Roxmore Resources is Unlocking Nevada’s Next ~6Moz Gold Giant

John Dorward's takeaways

• Top takeaway Says the most compelling thing about the Converse Gold Project is its size and location: 5.2 million ounces in Nevada, which he calls 'arguably the best jurisdiction for mining in the world', within a large deposit only a few miles from the interstate, with a power line running across the top of it and household-named mines in very close proximity, including Marigold just a few miles away.
• On timing, argues the gold market 'seems very strong' and that the real drivers behind gold's performance 'continue unabated', so he is looking for projects that offer leverage to that trend and does not see it stopping anytime soon, despite 'a little bit of noise and choppiness' from time to time.
• Describes a 30,000 metre drilling programme already initiated that will likely be increased for a second phase, focused first on infilling to convert inferred to indicated so the material is available to convert to reserves, with a pre-feasibility study scheduled for the end of next year; says drilling is the critical item to deliver as the project moves toward the PFS and beyond.
• Notes the first dedicated exploration hole of the programme, released the previous week, returned a broad, high-grade intercept including 20 metres at 5 grams — 'high grade for us' — and credits improved geological understanding built by the team over the last 12 months while targeting high-grade feeder structures, expecting grades to keep improving over time as a tailwind for the project.
• On de-risking, says Converse 'was hiding in plain sight', historically overlooked partly because of ownership, and argues its scale means it is big enough either to carry a junior company into production itself or to interest a potential acquirer, potentially even one not currently active in Nevada — 'exactly the sort of asset that I think people are looking for today: well behaved, lots of upside, and primarily in a great jurisdiction'.