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Posted: Jul 12, 2024JK: Kaiser Watch July 12, 2024 with Jim Goddard and John Kaiser
Published: Jul 12, 2024KRO: Kaiser Watch July 12, 2024: Penny wise poiund foolish M&A
Kaiser Watch is a weekly audio show produced by KaiserResearch.com with Jim Goddard and John Kaiser discussing the junior resource sector. The show has three parts: the first is a general topic, the second discusses developments involving the KRO Favorites which as of January 1, 2022 are no longer exclusive to KRO members, and the third is a peek inside the members only KRO Bottom-Fish Workshop. KRO is transitioning into a Do-It-Yourself research platform that covers all Canadian and Australian resource listings and which also features a Bottom-Fish Workshop where John Kaiser highlights juniors with solvable "missing pieces". Companies that graduate from the Workshop may become part of the Annual Favorites collection whose profiles and related commentary are unrestricted for non-members. Visit the KRO Favorites Dashboard for quick access to all the unrestricted Favorites related content. KRO is not sponsored or compensated directly or indirectly by public companies. The business model is based solely on membership fees which have changed for 2024 as a transition to a $200 per month auto renewal program in 2025. During 2024 individuals can register for a KRO membership at a non-refundable price of $450 for a term that expires December 31, 2024. All active KRO members will be grandfathered to renew annually at $450 on Dec 31, 2024. Sign up here for this limited $450 offer. Kaiser Watch is available at Kaiser Research YouTube and as a Podcast downloadable from KaiserResearch.com. Each episode will be made available through the publication of a Kaiser Media Watch blog report which will provide links to specific questions and include supplementary graphics. All episodes will be archived at Kaiser Watch.

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Kaiser Watch July 12, 2024: Penny wise pound foolish M&A
Jim (0:00:00): Is Rupert Resources still trying to acquire the 70:30 JV between B2Gold and Aurion Resources?

I last talked about Aurion Resources Ltd in KW Episode June 9, 2023 in which I argued that Finland's Central Lapland Greenstone Belt was ripe for a district consolidation. Aurion was a 2023 Fair Spec Value Favorite based on the discovery potential on its 100% owned Risti property and its 70:30 joint venture with B2Gold on the Kutuvuoma property. Neither property delivered anything overly exciting last year and there was no activity on the district consolidation front. So I demoted Aurion to the 2024 Bottom-Fish Collection at the end of the year. On March 11, 2024 Aurion announced that it had received a notice from B2Gold that the producer had received a conditional offer from Rupert Resources Ltd to purchase its 70% stake in the Kutuvuoma project for 28,644,111 Rupert shares which at the time implied a price of $102.8 million for the entire project. Aurion's 30% share would thus be worth $31 million, just under half of its $69 million market capitalization at the time. Neither B2Gold nor Rupert wanted Aurion to disclose this non-binding deal but under the JV agreement Aurion had a 60 day right of first refusal to acquire B2Gold's 70% stake. Unfortunately for Aurion to exercise its ROFR it would have to pay B2Gold about $72 million, which was slightly more than its market capitalization.

B2Gold optioned Kutuvuoma from Aurion in 2015 and spent $15 million to earn 70%. It had the option to increase to 75% by sole funding a bankable feasibility study, but in early 2022 declined to do so and the two companies have been funding work on a 70:30 basis. Rupert owned the adjacent property which included a former mining operation Rupert hoped could be revived. Much of the property is covered with glacial till and in 2019 Rupert undertook a basal till sampling program to assess the bedrock beneath the till. This resulted in the blind discovery of the Ikkari deposit which currently has an indicated resource of 58,430,000 tonnes of 2.18 g/t gold representing 4,087,000 ounces. About 64% of the deposit can be open pit mined. Around the same time De Grey Mining Ltd used a similar shallow grid drilling strategy in Australia's Pilbara to make a 10.5 million ounce discovery grading 1.3 g/t. Both are poster child examples of the amazing discoveries juniors can make in settings where the bedrock is hidden beneath a veneer of over-burden or barren younger rocks.

