Quinton Hennigh’s Other White Meat
I first met Quinton Hennigh in October of 2008 right during the depths of the Global Financial Crisis. We drove together up to Wyoming to visit the Rattlesnake Hills gold project belonging at the time to Evolving Gold. The drive up and back took many hours so we had a lot of time to chat. I wrote about my impressions of Quinton in a piece I wrote two years later.
“EVG was selling for less than the cash they had on hand but Quinton was what seemed to me to make it a real buy.
If you think of George Bush, like him or despise him, you have to think incurious. He had no interest in anything outside his little sphere. I thought he was clueless and certainly had no interest in learning anything about anything.
Quinton Hennigh is the opposite. He wants to know about everything. He is curious and constantly thinking about things, all sorts of things. When it comes to geology, he questions everything. I've seen some really good technical people but to a greater extent than anyone I know in the industry Quinton is interested in more things than anyone I've come across. He used to be a schoolteacher and he's constantly sharing information. Not teaching or talking down to you as is so common but he shares what he has learned and he questions everything.”
Since 2008 I have spent many weeks in the fields on trips with Quinton to various projects. Before we went to WA in mid 2009 on my first trip to the Pilbara we spent ten days or so on the South Island of New Zealand.
The southern half of the island has low grade gold in much of the rock and there is a lot of rain. As a consequence, you can pan any stream or river or beach and find gold. The rivers rise and fall a meter or so with even a short rainfall and you can even see gold in the moss on the side of the river. If you can imagine it, every time we crossed a creek, we stopped the car, jumped out with our pans and a shovel in hand and started panning. I have little doubt that the punters driving by looking at these old fools on their hands and knees, asses high in the air, thought we had lost our minds. We may have lost our minds but we found a lot of gold. We went to beaches where the tide and wind conditions would leave a thin layer of gold a few times a year and the locals would take snow shovels and carefully scrap off the very top layer and pan it for the gold that would replenish itself on a regular basis.
Quinton Hennigh is best known for his role starting Novo Resources where he is the Chairman and President. Novo of course has run from $.65 a share this year to a high of $8.83. He helped another junior do a takeover of a company with two major projects in Peru and joined the company as Chairman two weeks ago. I think we can call it his Other White Meat company.
The company is named Miramont Resources (MONT-C) and they start trading today, November 27, 2017. They did a 20 million-share placement and raised $6 million and did a share takeover of a private company called Puno Resources.
Miramont is operating in the very south of Peru. Their first major project is named the Cerro Hermoso prospect. They have three targets, (1) bulk tonnage diatreme breccias for gold, (2) stockwork vein systems for copper/gold/silver and (3) carbonate replacement systems where they have already identified areas of 8% zinc and 8% lead.
Miramont will launch an IP survey over Cerro Hermoso in January of 2018 for final drill planning before starting a 3500-5000 meter drill program in February-March. Drill permits have been applied for. The 2018 budget for Phase 1 at Cerro Hermoso in 2018 is $1.5 million.
In addition, Miramont has a copper porphyry target in their Lukkacha property near the border with Chile. Since foreign companies require a special permit to operate within 50 km of the border a Special Permission Request is in the process of being prepared. Before the company can drill, the request must be approved, however, they are allowed to conduct a detailed mapping and surface sample program on the property. Miramont anticipates conducting a geophysical program in Q2 of 2018 to determine drill targets. The 2018 budget for Lukkacha stands at $250,000 for now.
Miramont is well cashed up with $6 million in the bank. They have issued about 50 million shares. There are 20 million warrants at $.45 that when exercised would bring in an additional $9 million.
The original shareholders of Puno, the company Miramont took over, hold about 12 million shares in escrow or 24% of the company. Miramont management and insiders control 32% or about 16 million shares.
One of the minor issues but one of pressing concern to Miramont is to make the shares more liquid. The C-Exchange is cheap but not highly liquid. Miramont is working on a Vancouver listing as well as getting an OTCBB listing in the US. It’s a problem but a problem they are addressing.
I literally love Quinton Hennigh. He and his wife have come to visit us, I have visited his home. His wife is as sweet as they come. He has three children smarter than he is and a beautiful grandchild smarter than his kids. Scary smart. I’ve met 1,000 geos. If Quinton isn’t the best, he’s in the top five. Anytime Quinton is associated with a company, I’m going to be an investor.
I bought shares in Puno, I participated in the private placement for Miramont. They are advertisers and naturally that makes me biased.
The Miramont team is excellent and they have two projects that are going to have to work on very hard to screw up. They are in elephant country and have two elephants boresighted.