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- Jim's Oil & Mining Letter - June 7, 2026
Jim's Oil & Mining Letter - June 7, 2026
ASX:EMP CSE:HHE OTC:BTKRF CSE:QIMC OTC:QIMCF ASX:EXR OTC:ELXPF NASDAQ:EU TSXV:EU CSE:TCF OTC:TRLEF AIM:HEX OTC:HHEXF CSE:MAXX OTC:MAXXF AIM:PLSR TSXV:PLSR OTC:PSRHF TSXV:MANU OTC:MAUUF TSXV:FOR OTC:FTBYF TSXV:SPA OTC:SPAUF TSX:RUA OTC:NZAUF TSXV:DRY OTC:DRYGF TSXV:BRAU OTC:ALVLF TSXV:MEK OTC:MCREF TSXV:DLTA OTC:DTARF CSE:SLA OTC:CNMTF
PRE-IPO INVESTMENT OPPORTUNITY
Equity raise for the restart of a fully equipped gold mine in Brazil
4 million ounce gold resource and full infrastructure
Near-term upside for a significant value re-rating from the production start and public listing
Significant growth opportunities with multiple hub & spoke mines in the vicinity including high grade targets
C$5M private placement at C$0.30 per share closing June 16, 2026
Interesting news last week:
(ASX:EMP) Emperor Energy Limited has moved its Judith-2 appraisal well in the offshore Gippsland Basin closer to execution by resubmitting a revised Environmental Plan to the National Offshore Petroleum Safety and Environmental Management Authority. The project is located in Emperor’s 100%-owned VIC/P47 offshore permit and is aimed at appraising the Judith gas field. Emperor holds 100% of VIC/P47, and in March the Commonwealth–Victoria Offshore Petroleum Joint Authority approved a 24-month extension to the permit’s primary term, pushing the maximum timeframe to drill Judith-2 out to August 2027 and extending the overall permit term to August 2029. The company has reported a 166 BCF 2C contingent recoverable gas resource for the Judith Gas Field and a 1,859 BCF P50 prospective recoverable gas resource across Judith and the underlying Longtom gas sands. Long lead-time drilling equipment has already been secured, and tenders have been released for drilling support services, with a contractor selected for a site geophysical survey planned for August. Rig availability for the Valaris-107 jack-up rig has been confirmed for March 2027, and negotiations are in the final stages. The company expects approval of the revised Environmental Plan in the short term and Judith-2 remains planned for late Q1 CY27.
(CSE:HHE OTC:BTKRF) First Atlas Resources Corp. announced the strategic positioning of its Matane natural hydrogen property in Quebec, following recent discussions surrounding Bill 17 before a parliamentary committee of the National Assembly of Quebec. The company engaged Québec Innovative Materials Corp. (CSE:QIMC OTC:QIMCF) as technical adviser, citing their experience in natural hydrogen exploration and technical work in Quebec and Nova Scotia. The Matane property is located in the Appalachian region of Québec, along the Schickshock-South fault zone, within a transition zone between Cambro-Ordovician and Siluro-Devonian rock formations. Publicly disclosed information indicates the Matane region is characterized by basaltic and peridotitic source rocks, tectonized zones, deep fault systems, and porous and permeable sedimentary formations. First Atlas holds natural hydrogen exploration licences within the Cumberland Basin region of Nova Scotia and is advancing its Matane natural hydrogen project in Quebec. The company believes that increasing regulatory attention toward natural hydrogen in Quebec highlights the growing relevance of prospective exploration projects within the province. The company projects that increasing scientific, industry, and governmental interest in natural hydrogen may create additional opportunities for exploration companies operating in jurisdictions with favourable geological characteristics and supportive regulatory environments.
