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KMW Blog September 17, 2019: Discovery Watch September 17, 2019 with Jim Goddard and John Kaiser

Posted: Sep 17, 2019JK: Discovery Watch September 17, 2019 with Jim Goddard and John Kaiser
Published: Sep 17, 2019HSC: Discovery Watch September 17, 2019: Did Area 51 Aliens abduct Area 52's gold?
Effective January 1, 2019 we have new Membership Fees and an expanded Spec Value Rating System. The new price in 2019 will be $450 annually or $200 for 90 days. The KRO Favorites List was published on January 1, 2019. Check out the catalog of Free Stuff at KRO.

Discovery Watch is a weekly 15-30 minute audio show produced by HoweStreet.com where Jim Goddard interviews John Kaiser about resource juniors with projects that have caught John's attention. The projects will not be limited to companies he has covered as Bottom-Fish and Spec Value Hunter picks and will include projects that may be of interest only because they are in the limelight. Jim and John will periodically circle back to review the projects and if necessary close them out as no longer worth watching. KRO will keep track of projects mentioned through Discovery Watch with HoweStreet.com. Discovery Watch is available via YouTube or Podcast.

Discovery Watch Audio Links
Zephyr Minerals Ltd (ZFR-V)

Dawson-Green Mtn United States - Colorado 5-PEA Au Zn Pb Ag Sep 17, 2019 - 0:00:00
Zephyr Minerals Ltd has been a KRO Bottom-Fish Spec Value rated company since late 2017 based on the Dawson-Green Mountain gold project in Colorado where the junior has a small 111,300 oz resource for which a PEA supporting a small 300 tpd underground mine was published in early 2017. This resource in the Dawson segment has been outlined only to a depth of 275 m because it dips into a mountain and it is not practical to drill deeper. The idea is that if a small scale mine were developed a much bigger resource could be delineated by drilling from underground. The upside for the Dawson segment thus hinges on a gold bull market to bring in the required CapEx. In 2018 Zephyr acquired the Green Mtn segment to the west where it hopes to establish a similar system. Zephyr was introduced to DW in May 2019 on the basis of a Broken Hill type zinc-lead-silver target that emerged in 2018 within the El Plomo segment, a down-dropped block between the Green Mtn and Dawson segments. It features a high grade Zn-Pb-Ag horizon that was tested to a shallow depth decades ago but given up on because although it strikes for 3 km it is narrow. In the Broken Hill model metamorphism will have folded and remobilized such a system to create structural thickening and higher grades. Regional geochemistry suggests such a process could have taken place, so during the summer of 2019 Zephyr conducted an airborne Mag-EM survey over the property to see if there is a magnetic anomaly associated with the El Plomo trend that supports the hypothesis that a much thicker Broken Hill type deposit exists at depth. In September 2019 Zephyr revealed that there is such a magnetic anomaly worth drilling from 4-5 locations along the trend. But because El Plomo is bighorn sheep habitat drilling is restricted to July 1 to Oct 31, so the Broken Hill target cannot be tested until the 2020 summer. Zephyr will meanwhile continue target development work on the Green Mtn segment. (Sep 17, 2019)
Highway 50 Gold Corp (HWY-V)

Monroe Canada - British Columbia 2-Target Drilling Zn Pb Ag Sep 17, 2019 - 0:11:32
Highway 50 Gold Corp has been featured on DW since early 2017 based on the potential of the 50% optioned Monroe project in southeastern British Columbia to deliver a Sedex type zinc-lead-silver discovery comparable to the 150 million tonne Sullivan deposit about 35 km to the north. The geological drivers behind the Monroe story are brothers John and Gordon Leask for whom this is their second crack at trying to find Sullivan 2 in this area. They are both the underlying owner of the Monroe property and the biggest shareholders of Highway 50. The property has over 50 holes into it, but the last dozen since Highway 50 started in 2017 have been deeper and have vectored in on a target area beneath 700 m which the Leasks estimate has a footprint about half the size of Sullivan. A deposit half the size of Sullivan with similar grades would be a world class discovery worth $1 billion plus. The target's location under Monroe Lake and the bounding faults of the target's sub-basin present technical challenges for angled holes to reach the target. While programs in 2017 and early 2018 beefed up the target, the program in late 2018 failed to reach this "make or break" target. A new round of drilling started in September 2019 with a shallower drill angle in the hope of reaching the target in late October or early November if no technical problems arise. Highway 50 will be short $900,000 of the $2.9 million expenditure deadline in May 2020 so there is a risk of default unless the Leasks grant an extension to Highway 50. The Golden Brew project in Nevada was introduced to DW in 2019 when after many permitting delays Regulus was able to test a fairly deep gravel covered horst block to the west of minor gold mineralization in the range front. This play is near the former Carlin-type Quito Mine and is at the southwestern limit of the 42-25 million year Carlin deposition window. Drill results in August 2019 were disappointing and it is not clear that Regulus will maintain its option to earn 50% by spending USD $5 million by 2022. The Leasks remain convinced that this is the best area for a major Carlin type discovery outside the trends already controlled by the Nevada Gold JV (Barrick-Newmont). (Sep 17, 2019)
Balmoral Resources Ltd (BAR-T)

Fenelon South Canada - Quebec 2-Target Drilling Au Sep 17, 2019 - 0:22:22
Balmoral Resources Ltd was introduced to DW in early August 2019 based on a four hole drill program the company did on its Fenelon South property in Quebec. Balmoral owns properties along about 100 km of the Sunday Lake Deformation Zone east of the Detour Lake gold mine on the Quebec side which fall under the general Grasset name. To the west it has the Martiniere deposit for which a resource of 644,000 oz has been outlined and which is currently on hold pending a better market to fund deeper drilling with the goal of doubling the resource. To the east is the Grasset nickel deposit Balmoral discovered and which the recent uptrend in nickel prices is starting to attract attention. The Grasset package surrounds the Fenelon property which Balmoral owned before selling it to Wallbridge because Wallbridge wanted to develop a small resource of high grade quartz veins. Expansion drilling by Wallbridge in early 2019 unexpectedly encountered gold mineralized sulphide vein swarms to the west cutting through adjacent monzonite and sediment units which Wallbridge calls Area 51. This mineralization is very different from the Fenelon Main Zone. Balmoral kept the ground south of Fenelon which straddles the Sunday Lake fault. The ground immediately to the north of the east-west fault is the deformation zone that is prospective for gold zones but in this area it is covered with overburden. Balmoral called the southern projection of Wallbridge's Area 51 rock units Area 52 and drilled several holes close to the border to see if similar mineralization is present. The results reported in September 2019 suggested the mineralization was not as extensive as to the north, but one hole drilled to test an IP resistivity anomaly in the SLDZ swamp through which the Area 52 structure is supposed to cross delivered a blind discovery surprise in the form of 3.23 m of 14.03 g/t gold within a shear vein zone. Balmoral has started a program of 6 closely spaced holes to sort out the geometry of this zone. (Sep 17, 2019)
Disclosure: JK owns Highway 50; Balmoral, Highway 50 and Zephyr are bottom-fish spec value rated

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