The Company has launched its $6 million 2025 exploration program at the JD Project in British Columbia’s Toodoggone Mining District (see Figure 1). The campaign encompasses over 5,000 meters of drilling, along with geophysical and geochemical surveys, aimed at advancing known targets, generating new ones, and driving discoveries. The 2025 program significantly scales up from 2024, with double the budget and drill meters. Field crews are now on site, with camp setup, mapping, IP geophysics, and drill pad construction in progress. Drilling is expected to commence by mid-July. The core focus is to expand the Creek and Finn gold-silver epithermal targets through systematic step-outs, while also refining new targets along the 4.5 km Finn-Creek corridor and the broader 12 km JD porphyry trend.
Investment Highlights
Recommendation:
Buy – We are updating our fair market value target for the Company to $0.40. The stock remains a Buy within the risk-laden junior exploration market sector.
Strong financial position and market support
- Completed a $10M+ financing, exceeding pre-money market cap—clear market validation.
- Fully funds 2025 exploration: 5,000+ meters of drilling plus geochemical and geophysical surveys at the JD Project.
Strategic land position in a high-potential district
- Over 25,000 ha across two claim blocks: JD and newly optioned Theory.
- Significant landholder in the highly prospective Toodoggone District, BC.
- JD Project includes a 12 km trend aligned with the AuRORA gold-copper porphyry discovery.
Leadership and execution capability
- New CEO, Niel Marotta, brings strong capital markets experience and fresh momentum to drive growth.
Regional activity and validation
- Over $100M in financing and commitments in Toodoggone since Jan 2025 AuRORA discovery.
- Freeport-McMoRan earn-in agreements underscore district-scale potential.
Project comparables and upside potential
- Adjacent to Thesis Gold’s Lawyer-Ranch Project (NPV5% ~$1.277B at US$1930/oz; +4.7Moz AuEq over 4.5 km).
- JD’s Creek-to-Finn zone shares a similar 4.5 km strike with several prospects and better grades.
Asset base and near-term value
- Buck Project provides a defined resource, supporting valuation on a replacement cost basis.
- Market currently attributes limited value – possible near-term monetization opportunity.
