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Kaiser Watch September 8, 2022: Emerging Discovery Plays at MIF

Posted: Sep 8, 2022JK: Kaiser Watch September 8, 2022 with Jim Goddard and John Kaiser
Published: Sep 8, 2022KRO: Kaiser Watch September 8, 2022: Emerging Discovery Plays at MIF
Kaiser Watch is a weekly 15-30 minute 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 in the form of a USD $450 Annual Individual Membership that at some point will increase substantially to reflect KRO's shift to a research platform. However, when the change happens active members will be grandfathered to renew indefinitely at the current rate provided they maintain a continuous paid membership. 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 September 8, 2022: Emerging Discovery Plays at MIF
Jim (0:00:00): This weekend you will be in Vancouver for the Metals Investor Forum which runs September 9-10. You call the five companies in your session "emerging discoveries". What does that mean and why is that the topic of your presentation?
John Kaiser will be at the Metals Investor Forum in Vancouver September 9-10, 2022. It is a free conference though for in person or virtual participation you must Pre-Register. A PDF Agenda is available. This KW episode explains the rational for making "emerging discoveries" the theme of John's presentation and why the invited companies qualify.

Key Bear Market Discoveries

Historical Chart of Arizona Mining Inc

Outcome Visualization and the Hemrosa-Taylor Discovery
Jim (0:13:59): Arctic Star Exploration is a diamond junior with a property De Beers explored decades ago. Why do you think Diagras is an emerging diamond discovery?
Arctic Star Exploration Corp, headed by CEO Patrick Power and Exploration VP Buddy Doyle, is undertaking a rethink of the Diagras claim block on which De Beers found 22 kimberlites during the 1990s by testing magnetic anomalies. This area adjoins to the northeast of the Ekati and north of the Diavik diamond mines in the Northwest Territories. Although many kimberlites were diamondiferous none were taken to the mini bulk sampling stage and eventually De Beers allowed the Hardy Lake claims to lapse, enabling Arctic Star to stake them in late 2014. By applying contemporary geophysical tools Arctic Star has found 6 new kimberlites of which the Sequoia complex found in 2021 is the most promising; micro diamond results suggest macro grade in the 20-50 cpht range. That grade is too low to support a standalone mine, but with the Ekati and Diavik mines approaching depletion, Sequoia ore could be trucked to either mill if the diamond population does indeed include Type IIa diamonds that deliver a high average carat value. Results for a 2022 winter delineation drill program expected in September will confirm grade and size potential, setting the stage for mini-bulk sampling in 2023.
Arctic Star Exploration Corp (ADD-V)

Bottom-Fish Spec Value
Diagras Canada - Northwest Territories 2-Target Drilling D

Story Path for Artic Star's Diagras Diamond Project

Regional Map of Ekati-Diavik area with kimberlite locations

Locations of known kimberlites at Diagras

Location of Sequoia Kimberlite

Comparison of Micro Diamond Distrobution Curves for Jack Pine and Sequoia

Comparison of Micro Diamond Curves with Other Kimberlites

New Arbutus Discovery potentially related to Finlay Pipe
Jim (0:26:36): Canalaska Uranium has been working in the Athabasca Basin for decades. Why do you think West McArthur is an emerging uranium discovery?
Canalaska Uranium Ltd, headed by CEO Cory Belyk and President Peter Dasler, has made a new high grade uranium discovery at its West McArthur project in Saskatchewan's Athabasca Basin. The junior has assembled an impressive portfolio of projects in the Athbasca Basin since shifting to uranium exploration in 2004. In recent years the focus has been on the West McArthur project onto which the C10 corridor that hosts Cameco's Fox Lake deposit projects. The corridor branches into two conductors, both of which have been drilled in the past decade. But a new geophysical survey in early 2022 revealed that the C10 South conductor at the unconformity was a hundred metres further north than targeted by past drilling. In mid July Canalaska reported a mineralized interval 100 m below the unconformity that assayed 9 metres of 2.4% U3O8 with grade peaking at 6.1%. The immediate implication is a structurally controlled basement hosted Eagle Point style system within an 8 km structure that is effectively untested. The bluesky resides in the potential for a McArthur River scale zone at the unconformity. Two rigs are now working to assess the structural geometry of this new discovery to set the stage for directional drilling in 2023.
Canalaska Uranium Ltd (CVV-V)

Bottom-Fish Spec Value
West McArthur Canada - Saskatchewan 3-Discovery Delineation U

