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New World Resources’ Antler resource is just the tip as drilling extends mineralisation beyond 680m down-dip

Special Report: The deepest and thickest drill hit to date from the Antler copper project has left little doubt New … Read More
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The deepest and thickest drill hit to date from the Antler copper project has left little doubt New World Resources’ recent maiden resource is just the tip of a large iceberg.

New World Resources (ASX:NWC) delivered a maiden high grade resource of 7.7Mt at 3.9% copper equivalent at the Arizona deposit earlier this month with 74% in the high indicated category, but already has an exploration target to extend it to 10Mt to 12Mt grading 3%-4% copper equivalent.

It had some good news on that front today. ANT70, the deepest hole ever drilled at Antler, struck a rich cocktail of base and precious metals from 575m below surface, 60m down-dip of its previous deepest hole and proving the down-dip extent of the outcropping Antler deposit is more than 680m deep.

New World struck some 43m of copper, zinc, lead, silver and gold mineralisation in ANT70, including:

  • 12.7m at 0.6% Cu, 1.7% Zn, 1.2% Pb, 56.3g/t Ag and 1.24g/t Au from 869m (12.7m at 2% CuEq).
  • 25.5m at 1.8% Cu, 1.8% Zn, 1.0% Pb, 42.9g/t Ag and 0.46g/t Au from 885m (25.4m at 2.6% CuEq); and,
  • 5.3m at 1.2% Cu, 4.0% Zn, 0.3% Pb, 11.6g/t Ag and 0.13g/t Au from 914.6m (5.3m at 2.4% CuEq).

The results bolster NWC’s confidence that it will be able to add tonnes at depth beneath the maiden JORC resource, with mineralisation open at depth over Antler’s entire 500m strike length.

“The standout assay results from ANT70 provide further strong evidence confirming what we have been interpreting for quite a while – that the Antler Deposit is improving with depth,” NWC managing director Mike Haynes said.

“Intersecting the thickest mineralisation ever reported, some 60m down-dip from our previous deepest hole, is a fantastic achievement by our US-based team.

“These results are expected to add more tonnes to an already very impressive maiden JORC Resource at Antler – hence the economics of developing the project are likely to be even better.”

New World Resources
This incredible array of drill hits shows the success NWC has been having at Antler. Pic: New World Resources.

Thicker intersects show potential to add tonnes

Previously the deepest intercepts at Antler were located in hole ANT53, reported to the market back in May.

That contained:

  • 14.3m at 2.3% Cu, 6.8% Zn, 0.3% Pb, 22.4g/t Ag and 0.28g/t Au from 614m (14.3m @ 3.8% CuEq); and,
  • 5m at 2.2% Cu, 2.9% Zn, 0.1% Pb, 10.8g/t Ag and 0.27g/t Au from 639.3m (5m at 2.7% CuEq).

That the new intercepts are an order of magnitude thicker (43.3m over a 50.6m interval) shows Antler is likely to increase substantially in tonnages in this area once the new results are incorporated into a resource estimate.

Assays have also been returned for holes drilled to test geophysical anomalies at the southern end of the Antler deposit, hitting narrow but high grade mineralised pockets of 1.5m at 1.0% Cu, 12.9% Zn, 1.6% Pb, 25.3g/t Ag and 0.09g/t Au from 418.81m (1.5m at 5.2% CuEq) in ANT71, and 0.9m at 1.5% Cu, 9.1% Zn, 1.8% Pb, 26.5g/t Ag and 0.06g/t Au from 415.96m (0.9m @ 4.4% CuEq) in ANT72.

Those results were encouraging given both holes deviated from their planned trajectory.

Further drilling is continuing to test for thicker intervals of the high-grade mineralisation associated with the sizeable CSAMT geophysics anomaly reported in April.

With three rigs still onsite drilling to extend Antler’s resource base, long wait times at assay labs have led to delays reporting results, with 17 holes still to be reported.

However, the company says the mineralisation is readily identifiable in drill core, meaning it can plan new phases of drilling without assay results on hand.

 


 

 

This article was developed in collaboration with New World Resources, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post New World Resources’ Antler resource is just the tip as drilling extends mineralisation beyond 680m down-dip appeared first on Stockhead.



