本文发表在 rolia.net 枫下论坛Could New Critical Mass Uranium Explorer Be Next Moonshot?
By Michael J. DesLauriers
01 Aug 2007 at 11:17 PM GMT-04:00
TORONTO (ResourceInvestor.com) -- Bonaventure Enterprises Inc. [TSXv:BVT] which closed today at 74 cents, announced Monday the acquisition of a 1,240,00 acre uranium property package on the southeast side of Saskatchewan’s Athabasca Basin.
The move makes the company one of the largest landholders in the basin, and positions Bonaventure as a leading candidate for the potential discovery of an elephant-sized basement-hosted uranium deposit.
Further, if one looks at other companies operating in this part of the basin with comparably large land positions, their market capitalizations are without exception - a multiple of BVT’s.
Athabasca
Bonaventure’s Athabasca acquisition is significant geographically and from a data perspective. The total land package consists of four separate projects - three in the
Athabasca Basin, one in the adjacent Wollaston Belt - along with and a combined 127 mineral claim blocks.
The largest of the four projects (1.175 million acres) is the Foster Lake concession which borders AREVA's [Paris:CEI] past-producing Key Lake Mine and has Cameco's [TSX:CCO; NYSE:CCJ] Cigar Lake mine located northeast of the western flank of the project. The Foster Lake project also surrounds most of JNR Resources' [TSX-V:JNN] Way Lake project which hosts some of the highest uranium grades (48%!) seen in grab samples this cycle.
Excitingly for shareholders, Foster Lake boasts some 70 historical boulder train samples with grades ranging from 5.79% to 7.17% U3O8 and a historical drill indicated resource of 65,000 tonnes grading 0.19% U3O8 for about 250,000 pounds of uranium, to a shallow depth of just 65 metres.
The flagship Foster Lake will be the first site of exploration, and confirmation work is slated to begin immediately. Under the guidance of company director and experienced geologist Jean Lafleur, Bonaventure’s management is presently constructing an aggressive, broad-based work program for Foster Lake, the details of which are expected to be released soon.
The other three projects acquired in this deal are similarly well located, neighbouring and surrounding some of the major senior players in the uranium business. All are high-impact and have the potential for elephant-sized discoveries. Preliminary work will be conducted this fall at these properties as well.
An added bonus for shareholders that we feel will come into play over the next few months is the diamond potential at Foster Lake. This value will be unlocked as management decides on a suitable partner for those (diamond) rights.
Included on the Foster Lake property package are 14 of the 23 large potential kimberlite anomalies identified by a Saskatchewan government fly-over of the Wollaston belt area. The other 9 anomalies were staked by groups including a major international diamond company.
More Properties Coming
Importantly, Bonaventure’s latest press release stated “Bonaventure continues to work to add district scale exploration packages to the Company's portfolio, as we build a Canadian uranium exploration company.”
This is a critical distinction. Bonaventure is focusing on acquiring sizeable property groupings with the potential to host world-class deposits - in other words, they are targeting only elephant-sized potential opportunities.
This creates an exploration company centred on and leveraged by projects with known anomalies large enough to suggest world-class potential - and the upshot of that is a blue sky premium built into the valuation because one hint of an elephant tends to multiply an explorer’s share price.
We anticipate that more property news will be coming this summer.
Valuation and Comparables
Bonaventure has a market capitalization of C$35 million at today’s close price of 74 cents. We are going to break down the valuation, and then explore BVT’s present prime comparable, and the instant multi-bagger that comes from getting a whiff of high-grade uranium in Athabasca.
BVT has:
A critical-mass land package in the Athabasca Basin;
A Nevada gold property partnered with US Gold presently hosting 300,000 ounces of gold and with the potential to expand quickly and cheaply through shallow drilling to 1 million ounces of gold this year; other Nevada exploration properties surrounding large known deposits;
More properties coming.
We believe that Nevada could be worth up to C$20 million in market capitalization by the end of the year between the growing resource at New Pass (BVT has 60% interest, drills are turning) and J/Ving some of the excellent targets on the exploration properties - Cottonwood, Goldfield West, Jet, Squaw Creek and Northern Lights.
The Athabasca package relative to comparables arguably justify today’s valuation of C$35 million alone and perhaps more like C$50 million. Added value could be extracted from developments on the diamond side, which look to have the possibility of being quite prolific in terms of the size of the targets and the interest that that could attract.
Finally, one has to attribute some value to the coming addition of new properties and management’s ability to be aggressive, making accretive acquisitions of district scale property packages. Depending on what we see in the weeks ahead, this could add C$10-C$20 million to the potential valuation, or more if Lafleur and the rest of the BVT team really pull one out.
In total, we see a situation where because of the nature of Bonaventure’s model of focusing on district scale, high-impact, world-class potential land packages, the company could achieve a valuation of C$80-C$100 million as the drills start to turn and the excitement over the company’s leverage and blue sky premium come into play.
