- New explorer looking at two advanced stage projects
- Strong team with mining executive experience
- Mining friendly jurisdictions
What Tocvan Ventures does:
Tocvan Ventures Corp (CSE:TOC), a brand new resource company which went public in February, is looking to take advantage of the prolonged downturn in the junior exploration sector.
It has around 10.8 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.
On November 26, the group announced it had finalized the option with Colibri Resource Corp allowing it to buy up to 100% of Pillar, which is road accessible, has already had over 17,000 metres of drilling since the 1990s and lies 140 kilometres (km) south-east of the city of Hermosillo. The firm believes it can prove up an economic resource in the short term.
The deal sees Tocvan issue cash and shares. It must also now complete C$2 million of exploration over the next five years.
Meanwhile, it has an option to earn 80% of Rogers Creek from Carube Copper in BC - a project which has already received C$3 million of exploration spent on it.
How is it doing:
"This is one of the more exciting properties I’ve come across in my career. The Pilar property has the right features and system to allow for great potential in defining a multimillion-ounce property," Tocvan director Mark Smethurst said at the time the firm finalized the Pilar option deal.
He has now visited the Pilar project site in Mexico and said he had seen for himself its potential.
Speaking to Proactive this month, Smethurst said it had the signs of being an epithermal style deposit with high-grade gold and silver.
Highlights of previous sampling at the project include 55 grams per ton (g/t) gold over 3 metres (m) and 28.6 g/t of the yellow metal over 6m. Three zones of mineralization have been identified from surface work and drilling, referred to as the Main Zone, North Hill and 4 Trench.
Notably, initial metallurgical studies showed that up to 92% of oxide gold could be recovered.
Now, attention at Pilar will turn to further analysis of the mineralized structures and some geophysics to define drill targets.
On December 5, the firm said its shares were now also listed on the Frankfurt exchange to help increase trading liquidity and allow investment into the company by institutional and retail investors across Europe.
- More exploration results
- Drill target definition
What the boss says:
Tocvan president and CEO Derek Wood spoke to Proactive's Steve Darling in October this year and introduced the company.
"There are some great opportunities that exist inside of companies that are what I like to call property rich and cash poor. So that's where we started."
Speaking about how the firm wants to take a different approach, he said: "I feel like the mining market's been lacking something for the last couple of cycles. There hasn't been as much retail presence in the market.."
Wood added: "I feel like a lot of the upside, even on deals that worked out and become economic resources, haven’t properly rewarded the early-stage investor and that's what we're trying to accomplish."