Rupert's Ikkari deposit is close to the Kutuvuoma property and is hosted by a shear structure that projects onto the B2Gold-Aurion JV where the partners have spent about $44 million, mostly on the southern end in what is now known as the Helmi system (not to be confused with the Hemi system of De Grey). However, while gold mineralization has been intersected it is not comparable to Ikkari and perhaps represents about 500,000 ounces. In April 2023 B2Gold acquired Sabina Gold & Silver Corp for about $1.2 billion worth of B2Gold stock. B2Gold is spending CAD $800 million to put the Back River Mine in Nunavut into production by early 2025. The Helmi target has not lived up to its promise so it made sense for B2Gold to sell its stake to help with its Back River CapEx. What did not make obvious sense is why Rupert was willing to assign a $102.8 million value to the Kutuvuoma property.

Last year, however, I pointed out that in an appendix to Rupert's Ikkari PEA there was an alternative infrastructure layout scenario which placed the tailings storage facility and the plant on the Kutuvuoma side of the boundary just west of the boundary with Aurion's 100% owned Risti property. Apparently this is the optimal infrastructure scenario which explains why Rupert was willing to offer $72 million worth of its stock to B2Gold for its 70% stake in Kutuvuoma. What is not clear is why Rupert CEO James Withall thinks owning just a 70% stake will allow it to marginalize Aurion and grab the corner of the property for the ideal infrastructure layout. This smelled very much like a squeeze play where B2Gold would cash out with $72 million while leaving Aurion stranded with a 30% stake in a project whose value Rupert has no near term reason to enhance but whose surface rights help with the economics of developing Ikkari.

Aurion was caught between a rock and a hard place because the only way it would be able to come up with $72 million to match Rupert's offer would be through a financing. But because the Kutuvuoma project on its own was not worth $102.8 million, nobody was going to provide such financing, and B2Gold certainly didn't want to end up with a 50% equity stake in Aurion for which there was no market. During the 60 day right of first refusal window which expired May 9, 2024 there no doubt were behind the scenes discussions about Rupert making a separate bid for Aurion. This makes sense because Aurion is a substantial landowner in the CLGB and has spent $45 million on its own 100% owned properties, including $37 million on Risti. By acquiring Aurion Rupert would consolidate much of the district and make itself attractive for acquisition by a major gold producer, of which the most obvious candidate is Agnico-Eagle which already owns 28.6 million shares of Rupert (14%) and operates the 5,500 tpd underground Kittila Mine. On May 9, 2024 Aurion announced that it had "elected" not to exercise its right of first refusal, leaving B2Gold free to accept Rupert's offer and make it binding.

On July 8, 2024 Rupert made a cryptic announcement that "it has been unable to reach acceptable terms to acquire the full 100% of the Fingold JV to consolidate further exploration licenses near to the Ikkari project". The next day Aurion put out a press release stating that "it has been in preliminary discussions with Rupert regarding a potential transaction". Rupert's announcement is peculiar because its only offer was to acquire B2Gold's 70% which it could have done after Aurion let its ROFR expire. There never was a formal offer made to Aurion for its 30% stake which Aurion would have had to disclose and present to its shareholders. What Rupert may have misjudged when it made the initial offer to B2Gold is that the fine print of the 70:30 JV agreement requires Aurion's approval for project decisions, especially for an amendment that allows Rupert to put infrastructure on the Kutuvuoma 70:30 JV. What Rupert has really said is that it has given up trying to do a deal with Aurion, but the deal with B2Gold may still be pending. But now Rupert has a new problem on its hands because when Aurion declined to exercise its ROFR, it set the clock ticking for the sale to close by a certain deadline or the ROFR becomes effective again. And apparently that deadline has passed.

Rupert is working on permitting and a PFS which it expects to have completed by the end of 2024. But none of this work can include the optimal location of a tailings pile and plant site on the Kutuvuoma property without title. Back in March gold was just starting to develop an uptrend but nobody believed it was real. Since then it has come out that the buying pressure was coming from China at all levels. But during the past month the Chinese buying has subsided and the gold shops in India are screaming for customers who are balking at the record high gold price made worse by the rupee whose exchange rate with the US dollar is at an all time low. And yet during the past week gold has made it above $2,400 per ounce. This may be due to a couple important recent developments.

One is a Supreme Court ruling declaring near immunity for criminal actions by the US president which has raised concerns that the United States will become a thug actor on the global stage in the manner of Vladimir Putin's Russia. The other is President Biden's poor debate performance which provided clear evidence of cognitive decline and his refusal to step down as the presumptive presidential nominee for the Democrats. The perception is that the election has been forfeited to Donald Trump who with the help of his Project 2025 architects will irrevocably alter America's role on the global stage. When Trump moves to strip America of its greatness gold will become a true safe haven for investors.

