Maurice: Joining us for conversation is Morgan Lekstrom, the president of Lakewood Exploration Inc. (LWD:CSE). It's great to have you join us today to share the latest developments on Lakewood Exploration and the exciting flagship Silver Strand, which has the makings of becoming the next pure silver play in the United States. Before we begin, Mr. Lekstrom, please introduce us to Lakewood Exploration and the opportunity the company presents to shareholders.
Morgan Lekstrom: Lakewood is a new silver company. We're a pure silver play. We are looking at our flagship asset in Idaho, the Silver Strand Mine. It was a past-producing mine, and we are looking to go in there, explore it, put the ore body to depth. It was mined at a very shallow depth, only 90 meters. There's so much potential there. It was held in by a bunch of feuding parties back in the day. The whole land package has never been consolidated like what we've done.
And by consolidating this land package, we're able to get a five-and-a-half-kilometer strike put together, which allows us the opportunity to explore the area. From what we're seeing on the surface and in the underground, and we'll talk about those news releases later, it looks very promising to have a large, large resource and payoff for shareholders, but also near-term production potential, which is the pillar of what we are looking to accomplish at Lakewood.
Lakewood Exploration is looking for that large exploration payoff, near-term production potential, but also acquisitions, at the same time, that fit that model. We do have a triple-pronged approach, and our big concentration right now is on that large exploration payoff at Silver Strand.
Maurice: The value proposition is quite compelling. Let's go on site. Mr. Lekstrom, please introduce us to your flagship Silver Strand and acquaint us with the region and some of your neighbors.
Morgan Lekstrom: Silver Strand is our flagship mine. It's in Idaho, in the Silver Valley-Coeur d'Alene, which is one of the most prolific areas on the planet for silver. The region has produced nearly 1.3 billion ounces of silver. Companies such as Hecla Mining Co. (HL:NYSE) and Coeur Mining Inc. (CDE:NYSE) have had their start there. You also have the deep mines within the region, the Lucky Friday Mine, Galena and Sunshine, respectively.
There are not a lot of regions in the world that have extracted as much silver as the Silver Valley-Coeur d'Alene. The Silver Strand is one of the last, I would say, unexplored assets in this area. This is such an exciting opportunity for us. As a pure silver company, we look forward to putting this to depth. Our neighbors in the valley have mines go down to 2,000 meters. We have only scratched the surface, as the Silver Strand is at 90 meters of the original workings. We're going to start drilling the Silver Strand, with an emphasis to start pushing that ore body down to prove it.
The unique thing about Silver Strand, too, is that we have something called a gold credit. What that means is there's a portion of the ore that comes out that has gold in it. And unlike the rest of the mines around the area, this is actually very high-grade gold—what we'd consider higher-grade, which is 5 grams a tonne. What we're looking at is 5 to even 10 grams a tonne.
To put that into terms, most mines are built on 1 gram a tonne or less. Silver mines: Most mines are built on 100, 200 grams a tonne. We're seeing anywhere from 300 to 2,700 grams a tonne out of Silver Strand (press release), and this is just the top. If anything is proven in this area, the deeper you go, the better the grade. We're looking forward to running our exploration program and getting going on this.
Maurice: The Silver Strand has a historical resource. What is the exploration plan and timeline moving forward to have a complaint NI 43-101?
Morgan Lekstrom: We're currently working on our NI 43-101 in the background, and we plan update the market by the end of summer. We are looking to run the first stage of our exploration program, as we've been saying, by the end of late summer. We're working on our plans right now. I work all the time with our geology team making sure we're looking at the right area and the right mix of geology. We don't want to do things in an unmethodical way.
In our latest announcement, we were proud to convey that we brought on Rob Burk (press release), which is just a tremendous value add for us. Ron is an exceptional geologist and exceptional exploration leader. He's worked for some huge companies like Centerra Gold Inc. (CG:TSX; CADGF:OTCPK) and Teck Resources Ltd. (TCK:TSX; TCK:NYSE). Having calls with Ron and having that advisor in the background has helped us already home in on what we're looking at in terms of exploration, and also, how we can make the Silver Strand resource NI-43-101-compliant, build it out and make it a huge discovery. The upside potential of this resource is massive.