Author: Special Report

Base Metals

Filo Mining Sees BMO Lift Price Target To $20 After Assay Results

On January 19th, Filo Mining (TSX: FIL) reported their assay results from hole FSDH054. The drill hole reported 1,224 metres
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On January 19th, Filo Mining (TSX: FIL) reported their assay results from hole FSDH054. The drill hole reported 1,224 metres of 1.25% copper equivalent from a depth of 146 metres, which included 592.0 metres of 2.04% copper equivalent and 171.5 metres of 3.22% copper equivalent.

Filo Mining currently has 10 analysts covering the stock with an average 12-month price target of C$18.27, or a 20% upside to the current stock price. Out of the 10 analysts, 1 has a strong buy rating and the other 9 have buy ratings. The street high sits at C$30, which represents a 96% upside while the lowest 12-month price target sits at C$6.50.

In BMO Capital Markets’ note, they reiterate their outperform rating and raised their 12-month price target from C$16 to C$20, saying that Filo, “continues to highlight success with the drill bit, especially with its long intersections, and as it better defines the structure.”

BMO says that Filo is looking to add additional rigs and is looking into the feasibility of drilling deeper. They believe that due to the significance of the precious metal content at the mine, they “continue to monitor the potential for index inclusion.”

They add that Filo has named the higher-grade portion of the trending structure the “Aurora Zone.” This zone stretches at least 700 meters, which contains Breccia 41, which is what these drill results highlight. They leave the note off by saying that Filo Mining is “full steam ahead” and by mid-year, they expect to see 11 rigs drilling at the mining site.

Below you can see BMO’s updated full-year 2022 estimates.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post Filo Mining Sees BMO Lift Price Target To $20 After Assay Results appeared first on the deep dive.


Author: Justin Young

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Precious Metals

Fortuna Silver Mines (NYSE:FSM) Upgraded to Buy by Canaccord Genuity Group

Canaccord Genuity Group upgraded shares of Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) from a hold rating to a buy rating in a report published on Tuesday…

Canaccord Genuity Group upgraded shares of Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) from a hold rating to a buy rating in a report published on Tuesday morning, The Fly reports. Canaccord Genuity Group currently has $5.50 target price on the basic materials company’s stock, down from their previous target price of $6.00.

Other equities analysts have also issued research reports about the company. Canaccord Genuity Group upgraded Fortuna Silver Mines from a hold rating to a buy rating in a research note on Tuesday. CIBC cut their target price on Fortuna Silver Mines from C$9.00 to C$8.00 and set a neutral rating on the stock in a research note on Wednesday, October 13th. Zacks Investment Research lowered Fortuna Silver Mines from a strong-buy rating to a hold rating in a research note on Wednesday, January 12th. BMO Capital Markets upgraded Fortuna Silver Mines from a market perform rating to an outperform rating and set a $7.25 target price on the stock in a research note on Monday, December 20th. Finally, National Bank Financial dropped their price target on Fortuna Silver Mines from C$7.00 to C$6.50 and set a sector perform rating on the stock in a research note on Monday, November 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average target price of $6.54.

Shares of Fortuna Silver Mines stock opened at $3.67 on Tuesday. The firm has a market cap of $1.07 billion, a P/E ratio of 11.84 and a beta of 1.32. The company has a current ratio of 0.96, a quick ratio of 0.73 and a debt-to-equity ratio of 0.05. Fortuna Silver Mines has a 12 month low of $2.91 and a 12 month high of $9.85. The stock’s fifty day moving average price is $3.66 and its 200-day moving average price is $4.22.

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings results on Thursday, November 11th. The basic materials company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Fortuna Silver Mines had a net margin of 12.04% and a return on equity of 10.32%. The firm had revenue of $162.57 million for the quarter. During the same quarter in the prior year, the company posted $0.09 EPS. Analysts forecast that Fortuna Silver Mines will post 0.49 earnings per share for the current year.

Hedge funds have recently modified their holdings of the company. Advisory Services Network LLC purchased a new stake in shares of Fortuna Silver Mines during the second quarter worth about $29,000. Kestra Advisory Services LLC acquired a new stake in shares of Fortuna Silver Mines during the fourth quarter worth about $39,000. Bank of New York Mellon Corp acquired a new stake in shares of Fortuna Silver Mines during the third quarter worth about $40,000. Squarepoint Ops LLC acquired a new stake in shares of Fortuna Silver Mines during the third quarter worth about $44,000. Finally, Brookstone Capital Management acquired a new stake in shares of Fortuna Silver Mines during the third quarter worth about $46,000. Institutional investors and hedge funds own 26.01% of the company’s stock.