It thus makes no sense that Rupert's CEO is following an M&A optimization playbook when he should be aggressively using M&A in order to optimize the Ikkari mine development plan. And the best way to do that is to make a fair paper offer to Aurion and close the deal with B2Gold. Aurion and its partners have spent nearly $90 million on the CLGB properties, and while lots of gold mineralization has been intersected, some of it high grade, none of it hangs together to make a major deposit like Ikkari. That does not mean a fresh approach will be similarly unsuccessful, especially if we see gold sail through $3,000 in real price terms, but the market is tired of Aurion's story. If Rupert were not obsessed with penny wise pound foolish thinking, it would offer a fair paper deal to acquire all of Aurion, which chairman David Lotan would likely accept because he understands the market hurdle Aurion faces and he also understands how the sum of the parts rolled into Rupert makes Rupert a very attractive takeover target for a major gold producer. The sooner Rupert wraps up 100% ownership of Kutuvuoma, the sooner it can adjust its PFS and permitting to the ideal development scenario and the closer the project will be to construction if a major takes out Rupert. In the absence of a surprise discovery by Aurion on Risti this summer I do not expect more than a double as a result of a paper buyout by Rupert, but I think the resulting package, assuming B2Gold grabs the "money" and runs, will allow $10-$20 to become a future buyout range for Rupert itself.

Aurion Resources Ltd (AU-V)






Bottom-Fish Spec Value
Kutuvuoma Finland - Other 3-Discovery Delineation Au
Rupert Resources Ltd (RUP-T)






Unrated Spec Value
Ikkari Finland - Other 6-Prefeasibility Au

Rupert's Ikkari Trend projecting onto Kutuvuoma JV

Rupert's Ikkari Resource Estimate

Plan View of Helmi and Ikkari zones

PEA and Alternative Optimal Ikkari Infrastructure Layout

Alternative locations for Ikarri tailings and plant

Regional Property Map for Central Lapland Greenstone Belt

Current status of Aurion's Risti property

Long term gold price and rupee-US dollar exchange rate charts
Jim (0:16:13): Is Canalaska's high grade Pike uranium discovery starting to take shape in the third dimension?

On July 9, 2024 Canalaska Uranium Ltd announced that the first hole of its 9,000 m summer drill program at West McArthur had intersected 21.6 m of 3.44% eU3O8 including 10.9% over 5.4 m. Hole 7 is on the same fence across the unconformity structure as the 3 earlier holes this year into the Pike Zone, so we are still dealing with a 2 dimensional slice that is at least 30-40 m wide. What is amazing is the accuracy of the directional drill rig hitting the unconformity exactly where planned. They have 2 rigs at work and will continue to drill along this fence to see how deep the high grade mineralization goes within the graphitic pelite zone while at the same time stepping out in small increments east and west along strike. We will not be able to do any tonnage footprint calculations until we get good results for the stepouts. Because they can take radiometric readings in the field we should be able to get a regular flow of assays. The danger is that if we hear nothing it means the stepouts in the third dimension are not delivering.

Canalaska Uranium Ltd (CVV-V)






Good Spec Value
West McArthur Canada - Saskatchewan 3-Discovery Delineation U

Plan and Section for Canalaska's Pike Zone
Jim (0:18:58): When do you think PJX Resources will start drilling its Sullivan 2 target?

PJX Resources Inc announced on July 8, 2024 that it has received a 5 year permit to drill its Dewdney Trail project in southeastern British Columbia. The application to modify an existing permit began nine months ago and took a lot longer than John Keating expected because consultation and study requirements have gone through the roof as Canada talks loud about critical minerals but erects obstacles to their exploration and development. The stock fluttered over $0.30 when the market saw that the permitting obstacle to creating new wealth had been overcome but has sagged back below $0.30 because the market is now focused on the risk that drilling will not deliver a discovery. PJX has had workers on the ground continuing last year's quest to find the windows within the syenite dyke that shields the mountain slope and from which the SEDEX boulders had spilled. Keating hopes to have drilling underway by the end of July. See KW Episode Feb 29, 2024 for additional graphics.

