Today Enduro Metals (ENDR.V) put out a news release with a headline stating "New Copper-Gold Porphyry at Newmont Lake; Drill Intersects 331m of 0.71% CuEq Starting at Surface- Including 146m of 1.00% CuEq" Full NR here: https://endurometals.com/enduro-discovers-new-copper-gold-porphyry-at-newmont-lake-drill-intersects-331m-of-0-71-cueq-starting-at-surface-including-146m-of-1-00-cueq/
- This is a porphyry discovery (as mentioned in the NR title): 331m of 0.71% CuEq including a higher grade 146m of 1.00% CuEq portion
- Converted into AuEq (using Au=$1760), we get an intersection of 331m of 1.29g/t AuEq** or $72.18/tonne of material
-The higher grade intersection of 18.27m is equivalent to 5.5g/t AuEq** or $308.64/tonne of material
-This was hole BR21-001, the first hole drilled at Burgundy Ridge. The news release states: "results are pending from Burgundy, McLymont Fault, and the Chachi Corridor from 2021 diamond drilling " thus this should be the first of several batches of results to come out of the company's 2021 drill program
- The company is making serious preparations to enable longer exploration seasons with less helicopter support "Preparations are underway for winter road construction which will connect our exploration camp, Burgundy, and the McLymont Fault to the provincial highway system for a usable period of approximately 3 months of the year."
- Once winter support is complete its conceivable that the company may drill even if it's not summer "winter conditions have temporarily suspended exploration drilling until winter road construction is complete"
- It appears from the magnetics that the hole that hit (BR21-001) was on the outer edges of a large magnetic anomaly
- There was a lot of volatility leading up to this news release, the stock initially sold off, but recovered its earlier losses today. These lengths of intervals (331m) and grades (0.71$CuEq/1.33g/t AuEq/$72/tonne) are definitely an excellent start - in an area known for it's massive deposits, the Golden Triangle. It's certainly something to continue to watch/follow
Additional sections provided by the company (complete ones are included in the company's NR):
Disclaimer: The author is not a registered advisory service and does not give investment advice. The author currently has a long position in: Enduro Metals, and may buy more or sell its position at a later date. Mango Research and Management Inc., an affiliate to Enduro Metals, is a sponsor to this blog. Our commentary is an expression of personal opinion and should not be construed in any manner whatsoever as recommendations to buy or sell a stock at any time.