What’s new on the CSE this September?

As this year’s CSE sponsored Extraordinary Futures event kicks off in Vancouver, MiningIR reporter Liam Hardy takes a quick look at what’s new on offer this month in the mining sector.

Canadian Securities Exchange Base stats (as of 31st August):

Canadian Securities Exchange Base stats (as of 31st August):

New CSE Junior Miners:

Spey Resources (CSE:SPEY)

This company has been listed on the CSE by Ascenta finance Corp‘s Marshal Farris who has over 25 years of corporate experience and has raised some $125 million in the sector for similar projects along with Tracy Mabone (also from Ascenta), who has over 20 years of financing and compliance experience in the industry.

The technical work will be overseen by director and chief geologist Alistair Waddell, one of the founders and former President and CEO of GoldQuest Mining Corp.  Alistair was formally VP of Greenfields Exploration for Kinross Gold Corp. The board is completed by director and fellow experienced geoscientist Dusan Berka.

Spey Resources Corp. is a junior mineral exploration company. Spey is engaged in the business of acquiring, exploring and evaluating natural resource properties. Spey has an option to acquire a 100% undivided interest in, subject only to a 3% NSR, the Standfast Wigwam polymetallic project located on the Western side of the Selkirk Mountains in Southeastern British Columbia. The property consists of 8 contiguous mineral titles covering an area of 1019.43 hectares, located approximately 19.5km southeast of Revelstoke in southeast British Columbia, Canada.

Liam’s thoughts:

Spey have a strong board and are digging in a reliable jurisdiction. I’d say get in fast if you can, Ascenta projects have a decent record and I don’t see any reason to doubt their continued intentions here…

Marking and sampling at the Spey Resources (CSE : SPEY) Wigwam polymetallic project in British Columbia, Canada.

Marking and sampling at the Spey Resources (CSE : SPEY) Wigwam polymetallic project in British Columbia, Canada.

Eastern Zinc (CSE:EZNC)

Formerly listed on the NEX & TSXV as Cricket Resource Corp, Eastern Zinc Corp. are a Canadian junior mining and exploration company operating out of Vancouver, British Columbia. The Company is engaged in the business of acquiring, exploring and developing natural resource properties with a focus on zinc, copper and silver mineral properties/projects.

The Company currently has one project which was first discovered in 1914 and most recently explored on by Bard Ventures. Based on a REPORT published by the Geological Survey of Canada, The Grouse Mountain Property consists of seven mineral tenures covering an area of 1763.3 hectares in the Omineca Mining Division of west-central British Columbia.  The project is easily accessible by road from either Smithers (40 km) or Houston (20 km) via Highway 16.

Base metal mineralisation consists of discordant quartz carbonate veins and fracture fillings hosting pyrite, sphalerite, chalcopyrite and minor galena. Mineralisation is generally confined to fault zones in discontinuous lenses and pods up to 1.5m in width. Sulphides also occur as fracture fillings along sheeted fracture zones up to 15m wide where sulphide stringers range from 0.5 to 5cm.

Location of the Eastern Zinc Corp Grouse Mountain copper, zinc silver and molybdenum prospect in BC, Canada.

Location of the Eastern Zinc Corp Grouse Mountain copper, zinc silver and molybdenum prospect in BC, Canada (Image – Bard Ventures)

A June 2018 release announced that the Company had:

no source of revenue, working capital of $676,879 and an accumulated deficit of $1,408,195.

The announcement stated that:

the ability of the Company to continue as a going concern depends upon its ability to identify, evaluate and negotiate an acquisition of a viable project and to continue to raise adequate financing and attain future profitable operations.

After this announcement, Stephen Stine was appointed to Eastern Zinc’s Board of Directors. Mr Stine is a mining executive with 39 years’ experience in public/private company formation, acquisitions, turnarounds, debt and equity financings and mine operations around the world.  He acted as Director and COO of Etruscan Resources where he was responsible for turning around the Youga Gold Mine in Burkina Faso, West Africa.

While things may have looked bleak with only one project semi-active, the new appointment and their consolidation to the CSE shows the company are determined to keep seeking opportunities globally for their investors and not throwing in the towel.

Liam’s Thoughts

In this age where uploading content to the web has become SO easy that, within seconds, I can find several million images of cats wearing bread, I’m quick to judge any companies that don’t have a wealth of accessible information available online, especially where previous explorers have published publicly. News releases have been patchy and there is no obvious website. I’d say be careful until we know what we’re dealing with, this may be a great project, but, we don’t know yet!

Ubique Minerals Limited (CSE:UBQ)

Ubique Minerals is a zinc exploration company based in Toronto, Ontario Headed up by CEO (and ex PDAC chairman) Gerald Harper, experienced geologist Larry Quinlan and Financial Officer (and director and CFO of GreenBank Capital Inc.) Gaurav Singh.

Ubique owns 108 Mineral Licenses around the former Daniel’s Harbour zinc mine situated approximately 10 km northeast of the town of Daniel’s Harbour on the west coast of Newfoundland. Encuragingly, the Mineral Licenses surrounding Ubique’s property were registered by several companies and individuals after Ubique announced the encouraging results of its 2017 diamond drilling program.

The company’s initial diamond drilling program in 2017 intersected zinc mineralisation in six of the nine holes drilled including hole UM-4-17 with an exceptionally high grade interval averaging 13.6% zinc over 12.2m, including individual 0.8m assay intervals as high as 35% zinc.

Liam’s Thoughts

A very interesting project worth following as announcements come. The first set of drill holes look good and the board have a strong combined resumé. Perhaps slightly undervalued ($0.25) considering the current interest in mining in Newfoundland & Labrador with the surrounding flurry of companies staking around Ubique. Company is still actively spending so, they should only get better (fingers crossed!).

Fresh core from the Ubique Minerals Daniel's Harbour, Newfoundland and Labrador, Canada

Fresh core from the Ubique Minerals ‘Daniel’s Harbour’ deposit in Newfoundland and Labrador, Canada

Overall, 3 great new additions to the CSE which may throw up some surprises in the near future.

Thanks for stopping by!

Original content written by Liam Hardy for MiningIR

MiningIR.com hosts a variety of articles from a range of sources, our content, while interesting, should not be considered as formal financial advice. Always seek professional guidance and consult a range of sources before investing.

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