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Lab Report | Sep 23 Deep Dives on Cambria, Andina, Inventus, Blackrock, and Dryden Gold

CEO.CA Sep 23, 2026 1:07:00

Summary

Cambria's Premier infill drilling, which fills gaps between old holes, confirms high-grade continuity; the host values it on restart and dilution risk.

Economic grade thresholds move with metal prices: at nearly $7 a pound, half a percent copper now reads as open-pit material.

Inventus bulk samples turned a small profit on each of two shipments, an unusual result that understates what full-scale mining could earn.

Blackrock Silver is no longer a drill-result story; at a $450 million valuation it is a permitting and development case on private Nevada land.

Dryden Gold's discovery has been drilled only in the top few hundred metres, so the host sees depth potential rather than an open pit.

Key points on Alamos Gold

  • Named in the sentiment read as one of Dryden Gold's key institutional shareholders, alongside Eric Sprott and Robert McEwen; the speaker treats that institutional backing as a good sign for a company he values at roughly C$64 million.

Key points on Blackrock Silver

  • The speaker places Blackrock Silver in the development-discount window of the Lassonde curve and says it is fairly valued for where it sits today, while arguing the shares are really a near-term production story rather than the long-term option many posters describe.
  • An over 100 million ounce silver-equivalent resource in Nevada, with management talking about bringing it quickly into near-term production; the speaker notes that because the project sits on private land in Nevada, permitting should move fast.
  • Drilling at Tonopah West extends silver and gold to the northwest, and CEO Andrew Pollard says the veins appear to be heading toward a mineralized intrusive complex, which the speaker flags as a possible source that could drive a re-rating.
  • Kilogram-per-tonne silver intercepts recur fairly regularly, which he reads as very valuable rock; at a roughly $450 million valuation investors point to a well-funded cash position and a credible plan covering permitting, hydrology, bulk sampling and possible non-diluted government support.
  • He cautions that more epithermal vein drilling now has less market-moving power, that a fast track to production is what would add value, and that good results landing in weak markets risk losing their impact.

Robert McEwen's takeaways

  • Top takeaway Named in the sentiment read as one of Dryden Gold's key institutional shareholders, which the speaker treats as a good sign alongside the company's funded cash position and its roughly C$64 million valuation.

Rob McLeod's takeaways

  • Top takeaway As President and CEO of Cambria he says infill drilling at the Premier project shows strong continuity of high-grade mineralization, that the silver results add to the gold, and that the company is expanding the infill program to target wide, potentially bulk-mineable zones inside the mine complex.
  • The speaker notes he worked underground at the Premier mine early in his career, which is why he understands the extensive existing workings and why drilling from underground matters, since it allows a near year-round season and access from multiple directions.
  • His release points to the historic high-silver areas, with over 40 million ounces of past silver production, as the reason the silver intercepts are encouraging; the speaker also credits recent management hires and insider warrant exercises as positives, while flagging execution on a profitable restart as the risk investors keep raising.

Trey Wasser's takeaways

  • Top takeaway As CEO of Dryden Gold he says the geology team is building structural models around the intersection of three defined deformation events and that the company continues to generate significant results across many high-grade targets in the system.
  • He credits continuity of near-surface high-grade mineralization combined with successful downplunge testing along multiple sub-parallel structures with allowing the company to begin evaluating open-pit potential at Gold Rock.
  • The speaker disagrees with that open-pit read, saying narrow orogenic veins are not something you can mine in an open pit, and is more interested in the underground case and in the initial observations released from drilling at Mud Lake North roughly 1,000-1,500 m from Gold Rock.
  • The speaker counts the 45,000 m expanded program and the second rig as the potential game changer, and on the Lassonde curve has Dryden past the discovery stage but not yet proven on the depth potential he cares about.

Michael Gentile's takeaways

  • Top takeaway Some Cambria posters attribute the stock's recent strength to promotional coverage or 'the Gentile effect', and the speaker — who says he is not sure what that is — concedes Gentile may be involved and says he has to look into it.
  • The speaker does not endorse the overheated framing, pointing out that Cambria has been trending sideways and that complaints about promotional driving are a common feature of the platform's negative commentary.

Eric Sprott's takeaways

  • Top takeaway Named in the sentiment read as one of Dryden Gold's key institutional shareholders, grouped with Alamos Gold and Rob McEwen, which the speaker calls a good sign for a roughly C$64 million company.

Allan Barry Laboucan's takeaways

  • Top takeaway His framing for the show is that these names are no longer drill-result stories: he places both Cambria and Blackrock Silver in the development-discount window, so the catalyst that matters is progress toward production rather than assays.
  • He argues repeatedly that project economics change with the metal price — half a percent copper looks high grade at close to $7/lb and about 5 g/t gold at the current price is worth roughly $650 per tonne of rock — and that the market has not updated the metrics it uses to judge projects.
  • On Dryden Gold he says the story is all about chasing high grade to depth, uses the Red Lake precedent he calls legend-making once a system reaches its bonanza zone, and considers a roughly C$64 million valuation very cheap for what the company has.
  • On Inventus he is openly enthusiastic about a shallow conglomerate that makes money in bulk sampling and calls it underloved at about C$60 million, while on Blackrock Silver he is more cautious, saying the shares look fairly valued and that epithermal drilling has lost its market-moving power.
  • He spends much of the show rebutting common investor complaints as noise — profit-taking, promotional coverage, private placement selling, market manipulation on down days only, thin news flow — argues that both positive and negative signal matter, and repeats that he is an idea generator rather than the source of buy or sell recommendations.