Jay Taylor, in the Nov. 16, 2016, edition of Gold, Energy & Tech Stocks, refreshes his buy of Falco Resources Ltd., recently 95 cents. He previously said buy on Feb. 13, 2015, at 60 cents and on June 15, 2016, at $1.08. Assuming a $1,000 investment for each of the two buys, the $2,000 position is now worth $2,461. Falco is preparing a bankable feasibility study on its Horne 5 VMS (volcanogenic massive sulphide) project in Quebec. It has already completed a preliminary economic assessment, which pegged the project's net present value at $667-million (after tax), based on average gold production of 236,000 ounces a year over a 12-year mine life. Since the PEA was completed, the resources at Horne 5 have been upgraded and increased, so Mr. Taylor would not be surprised if the feasibility study shows even better numbers. Falco plans to complete the feasibility study by mid-2017, start construction in early 2019 and start production in the fourth quarter of 2020. It could then use the cash flow from the mine to explore its other properties in Quebec. Mr. Taylor concludes that Horne 5, while "remarkably undervalued" at the moment, should catch the market's eye once the feasibility study comes out next year.