NOTE: Not a recommendation to buy or sell stocks
The TFSA Letter Stock List is simply a list of stocks for a Tax Free Savings Account that could generate substantial capital gains. Stocks listed can be dropped or added back without notice depending on news flow and stock price changes. Information on the TFSA Letter Listed Stocks will be updated weekly.
Daily updates or news will be made on Twitter – @LetterTfsa
Stocks (Stock Price When Listed) Current Stock Price Update
Aftermath Silver – AAG ($.285) – $.36 – announced that it has reached an agreement dated May 25, 2020 to acquire from SSR Mining Inc. its 20% interest in the Cachinal silver-gold project for a total consideration of C$700,000. On completion of the transaction, Aftermath Silver will own 99.9% of the shares of Minera Cachinal SA, which owns Cachinal. One share will remain held by a Chilean national as per Chilean business law requirements
Adamera Minerals – ADZ ($.04) – $.05 – announced a non-brokered private placement of up to 20 million units at a price of $0.05 per unit for aggregate gross proceeds of up to $1,000,000. Each unit will consist of one common share and one-half of one common share purchase warrant. Each whole Warrant will be exercisable for one common share of the Company at a price of $0.10 for one year from the date of issuance.
1911 Gold – AUMB ($.26) – $.48 – reported the remaining results from the Phase I exploration drilling program at its 100% owned Rice Lake gold properties in Manitoba.
Macdonald Mines – BMK ($.11) – $.09 – announced that, with strict health protocols in place, it has resumed its 2020 drilling program after temporarily suspending operations due to COVID-19 at its SPJ Project, located 40 km east of Sudbury, Ontario. The Company remains well funded as the Spring 2020 exploration program bmkcontinues. Results from 2 holes from the winter 2020 drilling program are still pending and will be released when they are received.
Cardinal Resources – CDV ($.275) – $.36 – Nord Gold is acquiring shares and tentative takeover bid with acquisition at average price of A$0.43798 per share, including 16.4% acquired from Gold Fields at A$0.45775 per share; non-binding Preliminary Proposal to acquire Cardinal Resources.
Quebec Precious Metals – CJC ($.25) – $.33 – reports the discovery of the La Pointe Extension following the winter diamond drilling program on the 100% owned Sakami Project in Quebec’s Eeyou Istchee James Bay territory. Significant additional drilling will be required to better define the exploration potential of this discovery. The La Pointe deposit and new La Pointe Extension discovery are part of a larger 13-kilometre-long mineralized trend on the Project striking SSW-NNE
Canada Nickel Company – CNC ($.51) – $1.06 – announced the results from the latest drill holes at its Crawford Nickel-Cobalt Sulphide project, including a third hole, CR20-33, into the newly discovered East Zone, which extends nickel mineralization a farther 400 metres east, and the nickel assays from the previously reported hole CR20-32, which extend Main Zone nickel mineralization by 1.5 kilometres to the north.
Dore Copper – DCMC ($.85) – $.71 – announced that it has resumed drilling at its Cedar Bay property. The two drill holes that were in progress when drilling stopped on March 24th, have resumed without incident and no changes to the Cedar Bay drill program announced on January 6th, 2020 are anticipated. The program will test the 10-20 zone at the shaft level. The 10-20 zone consists of three parallel veins where previous drilling returned numerous high-grade gold and copper intercepts including 2.4 m grading 19.5 g/t Au and 1.67% Cu in hole CDR-18-02, and 2.4 m grading 15.4 g/t Au and 4.54% Cu in hole CDR-18-03. The drill program will also test the main Cedar Bay vein at depth.
Dios Exploration – DOS ($.095) – $.11 – announced the closing of a final tranche of a non-brokered private placement in the amount of $401,000 pursuant to which 4,010,000 flow-though common shares were issued at the price of $ 0.10 each. The net proceeds will be used for exploration work on Dios’ wholly-owned K2 property, which is adjacent in strike SW to Azimut Exploration inc.’s Elmer property in the James Bay region, Quebec. Work completed by Dios on K2 has delineated 3 km long WI target electromagnetic conductor and ATTILA gold-copper-silver prospect, which is southwest of Azimut Exploration’s Patwon gold discovery, bearing similarities in some host rocks (felsic intrusive), alterations and 3 networks of quartz veins.
Dolly Varden – DV ($.275) – $.48 – announced that the Company intends to undertake a private placement financing to raise gross proceeds of up to $4.5 million from the sale of up to 10 million common shares that qualify as “flow-through shares” as defined under the Income Tax Act (Canada) at a price of $0.45 per share. Continuing with his support of Dolly Varden, Mr. Eric Sprott is expected to subscribe for additional shares under the Offering to maintain his 19.9% interest.
