Phase 1 has produced exceptionally good drill results with new all-time highs. Phase 2 course rocket ignites today!
After the gold-silver explorer Tocvan Ventures Corp., active in Mexico, (CSE: TOC; WKN: A2PE64) published outstanding drill results from the phase 1 drill program last week ( see here ), according to today's news ( German / English ) the next phase of exploration is already beginning .
In an interview published yesterday, Tocvan CEO Derek Wood chats outside the box and emphasizes how undervalued the stock still is - given what lies ahead. The Phase 2 drilling program, which will start shortly, is expected to be a great success for the company and its shareholders. The prospects for success are spectacular, as the current stock market valuation is only EUR 10 million and the impressive upward trend has obviously only just begun.
Before the phase 2 drilling tests the huge gold pipes for the first time , which Tocvan discovered last year using modern geophysics at depths of 150 m ( see here ), the Tocvan geologists on site have to select the best drilling locations and then select them for the drilling rig to prepare. The Tocvan team is already on the Pilar property to also do detailed mapping and collect rock samples.
Tocvan's chief geologist Brodie Sutherland commented in today's news: "We are pleased to be back on the Pilar property and to continue work. Results from our Phase 1 drilling program released last week show the potential to increase the known extent of mineralization at depth and along strike trend. The High grade gold and silver drill intercepts provide evidence of ingrained structures that we are only just beginning to uncover. Detailed mapping and sampling of the surface features of these structures will help us determine drill targets as we make great strides towards Phase 2 In addition, the 4-Trench Zone offers the opportunity to discover a parallel trend to the Main Zone of equal importance. "
Full Version / 2020 drill results to enlarge the Main Zone relative to additional targets on the large Pilar property.
High priority target areas according to today's news:
Main Zone Enlargement
• 800 m southeast of the Main Zone
• Historic hole JES-18-03 returned 13.5 m @ 5.6 g / t gold + 22 g / t silver
• 800 m of anomalous heavily mineralized soil and grades from 0.106 to 0.911 g / t gold
• Rock samples showed 9.3 g / t gold and 76 g / t silver
4-trench zone
• 600 m long trend including 4-trench zone
• Historic drill hole K-16 returned 7.5 m @ 3.3 g / t gold and 31 g / t silver
• 600 m with anomalous heavily mineralized soil and Grades from 0.118 to 2.03 g / t gold
• Rock samples showed 24 g / t gold and 116 g / t silver
• Network of historical, small mining shafts
New MMC interview with CEO Derek Wood
Source: https://youtu.be/bcNJ7WtVIvY
Short version :
• Doug Coleman of the Mexico Mining Center congratulates Tocvan CEO Derek Wood on the successful drill results that were published in early February ( see here ), such as 94.6 m @ 1.6 g / t gold including a high grade interval of 9, 2 m @ 10.8 g / t gold + 38 g / t silver .
• He then asks Derek, "These are the best drill results ever made on the Pilar property (approximately 17,700 meters of drilling), correct?" Derek replies that the "greatest" drilling success on Pilar was made in the 1990s: a whopping 16.50 m @ 53.47 g / t gold + 53.40 g / t silver (at a depth of only 52.50 m core length; see drill hole "S-10" on page 22 in the technical report ). He added that this hole was the reason for the many holes that were subsequently completed (> 17,700 m) to pursue and possibly repeat this extraordinary drill success (extremely high grade over such long lengths).
• Derek emphasizes that the Tocvan focus is different : (a few) drillings are intended to confirm historical drillings in the main zone ("Confirmation" drillings; in order to be able to publish a resource estimate). Further drilling is intended to enlarge the main zone (so-called "step-out" drilling), because the deposit is still "open" in all directions. Previous project operators basically only wanted to get similar drilling successes directly in the Main Zone as well S-10 in order to inspire the market and carry out (dilutive) financing. The primary Tocvan targets, however, are to enlarge the Main Zone (via riskier "step-out" drilling) andDiscovery of new deposits on other parts of the property (so-called "discovery" holes) "with even bigger and better drill targets" , as Derek anticipated.
Full version / 2020 drill results (8 holes) next to the many historic drill holes (in red) in the Main Zone.
• Derek raves about the new Tocvan geologist Rodrigo Calles-Montijo ( see here ), who lives near the Pilar property and whom he got to know personally on site a few months ago while visiting the property. Tocvan is thrilled to have this renowned geologist on board as he values new exploration technologies and is excited about the Pilar project. Derek adds that Rodrigo also has very good relationships in Mexico and will be valuable to Tocvan in many ways.
• Derek is also pleased to have won Donn Lovett ( see here ), well known among government circles, for Tocvan as he has high-level relationships with the Mexican and Canadian governments and is invaluable to Tocvan's successful future.
• Doug Coleman states that not only is project and management important to a successful company, but "just as important" is the company's stock structure. When asked how Derek structured the company to make it attractive to investors, he replies, "I've been in the stock market since the 1990s (with a focus on junior exploration companies) and have seen many market cycles and failures "The most important thing for us at Tocvan is to make sure our investors are well informed of the progress we are making to create shareholder value for early and current shareholders, including myself."
• Derek then says this important sentence : "We're not trying to raise money [through dilutive funding] just because it is there. We prefer to do it in stages. And that the value of the project, while minimizing project risk, is real." also gains in value ... With only 24 million shares in circulation and all the money that is currently flowing into our coffers (through warrant exercises), we are in a good position to make a decent big profit ("decent, big -size win ") for our shareholders. And we do that by trying to protect the company's capital structure as we advance the project."
• Derek summarizes his investment philosophy / strategy as follows: "The exploration and mining business is generally very risky for investors. But that's okay if the risk is in line with the potential return."
• Finally, Derek comments on the recently announced financing at a premium of 28% on the then share price ( $ 1.25 million @ $ 0.50 USD ): It is a single investor who would like to participate, but the financing is still available is not completed. As an aside, Tocvan has other financial options, but there is no rush. Tocvan first wants to see what the geologists Rodrigo and Brodie are currently achieving on site for results and repeat:"We don't want to raise too much money at the current share price level because I still see the stock as far too undervalued to dilute here. I just need enough funds to run the upcoming phase 2 drill program (alongside one small amount to breathe). And these funds should be wrapped up in no time because we're about to get up to $ 700,000 from warrant exercises that are currently going on, and money is actually coming in every day. These warrants are big right now In the money ("deep in the money"). The financing of the next phase is a process that is already taking place.
• Final remark from Derek: "I think there is still a lot of room for a positive price development" ("there is still a great deal of upside"). We are working on proving that we have a resource that can be mined in an open pit, while still having drill targets spread all over the property: There is no shortage of targets ("there is no shortage of targets ").