, Gordon McKinnon, is set to drill in an “area that has seen no exploration since the initial Hemlo gold rush in the 1980’s and has no record of ever being drilled.”
* Sean Roosen led the transition of Old Osisko Mining from a junior exploration company to a leading intermediate gold producer. The company was acquired in a friendly takeover deal valued at $3.9-billion by Yamana Gold Inc. and Agnico Eagle Gold Inc. in 2014.
Gordon McKinnon is leading Canadian Orebodies (CORE: TSXV), our new Featured Gold Company, back to Hemlo in the hunt for Canada’s next gold discovery.
Canadian Orebodies’ Properties and the Hemlo Region
Before a discovery can be made, a land package must be assembled. Canadian Orebodies (CORE: TSXV) has acquired one of the largest land packages in the northern extension of the Hemlo greenstone belt.
In late-2016, Canadian Orebodies (“CORE”) completed an 823 line kilometre airborne VTEM Max geophysical survey over its wholly owned North Limb Property. The survey data, combined with that of the prospecting programs and historical information, have generated several new high priority drill targets. Canadian Orebodies announced this past Thursday its extensive initial 2017 diamond drill program planned on the North Limb set to begin in just a few weeks…
CORE reported on March 2nd that, “The Company is currently evaluating bids from drilling companies with the goal of commencing drilling on the North Limb in late March to early April.”
Canadian Orebodies – 2016 Detailed VTEM Max Mag Survey
The dotted black lines represent high priority VTEM targets that Canadian Orebodies has refined into drill targets.
Canadian Orebodies has consolidated, for the first time, this historically fragmented ground to the north of the Hemlo Mine Complex into one land package. With a cash position of $5.8 million (as of October, 2016 financials), a clean balance sheet, Sean Roosen’s Osisko Mining as the largest shareholder (19.9%) and the first drill program about to begin, we are proud to introduce CORE to you as our new featured gold company.
The Bet is on the Team
Savvy and prepared as the young Gordon McKinnon is, you don’t go back to Hemlo by yourself. You bring a team forged in Ontario, littered with a track record of success, and one of your Dad’s oldest friends…
John Harvey knew Don McKinnon well having worked with him for years; and has now joined his son, Gordon, as a Director of Canadian Orebodies.
Harvey served as President and Chief Executive Officer of Hemlo Gold Mines Inc. from 1989 to 1991. He also held the position of President of Noranda Exploration Company Limited from May 1982 to October 1994. In other words, he ran two of the largest gold mining and exploration companies in Hemlo following the discovery. These companies, for a period, operated two of the three producing Hemlo mines. Hemlo, you might say, is his second home.
“To lead our exploration efforts we have brought together some of the most senior personnel that were directly responsible for the discovery and development of Hemlo. The Company is now well funded, and well positioned for an exciting 2017 with a veteran geological team, and highly prospective, underexplored properties in a historic mining camp.”
– Gordon McKinnon, President and CEO of Orebodies.
Another Canadian Orebodies Director is Chris Hodgson, who was appointed Ontario’s Minister of Natural Resources and Minister of Northern Development and Mines after the 1995 general election. Within this post, Mr. Hodgson was recognized for creating new opportunities and growth within the Ontario mining industry; he introduced and proclaimed a New Mining Act.
Mr. Hodgson has served as the President of the Ontario Mining Association since October 2004.
For a junior with a market cap of approx. CAD$11.9 million, having this type of guidance in house is rare and valuable.
Next up is company director Michael Leskovec, who holds an Honours Bachelor of Accounting from Brock University in Ontario, Canada.
Before joining Canadian Orebodies, Mr. Leskovec served as an officer of Gold Eagle Mines Ltd. until its sale in 2008. He was involved in the development of the Bruce Channel deposit in Red Lake, Ontario, which was sold to Goldcorp Inc. in a deal valued around $1.5 billion.
James Gowans – Advisory Board Member to Canadian Orebodies
Mr. Gowans was formerly Co-President of Barrick Gold Corporation from July 2014 to August 2015 and Executive Vice President and Chief Operating Officer from January to July 2014.
