March 20, 2023 (Investorideas.com Newswire) Metallic Minerals Corp. says it has intercepted its longest and highest-grade interval ever at its La Plata copper-silver-gold-platinum group aspect venture in southwestern Colorado.
Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTCQB) introduced it had intercepted its longest and highest-grade interval ever at its La Plata copper-silver-gold-platinum group aspect venture in southwestern Colorado.
Two holes totaling 1,730 meters drilled to check lateral extensions to the present useful resource hit 816 meters of 0.41% recovered copper equal (Cu eq).
The corporate claimed it was “one of many high intersections for any North American venture for the previous a number of years.”
“We’ve got had little doubt in regards to the energy of the mineralized system within the La Plata district,” Metallic Minerals President Scott Petsel mentioned. “The depth of alteration and mineralization on this drilling signifies we’re vectoring to a higher-grade portion of the La Plata porphyry system with overlapping mineralization kinds and a transition to high-grade bornite-rich copper mineralization with related excessive valuable metals values.”
The corporate mentioned vital high-grade gold-platinum-palladium (Au+PGE) mineralization related to copper and silver is a brand new model of mineralization within the useful resource space.
The final pattern was taken from gap LAP22-04, and the deepest materials, graded 5.42% CU with 47 grams per tonne silver (g/t Ag) and 11 g/t Au+PGE for a complete of 11.54% Cu eq.
Mineralization additionally remained open outward from the drill gap, Metallic Minerals mentioned.
Copper is crucial for the brand new inexperienced economic system, as electrical automobiles (EVs) use no less than thrice as a lot of it as gas-burning vehicles.
Nonetheless, based on a report final summer time by S&P International, a looming mismatch between copper demand and provide “will put strain on the objective of Web-Zero Emissions by 2050 and can seemingly gradual the tempo of vitality transition,” the report mentioned.
The demand is anticipated to double from about 25 million metric tons (Mmt) in 2021 to about 50 Mmt by 2035, based on the report. EVs, their charging infrastructure, photo voltaic panels, wind, and batteries all require far more copper than fossil fuel-based expertise.
A market evaluation by RFC Ambrian issued in 2022 mentioned, “extra funding is required in greenfield and brownfield manufacturing, which can seemingly require greater copper costs (relative to historical past).”
“Based mostly on industry-wide capital depth knowledge, we calculate that some US$196 billion of funding will likely be required,” that report mentioned. “Of this, US$80 billion is for greenfield initiatives, and US$116 billion is for brownfield initiatives, of which US$71 billion is solely for substitute capability. An extra US$35 billion of funding will likely be required to shut the provision hole.”
The Catalyst: Up to date Useful resource Estimate
Metallic mentioned it’s engaged on modeling work for an up to date useful resource estimate incorporating the 2022 drilling, anticipated by mid-2023.
Metallic’s inaugural Nationwide Instrument 43-101 compliant useful resource final yr for La Plata was 889 million kilos Cu and 14.975 Moz Ag at a mean grade of 0.39% Cu Eq, 0.35% Cu, and 4.02 4.02 g/t Ag, utilizing a 0.25% Cu Eq cutoff grade.
La Plata, or “the Silver,” was found by Spanish explorers within the 1700s. Metallic acquired it in an equity-based transaction in 2019. It has been explored by Rio Tinto Plc (RIO:NYSE; RIO:ASX; RIO:LSE; RTPPF:OTCPK) and Phelps Dodge, now Freeport-McMoRan Inc. (FCX:NYSE).
From the Fifties till now, a complete of 58 holes reaching greater than 16,000 meters have been drilled on the property. That exploration work demonstrated the presence of a big multi-phase porphyry system with copper, silver, and gold, and more moderen discoveries highlighting the potential for vital PGEs, uncommon earth minerals, and tellurium, the corporate mentioned.
‘Gold Rush’ Is on in Yukon
The corporate additionally has initiatives within the Yukon, together with the high-grade flagship Keno Hill property.
In January, Metallic signed a production royalty agreement with Little Flake Mining, an organization owned and operated by Parker Schnabel of the Discovery Channel’s “Gold Rush” program, on 5 miles of alluvial gold claims at Australia Creek within the Klondike Gold District of the Yukon. [OWNERSHIP_CHART-9081]
Schnabel was granted unique rights to extract gold from the property whereas giving Metallic Minerals a share of the manufacturing as a royalty.
The corporate mentioned Schnabel was a “extremely skilled miner.”
“We plan to hit the bottom working on Australia Creek,” Schnabel mentioned on the time. “Planning is underway for a 400-hole drill program this winter on the property, and we anticipate starting mining operations this spring.”
Possession and Share Construction
About 19% of Metallic Minerals is owned by administration and insiders, together with Chief Govt Officer Greg Johnson with 4.67% or 7.05 million shares, Unbiased Director Gregor Hamilton with 0.91% or 1.37 million shares, and the president, Petsel, with 0.56% or 850,000 shares.
About 30% is owned by strategic traders, together with mining financier Eric Sprott, who owns 14%.
About 29% is owned institutionally. The remaining, 20%, is retail.
Its market cap is CA$39.91 million, with 150.9 million shares excellent, 120 million of them free-floating. It trades in a 52-week vary of CA$0.49 and CA$0.195.
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