Maurice: Having the intellectual capital of someone like Mr. Burk doesn't show up on the balance sheet, but those are the accretive moves that a company has to make to achieve success. Now that we know the plan, let's test the proof of concept to date. Since our inaugural interview two months ago, Lakewood Exploration has had some exceptional sample grades. What can you share with us?
Morgan Lekstrom: Absolutely. As stated earlier, we just announced 2,744 grams a tonne. Keep in mind, most mines are built on 100 to 200 grams a tonne silver. We're getting that from our existing underground, which everyone said, "Oh, it's been mined out." Our geologists go in there with new techniques, new technology. They take chip samples in areas, and it's just a key indicator for us that there's that high-grade mineralization. We're seeing it on the surface as well.
There are outcrops all over the place. Having the ability to walk along this 5.5-kilometer strike length has helped us and help build the Silver Strand story out, along with the upside potential of this resource. Being able to walk on ground that hasn't been walked up to our Burnt Cabin asset gives us confidence that we may be on to something very intriguing. And if anything that is shown by our results of that, between 1,700 and 2,700 grams a tonne just from chip samples, there's a huge potential here.
Maurice: Certainly sounds like it is. Well, let me ask you this, were the sample grades a surprise, or is this what the team had expected?
Morgan Lekstrom: You expect good results, or you hope for good results. But honestly, I wasn't expecting to see 2,700 grams a tonne right away off a chip sample. It was unexpected, but it was also encouraging. These high grades reaffirmed to the team in the background that we're doing the right thing. We're looking in the right areas. And that when we begin the first phase of our exploration program, we're going to be looking in the right area.
We have something a lot of companies don't have, which is that existing underground, the ability to go in the historical mining there that was just hand-to-mouth, small scale. We have the ability to blow this resource out big and score some value for the shareholders.
Maurice: Multilayer question here, and you referenced drilling: What activity is currently being conducted on site, and is the goal to twin the historical holes?
Morgan Lekstrom: I can't provide the full details on that currently, as we are finalizing the plans, and then we'll have a news release around that. But I can tell you that we're looking at extending the current non-43-101-compliant resource to depth, to use the words you used, to "proof of concept," which is more than a concept for us. We want to show that identity between the mineralization we're seeing on the surface—the gold credit—see how far that goes, and we also want to get this thing to depth.
Like I said before, a lot of these mines in the area go down to like 2,000 meters, and we're only at 90. For us, it's all about drilling and getting down there and chasing that resource down.
Maurice: Before we leave the site, what is the next unanswered question for Lakewood Exploration? When can we expect a response, and what will determine success?
Morgan Lekstrom: I'd say the next unanswered question for Lakewood is: What's in the pipeline as far as acquisitions? And all I can say on that is stay tuned. What's going on at Silver Strand for drilling? We're looking forward to drilling in the late summer. Plus, we're adding very, very competent, meaningful people to our team.
My background as a mine builder: I've worked all over the world building mines for large companies, small companies. It changes the dynamic of the team when you have geologists, amazing capital markets people and mine-building folks in the mix. We do have what it takes to take something through exploration, make the resource huge and build it. That's a very unique position for us and for the mining industry.
Maurice: Yes, sir. The synergies complement one another with Lakewood Exploration. You have experts with a proven pedigree of success. You were brought on board recently, as well as Mr. Burk, and who else was added to the team, sir?
Morgan Lekstrom: We have Lawrence Roulston. We have Ron Burk, like you mentioned. Myself. We have Kristina Pillon. She's our head of investor relations (IR). She's unbelievable in what she does as well. And just lots of energy in our team so far. We're going to add a lot more people in the right time and the right positions.
We added our chief geologist—I can't forget him—Phil Mulholland. Phil is an exceptional geologist with a proven track record in the Western U.S., in Idaho as well. He's worked all around the Coeur d'Alene area. He's worked all over Montana. He's worked for big companies like Barrick Gold Corp. (ABX:TSX; GOLD:NYSE). I just can't say enough good things about Phil and his dedication to the profession, but also to the Silver Strand project. The ideas that flow, we're just approaching it with a very unique and new technology.