Recent prior roles for Gowans include President and Chief Executive Officer of De Beers Canada Inc. and Executive Vice President at Placer Dome Inc. Mr. Gowans has more than 30 years of experience in mineral exploration, mine feasibility studies, opening new mines, commissioning mine expansions and in the development of best practices in mine safety, mine operations and economic performance improvement.
It Begins With North Limb
Through acquisitions and staking programs, CORE has assembled a large, contiguous land package totaling 428 claim units or 6,800 hectares, along the northern extension of the Hemlo greenstone belt. The North Limb Property is located 45 kilometres northeast of the town of Marathon, Ontario and ~17 kilometres northeast of the Hemlo Gold Mine operated by Barrick. With the North Limb Property, CORE has consolidated, for the first time, this historically fragmented ground into one large land package.
Orebodies’ Hemlo-North Limb Project: Summary of Recent Work
As explained above, prospecting programs were undertaken during the summer and fall of 2016 on the North Limb Property. Grab samples from the fall program led to the discovery of a new gold zone which lies approximately 12 kilometers from the producing Williams mine. Two strongly anomalous gold values of 1.74 gpt and 1.64 gpt gold located over 100 metres apart from each other have been reported. These results, combined with the 823 line kilometre airborne VTEM Max geophysical survey have generated several new high priority drill targets. CORE reported on Thursday, March 2nd, its detailed plans to test these targets by diamond drilling.
North Limb Blue Sky Potential
Within the North Limb Property is an area covering 78 claim units referred to as “the Tongue”. This area has seen no exploration since the initial Hemlo gold rush in the 1980’s and has no record of ever being drilled. According to Canadian Orebodies’ presentation,
“The Company’s interest in the Tongue lies in the belief that it is interpreted to be directly up-ice from the angular float of mafic volcanic material found to the southwest in 1994 that assayed up to 16.2 gpt Au, the source of which has never been located.”
Target and Property Number 2 – Hemlo-Wire Lake
CORE has the right to acquire a 100% interest in 251 claim units covering approximately 4,047 hectares located in the Hemlo Greenstone Belt, under an option agreement previously announced on October 12, 2016. Through staking, Orebodies added 39 claim units, bringing the entire property to over 4,600 hectares. The Wire Lake Property lies 29 kilometres to the northwest of the historic Williams Gold Mine.
Gold was discovered on the Wire Lake Property in 1986 and explored by junior companies until 1993. Since that time the property had been dormant pending the outcome of litigation which has now been resolved. CORE’s exploration program on the property in the fall was the first in over 20 years…
Previous work identified a gold bearing zone over a 2,300 metre strike length that remains open in both directions and to depth.
We asked Gordon to elaborate on the exploration done to date on both Wire Lake and North Limb. He stated,
“The fact is that historic work has been spotty and never done systematically. On top of that, the majority of the ounces at Hemlo come at depth of 500 metres and below, and not much deep drilling has ever been completed outside of Barrick’s land package. For example, neither of Orebodies properties – the North Limb and Wire Lake – have ever seen any drilling beyond the 150 metre depth, even though they both host surface sampling and shallow historic drilling with good gold hits.”
During the fall of 2016, CORE completed an airborne detailed Mag/VLF geophysical survey over the Wire Lake Property, flying approximately 620 line kilometres. Results from this survey have been combined with those from the fall reconnaissance prospecting program to generate drill targets within and outside of the areas of known gold mineralization.
The reconnaissance prospecting program was successful in tracing out the Wire Lake Gold Zone over a strike length of 2 kilometres. The company reported this past Thursday:
“Of the 26 samples collected, 9 assayed greater than 1.00 gpt Au, and 14 assayed greater than 0.50 gpt Au, with values ranging from nil up to 6.76 gpt Au (*). The Wire Lake Gold Zone remains open along strike and at depth.”
(*) Readers are cautioned that grab samples are selective by nature. The grades and mineralization present are unlikely to represent future average grades on the property.
According to CORE’s presentation, in the second half of 2017, it will “Follow up prospecting and drilling outside core area of Wire Lake.”
