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viewTocvan Ventures Corp.

Tocvan Ventures is looking to reward early stage investors with projects in Mexico and British Columbia

Snapshot

The company has been making quick progress with its exploration work at the Pilar gold project in Mexico

Tocvan Ventures Corp. -

Quick facts: Tocvan Ventures Corp.

Price: 0.445 CAD

CSE:TOC
Market: CSE
Market Cap: $8.11 m
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  • New explorer with two advanced-stage projects
  • Strong team with mining executive experience
  • Mining friendly jurisdictions

What Tocvan Ventures does:

Tocvan Ventures Corp (CSE:TOC), a resource company that went public in February 2019, is looking to take advantage of the prolonged downturn in the junior exploration sector.

It has some 23 million shares outstanding and is earning into what it sees as two exciting opportunities - the advanced Pilar gold project in the Sonora gold district in Mexico, and the Rogers Creek project in British Columbia Canada.

In a cash-and-share deal with Colibri Resource Corp, Tocvan can buy up to 100% of Pillar, which is road accessible, has already had over 17,000 meters of drilling since the 1990s, and lies 140 kilometers (km) south-east of the city of Hermosillo. The firm believes the project can prove up an economic resource in the short term as it must now complete C$2 million of exploration over the next several years.

In addition, Tocvan has an option to earn 80% of Rogers Creek from Carube Copper - a project which has already received C$3 million for exploration.

How is it doing:

Tocvan has been making quick progress with its exploration work at the Pilar project in Mexico.

The group has kicked off drill permitting and started a controlled source audio-magnetotellurics (CSAMT) survey at the property. A recent IP and magnetic survey revealed “significant” structures that reached depths of up to 350 metres, giving it the confidence to start a more detailed CSMAT survey. Tocvan expects to wrap up that survey by September 21.

Tocvan is defining drill targets and sourcing drill operators for a planned 3,000-metre initial program to expand and confirm the known area of mineralization at the Main and North Hill zones on the project. The firm said it hopes to complete drilling early in the first quarter of 2021.

Pilar has seen nearly 18,000 meters of drilling from previous operators, with results highlighting intercepts of up to 54.5 grams per ton (g/t) gold over 16 metres (m) and 17.3 g/t gold over 1.5m as well 53.4g/t silver over 16m. Also found during surface and trenching was 28.6 g/t of the yellow metal over an intersection of 6m.

The company also said recently that initial findings of a structural analysis of the project show the site could host a world-class discovery. The work detected a large structure trending northwest to southeast with dimensions of around 250m by 1,000m. Previous work described this as a structural corridor holding a shear zone with rotational features with "excellent means of plumbing" for metal-mineral-rich fluids to flow through and deposit.

Tocvan's aim is to establish drill targets to hit grades similar to those found in historic hole S-10 of over 1.7 ounces per ton (oz/t) gold and silver over an intercept of 16.5m in the North Hill Zone.

In the meantime, as the company develops Pilar, Tocvan has beefed up its senior management and board.  

Veteran geologist Mark Smethurst has taken on the role of chief operating officer. Smethurst, who was instrumental in helping Tocvan to acquire Pilar, has 25 years of experience in the mining and exploration industry, with a special focus on vetting and identifying prospective mineral properties.

The company also added finance veteran and former senior banking executive Fred Jones to its board. From 1998 to 2006, Jones was a vice president with Bear Stearns in San Francisco and London and held senior roles at Morgan Stanley and Merrill Lynch as well. 

Inflection points:

  • Complete 3K-meter drill on Pilar project in 1Q 2021
  • Expand mineralized zones with drilling at Pilar
  • Define new mineralized zones to the southeast
  • Provide the project's mineral resource estimate

What the boss says:

“Tocvan negotiated an agreement with Colibri Resources less than one year ago,” CEO Derek Wood said recently as the company expands its exploration of the promising Pilar project. 

“Since then, the company has managed to de-risk the project to a drill-ready stage, while discovering new targets at surface and below areas of known mineralization. Recently, Tocvan had over 90% of IPO warrants exercised and now has ample funds to begin drilling as soon as possible while maintaining an attractive capital structure with approximately 23 million shares issued and outstanding."

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

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