An example of this ‘optionality’ is JNR, presently with a market capitalization of C$265 million. We believe that JNR is Bonaventure’s best comparable. BVT’s flagship Foster Lake property surrounds JNR’s Way Lake project where the company hit a 48% uranium sample.
What did that one sample do to the company’s market capitalization? Within 3 months of the date of release of that news, with no other especially significant news delivered aside from the excitement generated by drills turning, JNR’s market capitalization increased from C$88 million (C$1.04/share) to C$380 million (C$4.50/share)!
Needless to say, if BVT could pull anything even remotely similar – just a sample – from its land package which wholly surrounds JNR’s Way Lake, the stock would go higher in a hurry. That is the remarkable optionality of a critical mass, high-impact exploration package – and that is why one owns an explorer like BVT.
Following/Market Awareness
Bonaventure has the right eyes on the deal to create awareness. If one talks to management and looks at some of the placees in the financing just completed by the company, plus looks at the volume that BVT trades daily, one can see that the right people are in this deal; shareholders with the ability to spread the story and create buying.
Furthermore, Bonaventure is listed in Germany [Frankfurt:YQG], which is a market that has been known to flock lemming-style into some of the deals presented by the right people in that part of the world. We think that BVT is not listed over there for no reason, and has the relationships to tell the story in a concerted fashion in Europe, generating the concomitant enthusiasm and buying that could drive the share price higher.
Finally, Bonaventure announced just today the hiring of two IR firms - First Canadian Capital and Paradox. This underscores the fact that the company is conscious of the need to tell the story, and both of these are excellent names in this space.
Conclusion
Bonaventure looks strong because the right people are in the deal, and because the company is pursuing what in our minds is the best and really only model for explorers - look for elephants, offer high-impact optionality and garner a blue-sky premium.
As the company acquires more sizeable property packages, continues to be underpinned by a growing gold resource in Nevada, and attracts more retail attention with the return in the autumn of what most people believe will be a robust uranium market yet again, we see BVT shares trading higher.
JNR as a comparable, and the example of the way the company’s shares skyrocketed on its 48% uranium sample, is exactly why one wants to own a situation like this, and is a demonstration of the immediate and dramatic upward re-valuation which can take place.
Given that BVT has a critical mass land package surrounding JNR’s find, it looks to us like a cheap call option on the grades being found in the area. Either BVT’s valuation will go up because it is a cheap and aggressive comparable, JNR will hit something again and BVT will reap the reward as the more leveraged play or BVT will make a discovery this fall at Foster Lake, and then the hundred-million valuation (C$2 per share) we postulate in our valuation above could look very cheap.更多精彩文章及讨论，请光临枫下论坛 rolia.net
By Michael J. DesLauriers
01 Aug 2007 at 11:17 PM GMT-04:00
TORONTO (ResourceInvestor.com) -- Bonaventure Enterprises Inc. [TSXv:BVT] which closed today at 74 cents, announced Monday the acquisition of a 1,240,00 acre uranium property package on the southeast side of Saskatchewan’s Athabasca Basin.
The move makes the company one of the largest landholders in the basin, and positions Bonaventure as a leading candidate for the potential discovery of an elephant-sized basement-hosted uranium deposit.
Further, if one looks at other companies operating in this part of the basin with comparably large land positions, their market capitalizations are without exception - a multiple of BVT’s.
Athabasca
Bonaventure’s Athabasca acquisition is significant geographically and from a data perspective. The total land package consists of four separate projects - three in the
Athabasca Basin, one in the adjacent Wollaston Belt - along with and a combined 127 mineral claim blocks.
The largest of the four projects (1.175 million acres) is the Foster Lake concession which borders AREVA's [Paris:CEI] past-producing Key Lake Mine and has Cameco's [TSX:CCO; NYSE:CCJ] Cigar Lake mine located northeast of the western flank of the project. The Foster Lake project also surrounds most of JNR Resources' [TSX-V:JNN] Way Lake project which hosts some of the highest uranium grades (48%!) seen in grab samples this cycle.
Excitingly for shareholders, Foster Lake boasts some 70 historical boulder train samples with grades ranging from 5.79% to 7.17% U3O8 and a historical drill indicated resource of 65,000 tonnes grading 0.19% U3O8 for about 250,000 pounds of uranium, to a shallow depth of just 65 metres.
The flagship Foster Lake will be the first site of exploration, and confirmation work is slated to begin immediately. Under the guidance of company director and experienced geologist Jean Lafleur, Bonaventure’s management is presently constructing an aggressive, broad-based work program for Foster Lake, the details of which are expected to be released soon.
The other three projects acquired in this deal are similarly well located, neighbouring and surrounding some of the major senior players in the uranium business. All are high-impact and have the potential for elephant-sized discoveries. Preliminary work will be conducted this fall at these properties as well.
An added bonus for shareholders that we feel will come into play over the next few months is the diamond potential at Foster Lake. This value will be unlocked as management decides on a suitable partner for those (diamond) rights.
Included on the Foster Lake property package are 14 of the 23 large potential kimberlite anomalies identified by a Saskatchewan government fly-over of the Wollaston belt area. The other 9 anomalies were staked by groups including a major international diamond company.