(ASX:EXR OTC:ELXPF) Elixir Energy Limited has begun the stimulation, completion, and testing phase of its high-impact Lorelle-3H appraisal well in ATP2056 within Queensland’s Taroom Trough. The company has largely completed research and development work with SLB, Corelab, and Halliburton for an 11-stage stimulation program designed to deploy six million pounds of proppant across the well. The stimulation will target 1,033m of good-quality net gas-condensate pay measured in Lorelle-3H, where porosity averaged 11.2% and reached up to 18%. Lorelle-3 was drilled in two phases, beginning with a pilot hole to 3,580m total vertical depth and a 1,157m horizontal sidetrack into the Tinowon “Dunk” Sandstone. Elixir is the largest acreage holder in the Taroom Trough, a multi-trillion cubic feet basin centred gas play in Queensland’s Bowen Basin, and is aiming to appraise its approximately 3.5 trillion cubic feet of independently certified 2C contingent gas resources. The company expects stimulation operations to begin in mid-June, followed immediately by flow-back and late-June testing designed to deliver an IP30 production curve for Lorelle-3H. Halliburton has been awarded an integrated services package for the proposed 11-stage stimulation, plus the DFIT.
(NASDAQ:EU TSXV:EU) enCore Energy Corp. announced the completion of the first phase of construction on the Upper Spring Creek In-Situ Recovery ("ISR") Uranium Project's Satellite Remote Ion Exchange ("IX") Plant. The currently constructed portion of the satellite can process 1,600 gallons per minute (“gpm”) through the facility, representing 50% of the satellite's planned flow capacity. Drilling activities for the first 800-gpm module are complete, and wellfield infrastructure for this entire module is nearly completed. Module 2 drilling activities are approximately 90% complete, and drilling and infrastructure activities for three other 800 gpm modules are well underway. The plant's flow capacity is in the process of being doubled, with 75% of the flow capacity expected to be completed before the end of June and 100% capacity (3,200 gpm total) by the end of July. The 100% Company-owned Project consists of a Satellite IX Plant and wellfield and is a key component of enCore's larger South Texas Uranium Project. The company projects that the operational phase is planned in late 2026 once final permits are received.
(CSE:TCF OTC:TRLEF) Trillion Energy International Inc. announced it has made a further cash payment of US$250,000 toward its earn-in obligations for a 29% participating interest in the M47c,d oil block in the Cudi-Gabar petroleum province of southeastern Türkiye. This payment brings total earn-in payments advanced to date to US$500,000 of the Company's US$9.5 million 2026-2027 work program commitment under its Earn-in Agreement on the M47c,d Concession. The M47c,d oil block covers approximately 450 km² and is located approximately 11 km southeast of the Şehit Aybüke Yalçın field. An independent NI 51-101 contingent resource of 27.6 MMbbl 2C (24,186 MSTB net to Trillion) on the North Prospect has an unrisked NPV-10 of US$733.5 million and a risk-adjusted value of US$594.2 million. Two further prospects, Central and Findik South, add a combined after-risk NPV-10 of US$215.7 million, with the North Prospect 3C estimate at an unrisked NPV-10 of US$1.18 billion. The 2025 Çetinkaya-1 well confirmed 38 metres of net oil pay at 32.4° API light oil with 160 metres of reservoir left undrilled at 2,455 m. The company projects that the new seismic is expected to generate four to six additional drillable exploration locations, which are not currently covered by the Company resource assessments.
(AIM:HEX OTC:HHEXF) Helix Exploration PLC announced the results of independent noble gas isotope analyses conducted across its three producing helium wells and production gas stream at Rudyard. The helium-3 to helium-4 ratios (3He/4He) are approximately 33× above typical crustal helium values, with the raw well gas stream carrying about 1% helium across all three wells. Production gas stream records 855 parts per billion ("ppb") helium-3, following purification at Helix's Rudyard plant, and production gas is concentrated to ~89.6% helium-4. The argon isotope signature (⁴⁰Ar/³⁶Ar: 7,950-9,665) is 27-33 times above atmospheric values, with approximately 1,500 parts per million ("ppm") argon in the raw well gas stream. The company has four production wells targeting up to 236ft Helium / Nitrogen gas in the Souris and Red River formations, flowing up to 3,800 Mcf/day at 1.2% helium. Rudyard field has the potential to generate net revenue of $115-$220 million over a 12.5-year life of field.