Cartier Resources – ECR ($.15) – $.195 – announced values of 32.0 g/t Au over 2.0 m included within 16.5 g/t Au over 4.5 m, also included within 7.1 g/t Au over 12.1 m, intersected at a distance of 500 m below the new Zones 5B4-5M4-5NE of the Chimo Mine Property, located 45 km east of Val-d’Or. “These new results indicate that the gold mineralisation is open in all directions below Zones 5B4-5M4-5NE which have been drilled to date from surface to a depth of 1,300 m” commented Philippe Cloutier, President and CEO, adding “growing the dimensions of the cluster of Zones 5B4-5M4-5NE is an important addition to the development potential of the project.”
Eloro Resources – ELO ($.37) – $.38 – announced it has completed a previously announced non-brokered private placement of 2,200,000 units of Eloro at a price of $0.25 per unit for gross proceeds of $550,000. Each Unit consists of one Common Share and one half of one Common Share purchase warrant. Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.50 per share for a term of 18 months, expiring November 20, 2021 Placement.
European Cobalt – EUC (Australia) – (A$.03) – announced that it has signed an exclusive option agreement to acquire 100% of the Edleston Gold Project located in Ontario, Canada. Managing Director, Mr Rob Jewson commented “The Edleston Gold Project is an advanced exploration opportunity with particularly exciting exploration upside potential. The work done to date has outlined a significant mineralised system which can be effectively targeted using IP geophysics. To date only 540m of strike has been tested along a corridor with multiple moderate to strong IP conductors delineated along a total strike exceeding 3,300m. The extent of these anomalies at present are constrained by the extent of the IP surveys.” In excess of CDN$10M has been spent to date on primarily geophysical and drilling activities across the Edleston Project by 55 North Mining Inc (formerly SGX Resources Inc). Due to the lack of outcrop at surface, exploration has largely been driven by a combination of detailed magnetics to define the structural and lithological framework.
FenixOro Gold – FENX ($.245) – $.32 – announced the formal commencement of its Phase 1 exploration program at the flagship Abriaqui project in Antioquia state. Abriaqui is the closest gold exploration project to the Continental Gold/Zijin Mining Buritica deposit, located 15 km to the west along the Middle Cauca gold belt. The $US 2.9 million exploration program, already underway, consists of mapping, sampling, ground magnetometry and 6000m of diamond drilling. The drilling will test areas of “Buritica-style” closely spaced, high grade veins with each inclined drill hole targeting multiple veins and interstitial areas of lower grade quartz-sulfide stockwork. Pre-drill field work began earlier in 2020 but was temporarily placed on hold when the Colombian federal government mandated a national lockdown due to COVID-19 in early April.
Geomega Resources – GMA ($.16) – $.145 – announced that the Company has completed the retrofit of its pilot plant and has begun the production of hand sanitizer for the Québec market. As indicated in the April 20, 2020 press release, the Corporation obtained the natural product number and all the approvals from Health Canada in order to manufacture and distribute hand sanitizer using the WHO-recommended formulation. The modifications have now been completed and production has begun. The production is from the Corporation’s Pilot Plant and allows Geomega to produce up to 675 liters per week.
Golden Goliath – GNG ($.06) – announced that the recently announced private placement has now received the necessary regulatory approvals. Originally planned for $350,000, the private placement was increased to $450,000 due to demand and then again to $500,000. The Company filed with the TSX on May 13th when it had received subscriptions from 24 placees, including several Company Insiders. The offering closed at 9,960,000 Units at a price of $0.05 per unit for gross proceeds of $498,000.00; net proceeds will be used on the Company’s Kwai property in the Red Lake district to complete the approximately 50 line kilometres of Induced Polarization survey that was identified as a priority by the recent airborne geophysical survey and to conduct a program of till sampling geochemistry on the property.
Angus Ventures – GUS ($.32) – $.60 – announced that it has closed the previously announced acquisition of 100% interest in the Ellen Creek Gold Property from an individual vendor and of 100% interest in River Gold Property from Metalcorp Limited.
