Transatlantic Mining: TCO.V / TRRG.F
TCO has 3 high grade projects close to surface. I first discuss the projects' gold grades and depth. Next I compare them to $TWR, $RSMX, $MLM and $DYG with multiple higher market caps. Yet TCO has higher grades. Then I put the grades into perspective.
*High grades is one thing, but when they are close to surface it is economically affordable to also mine them. Furthermore, you need to see if high grades are a one-time occasion or sustainable.
*All meters mentioned are the ‘start’ of the intercepted drilling samples.
*Companies for comparison are looked at having no NPV value, like TCO, but with clear depth and grades for their projects.
*Management is experienced in making an exploration (in this case old mine) into a producing mine.
*Pending results from Jubilee (samples) and Miller (mud gravity table). Monitor started new drilling 28-8-2023.
*TCO ($8Mln) compared to AE ($29Mln) for copper. TCO compared to TWR ($17Mln), RSMX ($19Mln), MLM ($6Mln) and DYG ($18Mln) for gold.
TCO has mines with proven production (half) a century ago. For example the Monitor project was in production till 1910 when a surface fire destroyed all equipment above surface. Why are these high grades? Please read till the end of the post and I show my sources. I also put the projects into perspective.
Stock Price: 0.09
Shares: 86 Mln
Market Cap: 8 Mln
Debt: None, only management getting paid later.
Cash: 3 Mln to be used for drilling according to management. There are drilling plans for 2023 according to the MD&A and Investor Presentation.
Investor Presentation great info: http://www.transatlanticminingcorp.com/
Jubilee Project
At 64 meter below surface 7.8 g/t Au and at 87m 6.9 g/t Au. (Drillhole # 2201)
When you think the grades get lower the deeper you go you are mistaken. At 111m they measured 13.1 g/t Au. (Drillhole # 2203)
Source (Press release 13-4-2023): http://www.transatlanticminingcorp.com/wp-content/uploads/2023/04/NR_GoldenJubilee_Drilling20230413_Final.pdf
Other samples confirming high grade can be found in the map below:
Miller Project (sporadic production 1901-1948)
Miller project is pending mud samples from the lab. Physical gold was clearly visible shown in the pictures shared by management. Water is being pumped out of the mine a new Lower Winze Drive has been uncovered with first grab samples of 27.6 g/t Au (Non Quartz, press release 14-6-2023)! Visual gold has been observed (no wonder with such high grades). This is directly below the Lower Level of 100m.
Source (press release 15-6-2023): http://www.transatlanticminingcorp.com/miller-mine-extension-and-gold-results-27-gt-au/
Miller had an average recovered grade mined of 248 g/t Au (7.94 Oz /ton) and 143 g/t Ag (1901-1948).
At 105m below the 100m Lower Level, or 200m depth a measurement of 516 g/t Au with 2,5m (Drillhole DDH_01 in 1968-69). The pending mud samples and current exploration will shine some light on this in 2023.
Quote: "A Hole #1 was drilled 300 feet below the lowest recorded workings and recorded 14.7 Oz /ton Au (516 g/t Au)." Just let that measurement be a firm confirmation for more gold.
Monitor Project
Last mined in 1920s. The amazing part is that this is a Copper Project but the Gold grades are still very good!
15 % Cu, 8 g/t Au and 30 g/t Ag-Monitor
8% Cu, 3 g/t Au and 15 g/t Ag-Richmond
- Recent maximum assay results from the mine waste dumps returned values of 13.55% Cu, 15.45 g/t Au and 57.7 g/t Ag
Now compare that to $AE market cap $29Mln with NAK property all CU grades at <0.5% for full drilling meters and best grade 1.05% at 126m. Fair enough, the deposits look good. Meaning, I believe there is a fair comparison to be made here. That’s only looking at Monitor Project!
