It took about one month for Exploits Discovery (CSE: NFLD; US-OTC: NFLDF) to transform itself from a zero-ounce minnow to holding about 680,000 oz. of historical gold resources in Quebec and Ontario, CEO Jeff Swinoga says.
With two new option agreements, Exploits aims for 1 million oz. gold at Ontario’s Hawkins project and three properties in Québec: Benoist, Fenton and Wilson. This marks change in strategy and focus, moving from early exploration to scalable resource growth, Swinoga said in a new video interview.
“A month ago, we had no gold resources. Now we’ve got almost 700,000,” Swinoga told The Northern Miner early this month in Quebec City. “We’ve developed a great growth platform in Ontario and Quebec.”
The shift comes as analysts note that juniors must show resource growth and potential for rerating. This pressure increases with rising gold prices. Exploits wants to stand out from grassroots peers, says Swinoga, hence the move towards advanced-stage assets in top-tier regions. For everything, the market attributes a market capitalization of roughly $4 million (C$5.4 million), or $6 per historical ounce, to Exploits – far below the $40–$50 per oz. average Swinoga cited for peers.
The new holdings include the historical inferred resource of 328,800 oz. at 1.65 grams gold per tonne in the McKinnon Zone at the Hawkins property in northern Ontario, acquired last month from Pavey Ark Minerals. In Quebec, Exploits secured rights from Cartier Resources (TSXV: ECR), with the three assets together hosting about 340,000 oz. in historical and non-compliant resources.
Permitting is underway across the portfolio, with two drill programs slated for later this year, Swinoga said.
Watch below the full interview with The Northern Miner’s western editor, Henry Lazenby.
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