And Phil's the right person to be working with that side of it, his ideas and the crew, between him and Ron and how we all communicate together.
We have Joness Lang in the background too, who's also a proven capital markets expert, and he's senior VP for Maple Gold Mines (MGM:TSX.V; MGMLF:OTCQB).
Maurice: Switching gears, let's look at some numbers. Mr. Lekstrom, please provide the capital structure for Lakewood Exploration.
Morgan Lekstrom: We have about 33.8 million shares out. We have about 7.5 million shares free trading right now. We've got 7.5 million warrants out, and we've had a very good run so far. Very successful. I think we're hitting all the right tunes and all the right notes with our capital structure. It's very tightly held. We're in a very good place from a capitalization standpoint and a treasury standpoint. We just raised $3.5 million with 14 million shares. We are well positioned to execute, and to execute on exactly what we're saying and won't need more capital anytime soon.
Maurice: You're also rewarding shareholders. Speaking of the market cap, Lakewood Exploration has been on a roll. Since our inaugural interview on May 31, the stock was trading at $0.29, and since has moved up to $0.76. Congratulations, sir.
Morgan Lekstrom: Thanks, Maurice. It's exciting and positive to see the markets responding to the Silver Strand and the Lakewood story, but also to the capital structure. How this whole company has been structured is important to a shareholder—to know that there is a lot of room to grow, but it's also tightly held. It's not just a large vehicle of shares out everywhere. We're making sure that we have the ability to bring the value of the shareholders in a meaningful way.
Maurice: And speaking of shareholders, I am a proud shareholder, by the way.
Morgan Lekstrom: Oh, thank you.
Maurice: Honored. Before we close, Mr. Lekstrom, what would you like to say to shareholders?
Morgan Lekstrom: I know I said this earlier, but be on the lookout for the execution of our three-pronged approach on the acquisition side. Stay tuned.
Maurice: Looking forward to it. What keeps you up at night that we don't know about?
Morgan Lekstrom: I've been on many projects around the world, and there's been a lot of times I've been kept up late at night for reasons I don't want to go into it. But here with Lakewood Exploration and the Silver Strand, I'm not kept up at night because we have such a competent team. We have such good leadership in the right places. If there is something, we work it out right away. We have enough credible experience around us to solve challenges and not to delay. It's a unique position as a company, but even for me to be the president of the company to have that ability to lean on technical experts like Ron Burk, to lean on our VP of exploration Lawrence Roulston when we need to, and collaborate and have those great conversations. It's unique.
Maurice: Last question: What did I forget to ask?
Morgan Lekstrom: As much as I say we're in the makings of a great mining company, I just remind people that silver is one of these commodities that isn't just a hedge. It's used in manufacturing. It's used in making of video cards for cryptocurrency mining. It's used in making a semiconductor. It's used in making the microchips.
This is not a commodity to be taken lightly. If the historic proves anything, we're underperforming compared to our other commodities. I think there's a big opportunity here. I'm a silver bull, but I think proven from the technology side and the market side, I think we're onto something amazing here. Lakewood is getting positioned and we are positioned to take advantage of that for our shareholders.
Maurice: Mr. Lekstrom, for someone that wants to learn more about Lakewood Exploration, please provide those contact details one more time.
Morgan Lekstrom: Take a look at our website, lakewoodexploration.com. If you go to the bottom, Kristina Pillon's phone number and email are there. She's fantastic to speak with; if any questions need to be relayed up to me, she can do that.
Maurice: Hands down, I have to give it to you, your corporate deck is amazing. It's the best I've seen ever. I'd encourage anyone to go to the website. Take a look at their corporate presentation. They've put a tremendous amount of effort and it shows. All right. Mr. Lekstrom, it's been a pleasure speaking with you, sir. Wishing you and Lakewood Exploration the absolute best.
Morgan Lekstrom: Thanks, Maurice. You too.