Canadian Orebodies – Osisko and Institutional Ownership
Osisko is CORE’s largest shareholder at 19.9% and one of Canada’s largest gold exploration companies, with a market cap in the neighborhood of $630 million. The company is co-chaired by Sean Roosen…
Mr. Roosen led the transition of Old Osisko from a junior exploration company to a leading intermediate gold producer that was eventually acquired by Yamana and Agnico Eagle in a deal valued at roughly $3.9 billion – one of the biggest gold mine acquisitions in Canadian history. He was responsible for leading the strategic development of Old Osisko and was instrumental in securing the necessary financing to fund the development of the $1 billion Canadian Malartic Mine. The Malartic lies within the prolific Abitibi Greenstone Belt.
We wrote about the Malartic Mine in a recent Weekly Volume titled, Canada’s Shockingly Massive Gold Mines:
“Today, Canada’s largest producing gold mine is the Malartic gold mine, which is expected to produce well over 500,000 ounces of gold per year until 2028.”
Most impressively,
“The mine was developed within six years of the first exploration drill holes in 2005.”
To attract enough interest from *Osisko for them to be your largest shareholder says something about a junior with an ~$11.9 million market cap. Mr. Roosen, Osisko’s Co-Chairman, along with the seasoned team at CORE, knows value can be born from the drill hole. For a junior of CORE’s size, we can’t think of a better strategic investor in the Canadian junior mining space than a company like Osisko…
* Osisko acquired its holdings equal to 19.9% of the company at a post-rollback equivalent price of $0.24 per share. Canadian Orebodies closed at $0.26 cents Friday.
Northfield Capital is Orebodies second largest shareholder at 14.5%. The firm’s President and Founder is Rob Cudney. He was the co-recipient of the 2016 PDAC Bill Dennis Award (for a Canadian discovery or prospecting success) for the Bruce Channel Discovery, which resulted in a $1.5 billion acquisition by Goldcorp. The team awarded was Robert Cudney, Stephen Roman and John Whitton. CORE is run out of Northfield Capital’s office.
Watch a short video detailing their success here:
It has been proven, time and again, that the speed from discovery, to value creation and ultimate production can be fast in this part of the world. This is a testament to the developed infrastructure along the Abitibi Greenstone Belt and the mining friendly environment of both Ontario and Quebec.
Following the release of this report we intend to take a position in Canadian Orebodies (CORE:TSXV), and will look to acquire stock below CAD$0.30. Recognize that we are biased as the company is an advertiser client. Please take responsibility for practicing your own thorough and independent due diligence. Learn about the risks associated with investing in small-cap resource companies of this nature. Pick your spots…
From our perspective, the potential reward justifies the risk of putting our name behind Canadian Orebodies. And we won’t have to wait long for news as drilling is expected to commence shortly.
Latest company news on March 2, 2017: Canadian Orebodies Discovers New Gold Zone at Hemlo North Limb Property
Canadian Orebodies is Cashed Up
In Canadian Orebodies’ most recently filed interim financial statements dated October 31, 2016, the Company had cash, cash equivalents, and short-term investments totaling approximately $5.8 million. With a market cap of approximately $11.9 million, the company is trading at almost half cash. Furthermore, having last traded for $0.26, CORE is in the bottom half of its range ($0.19 – $0.40) since it commenced trading on January 26th.
The systematic preliminary exploration is complete on one of its two targets in one of the most prolific gold mining belts in Canada; and now it’s time for CORE to drill. Following in his legendary father’s footsteps, Gordon McKinnon and Canadian Orebodies (CORE:TSXV) are aiming to make the next discovery at Hemlo…
All the best with your investments,
PINNACLEDIGEST.COM
Canadian Orebodies Stock Information
Stock symbol: CORE – trades on the TSX Venture
Stock price (CAD$): $0.26
10-day avg. volume (approx): 143,000
Market cap – basic shares outstanding (approx): CAD$11.9 million
Online Resources
VISIT CANADIAN OREBODIES ONLINE
Canadian Orebodies’ Corporate Presentation
Disclosure, Risks Involved and Information on Forward Looking Statements:
Please read carefully before proceeding.
THIS IS NOT INVESTMENT ADVICE. All statements in this report are to be checked and verified by the reader.
This report may contain technical or other inaccuracies, omissions, or typographical errors, for which Maximus Strategic Consulting Inc., owner of PinnacleDigest.com, assumes no responsibility.