More Properties Coming
Importantly, Bonaventure’s latest press release stated “Bonaventure continues to work to add district scale exploration packages to the Company's portfolio, as we build a Canadian uranium exploration company.”
This is a critical distinction. Bonaventure is focusing on acquiring sizeable property groupings with the potential to host world-class deposits - in other words, they are targeting only elephant-sized potential opportunities.
This creates an exploration company centred on and leveraged by projects with known anomalies large enough to suggest world-class potential - and the upshot of that is a blue sky premium built into the valuation because one hint of an elephant tends to multiply an explorer’s share price.
We anticipate that more property news will be coming this summer.
Valuation and Comparables
Bonaventure has a market capitalization of C$35 million at today’s close price of 74 cents. We are going to break down the valuation, and then explore BVT’s present prime comparable, and the instant multi-bagger that comes from getting a whiff of high-grade uranium in Athabasca.
BVT has:
A critical-mass land package in the Athabasca Basin;
A Nevada gold property partnered with US Gold presently hosting 300,000 ounces of gold and with the potential to expand quickly and cheaply through shallow drilling to 1 million ounces of gold this year; other Nevada exploration properties surrounding large known deposits;
More properties coming.
We believe that Nevada could be worth up to C$20 million in market capitalization by the end of the year between the growing resource at New Pass (BVT has 60% interest, drills are turning) and J/Ving some of the excellent targets on the exploration properties - Cottonwood, Goldfield West, Jet, Squaw Creek and Northern Lights.
The Athabasca package relative to comparables arguably justify today’s valuation of C$35 million alone and perhaps more like C$50 million. Added value could be extracted from developments on the diamond side, which look to have the possibility of being quite prolific in terms of the size of the targets and the interest that that could attract.
Finally, one has to attribute some value to the coming addition of new properties and management’s ability to be aggressive, making accretive acquisitions of district scale property packages. Depending on what we see in the weeks ahead, this could add C$10-C$20 million to the potential valuation, or more if Lafleur and the rest of the BVT team really pull one out.
In total, we see a situation where because of the nature of Bonaventure’s model of focusing on district scale, high-impact, world-class potential land packages, the company could achieve a valuation of C$80-C$100 million as the drills start to turn and the excitement over the company’s leverage and blue sky premium come into play.
An example of this ‘optionality’ is JNR, presently with a market capitalization of C$265 million. We believe that JNR is Bonaventure’s best comparable. BVT’s flagship Foster Lake property surrounds JNR’s Way Lake project where the company hit a 48% uranium sample.
What did that one sample do to the company’s market capitalization? Within 3 months of the date of release of that news, with no other especially significant news delivered aside from the excitement generated by drills turning, JNR’s market capitalization increased from C$88 million (C$1.04/share) to C$380 million (C$4.50/share)!
Needless to say, if BVT could pull anything even remotely similar – just a sample – from its land package which wholly surrounds JNR’s Way Lake, the stock would go higher in a hurry. That is the remarkable optionality of a critical mass, high-impact exploration package – and that is why one owns an explorer like BVT.
Following/Market Awareness
Bonaventure has the right eyes on the deal to create awareness. If one talks to management and looks at some of the placees in the financing just completed by the company, plus looks at the volume that BVT trades daily, one can see that the right people are in this deal; shareholders with the ability to spread the story and create buying.
Furthermore, Bonaventure is listed in Germany [Frankfurt:YQG], which is a market that has been known to flock lemming-style into some of the deals presented by the right people in that part of the world. We think that BVT is not listed over there for no reason, and has the relationships to tell the story in a concerted fashion in Europe, generating the concomitant enthusiasm and buying that could drive the share price higher.
Finally, Bonaventure announced just today the hiring of two IR firms - First Canadian Capital and Paradox. This underscores the fact that the company is conscious of the need to tell the story, and both of these are excellent names in this space.
Conclusion
Bonaventure looks strong because the right people are in the deal, and because the company is pursuing what in our minds is the best and really only model for explorers - look for elephants, offer high-impact optionality and garner a blue-sky premium.
As the company acquires more sizeable property packages, continues to be underpinned by a growing gold resource in Nevada, and attracts more retail attention with the return in the autumn of what most people believe will be a robust uranium market yet again, we see BVT shares trading higher.
JNR as a comparable, and the example of the way the company’s shares skyrocketed on its 48% uranium sample, is exactly why one wants to own a situation like this, and is a demonstration of the immediate and dramatic upward re-valuation which can take place.
Given that BVT has a critical mass land package surrounding JNR’s find, it looks to us like a cheap call option on the grades being found in the area. Either BVT’s valuation will go up because it is a cheap and aggressive comparable, JNR will hit something again and BVT will reap the reward as the more leveraged play or BVT will make a discovery this fall at Foster Lake, and then the hundred-million valuation (C$2 per share) we postulate in our valuation above could look very cheap.更多精彩文章及讨论，请光临枫下论坛 rolia.net