Source: https://americaneaglegold.ca/projects/nak-property-1/
*UPDATE 28-8-2023: 1,000 meters of diamond core drilling starts
http://www.transatlanticminingcorp.com/monitor-copper-drilling-commences/
A comparison with 4 other exploration companies to put the market cap and grades into perspective for only the Jubilee Project (meters is the start of the depth of drilling):
Comparison with $TWR $17Mln market cap (gold and copper): compare the Jubilee Project with $TWR and the grades and depth of their projects. Highlighted in the investor presentation for:
Rabbit Hole project at 19m 4.2 g/t Au (RN21-026) and at 95m 1.42 g/t Au (RN21-026). Copper measured at 0.5% (247m) and 0.57% CU (??m).
Thunder Zone project at 125m 3.3 g/t Au (Hole 041), at 157m 2.2 g/t Au (Hole 041), at 143m 4.0 g/t Au (Hole 039) and at 164m 2.0 g/t Au (Hole 039).
Source: https://www.towerresources.ca/
Another comparison is $RSMX $19Mln market cap (silver, gold and copper). The focus is silver but it can be roughly compared with gold. New results out on 24-4-2024 which are the highlight of the Investor Presentation on the first page: Looking at drillholes REG-23-13, REG-23-14 and REG-23-15 for the grades in the tables.
Gold highlighted at 454m 5.5 g/t Au (REG-23-14) with the majority below 1.0 g/t Au. Silver highest at 451m 19.4 g/t Ag (REG-23-15) with others max 10 g/t. Copper highest at 317-536m <1.0% CU (inc).
Source: https://ceo.ca/@newswire/regency-silver-intersects-294m-of-632-gt-au-down-dip
Next is $MLM $6Mln market cap and focused in gold.
The main project is High Lake which I shall focus on. At 15m from surface 6.1 g/t Au and at 20m 9.8 g/t Au. At 229m 13.5 g/t Au, at 280m 9.2 g/t Au and the best sample at 325m is 25 g/t Au. Good grades but also deeper undergrounds than Jubilee project (TCO).
Source: https://mcfarlanelakemining.com/properties/
We continue with $DYG $18Mln market cap and focused in gold.
There are drilling in 2007 and 2008 for the Thundercloud project. Between 30m and 113m it is 0.8 g/t Au till 2.2 g/t Au. New drilling results in 2023 at 89m 7.4 g/t Au, at 102m 1.3 g/t Au and at 120m 0.8 g/t Au. Moreover, a new update showed high grades. Hole DP22-03 at 89-162m with 8.4 g/t Au and DP22-02 at 189-224m with 6.0 g/t Au.
There is also Golden Repeat project but I can’t find comparable data with depth.
Source: https://dynastygoldcorp.com/projects/thundercloud/overview/
Source: https://ceo.ca/@newsfile/dynasty-gold-extends-high-grade-gold-mineralization
Now compare that to only the Jubilee project of TCO!
Then we still have Miller and Monitor projects left!
High Grades?
To help put this all into perspective: What is considered high gold grade according to bullionbypost?
Source: https://www.bullionbypost.co.uk/index/gold/gold-grade/
"According to the World Gold Council, larger and better-quality underground mines contain around 8 to 10 g/t gold, while marginal underground mines average around 4 to 6 g/t gold. Open-pit mines usually range from 1 to 4 g/t gold, but can still be valuable."
"COPPER: Anything over 100 metres and 1% copper equivalent or better is considered to be high-grade. For example, Serengeti Resources announced 119.6 metres of 0.9% copper equivalent (copper plus gold values added together) at depths from 180 to 300 metres. The stock then increased from $0.30 to $1.50 after those drilling results were reported."
Personal opinion: Anything below 200m is according to my view easily Open Pit. At 111m a 13.1 g/t Au (Jubilee project) and 7 and 8 g/t AU <100m from surface I see potential for an Open Pit. Maybe someone has more mining experience here and wants to clarify more on this part?
It looks like it’s mostly 1 house selling TCO in 2023. Can’t be many shares left as no shareholder had 10% of the shares. The shareholder cannot have more than 10% as there was never a press release. 10% is 8.66mln shares maximum.
Please comment if I made any mistakes! Warning: This is a rough comparison and many factors are always in play and to large to take fully into account.
Disclaimer: Do your own DD. This is no investment advice!