(CSE:MAXX OTC:MAXXF) MAX Power Mining Corp. confirmed the first subsurface natural hydrogen system in North America at its Lawson Project in Saskatchewan. The company has built a dominant district scale land position with approximately 1.3 million acres (521,000 hectares) of permits covering prime exploration ground prospective for large volume accumulations of natural hydrogen. High priority initial drill target areas have been identified for commencement of drilling in Q4. MAX Power also holds a portfolio of properties in the United States and Canada focused on critical minerals, highlighted by a 2024 diamond drilling discovery at the Willcox Playa Lithium Project in southeast Arizona. According to the International Energy Agency, worldwide data-center electricity consumption is projected to roughly double by 2030 to approximately 945 terawatt-hours, while AI-optimized data centers could more than quadruple their power consumption over the same period. The company is advancing commercial evaluation of natural hydrogen as a potential source of off-grid scalable clean baseload power for next-generation AI and distributed infrastructure systems.
(AIM:PLSR TSXV:PLSR OTC:PSRHF) Pulsar Helium Inc. announced its financial and operating results for the six months ended March 31, 2026, reporting a net loss of $12,249,858 and total assets of $10,973,876. During the period, the company drilled five core-hole wells at its Topaz Project in Minnesota, all encountering gas under high pressure, and recorded exploration and evaluation expenditures of $6.0 million related to drilling at Topaz. In May 2026, Pulsar completed the acquisition of surface land in Lake County, Minnesota for a purchase price of $2,480,000 cash, and in March 2026, acquired 80% of Quantum Hydrogen Inc. through the issuance of 584,963 common shares. The company also completed a private placement issuing 9,191,175 common shares for gross proceeds of $9.9 million, and issued 18,130,793 common shares on the exercise of warrants for gross proceeds of $4.7 million. The company projects the development of Topaz into a significant primary helium producer and is obtaining quotes for the drilling of up to four new production wells to supplement the two production-ready wells already drilled. In January 2026, two U.S. Federal laboratories confirmed the helium-3 isotope concentration from the Topaz Project, with a concentration range of 11.2-11.9 parts-per-billion and associated with 7.7-8.0% helium-4.
NEWS FLOW COMMENCING
Company drilling in Suriname's Guiana Shield - same gold belt as Founders Metals' major discoveries
Last result: 11m @ 7.33 g/t Au including 4m @ 14.59 g/t and 1m @ 44.60 g/t
Au 900m+ mineralized shear corridor defined
Oversubscribed C$3.6M private placement just closed
12,500m drill program fully funded
(TSXV:MANU OTC:MAUUF) Manhattan Uranium Discovery Corp. and Fortune Bay Corp. (TSXV:FOR OTC:FTBYF) have announced that priority drill targets have been selected for the upcoming exploration program at the Murmac and Strike Uranium Projects, with approximately 5,000 metres of drilling planned to test up to 25 priority targets. The projects collectively host approximately 63 kilometres of prospective electromagnetic conductor packages and comprise mineral claims totalling approximately 19,877 hectares within 25 kilometres of Uranium City, Saskatchewan. Previous drilling at Murmac returned 8.40 metres grading 0.30% U₃O₈, including 1.20 metres grading 1.79% U₃O₈, with individual assays up to 13.80% U₃O₈ over 0.10 metres. At Strike, historical small-scale mining at the Tena Zone reportedly produced over 1,000 tons in the 1950s at grades of 0.6% to 3.5% U₃O₈, and confirmatory surface sampling returned assays including 3.51% U₃O₈ and 1.75% U₃O₈. Manhattan has the right to acquire up to a 70% interest in Murmac and Strike by funding an aggregate of C$6 million in exploration expenditures, making cash payments of an aggregate of C$1.35 million, and issuing an aggregate of C$2.15 million in common shares. Drilling is expected to commence in June 2026, with Fortune Bay acting as operator and entitled to charge a 10% management fee on exploration expenditures. The company projects that the upcoming program will systematically test priority targets where multiple exploration criteria coincide.
