Byron King

A Gold Stock Doug Casey Owns, Now 36% Below What He Paid

• Top takeaway Endorses the pivot as changing the house odds: a roughly 97% cut in internal cost per drill meter means far more holes for far less money, which he calls how mineralization is actually found.
• Asks what the deliverable of the first 300 holes will be, drawing out the plan to drill from the 830-foot level, then the Adventure system to the south (3,000-foot trend, best historic hole 1.07 oz/t gold over 3.2 feet) and Freeman to the north.
• Calls the setup serendipitous, with intact, dewaterable workings on patented private ground, and notes that drilling rather than talk is what finds deposits.

Reopening the McCabe mine through its ventilation raise cuts planned drilling costs about 95% — 60 holes for $200,000 instead of $9.6 million from surface. Arizona Eagle Mining's historic estimate is about 887,000 ounces at 11.7 g/t (grams per tonne), and lower modern cut-off grades should expand it. CEO Kevin Reid says C$5.5 million in cash covers the US$3.7 million underground re-entry budget, with drilling guided for May or June. Phase 1 surface drilling hit two economic intersections in seven wildcat holes, including a zinc-rich VMS (volcanogenic massive sulfide) copper discovery. The panel flags narrow veins, illiquidity and tax-loss season as near-term risks, while insiders hold roughly half the company.

A $15 Million Silver Bet: Silver Pony Resources (CSE: PONY, OTC: PONIF)

• Top takeaway Worries about selection bias - the drills appear placed where old maps marked X's and where spectacular grab samples came from - and asks for the theory of victory behind each drill site.
• Wants the rest of the story: what geological model and follow-up exploration program will come out of this season, since buying the stock is one thing and hanging on is another.
• Wrap-up: calls it interesting science as a geology play and has no doubt the core is probably good (they drilled beside the old X's), but says prep geology was thin and he would buy a few shares personally without publishing it to readers.
• Feels Chris distanced himself from the rushed targeting while Morgan's market-timing rationale made sense, and is surprised the team started without a regional overview.

Silver Pony's C$15-million market cap is a low-priced way to trade first drill assays from the underdrilled Lardeau silver district, due early October. Panelists flag selection bias: 3,500 to 12,000 gram-per-ton grab samples — selectively picked rocks — guided drilling, so assay widths matter more than grades. CEO Morgan Good points to about C$1.25 million in Roxmore Resources shares free-trading soon as non-dilutive funding flexibility. Geologist Chris Furey moved the drill 18 kilometers mid-season to Revelstoke after a 455 gram-per-ton surface sample, drilling through fold hinges for architecture. Panelists would buy it personally as a short-term drill-hole trade but won't recommend it, noting the paid presentation, warrants, and thin liquidity.

Doug Already Bought It - Noble Plains Uranium (TSXV: NOBL | OTC: NBLXF)

• Top takeaway King coaches the pitch: show cross-sections and formation names, and tell the 'how did you end up with this ground' story that explains why a junior holds acreage ringed by the two largest North American producers.
• He frames the bull case as a question — whether the unexplored, potentially more substantial Fort Union at depth is the 'magic sauce' that turns Wyoming acreage into pounds someone will pay for.

Noble Plains Uranium (TSXV: NOBL) buys historic Wyoming uranium ground and converts legacy drill data into compliant resources, skipping grassroots exploration risk. Flagship Duck Creek holds a maiden 6.36-million-pound uranium resource (83% indicated) beside Cameco's and Uranium Energy's Powder River Basin projects. In-situ recovery (ISR — leaching uranium with solution underground rather than mining it) underpins the plan; management wants 20-25 million pounds before a production decision. Ur Energy took a 6.2% stake and signed a processing LOI, so Shirley Central pounds could pipe into its brand-new adjacent ISR plant. The panel flags a 30-million warrant overhang, serial commodity pivots, and thin cash, yet most agree the nano-cap valuation already prices much of the risk.