PJX Resources Inc (PJX-V)






Fair Spec Value
Dewdney Trail Canada - British Columbia 2-Target Drilling Zn Pb Ag

Photo of Dewdney Trail Sullivan 2 Target Area

Conceptual Section of Sullivan 2 Target at Dewdney Trail
Disclosure: JK owns shares of PJX; Canalaska and PJX are Fair Spec Value rated Favorites; Aurion is Bottom-Fish Spec Value rated

Posted: Jul 5, 2024JK: Kaiser Watch July 5, 2024 with Jim Goddard and John Kaiser
Published: Jul 5, 2024KRO: Kaiser Watch July 5, 2024: Another FONSI enters comment period
Kaiser Watch is a weekly audio show produced by KaiserResearch.com with Jim Goddard and John Kaiser discussing the junior resource sector. The show has three parts: the first is a general topic, the second discusses developments involving the KRO Favorites which as of January 1, 2022 are no longer exclusive to KRO members, and the third is a peek inside the members only KRO Bottom-Fish Workshop. KRO is transitioning into a Do-It-Yourself research platform that covers all Canadian and Australian resource listings and which also features a Bottom-Fish Workshop where John Kaiser highlights juniors with solvable "missing pieces". Companies that graduate from the Workshop may become part of the Annual Favorites collection whose profiles and related commentary are unrestricted for non-members. Visit the KRO Favorites Dashboard for quick access to all the unrestricted Favorites related content. KRO is not sponsored or compensated directly or indirectly by public companies. The business model is based solely on membership fees which have changed for 2024 as a transition to a $200 per month auto renewal program in 2025. During 2024 individuals can register for a KRO membership at a non-refundable price of $450 for a term that expires December 31, 2024. All active KRO members will be grandfathered to renew annually at $450 on Dec 31, 2024. Sign up here for this limited $450 offer. Kaiser Watch is available at Kaiser Research YouTube and as a Podcast downloadable from KaiserResearch.com. Each episode will be made available through the publication of a Kaiser Media Watch blog report which will provide links to specific questions and include supplementary graphics. All episodes will be archived at Kaiser Watch.

Podcast Download

Kaiser Watch July 5, 2024: Another FONSI enters comment period
Jim (0:00:00): Why did Arizona Gold drop this week?

Arizona Gold & Silver Inc published the results on July 3, 2024 for most of the 22 hole RC program done on the Resaca and Rising Fawn gaps within the series of patented claims that track the Philadelphia vein and the results pretty much said these gaps will stay gaps. While these results simply reveal that those portions of the vein will never be mined, somebody decided through Anonymous to dump 50,000 plus shares at the bid. Since this is a week when both Canadians and Americans are effectively on holiday the stock slumped. The next day the company granted 990,000 options at $0.335, the current level of the stock. This caused some people to grumble, but those same people would have also complained if options were set before the news came out and the Resaca results turned out to be good.

While this decline is not helpful for the 2024 KRO Favorites Index, it does provide a good entry price ahead of a drill program that will have high impact potential, namely drilling from the two drill pads recently approved by the BLM. KW Episode April 12, 2024 provides background on the Philadelphia story for those new to it or wish to brush up. KW Episode June 14, 2024 included graphics which show why the recent BLM granting of a Record of Decision for its FONSI creates brand new upside for Arizona Gold. There is one remaining checkbox to tick, which is verifying that there are no gopher tortoises within the vicinity of these drill pads. They were supposed to hear from the BLM on July 3, but, as I said, this is a do nothing week, so they will probably hear next week that everything is clear to start drilling.