About Fortuna Silver Mines

Fortuna Silver Mines, Inc engages in the exploration, extraction and processing of precious and base metal in Latin America. It operates through the following segments: Minera Bateas SAC (Bateas), Compania Minera Cuzcatlan SA de C.V. (Cuzcatian), Mansfield Minera SA (Mansfield), and Corporate. The Beates segment operates the Caylloma silver, lead, and zinc mine.

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Precious Metals

Alamos Gold (NYSE:AGI) PT Lowered to C$13.00 at CIBC

Alamos Gold (NYSE:AGI) (TSE:AGI) had its price objective trimmed by CIBC from C$14.50 to C$13.00 in a research note released on Wednesday, The Fly reports….

Alamos Gold (NYSE:AGI) (TSE:AGI) had its price objective trimmed by CIBC from C$14.50 to C$13.00 in a research note released on Wednesday, The Fly reports.

AGI has been the topic of several other reports. Canaccord Genuity Group cut Alamos Gold from a buy rating to a hold rating and set a $10.00 price objective on the stock. in a report on Tuesday. Zacks Investment Research raised Alamos Gold from a hold rating to a buy rating and set a $7.75 price objective on the stock in a report on Monday, January 10th. Citigroup cut Alamos Gold from a buy rating to a hold rating and decreased their price objective for the stock from C$12.00 to C$10.00 in a report on Tuesday. They noted that the move was a valuation call. BMO Capital Markets decreased their price target on Alamos Gold from C$14.00 to C$11.00 in a report on Tuesday. Finally, TD Securities decreased their price target on Alamos Gold from C$15.50 to C$14.50 and set a buy rating on the stock in a report on Friday, October 29th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Alamos Gold presently has an average rating of Hold and a consensus target price of $11.39.

Shares of AGI opened at $7.03 on Wednesday. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of -117.15, a price-to-earnings-growth ratio of 1.39 and a beta of 1.05. Alamos Gold has a 1 year low of $6.62 and a 1 year high of $9.38. The business’s 50 day simple moving average is $7.49 and its 200-day simple moving average is $7.66.

Alamos Gold (NYSE:AGI) (TSE:AGI) last issued its quarterly earnings data on Tuesday, October 26th. The basic materials company reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.01). The firm had revenue of $198.00 million for the quarter, compared to analysts’ expectations of $221.49 million. Alamos Gold had a positive return on equity of 6.57% and a negative net margin of 2.28%. The firm’s revenue was down 9.3% on a year-over-year basis. During the same period last year, the company earned $0.15 earnings per share. As a group, analysts expect that Alamos Gold will post 0.42 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 21st. Shareholders of record on Tuesday, December 7th were paid a $0.025 dividend. The ex-dividend date of this dividend was Monday, December 6th. This represents a $0.10 dividend on an annualized basis and a yield of 1.42%. Alamos Gold’s payout ratio is -166.64%.

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Alamos Gold by 1.7% in the second quarter. Vanguard Group Inc. now owns 12,060,519 shares of the basic materials company’s stock worth $92,263,000 after purchasing an additional 205,663 shares during the period. Bank of New York Mellon Corp boosted its position in Alamos Gold by 12.1% during the second quarter. Bank of New York Mellon Corp now owns 10,086,242 shares of the basic materials company’s stock valued at $77,160,000 after purchasing an additional 1,089,928 shares in the last quarter. FMR LLC boosted its position in Alamos Gold by 2.1% during the first quarter. FMR LLC now owns 5,226,012 shares of the basic materials company’s stock valued at $26,515,000 after purchasing an additional 106,099 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Alamos Gold by 16.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,513,946 shares of the basic materials company’s stock valued at $26,840,000 after purchasing an additional 505,075 shares in the last quarter. Finally, Invesco Ltd. boosted its position in Alamos Gold by 0.3% during the third quarter. Invesco Ltd. now owns 3,331,999 shares of the basic materials company’s stock valued at $23,991,000 after purchasing an additional 8,425 shares in the last quarter. Institutional investors and hedge funds own 51.26% of the company’s stock.

Alamos Gold Company Profile

Alamos Gold, Inc engages in the exploration, development, mining and extraction of precious metals. It operates through the following segments: Young-Davidson, Mulatos, Island Gold, Elchanate, Kirazli and Corporate and Other. The company was founded on February 21, 2003 and is headquartered in Toronto, Canada.

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