(TSXV:SPA OTC:SPAUF) Spanish Mountain Gold Ltd. announced assay results from twenty-one diamond drill holes completed as part of its 2025-2026 Diamond Drill program on the Spanish Mountain Gold project, located in the Cariboo Gold Corridor, British Columbia, Canada. Approximately 25,588 m of drilling has been completed to date as part of the 2025-2026 Drill Program, which includes 11,600 m of a planned 60,000 m drilling program as part of the 2026 Feasibility Exploration Drill Program initiated in March 2026. Drill hole 26-DH-1355 returned 116.60 m of 0.60 g/t gold from 189.20 m within a broader interval of 188 m of 0.47 g/t gold from 142.00 m. Drill hole 26-DH-1343 intersected 145 m of 0.52 g/t from 56.00 m and includes 114 m of 0.62 g/t gold from 87.00 m. Drill hole 26-DH-1346 intersected 167.50 m of 0.52 g/t gold from 19.0 m, including 36.80 m of 1.14 g/t from 145.70 m and 11.10 m of 2.36 g/t gold from 167.00 m. The company projects that the drill results reported, along with previously reported results, continue to extend near surface gold mineralization hosted within the Orca Fault Corridor that could potentially enhance the life-of-mine plan in the first 10-years of production. Assay results are pending for 23 additional drill holes.
(TSX:RUA OTC:NZAUF) Rua Gold Inc. has delivered a positive Preliminary Economic Assessment for its 100%-owned Auld Creek Gold-Antimony Project in New Zealand’s Reefton Goldfield, with an after-tax NPV5% of approximately US$42 million at base-case prices, rising to roughly US$113 million at spot gold. The PEA models a 5.5-year, 250,000-tonne-per-year underground operation producing separate gold and antimony concentrates, with contained metal of roughly 84,000 ounces of gold and approximately 9,000 tonnes of antimony. Projected recoveries are 95% for gold and 85% for antimony, using a no-cyanide flowsheet. Rua filed a Fast-Track Referral application on April 20, 2026, under New Zealand’s Fast-Track Approvals regime, with a PFS targeted for Q4 2026 and full permitting targeted for Q2 2027. A 19,000-metre infill and step-out drill program is underway, aimed at converting Inferred resources to Indicated and establishing Measured resources ahead of the PFS. The underlying Mineral Resource Estimate, effective February 27, 2026, comprises 0.3 million tonnes Indicated at 5.67 g/t gold-equivalent for 54,000 ounces, plus 1.3 million tonnes Inferred at 3.66 g/t gold-equivalent for 150,000 ounces, at a 1.6 g/t gold-equivalent cut-off. The company projects completion of a Preliminary Feasibility Study in Q4 2026 and aims to have the project fully permitted in Q2 2027.
(TSXV:DRY OTC:DRYGF) Dryden Gold Corp. announced more high-grade results on the Big Master Gold System at Gold Rock, with the 2026 drill program now expanded to 45,000 meters. Drill highlights include Hole DGR-051 returning 3.24 g/t gold over 14.77 meters, including 29.55 g/t gold over 1.35 meters at Sparrow 88.00 meters from surface, and Hole DGR-052 returning 1.02 g/t gold over 13.50 meters, including 8.88 g/t gold over 1.00 meter at Sparrow 125.00 meters from surface. The company has contracted a second drill rig scheduled for deployment on July 1, and permits at Mud Lake have been submitted with drill targets finalized. Dryden Gold paid aggregate finders fees in the amount of $412,012.47 in connection with closing its private placement of flow-through shares, correcting a previous disclosure of $291,028.46. The company controls a 100% interest in a dominant strategic land position in the Dryden District of Northwestern Ontario, with high-grade gold mineralization over 50km of potential strike length. The company projects continuous drilling at Gold Rock throughout 2026 while advancing regional exploration targets across the broader property package.
(TSXV:BRAU OTC:ALVLF) Big Ridge Gold Corp. announced the commencement of an induced polarization ("IP") survey at the Hope Brook Gold Project, located on the southwest coast of Newfoundland & Labrador. The IP survey will utilize Wireless Alpha IP TM and will be completed by early July, targeting resistive high sulfidation Au and Cu targets along trend from the Main and 240 Zones. The survey will map anomalies down to 500 meters depth and build on the 2011 and 2023 IP surveys, with real-time data supporting drill targeting when the drill rig mobilizes in mid-June. The Hope Brook Gold Project produced 752,162 ounces of gold from 1987 - 1997, with gold recoveries from milling ranging between a low of 78.8% in 1987 and a high of 85.9% in 1989, and copper flotation producing a concentrate at approximately 22% Cu and 34.3 g/t Au for shipment in 1992. The project hosts an Indicated gold resource totalling 16,190,000 tonnes grading 2.32 grams per tonne gold for 1.2 million ounces and Inferred resources totalling 2,215,000 tonnes grading 3.25 grams per tonne gold for 231,000 ounces, based on a 0.4 and 2.0 gram per tonne cut-off grades for open pit and underground resources respectively using a long-term gold price of US$1,750. The current drill planning already includes over 30,000 meters of geotechnical, exploration and infill drilling. The company projects that the IP survey will further delineate targets and support Environmental Assessment and permitting processes, mine planning, and project engineering.
