MDA for Q3 is out on May 29 2024. I enclosed a picture with the highlights of the change vs Q1 MDA. The MDA confirms the high grades, that multiple sample results are expected and new drilling on all 3 projects planned in 2024 while we even wait on Laboratory results.
Overview Article:
* New updates in MDA
* Management
* 3 Projects Quick Overview of historic mines with high grades (9.0 Au bulk sample and more info)
* Additional DD Notes
Click on picture to enlarge!
*New updates in MDA
My highlights are (I assume next quarter is Q3 as the MDA is of Q2):
1. Expecting drilling/sample results from all 3 Projects.
* Golden Jubilee a sample results expected in September
* Golden Jubilee storm water permits approved and to be installed next quarter. (Next quarter is July - Sept, meaning in September)
* Miller third party results expected in Q3 (Q3 is July - September, meaning I presume September)
* Monitor (Big Elk) samples are at the Laboratory for all 14 drilled holes (Before it was a "first round of samples").
* Additionally, a geophysical trial in field is being planned for the September quarter at the Big Elk prospect. (MDA page 5)
2. Drilling will happen on all 3 Projects, some permits completed others pending. The permits and planning for all 3 projects are done BEFORE we have all the official lab results.
3. Other changes in MDA:
Monitor Project (Big Elk), page 5, Upcoming activities quote => "The activities have now sent the first round of samples to the assay laboratory. An initial test for geophysical properties to the rocks is underway. A geophysical trial in field is being planned for the September quarter at the Big Elk prospect."
Miller Project, page 6, Upcoming activities quote => "The activities include reviewing the technical data from the 3rd party lab once the report has been completed. Drill planning and permitting thereto has been submitted and awaiting approvals for September quarter in 2024."
Last Q1 the text was: "The activities have been focused on submitting the samples for Big Elk drill program to lab for phase 1 and determine the plan moving forward in 2024."
- Quote: During the six months ended June 30, 2024, one of our long term contracting consultants, Ronald Krusemark, passed away. The Company sends it sincere condolences to Ron’s wife, children and family, along with friends and work colleagues during this time.
*Management
*CEO Bernie Sostak is a geologist himself and had most recent role as General Manager of Business Development and Technical Services for ASX listed Company Northern Star Resources (LinkedIn 2012 - 2014). Check how much that company grew in revenue, profit and stock price during his tenure and the short-term after, as his work remains in effect!
Before this 7 years Director Resource and Reserve Strategy at Barrick Gold Corporation and 2 years prior as Technical Services Superintendent.
Management owns 20% of shares according to Investor Presentation.
*3 Projects Quick Overview
All 3 projects are all historic mines. This is important as gold and copper are proven and 115 years ago (Monitor) there was less mining technology and gold price I believe only $21.
Monitor (and St Lawrence and Big Elk) Project
"Recent maximum assay results from the mine waste dumps returned values of 13.55% Cu (copper), 15.45 g/t Au (gold) and 57.7 g/t Ag (silver)." Mined until fire in 1910.
Miller
"Samples from the existing level where the Sample # 1 was taken, indicated gold mineralization of 9.57 g/t Au over a 1.2 m true width and a plus 100m strike length along that level. "
Golden Jubilee
"Previous 2014 Bulk mine development sample represented on vein + 100 m long and 2.0 m wide which averaged 10,000 tonnes at a mined and processed grade of 9.00 g/t Au."
How many other companies have this consistent high grades?
GJ is getting more and more mapped over the years. Remember that the CEO/TCO sold in April 2020 Kearsage project + US Grant mine + Mill for $10mln USD when Gold price was roughly $1600. This was done AFTER getting the place mapped with drilling samples. Something that is being done with Golden Jubilee. table 1 is of >3.0 g/t Au and table 3 of >1.0 g/t Au in press release.
*Additional DD Notes
- Cash and Investments 3.1mln (of which 78K shares = $791K Endomines shares), note 6.
- Debt is mostly accrued management fee of 3.6mln, note 9, and management owns 20% shares so it's a high incentive to build the company. They could have taken loans and lots of stock options as you see in many other companies but they put it in accrued liability over the years.
- I'm only underwhelmed by the limited press releases. But at least news is on the wire, something not happening with every pennystock. Need some way to find hidden gems! The news is all significant but I hope that more info in the MDA is put in press releases in future, something I emailed the CEO about. Most important is the 3 assets are there with proven copper and gold grades and quantity. Furthermore, management has a proven track record and skin in the game!
Investor Presentation (needs an update): https://www.transatlanticminingcorp.com/wp-content/uploads/2022/12/TCO_PresentationDecember2022.pdf
More information is also available on the website (could also use an update): https://www.transatlanticminingcorp.com/
*Disclaimer: I own shares in TCO. Do your own DD, this is no investment advice. You're responsible for your own financial decisions.