The next issue will be when or how it will be safe to start drilling. CEO Mike Stark just came back from a site visit with a party whose identity is confidential and said daytime temperatures were scorching in the 114-117 F degree range. Drilling crews will have to take special measures to avoid extreme heat. Here in the Bay Area where I live we have had a week of temperature in the 95-105 range, which is not as bad as inland in the Central Valley, but all state and regional parks except shoreline parks have been closed to the public to reduce fire risk as well has personal death risk. A couple years ago a marathon runner decided to go for a run in 90 degree plus weather on the exposed ridgelines in the East Bay. He took a wrong turn and was eventually found dead under some oak trees near the edge of the park. Then there was the horrific story of the family with child and dog hiking in the Sierra foothills, all of whom were found inexplicably dead. There was speculation about a lightning strike or drinking contaminated water, but at the end of the day it was heat exhaustion, the same thing that killed over 1,300 hajj pilgrims on their way to Mecca in Saudi Arabia. The scary thing about heat exhaustion is that one does not realize one's core temperature is rising. I experienced this once on a flat hike in 90 degree weather at a shoreline park made deceptive by a breeze from the bay. I may have made it to my car with AC just in time because my Garmin told me my heart rate had soared to 190 bpm, and it did not at all feel like when I am laboring up a hill and it climbs into the 150-160 bpm range, the highest it has otherwise ever recorded. Imagine drillers manning the hot machine with 110 degree plus in the shade, not doing anything involving exertion, slipping into heat exhaustion despite endless water. The July 4 fireworks celebration last night in Moraga was only the second time in my four decades here that it was warm and pleasant rather than puffer jacket cold. The hot period is usually August through September. Forest fires are already starting to pop up in California and it looks like a bad year is shaping up.

With regard to Arizona Gold's Philadelphia project investors should now focus on the upcoming drill program which will test the bulk tonnage Red Hill hypothesis and test the Philadelphia vein's down-dip potential. The company's latest presentation now includes as an analogue a section of the low grade Silicon deposit in Nevada AngloGold has now taken to 4 million plus ounces.

In an interesting recent development a couple weeks ago Arizona Gold attracted Philip Yee as a special advisor. He played executive VP and CFO roles for Kirkland Lake in 2016-2018 and with Eldorado Gold from 2018 until this year when he decided to retire. Neither Mike Stark nor Greg Hahn have much experience in the world of M&A, so attracting an experienced person from the gold producer world who is now free to do as he pleases should raise eyebrows and help investors understand that Philadelphia is evolving from a high grade vein play into a multi million ounce bulk tonnage gold play.

Arizona Gold & Silver Inc (AZS-V)





Favorite
Fair Spec Value
Philadelphia United States - Arizona 3-Discovery Delineation Au Ag

Model Section of AngloGold's Silicon Deposit in Nevada

AngloGold 2023 Resource Statement indicating 13 million + oz at the Expanded Silicon project
Jim (0:08:21): Why did Colonial Coal pop today?

On July 4 Teck Resources announced that it had received regulatory approval from the government of Canada for the sale of its 77% stake in Elk Valley Resources, its steelmaking coal division, to Glencore. Teck will receive USD $6.9 billion from Glencore when the deal formally closes, expected on July 11. Colonial Coal probably responded the day after because the risk that the Canadian government might interfere with the sale of coal assets has been a cloud of uncertainty. Approval of the Teck sale to Glencore can thus be seen as a milestone for Colonial Coal's quest to be bought out by a steelmaker or a major producer of metallurgical coal. In KW Episode April 26, 2024 I provided an update about why David Austin thinks Colonial Coal will attract a bid in the $5-$10 range, perhaps higher if a bidding war develops. At the time Colonial Coal had retained Citi Bank as an agent to help it solicit a bid from steelmakers and producers. The stock's move today suggests the market believes that the behind the scenes auction for control of the Hugenot and Flatbed met coal deposits will now get serious. Colonial Coal and Solitario Resources Corp are the only 2024 KRO Favorites showing a gain so far this year.

Colonial Coal International Corp (CAD-V)





Favorite
Fair Spec Value
Flatbed Canada - British Columbia 6-Prefeasibility CM
Jim (0:10:49): Is Nevada Organic Phospate any closer to securing title to the Murdock Mountain phosphate project in Nevada?

Nevada Organic Phosphate Inc is not a KRO Favorite but I described its story in KW Episode May 8, 2024 because it was one of the four companies in my session at the Metals Investor Forum in Vancouver in May. The stock is bottom-fish rated because a major missing piece is a BLM lease that grants it title to the Murdock Mtn phosphate project in northeastern Nevada. Unlike metals where you secure mineral title by simply post-staking in the United States, the fertilizer minerals phosphate and potash are treated like fossil fuels, namely oil, natural gas and coal where you make an application for a lease to the BLM which then as part of the approval process prepares an Environmental Assessment at the expense of the applicant. NOP has been working on this challenge for several years and today the BLM finally published a draft FONSI which kicks off a 30 day comment period that ends on August 4. The public now has 30 days to submit comments claiming BLM staff made major mistakes in its Finding of No Significant Impact. The Environmental Assessment was posted on the BLM web site this morning.

