'Bona Fide Discovery' in Early Drilling at a Yukon Gold Project

In a recent broadcast, technical advisor Quinton Hennigh provided updates on three exploration companies with recent news and covered a few other exploration stories, all in Crescat Capital's mining exploration portfolio.

Quinton Hennigh discussed three companies and their new drill results.

Snowline Gold Corp. (SGD:CSE: SNWGF:OTCQB)

In an exciting update, Snowline discovered a high-grade epizonal system in the middle of nowhere on its Yukon project early in drilling, Hennigh noted. Hole J-21-011 hit two zones, one 5 meters over 10 grams, the other 6.5 meters over 13 grams. To top it off, the company still has many targets to drill test.

"This is a bona fide discovery," Hennigh added. "This should be celebrated to the nth degree. I cannot tell you how exciting it is to see an early-stage discovery like this."

BCM Resources Corp. (B:TSX.V; BCMRF:OTCMKTS)

At its project in Utah, BCM is starting to see mineralization to a degree in the right setting, which it mentioned in its recent news release.

The company is now drilling a hole (indicated in pink on the slide) parallel to but deeper than its initial hole. BCM still needs to get into the potassically altered part of the porphyry-copper system buried under the area there and will likely need to drill more holes to do so. Also, BCM now has money to conduct geophysical work on the property.

NuLegacy Gold Corporation (NUG:TSX.V; NULGF:OTCQB)

The investment thesis for Nulegacy's project in Nevada's Cortez Trend is that the other half of the mineralized system being mined at Nevada Gold Mines' Goldrush is on NuLegacy's property. New drill results there were not impressive, Hennigh said, but there is a good profile from all of the holes drilled, between Drift Anticline and Serena. Given that, Hennigh said NuLegacy's area of focus may need to be between those two targets.

"There is definitely gold here," Hennigh said. "There's lots of anomalous gold. This is definitely a system."

Assays for a set of holes drilled at Drift Anticline are pending. Once NuLegacy receives those, it can determine where next to drill. It has plenty of cash to continue its program.

Hennigh provided a status update on numerous other exploration companies.

Condor Resources Inc. (CN:CVE)

Peru-focused Condor is concentrating on Pucamayo, a Pierina-like high-sulphidation target with the potential to contain 5,000,000-plus ounces, Hennigh said. The company has been having trouble arranging access to drill targets for various reasons, including protracted negotiations and COVID-19.

"Over the next couple of months, based on what we're hearing, they should be able to get in there and start drilling this target," said Hennigh. "It's going to be quite exciting once they do."

The investment thesis for this company operating in Bolivia is that its Iska Iska is one of the biggest silver and tin discoveries in many years. The system's footprint spans about 2 kilometers north-south and over 1 kilometer east-west.

"There is huge potential remaining to unlock value here, based on the current drilling," Hennigh said.

Eskay Mining Corp. (ESK:TSX.V)

With four rigs working on the property, Eskay Mining is nearly halfway done with its planned 30,000 meter drill program. Most of the holes it drilled this season have visible mineralization, Hennigh said. The recently hit mineralization looks much like that encountered in the early days at Eskay Creek.

"We see this as one gigantic, ore-forming system of volcanogenic massive sulphide type. It's precious metals rich. We think that there are a lot of targets that will deliver on this property," said Hennigh.

New Found Gold Corp. (NFG:TSX.V)

Cashed up Newfound Gold has drilled 38% of its planned campaign. The Keats target, which has been drilled the most, remains open downplunge. Newfound is starting to systematically drill the Lotto target. Both are likely to return more high-grade results, Hennigh said.

"This thing has a lot of room to grow from here," he added.

White Rock Minerals Ltd (WRM:ASX; WRMCF:OTCQF)

Problems with drilling, including an inexperienced crew, has hampered White Rock's drill program in Alaska. This season, White Rock will likely complete only two-thirds of it planned meters, which means Last Chance will not get drill tested, a disappointing development according to Hennigh.

Cabral Gold Inc. (CBR:TSX.V; CBGZF:OTCMKTS)

Cabral has cash and "is doing the right thing," Hennigh noted, as it is going to grow its resource at its district-scale Cuiu Cuiu project in Brazil.

Defiance Silver Corp. (DEF:TSX.V; DNCVF:OTCBB)

Previous drilling at Defiance's large Zacatecas project in Mexico showed high-grade, big, fat vein systems at depth, so the company will aggressively drill there over the next few months. Along with Zacatecas, Defiance has Tepal, a copper gold porphyry system that "could end up being a multimillion-ounce of gold equivalent project," Hennigh said.

The plan is to drill Tepal soon as well, but permitting is taking longer than usual in Mexico due to COVID-19.

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