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Silver City Minerals New Copper Project is a Potential Game Changer

Stephen Bartrop - Breakaway Research - 20-Sep-2017

Key Points

  • Silver City Minerals has focused on exploring the Broken Hill province for traditional Broken Hill style Lead/Zinc orebodies. Under its IPO mandate, its objective was to test 30 identified targets and it continues to systematically explore these opportunities.
  • During this work, the Company has identified significant copper mineralisation along a 4 km structure and which includes the Copper Blow prospect. Analysis indicates it has the characteristic of an IOCG deposit (similar to Olympic Dam)
  • This target is exciting with copper mineralisation evident along this 4 km trend and historical drilling having demonstrated economic intersections including:
    • 11.80 m @ 6.7% copper, 1.92 g/t gold and 14 g/t silver
    • 15.0 m @ 2.7 % copper, 0.53 g/t gold and 3.7 g/t silver
    • 19.2 m @ 1.8% copper, including 3 m @ 4.6% copper
  • Follow-up selective surface sampling by Silver City Minerals has reaffirmed the copper grades in the historical drilling but also gold grades up to 1.85 g/t and cobalt grades up to 749 ppm. A drilling campaign by the Company is now urgently being finalised and is scheduled to commence on the 28th August.
  • The project is particularly exciting given that the copper price has been moving higher and is now around US$3/lb.
  • A recent placement and oversubscribed SPP leaves the Company fully funded and combined with the technical capabilities of Management and the Board, the Company is well placed to execute a successful programme.
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