According to the Garry Smith, the company director who is spearheading the exploration and permitting strategy, the EA features 28 drill sites for RC and core holes and trenches representing 8.9 acres of disturbance, but the company plans to use only 14 drill sites for shallow core holes and plans no trenching, so the actual disturbance will be less. When Smith became involved a year ago he determined a program with a much smaller footprint would suffice, but the BLM recommended that NOP continue with the original application to avoid resetting the assessment timeline.

This is a very important milestone and the company will likely press release it on Monday. There is still a risk that the BLM will conclude from the public comments that it cannot issue a final record of decision for the FONSI, but that risk is highest when the BLM has prepared an EA using internal staff who may not have the proper experience. In the Murdock Mtn case the BLM contracted third party consultants to prepare the EA and sent the bills to NOP. So there is a much lower risk that a member of the public will discover something important was overlooked. If all goes well the Record of Decision could be in hand by the second half of August. That then raises the question, will it be in time to allow NOP to mobilize a meaningful drill program before the snow flies?

According to Smith the outcropping phosphorite beds are at a low enough elevation to allow year round access. The bigger constraint is that the project falls within a vast sage grouse study area so there may be restrictions such as the March to May breeding season. Sage grouse are a sensitive topic because the anti-mining lobby uses its endangered status to seek removal of vast areas of the American West from commercial development. There are some leks in the vicinity of the Murdock Mountain project, but no activity has been observed in the past decade so they may have been abandoned. A lek is like a peeler bar where the sage grouse pole dance to impress each other. Smith thinks the initial drill program could be executed over a six week period, so is optimistic that as long as the FONSI receives a final Record of Decision by September the company can mount the crucial initial drill program.

Its purpose will be threefold: 1) confirm the dip, thickness and continuity of the phosphorite bed so that underground mining is conceivable, 2) establish the degree of P2O5 grade variability within the beds, and, 3) confirm that the low heavy metal content indicated by assays of outcrop samples is consistently low. The third goal is arguably most important, because at a grade range of 10%-20% P2O5 the Murdock Mtn phosphorite beds cannot compete with the 20%-35% beds in Idaho. But those Idaho deposits have heavy metal levels far above government maximums and have to be chemically processed into MAP or DAP for the fertilizer market. That prevents the richer Idaho phosphate from qualifying as organic, an emerging market in the United States.

The key to the commercial viability of the Murdock Mtn phosphate is that it can be mined and ground up as a whole rock product farmers can apply directly to fields whose crops are destined for the organic food market. The scale of the bed trace within the lease application is large enough for Murdock Mtn to become a major organic phosphate fertilizer demand driver. CEO Robin Dow's goal is to demonstrate a large mineable resource that qualifies as organic which one of the major fertilizer companies will seek to acquire and use to develop the organic phosphate market. Getting a record of decision for the FONSI next month will be a critical milestone that allows the company to prove its geological hypothesis which will be the most important step.

The fact that the company's phosphate lease application is carrying an implied project value of only $3-$4 million based on the $0.06 stock price and 57 million shares fully diluted demonstrates the major hurdles the Murdock Mtn project must still overcome even after securing title. But because the geological setting for these low heavy metal beds seems to be unique within the giant Western Phosphate Field, and NOP has already filed lease applications for other parts of the Leach Mountian range where this bed potentially outcrops, the junior will enjoy something close to a monopoly on this organic phosphate resource if it becomes reality. While the failure risk is very high, it is offset by a reward potential in the 10-100 times range. Assuming a drill program can commence in September we should know by the end of 2024 if it is game on for Nevada Organic Phosphate Inc.

Nevada Organic Phosphate Inc (NOP-CSE)






Bottom-Fish Spec Value
Murdock Mtn United States - Nevada 3-Discovery Delineation P2O5

Murdock Mtn EA Report and Map of Sage Grouse Study Area

Maps showing drill pad locations and sage grouse habitat priority areas
Disclosure: JK owns shares of Nevada Organic; Arizona Gold is a Fair Spec value rated Favorite, Colonial Coal is a Good Spec Value rated Favorite; Nevada Organic is Bottom-Fish Spec Value rated

 
 

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