Maurice: And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRAs. Give me a call at (855) 505-1900 or you may email [email protected]. Finally, please subscribe to www.provenandprobable.com, where we provide mining insights and bullion sales. Subscription is free.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.Sign up for our FREE newsletter at: www.streetwisereports.com/get-news
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( Companies Mentioned: LWD:CSE, )tsx cse nyse otcqb tsxv gold silver
MiB: Soraya Darabi, TMV
This week, we speak with Soraya Darabi, who is co-founder and general partner at TMV, an early-stage venture firm that has funded a broad range…
This week, we speak with Soraya Darabi, who is co-founder and general partner at TMV, an early-stage venture firm that has funded a broad range of startups. Darabi is also the founder of Transact Global and host of the podcast “Business Schooled.” She previously served as manager of digital partnerships and social media at The New York Times.
She discusses how the firm invests in “Non-Obvious” founders. There are market inefficiencies in this overlooked segment of entrepreneurs, while in Silicon Valley, there is both efficiency and similarity that lowers the probability of successful innovation. She also explains some of the advantages that being a successful entrepreneur lends to her as a venture capitalist.
Investing in seed rounds in places from Baltimore to Austin, being persistent in areas overlooked by others gives her access to deals in start-ups that are both cheaper and at lower capital requirements than perhaps places like SIlicon Valley or NY require.
You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here.
Be sure to check out our Masters in Business next week with Sukhinder Singh Cassidy author of “Choose Possibility” hailed as one of the Top 100 People in the Valley by Business Insider and a Power Woman by Elle. She has 25 years of experience founding, scaling, and advising companies like StubHub! Google, Amazon, and Yodlee. Thoughts?
Soraya Darabi Favorite Books
Negotiation Genius: How to Overcome Obstacles and Achieve Brilliant Results at the Bargaining Table and Beyond by Deepak Malhotra and Max Bazerman
Give and Take: Why Helping Others Drives Our Success by Adam Grant
Drown by Junot Diaz
Passing by Nella Larsen
The Diamond as Big as the Ritz (The Art of the Novella) by F. Scott Fitzgerald
Haywood Raises Nevada Copper Price Target After Debt Extension
On October 12th, Nevada Copper Corp. (TSX: NCU) announced that it has entered into an agreement with senior project lenders
The post Haywood Raises Nevada…
On October 12th, Nevada Copper Corp. (TSX: NCU) announced that it has entered into an agreement with senior project lenders and a non-binding term sheet to raise capital as well as a deferral and extension of its debt facilities. The company entered into a non-binding term sheet with their largest shareholder to consolidate outstanding shareholder loan promissory notes and increased the credit facility by US$41 million.
Nevada Copper currently only has 3 analysts covering the stock with an average 12-month price target of C$1.75, or a 51% upside. Out of the 3 analysts, 1 has a buy rating and the other 2 have hold ratings. The street high sits at C$2.50 from Paradigm Capital while the lowest comes in at C$1.25.
Haywood Capital Markets raised their 12-month price target to C$1.25 from C$1 and reiterated their hold rating after the news, saying “the debt extensions and added liquidity should provide NCU with sufficient flexibility to achieve its production goals.” This comes less than a week after the firm dropped its price target on the company from $2.00 to $1.00 following production results.
Haywood says that between the agreement with KfW IPEX bank and additional financing, a deferral, and extension of its debt facilities will be able to help the company ramp up its underground mine at Pumpkin Hollow and will let them advance their plans for open pit development.
Additionally, Haywood spoke with the newly appointed CEO recently and had some commentary on the event. As per Haywood, the priorities go as follows: improving the availability of mine equipment, completing the commissioning of the paste plant, and getting utilities to face in order advance mining and open up more mining fronts.
Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
The post Haywood Raises Nevada Copper Price Target After Debt Extension appeared first on the deep dive.tsx copper
Marvel positioning itself as a major landowner in Exploits Subzone of Central Newfoundland
Marvel Discovery Corp. (TSXV:MARV, Frankfurt:O4T1, MARVF:OTCQB) is a company on the move, with active projects in the Exploits Subzone of Central…
Marvel Discovery Corp. (TSXV:MARV, Frankfurt:O4T1, MARVF:OTCQB) is a company on the move, with active projects in the Exploits Subzone of Central Newfoundland and the Atikokan gold camp in northwestern Ontario where the junior has been reporting visible gold at its Blackfly project.
