posted on
Apr 29, 2015 03:49PM
Welcome To the Copper Fox Metals Inc. HUB On AGORACOM
CUU own 25% Schaft Creek: proven/probable min. reserves/940.8m tonnes = 0.27% copper, 0.19 g/t gold, 0.018% moly and 1.72 g/t silver containing: 5.6b lbs copper, 5.8m ounces gold, 363.5m lbs moly and 51.7m ounces silver; (Recoverable CuEq 0.46%)
Message: Re: M&A
Thanks for the mention of Ball Creek being sold. I missed that news. It's pretty depressing though, $150,000? That's it? They had committed to $3 million in spending!
I remember talk of Ball Creek being a decent prospect years ago. I just took a look on Paget's website and found the press release from when optioned it in 2011 (they later acquired it in 2013):
The Option Agreement requires a minimum C$3,000,000 spending commitment over a maximum period of 48 months, which Paget intends to use to follow-up historical mapping, sampling and drilling and establish and complete new drilling programs focused on developing a resource. In addition, Paget will issue 5,000,000 shares to Pembrook subject to conditions of TSX approval. After exercise of the option, Paget will be obligated to make a payment of C$2,000,000 to Pembrook upon completion of a NI 43-101 compliant technical report defining a minimum one million ounce gold or gold equivalent indicated and inferred mineral resource; and pay a final C$2,000,000 to Pembrook upon completion of a positive feasibility study. Pembrook will retain a 2% Net Smelter Royalty, half of which may be purchased by Paget at any time for C$1,000,000. Pembrook is a non-arms-length party to Paget by virtue of its 16.5% present shareholding in Paget, and one common director. Upon issuance of the 5,000,000 shares, Pembrook's interest would increase to 21.9%.
Here's some details on some of their drilling, not spectacular but not horrendous:
Drilling on the Main gold-copper porphyry target in 2012 was highlighted by Hole BC12-54 that drilled to a depth of 310.1 metres and returned 0.44 g/t gold and 0.15% copper over its entire length including 0.50 g/t gold and 0.24% copper over 102.0 metres (see news release dated October 11, 2012). Mineralization in Hole BC12-54 is open to the southwest on trend to the Cliff copper-gold porphyry target where stockwork veining coincident with a magnetic low measuring 1,700 x 400 meters assays up to 0.74% copper and 0.15g/t gold.
Man, this can be an ugly business sometimes!
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