Story Path for Canalaska's West McArthur Uranium Project

Map of West McArthur Discovery relative to Fox Lake and McArthur River

Map showing locations of C10 conductors

Drill Core Photo and Section of Discovery Interval

Examples of how basement portion looks for key deposit styles

Outcome Visualization for Arrow Equivalent Discovery Processed at Existing Cameco Mill
Jim (0:32:33): Copper Lake Resources is exploring a polymetallic project which majors and juniors have explored since the sixties. Why do you think Marshall Lake is an emerging zinc-copper-silver discovery?
Copper Lake Resources Ltd, headed by CEO Terry MacDonald and Exploration VP Don Hoy, has undertaken a major rethink of the Marshall Lake project in northern Ontario where the VMS style zinc-copper-silver Billiton deposit was discovered in the sixties. Marshall Lake has seen a lot of exploration by juniors after the majors gave up because of the 2.2 million tonne size of Billiton, but efforts to find extensions or near surface repetitions have failed. Don Hoy did a digital compilation of past work in 2021 and concluded that if anything remains to be found it will be deeper than the 200-300 m limit of past drilling and geophysical surveys. Copper Lake completed a deep IP survey which generated a large IP anomaly at a depth of 300-600 m which the junior tested with two holes in H1 of 2022, neither of which explained the anomaly though one hole encountered multiple high grade copper-zinc-silver intervals in an area to the southeast of the Billiton zone. A bore-hole EM survey revealed several strong off-hole conductors. Copper Lake followed up with a large-loop EM survey which confirmed a 600 m by 300 m conductive center starting at 300 m depth, just beyond the high grade intervals. Copper Lake will resume drilling in Q4 of 2022 once the ground is frozen to test this emerging discovery.
Copper Lake Resources Ltd (CPL-V)

Bottom-Fish Spec Value
Marshall Lake Canada - Ontario 3-Discovery Delineation Cu Au Ag Zn

Story Path for Copper Lake's Marshall Lake Polymetallic Discovery

Evolution of the new deep target at Marshall Lake

New Model for why Billiton may be just a stringer zone for a richer VMS pile tilted on its side
Jim (0:37:56): Endurance Gold is exploring a gold property a junior run by a dowser explored for decades. Why do you think Reliance is an emerging gold discovery?
Endurance Gold Corp, headed by CEO Robert Boyd, has an emerging gold discovery at its Reliance project in southwestern British Columbia. Since initiating work in 2020 Endurance has used a combination of shallow RC drilling and core drilling to develop a structural model for this epizonal orogenic gold system which has been traced for at least 1.5 km within the 300 m wide Royal-Treasure Shear corridor. Mineralized intervals grade in the 5-30 g/t gold range. Core drilling during 2022 has revealed that the shallow dipping Eagle Zone has a significant vertical component now recognized as the Eagle South Feeder Zone which opens up the potential to outline a multi-million ounce gold resource at depth. Of 24 core holes so far drilled in 2022 results for only 10 have been reported at the start of September. Drilling is now stepping out to the southeast of the structural corridor to extend the strike of the mineralized system. Reliance can be drilled year round. During 2022 Endurance expanded the project by optioning 100% of the Olympic claims on the premise that similar structural corridors are present to the northeast in a heavily wooded area whose outcrop is also obscured by ash from a recent volcanic eruption. Endurance has successfully used biogenic surveys at Reliance which involve sampling fir needles for arsenic, a key pathfinder, to identify gold trends and plans to apply this approach to the Olympic option.
Endurance Gold Corp (EDG-V)

Bottom-Fish Spec Value
Reliance Canada - British Columbia 3-Discovery Delineation Au

Story Path for Endurance Gold's Reilance Gold Project

Location Maps for Reliance Project

Plan and Section for Eagle Area

Emerging Model for mineralization controls at Reliance
Jim (0:42:24): VR Resources is exploring an intrusive complex that was visible as a magnetic anomaly in the James Bay Lowlands decades ago. Why do you think Hecla-Kilmer is an emerging rare earth discovery?
VR Resources Ltd, headed by CEO Michael Gunning, has an emerging rare earth discovery at its Hecla-Kilmer project in the James Bay Lowlands of Ontario. This region has a number of intrusive complexes which VR has been exploring as potential IOCG systems. Hecla-Kilmer is a circular alkaline complex whose hydrothermal breccia zones have yielded copper-gold mineralization, but not yet on a discovery scale. Drilling of carbonatite targets in 2022 yielded long intersections of 1% plus rare earth mineralization which was unusual in that unlike cabonatite systems such as Mountain Pass and Bayan Obo, which are 98%-99% light rare earths, 8%-10% of the Hecla-Kilmer grade was attributable to heavy rare earths. The light rare earths neodymium and praseodymium used for magnets represent 69% of the rock value at current prices while the heavy rare earths used in magnets, dysprosium and terbium, represent 21% for a total of 90%. Heavy rare earths are a future supply problem, even for China which recovers them from very low grade ion adsorption clay deposits. The potential for Hecla-Kilmer to supply both groups of magnet rare earths in meaningful amounts makes it an important new discovery. Depending on the mineralogy the niobium credit could also prove payable. Despite the bleak location it is very close to power and transportation infrastructure.
VR Resources Ltd (VRR-V)

Bottom-Fish Spec Value
Hecla-Kilmer Canada - Ontario 2-Target Drilling Cu Au

Story Path for VR's Hecla-Kilmer Rare Earth-Niobium Project

Location Maps for Hecla-Kilmer

Location of emerging rare earth discovery at Hecla-Kilmer

Rare Earth Supply Evolution Chart

Rare Earth Distribution Charts for major carbonatites Bayan Obo and Mtn Pass

Rare Earth Distribution Chart for Hecla-Kilmer Discovery Hole
Disclosure: JK owns Endurance Gold; Arctic Star, Canalaska Uraninium, Copper Lake, Endurance Gold and VR Resources are Bottom-Fish Spec Value rated

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