Marvel’s business strategy is fairly straightforward: identify virgin ground that has been “passed over” by larger companies, acquire the claims and begin exploring, first running geophysics to identify targets, then drilling them.
An example of this tactic is what Marvel has been doing in Central Newfoundland.
The Vancouver-based company has assembled a sizeable land position, over 100,000 hectares, right in the thick of the Exploits Subzone of Central Newfoundland — potentially one of the world’s last easily accessible, district-scale gold camps.
It is known to contain deep-seated gold-bearing structures of the Dog Bay-Appleton Fault — GRUB Line deformation corridor, and is home to the high-grade Keats Zone of New Found Gold (TSX:NFG).
See below for Marvel’s map of the area including the major faults shown as heavy black lines.
This past summer, Marvel was busy snapping up claims and adding to its land package.
The Victoria Lake project is among the most prospective of Marvel Discovery Corp.’s seven Newfoundland properties.
Located within the Exploits Subzone, the property is bolted onto Marathon Gold’s 4-million-ounce Valentine gold project, which is Atlantic Canada’s largest undeveloped gold resource.
Victoria Lake and Valentine exhibit a similar style of gold-bearing veins and have structural and geological settings in common. Preliminary work on Victoria Lake identified several quartz-arsenopyrite veins returning grab samples ranging from 15.5 to 24.9 g/t gold and 18.6 to 139.3 g/t silver.
In 1995, grab samples from Vein #3 featured 162.7 g/t gold and 220 g/t silver.
In mid-September Marvel acquired an additional 53 mining claims at Victoria Lake comprising 1,325 ha, increasing its land position to 7,650 ha. The company says the acquisition is located along the Exploits Subzone and covers a large, highly prospective structural zone proximal to the Valentine Lake Shear Zone hosting Marathon Gold’s (TSXV:MOZ) Valentine Gold Project with resources of 4M oz. of gold…
Victoria Lake Gold Project is host to interpreted extensions of the Valentine Lake Shear Zone and two major thrust faults, a wide structural corridor interpreted to play an integral part in the Marathon Gold Deposit.
In fact the claims, acquired via an option agreement with a vendor, contain the highest regional gold-in-till sample — 785 parts per billion (ppb) Au. This high-grade surface gold area was never followed up with additional exploration, making it a juicy target for Marvel Discovery Corp.
“These claim additions were a strategic move, not only in expanding the size and potential, but tying up ground with the highest gold till-in-soil samples in the province of Newfoundland,” Marvel CEO Karim Rayani commented in the Sept. 14 news release. “This shows we are in the right place for a potential discovery adjacent to what will likely become Newfoundland’s next and largest gold mine.”
Combined, the two juniors are the largest landowner next to Marathon Gold’s monster 4Moz Valentine gold project, and they each have claims on the Hope Brook gold project.
At Hope Brook, Marvel’s land position straddles both the eastern and western extents of recent land acquisitions by the Sokoman/Benton JV partnership, with Marvel now controlling areas of considerable structural complexity marked by large-scale fold and fault structures, which provide important structural controls (traps) for gold mineralization.
Rock lithologies and structures on the property are also related to those associated with Marathon Gold’s Valentine gold deposit, Sokoman’s Moosehead gold project and New Found Gold’s Queensway gold project — the first mover in the highly prospective Central Newfoundland Gold Area Play.
The Hope Brook mine was in production from 1987 to 1997, producing 752,163 oz. Coastal Gold outlined 6.3Mt at an average grade of 4.68 g/t Au, for 954,000 oz in the indicated and inferred categories.
In a phone call with me on Thanksgiving Monday, Rayani positioned the expanded Hope Brook project (19,075 ha now owned by Marvel) in relation to its neighbors:
“To the north you have Matador which I believe is 800,000 oz, to the south you have another deposit by First Mining optioned to Big Ridge which is another million oz of identified [gold], and we have all of the ground right in the middle so we’re tied onto major structures, we’ve got ground at Valentine Lake, we’ve got ground on three of the largest systems out there.”
He emphasized, “Our objective is to cover off whatever is not covered by government mag [magnetic survey] and fly the rest of it ourselves, then package it up and see what we’re going to do. I would like to try and do as much of the work ourselves and then make a decision as to what we’re going to drill.”