Important: Our disclosure for this report on Canadian Orebodies Inc. applies to the date this report was released to our subscribers (March 5, 2017) and posted on our website. This disclaimer will never be updated, even if we buy or sell shares of Canadian Orebodies Inc.
In all cases, interested parties should conduct their own investigation and analysis of Canadian Orebodies Inc. (“CORE” or “Canadian Orebodies”), its assets and the information provided in this report.
Forward-Looking Statements:
All statements in this report, other than statements of historical fact should be considered forward-looking statements. These statements relate to future events or future performance and any information regarding potential mineralization. Forward-looking statements contained in this report regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Undue reliance should not be placed on forward-looking statements because we can give no assurance that such expectations will prove to be correct.
All statements, other than statements of historical fact, included herein including, without limitation, statements about the planned exploration of Canadian Orebodies’ projects, are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Canadian Orebodies’ actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of Canadian Orebodies’ common share price and volume; political, economic and the additional risks identified in the management discussion and analysis section of Canadian Orebodies’ interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulatory authorities.
Forward-looking statements are often, but not always identified by the use of words such as “seek”, “anticipate”, “plan”, “aim”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget”, “scheduled”, and similar expressions. Much of this report is comprised of statements of projection.
Maximus Strategic Consulting Inc., owner of PinnacleDigest.com, expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
We caution all readers of this report that Canadian Orebodies has not completed a NI 43-101 compliant resource estimate or feasibility study on any of its projects mentioned in this report. Even if a discovery were made by Canadian Orebodies on a project mentioned in this report, there is no certainty that it would be economically viable. Furthermore, information about Barrick Gold Corporation’s exploration and mining activities in the Hemlo area is not indicative of exploration results or mineralization on Canadian Orebodies’ projects.
Risks and uncertainties respecting mineral exploration companies are generally disclosed in the annual financial or other filing documents of those and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this report. In addition, with respect to any particular company, a number of risks relate to any statement of projection or forward statement.
Investors are cautioned not to consider investing in any company without looking at said company’s regulatory filings and financial statements. Every reader of this report should review Canadian Orebodies’ regulatory filings and financial statements (found at SEDAR).
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Because Canadian Orebodies Inc. has paid us CAD$75,000 plus gst to provide our online advertising and marketing services, you must recognize the inherent conflict of interest involved that may influence our perspective on Canadian Orebodies; this is one reason why we stress that you conduct extensive due diligence as well as seek the advice of your financial advisor and a registered broker-dealer before investing in any securities mentioned in our reports.
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Disclosure of Compensation:
Set forth below is our disclosure of compensation received from Canadian Orebodies Inc. as of March 5, 2017:
Maximus Strategic Consulting Inc., owner of PinnacleDigest.com, has been paid CAD$75,000 plus gst to provide online advertisement coverage for Canadian Orebodies Inc. for a pre-paid nine month online marketing agreement. The company (Canadian Orebodies Inc.) has paid for this coverage. The coverage includes, but is not limited to, the creation and distribution of reports authored by PinnacleDigest.com about Canadian Orebodies Inc. (reports such as this one), as well as display advertisements and news distribution about the company on our website and in our newsletter. We (Maximus Strategic Consulting Inc.) may purchase shares of Canadian Orebodies Inc. in the future. We (Maximus Strategic Consulting Inc.) intend to sell every share we may purchase of Canadian Orebodies Inc. for our own profit. All shares we (Maximus Strategic Consulting Inc.) may purchase in the future of Canadian Orebodies Inc. will be sold without notice to our subscribers. Please recognize that we benefit from price and trading volume increases in Canadian Orebodies Inc. Please recognize that we are extremely biased when it comes to Canadian Orebodies Inc.
PinnacleDigest.com’s past performance is not indicative of future results and should not be used as a reason to purchase any security mentioned in this report or on our website.
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All information regarding CORE’s stock price and market cap was sourced from Bloomberg and/or the company’s website.
Cautionary Note Concerning Estimates of Inferred Resources:
This report and/or supportive documents used in the research process of this report may use the term “Inferred Resources”. U.S. investors are advised that while this term is recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize it. “Inferred Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of “Inferred Resources” may not form the basis of feasibility or other economic studies. U.S. investors are also cautioned not to assume that all or any part of an “Inferred Mineral Resource” exists, or is economically or legally mineable.
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