Metals X – MLX (Australia) – (A$.076) – A$.094 – announced that the coronavirus is yet to affect the Renison tin mine on Tasmania’s West Coast. There had been no cases within the workforce and no disruption of operations, critical supplies, product logistics or shipping, half-owner Metals X Limited said. “Business continuity and resilience plans are in place for any disruptions, which include prudent financial measures,” Metals X said in its March quarter report. It said it had implemented “substantial measures” to ensure safety of employees, contractors, suppliers and the community in response to the pandemic. They included: changes to site infrastructure to allow better cleaning; better cleaning at offices and workers’ villages; suspension of surface exploration; temperature screening before people were allowed to enter sites; personal declarations from all personnel entering sites; elimination of non-essential interstate travel by staff; and working from home whenever practical. The company said higher mined grade at Renison during the quarter led to a 5 per cent increase in tin in concentrate production. The Metals X half-share of Renison’s quarterly earnings before interest, tax, depreciation and amortisation totalled $3 million, while the company was hit by a net cash outflow of $1.5 million at the mine. It said that was due to spending on a metallurgy improvement program, mobile equipment rebuilds and a mining optimisation study of the high-grade Area 5. The optimisation study and an updated life of mine plan were expected to be completed in the current quarter, with Area 5 production due to start in the second half of 2020. Metals X said the metallurgical improvement program was starting to deliver increasing mill throughput rates and recoveries. The company had $26.3 million in cash and working capital at the end of March, plus a loan facility with Citibank with a balance of $33 million. The mine received an average realised tin price of $22,290 per tonne during the quarter, ahead of all-in sustaining cost of $20,747 per tonne produced. *Approximate cash price of tin currently AUS$23,378/t
Manitou Gold – MTU ($.045) – $.045 – announced initial results from its winter exploration program being conducted in the eastern Michipicoten gold belt, between the Island Gold mine and the past producing Renabie gold mine, north of Wawa, Ontario. Ongoing work includes approximately 1,600 meters of diamond drilling as well as airborne and ground geophysics. Ongoing drilling intersects wide, mineralized shear zone in first two holes drilled to date at the Company’s Patents property. This 70 metre shear zone (estimated true width of 50 meters) containing quartz veins displays broad similarities with ore bearing veins at the Island Gold Mine (assays pending).
NioBay Metals – NBY ($.30) – $.29 – announced new and significant high-grade intersections at the James Bay Niobium Project in Northern Ontario. The assay results for the remaining four drill holes are in-line with the previous three holes. In total, the Company completed seven drill holes for a total of 3,090 metres, and confirmed; The presence of a high-grade core raking north; Increasing width moving north of the deposit; Mineralization open at depth (deepest hole at 330 meters); Significant potential to further extend the known resource.
Verde AgriTech – NPK ($.455) – $.57 – announced its financial results for the first quarter ended March 31, 2020 (“Q1 2020”)… Revenue increased by 230% to $509,532, compared to $154,279 in Q1 2019; Production increased by 32% with a total of 6,375 tonnes, compared to 4,825 tonnes in Q1 2019; Sales increased by 830% with a total of 10,170 tonnes compared to 1,093 in Q1 2019; Net loss reduced by 9% to $792,195, compared to 872,506 in Q1 2019.
Outcrop Gold – OCG ($.185) – $.30 – provided an update on exploration and current drilling in progress at the Santa Ana high-grade silver-gold project located in Colombia. “It is very encouraging to see significant amounts of coarse vein-boulders on soil lines where veins were projected between workings. Whereas previously the El Dorado vein zone had been only projected – it is now clearly mappable where soil lines consistently encounter the mineralized vein-boulders”, comments Joseph Hebert, Chief Executive Officer. “And our first four holes at depth in La Ivana have all intercepted mineralization similar to that encountered in the phase one shallow drilling.”
Precipitate Gold – PRG ($.125) – $.155 – announced its new high priority exploration focus at its 100% owned Ponton project, located approximately 20 kilometres due east of the Company’s Pueblo Grande project in the Dominican Republic. Recent data compilation and interpretation of the Ponton property’s historical surface geochemical sampling (soil, rock and stream sediment) highlighted the project’s Copey Hill Zone as the region’s strongest multi-element geochemical anomaly (gold, silver, arsenic, mercury, antimony) which is likely reflective of a near surface epithermal gold system. The zone has never been drill tested and will be the focus of the Company’s near-term drill targeting plans.
Pacific Empire – PEMC ($.06) – announced it has entered into an option agreement to acquire a 100% interest in the Jean Marie Project, a copper-gold-silver-molybdenum porphyry project located 50 km west of Centerra Gold Inc.’s Mt. Milligan copper-gold mine in central British Columbia. The Jean Marie Project covers 6,300 hectares and has multiple mineralized zones which are open for expansion. Historical drilling highlights include drill hole J97-11 which intercepted 184 m @ 0.33% Cu, including 27 m @ 1.2% Cu; Three discrete zones, each with indicators showing higher grade potential; 9 kilometre trend of highly anomalous copper geochemistry.