(TSXV:MEK OTC:MCREF) Metals Creek Resources Corp. announced that the Company has hit visible gold in the first two drill holes at the Ogden Gold Project in Timmins, Ontario. The Ogden Gold Project is a 50/50 Joint Venture with Discovery Silver, with the Company serving as the operator. Highlights from previous drill campaigns include TOG 21-065A which returned a downhole intercept of 9.2 g/t gold over 4.47 meters and TOG 22-74A which returned a downhole intercept of 3.66 g/t gold over 14.66m. Hole TOG-26-75 encountered visible gold at 326m, and TOG-22-76 also encountered visible gold at 304.5m within a zone of quartz flooding over 3.5m. The Ogden Gold Project has over 8km of strike length along the Porcupine-Destor Break and six zones of mineralization identified. Additional mineralization was discovered one kilometer west of TOG, returning an intercept of 5.06 g/t gold over 2.60m, with a follow-up hole returning 4.96 g/t gold over 3.97m and a second zone assaying 1.43 g/t gold over 14.00m. The company projects that assay results will be released as they are received and compiled.
(TSXV:DLTA OTC:DTARF) Delta Resources Limited announced the commencement of its largest field exploration program to date at the Delta-1 Gold Project, located in the Shebandowan Greenstone Belt of northwestern Ontario. The 2026 exploration program covers the Company's extensive 340 km² land package and aims to expand and advance the Eureka Gold Deposit, with additional drilling planned later this summer. Initial field activities are focused on the I-Zone / Crayfish Creek Fault sector, approximately 18 kilometres southwest of Eureka, supported by historical drill intercepts such as 3.28 g/t Au over 14.6 m and 4.32 g/t Au over 41 m. Recent channel sampling by Delta Resources in 2024 returned 1.23 g/t Au over 40.6 m, including 2.12 g/t Au over 12 m and 3.39 g/t Au over 5 m, and 2.40 g/t Au over 16.2 m, including 5.54 g/t Au over 5 m. The exploration program is fully funded following the recent closing of a $6,562,610 Charity-flow through financing at $0.245 on May 27, 2026. The Company's anticipated corporate funding requirements over the next three years are further supported by the recent option of its Delta-2 property in Chibougamau, Quebec to Troilus Mining for $8.25M and maintaining a 1% NSR Royalty, which closed on February 17, 2026. The company plans to continue advancing the Eureka Gold Deposit through additional step-out drilling at both Eureka and Shabaqua, complemented by targeted infill drilling ahead of a maiden mineral resource estimate later this year.
(CSE:SLA OTC:CNMTF) Silver Acadia Exploration Inc. announced additional assay results from its Phase 1 diamond drilling program at the Nicholas-Denys Project, located within the Bathurst Mining Camp in northern New Brunswick. The company reported a highlight intercept of 24.8 metres grading 328.9 g/t silver, 1.0 g/t gold, 1.47% zinc, and 2.02% lead in hole ND26-005, including 5.6 metres at 1,044.6 g/t AgEq and 2.3 metres at 1,830.1 g/t AgEq. Hole ND26-012B returned 7.2 metres at 262.2 g/t silver, 0.58 g/t gold, 2.94% zinc, and 2.50% lead, including 3.4 metres at 652.3 g/t AgEq. The drilling campaign commenced in January 2026 and is focused on evaluating and expanding high-grade silver-rich portions of the system. Silver Acadia controls more than 250 km² of prospective mineral claims in New Brunswick, Canada. Results from 12 additional holes are pending and are expected in the coming weeks. The company projects that systematic exploration and modern geological interpretation may advance a potentially significant silver-rich mineralized system.
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