Cross posting this here, as it's relevant in context of the gold interest...
A couple of items of awareness... re SRSR's new neighbors in the emerging Nemegosenda gold camp...
Note, the first one discussed here is NOT a recommendation now... perhaps something closer to the opposite... given its a Vancouver company that seems it has only $100K (?) behind it now, with a $400K market cap, and "Vancouver" written all over it... with a trend in the field that is not looking like its their friend...
From the obviously outdated blurb on Yahoo Finance: "Reliant Gold Corp., a junior mineral exploration company, is engaged in the acquisition, exploration, and development of precious and base metal properties in Canada. It holds a 100% interest in the Borden Lake South Project that comprises 288 claim units covering an area of 11,525 acres located in Chapleau, Ontario. The Borden Lake South Project is prospective for gold and copper mineralization. The company was formerly known as REC Minerals Corp. and changed its name to Reliant Gold Corp. in February 2011. Reliant Gold Corp. was incorporated in 2005 and is based in Toronto, Canada." finance.yahoo.com
From the company page, today: "Reliant Gold Corp. is a junior mineral exploration company with an experienced management team engaged in the acquisition, exploration and development of properties for the mining of precious and base metals. Reliant holds a 49% joint venture interest in the Borden Lake South Property, comprised of 20 mining claims representing 294 claim units covering approximately 4,704 hectares. Probe Mines Limited holds a 51% interest in the Joint Venture with respect to the Property". reliantgold.com
So, the company's page, compared to the Yahoo Finance blurb... suggests Probe acquired a controlling interest in their project ? That happened back in April of 2014, in deal that was done for only $200K... reliantgold.com
Other than (Yahoo saying) half the cash has gone somewhere since then, nothing else seems to have changed for REC since then, so REC is now by default grandfathered into a 51/49% or 75/25% JV deal with Goldcorp on some portion of the southern parts of what Probe has called the "100% owned" Borden Lake leases ? Hmmm. That might be useful to know... or, instead, it could mean that nothing happens for the next hundred years, or ever, on the REC leases, while Goldcorp addresses the spots where it appears they think the gold really is. This map from the REC website, although outdated in relation to the recently expanded Goldcorp lease holdings, does show the Reliant leases and others in relation to Hwy 101 and the Chapleau / Borden Lake / Lake Nemegosenda area...
The geological trend lines in the faults follow Hwy 101 from Chapleau, right along with the trend in the lakes,
the map showing Le Blanc Lake in white below and left of the postage stamp, Westover Lake is under the postage stamp, with Nemegosenda off the map and above and to the right of the upper right corner of this map... but, dead on trend.
A map with imagery of the Lake Nemegosenda area shows the faults clearly enough... with the trend extending from the north end of Westover to just south and west of Lake Nemegosenda, where a major north-south running fault lies just west of the lake... and there the trend splits, the fault continuation folding south and following the line of Hwy 101 along the southern boundaries of the SRSR leases, which were extended a while back from the south end of the lake, all the way down to Hwy 101. A clear fault can be seen running across the southern end of Lake Nemegosenda and west to Lake Adams, and then to the north off to the west of Lake ?Nemegosenda... perhaps all of which has to be considered as more highly prospective for gold now...
http://www.geodata.us/canada_names_maps/maps.php?featureid=FDMZR&f=218
I think there's probably good reasons that the former Probe Mines and its new 100% owner Goldcorp have recently been quietly but purposefully adding leases to the north, west, and east... surrounding the sourthern end of SRSR's leases near Lake Nemegosenda... "in a geologic setting not previously thought to host gold deposits". That effort has them now butting right up against and surrounding the entire south end of SRSR's Nemegosenda leases on all three sides, where they're looking for higher values in gold. Doing that, while they don't seem to be doing anything more to acquire the rest of the Reliant leases, even though doing so seems it would be pretty cheap ? After their major December lease acquisitions along what they've defined as the trend, prior to the takeover, Probe said they had a consolidated "100% ownership interest in the Borden Gold Deposit" ? So, it seems that the 51% interest in REC's holdings are something they don't count in that ?
finance.yahoo.com
FWIW, after that $200 K deal, and prior to being bought out, Probe spent $25 million in cash plus 6% of the Probe shares to get the additional lease acres they really wanted... after which Probe was bought for something north of $3 a share, with that followed by the spin out of Probe Metals to the Probe Mines owners...
Meanwhile, the pre-existing known in the gold exploration potential at Nemegosenda, given historic reports of high value samples of gold in carbonates with high REE values, continues to be ignored... while the already quite well defined, if not very well known value in the niobium deposit has SRSR sporting a market cap that is now reduced to around only $10 million, currently...
So, will the said to be soon upcoming update of the 43-101... fully address what is known now of the REE and gold potentials in the region around Lake Nemegosenda ?
Curious, now, given Probe/Goldcorp bought the leases all around SRSR's south end (and, who did they buy them from ?)... whether they ever bothered with having contacted SRSR to talk about the known and emerging interest in the gold potential on those southern SRSR leases ? Enquiring minds...
Probe was bought out 100% by Goldcorp, after which Probe Metals was spun back out to the Probe Mines holders... but GG has retained a 19% interest in the "New Probe"... Probe Metals... PROBF on the OTC, which has kept the proven successful Probe Mines management team onboard and intact, perhaps intending to have them scout out new opportunities beyond the existing MacFaulds chromite project that they retain from Probe Mines days. The new Probe Metals distributed 31 million shares to the prior Probe Mines owners... so, with Goldcorp's share, maybe a total of 40 million shares outstanding now ? Or, maybe the 31 millions includes the 20% in Goldcorp's interest. In any case, PROBF recently got a final payment closing the sale of a gold royalty on another project from back in 2012, and the new company... Probe Metals... now has $19 million in the bank... so, with it trading at $0.31 recently it is trading for a bit less than cash of around $0.47 a share, or $0.61 a share if the outstanding is still around 31 million.
That looks like a deal... if the numbers prove to work out... given a solid, proven management team and the shares on sale now for around half the value in the cash hold currently ? |