Rockcliff – RCLF ($.07) – $.08 – announced the completion of its phase one drill program at the Company’s 100% owned Freebeth Property located in central Manitoba. The drill program was successful in locating and identifying the historical Last Hurrah Zone. The Freebeth Property is strategically located within trucking distance to the Company’s leased processing and tailings facility.
RJK Explorations – RJX.A ($.19) – $.17 – announced that the 273 kg kimberlite sample retrieved from the Kon Property has arrived at the CF Mineral Research Ltd. (CFM), an ISO 9001:2015 certified and 17025:2005 compliant laboratory and processing has started. The kimberlite indicator mineral report for the Bishop Paradis drill core, reported in RJK’s news release dated April 1 2020, has been uploaded to the company website
Scottie Resources – SCOT ($.185) – $.25 – announced a single issue non-brokered private placement offering of up to 4,400,000 units at a price of $0.22 per Unit, for gross proceeds of up to $968,000. Each Unit consists of one common share and one half of one common share purchase warrant. Each Warrant will be exercisable into one common share of the Company at a price of $0.34 for a period of two years from closing. If fully subscribed, the Offering will increase the position of a Geneva-based family office to an approximate 9.9% ownership of Scottie Resources on a partially diluted basis.
Superior Gold – SGI ($.61) – $.70 – announced firs quarter highlights – Remained at full production whilst operating under COVID-19 restrictions; Produced 16,351 ounces of gold at a record average realized gold price of $1,570/oz; Sold 16,850 ounces of gold at total cash costs of $1,291 per ounce sold and all-in sustaining costs of $1,416 per ounce sold; Net loss for the period of $0.04 per share and adjusted net loss of $0.00 per share; Exploration results of up to 27.9 g Au/t over 4.10 metres continued to demonstrate the potential to expand mineralization at Plutonic with step out drill results between the Indian and Baltic Zones
Sun Metals – SUNM ($.225) – $.095 – announced the successful closing of its non-brokered private placement initially announced on May 11, 2020 and upsized on May 13, 2020 due to strong demand; the Company issued a total of 18,750,000 units of the Company at a price of $0.08 per Unit, for gross proceeds of $1,500,000. Each Unit consists of one common share of the Company and one-half of one Common Share purchase warrant. Each Warrant entitles the holder to acquire one Common Share of the Company until May 25, 2021 at a price of $0.12, and from May 26, 2021 to May 25, 2022 at a price of $0.15.
**TAG Oil – TAO ($.05) – $.115 – $.30 cash was paid to shareholders on April 16th. Following the return of capital, the Company will retain ~C$15 million in cash along with the 2.5% gross overriding royalty on all future production from the New Zealand assets sold and up to US$4.5 million in future event specific payments payable on Tamarind Resources Pte. Ltd. achieving certain milestones. TAG will have enough capital to continue its business operations as currently operated for the foreseeable future.
American Pacific Mining – USGD ($.155) – $.265 – announced that it has closed its oversubscribed non-brokered private placement issuing a total of 23,918,035 units at CAD$0.125 per Unit for total gross proceeds of CAD$2,989,754.44.
VR Resources – VRR ($.35) – $.28 – has signed two non-binding Letters of Intent in order to evaluate new opportunities with the potential to strengthen its existing exploration strategies at its Ranoke copper-gold property in Ontario, and its Big Ten gold project in Nevada. Terms for the respective LOI’s are agreed upon and will be announced pending due process on executing final acquisition agreements. Both opportunities are blue-sky in nature relating to greenfields exploration, on large-footprint systems which lack modern, systematic exploration and drill-testing. To support its exploration strategy, the Company intends to complete a non-brokered private placement of up to 5,000,000 units at a price of $0.22 per Unit.
Zephyr Minerals – ZFR ($.24) – $.40 – announced that it has discovered the silver in historic drill holes GC-8 and GC-9 is hosted by the same rare silver mineral that is host to the silver at the Broken Hill and Cannington silver-lead-zinc mines in Australia, as well as a silver enriched variant
Group Eleven – ZNG ($.05) – $.045 – announced the commencement of diamond drilling at its 100%-interest PG West zinc-lead and copper-silver project (“PG West”), near Limerick, in the Republic of Ireland; drilling at PG West is expected to total approximately 1,000 metres. The first hole commenced drilling on May 22nd, 2020 and is expected to be 300-400 metres deep. The target consists of the base of the Waulsortian limestone on the southern edge of the Limerick Volcanic Complex, along the Pallas Green Corridor. This hole is located 250 meters south of hole G11-450-02 (the “Kilteely hole” which intersected the outer margin of a suspected new Irish-Type zinc-system.