Initial permits have been filed for a first phase of exploration at Hope Brook which includes high-resolution magnetic gradiometry surveys that help to sort structural complexities in geological terranes. The company will also be sending prospecting crews to begin baseline prospecting to determine if the magnetic trends highlighted in regional government surveys are due to similar mineralized structures as those hosting the nearby Sokoman/Benton lithium discovery — the first documented occurrence of lithium in the province of Newfoundland-Labrador.
“Marvel and our sister company Falcon Gold have made a lot of noise as of late not only in acquiring sizable land positions tied on to major structures but also following the structures to find what we believe are hidden gems that have been overlooked and passed by. Sokoman-Benton’s new Lithium discovery is less than 10 km away and is a testament to our business model,” Rayani stated in the Sept. 20 news release.
The Atitokan gold camp in Ontario is one of the country’s most prolific, and the Blackfly project is one of the camp’s earliest gold occurrences, dating as far back as 1897.
The property is in a highly enriched gold neighborhood, located within the Marmion Lake fault zone about 14 kilometers from Agnico Eagle’s Hammond Reef gold deposit, which hosts an estimated 3.32 million ounces of gold in reserves.
Marvel’s mission is to see whether the historical exploration around the Blackfly mine has more to offer. So far the results look promising.
Drilling commenced on June 24, with nine diamond drill holes out of 16 completed to date for 1,116m. Drilling has concentrated around the historical shaft area with four holes drilled at the Blackfly Northeast Zone.
Visible gold has been discovered in a number of surface samples and in multiple drill holes, a very good sign that MARV may have hit upon a gold system of yet to be determined size. Four sub-parallel gold mineralization trends have been confirmed by drilling.
“We’re just waiting on the final numbers.” Rayani told me, adding that there is a new zone he expects will report better results than former operator Terra-X.
According to Terra-X’s assessment report, the lineament containing the Blackfly vein has alteration and mineralization traceable over a 4.4-km strike length, as shown by the distribution of samples collected along it.
The best gold values from this lineament occur within the historical work, where Terra-X’s grab samples included results of 167 g/t and 85.6 g/t Au.
Marvel represents an intriguing opportunity for investors looking for an undervalued junior in one of the most exciting gold plays on the planet, the Exploits Subzone of Central Newfoundland.
Larger players like New Found Gold and Marathon Gold have seen success at the drill bit and their market capitalizations have grown accordingly. NFG currently trades at $8.82 per share with a market cap of $1.3 billion while MOZ has a market value of $734 million @ a share price of $3.02. Most of the money here, imo, has already been made. Penny stocks like Marvel offer much better opportunity for share price appreciation.
Central Newfoundland is shaping up to be a classic area play, with over a dozen companies having established a presence there, either buying up claims around the big gold deposits, like Queensway and Valentine, conducting exploration programs or in the case of Marvel Discovery Corp., both. Marvel has applied for exploration permits at Hope Brook and has significantly expanded its land position at Victoria Lake.
I wouldn’t be surprised to see further consolidation in the Central Newfoundland Gold Area Play. If a company like NFG, backed by big money, with Eric Sprott and merchant bank Palisades Goldcorp owning a combined 51% of the shares, were to start making acquisitions, the boost to smaller juniors like Marvel could be dramatic.
Over at Blackfly, Marvel’s mission is to see whether the historical exploration around the Blackfly mine has more to offer. So far the results look promising.
Nine diamond drill holes have been completed to date for 1,116m. Drilling has concentrated around the historical shaft area with four holes drilled at the Blackfly Northeast Zone.
Visible gold has been discovered in a number of surface samples and in multiple drill holes, a very good sign that MARV may have hit upon a gold system of yet to be determined size.
Marvel Discovery Corp. has everything we like to see in a gold junior, starting with a great property in an established gold jurisdiction. However, the company understands it’s never a good idea to put all your eggs in one basket. Management has acquired claims close to the big players in the Exploits Subzone of Central Newfoundland. The company already has one of the best prospecting teams in the province, and from what I’ve seen so far, great management that understands the lifeblood of a junior is a steady flow of news. Rayani hinted there will be more announcements from MARV before the year is out. Stay tuned.
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