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Magnetite Points Copper Junior in Right Direction for Drilling

Source: Streetwise Reports

 

October 5, 2022 (Investorideas.com Newswire) Infinitum Copper Corp. continues to get impressive results from its drilling campaign at its flagship project in Mexico, but another discovery is helping to point the way to future exploration.

Infinitum Copper Corp. (INFI.TSV.V) is using unexpected clues from diamond drilling results at its La Adelita project in the Sonora and Sinaloa states of Mexico to help pinpoint where to sink the next holes.

The company released assay results from two more of its 12 holes Thursday, showing that in the four holes analyzed so far the highest grade copper-gold-silver mineralization has been associated with semi-massive to massive magnetite, which is much easier to detect remotely.


La Adelita project. Source: Infinitum Copper Corp.

In a Sept. 17 post, Caesars Report newsletter editor Thibaut Lepouttre called one of the holes from La Adelita "exceptional," and said the magnetite discovery was a "bonus."

"The combination of semi-massive magnetite with high-grade Cu-Au-Ag (copper-gold-silver) mineralization should be detectable with detailed magnetometry," he wrote. "Infinitum Copper is planning to complete a detailed magnetometer survey after the vegetation in the area dies again."

A series of "strong conductive anomalies" found during a geophysical survey last spring will help Infinitum target its next holes, the company stated. It plans to build trails to allow vehicle access to those areas.

Magnetite is "a really good Pathfinder to have from an exploration perspective, because it is so strongly ferromagnetic you can easily do a very simple magnetometer survey over the area and it helps you identify those areas that have more magnetite," Infinitum President and Chief Executive Officer Steve Robertson told Streetwise Reports. "If the copper, gold, and silver is strongly associated with it, then you're going to increase your chances of finding more of (it) by just exploring those areas."

The Catalyst

Lepouttre said the results released this week were "good in any setting." Results from eight holes are still pending and could pinpoint even more magnetite.

Out of the two holes released this week, hole AD-22-0019 was the most impressive. It returned 32.25 meters of 1.01% Cu, 0.52 grams per tonne (g/t) Au, and 39.69 g/t Ag, or 1.74% copper equivalent (Cu Eq) starting at 36.65 meters downhole in the Cerro Grande zone.

In previously released results, another hole intersected 20.6 meters true width of 1.915% Cu, 3.71% Cu Eq, 2 g/t Au, and 40.91 g/t Ag starting at 163.15 meters downhole in the Cerro Grande Zone.

The results give the company multiple directions to go for future drilling at La Adelita.

"The higher gold values to the south and strong geophysical anomalies that are untested near surface and at depth give us a plethora of worthy targets, so we are full of anticipation for our next round of drilling," Robertson said.

The Future of Copper

Copper conducts heat and electricity and is helping to drive the new green economy. Electric Vehicles (EVs) use three times as much of it as combustion engine cars do, and solar panels require it, as well.

Demand is expected to rise 16% and outstrip supply by more than 6 million tonnes by the end of the decade, according to independent energy research company Rystad Energy.

New uses are popping up all the time, including in the biomedical industry, where copper's antibacterial properties are prized.

The U.S. Geological Survey estimates there are 3.5 billion metric tons of copper on the planet.

"However, only a fraction of this geologic resource is economically viable at present-day prices and using current technologies," S&P Global said in a recent report called "The Future of Copper."

It can take more than decade to develop a new mine, so any needed growth in capacity will likely come from a combination of expanding existing mines and progress in opening mines currently under development.

An Excellent Neighborhood

La Adelita is 6,446 hectares and made up of seven mining claims. The company has identified three zones of significant copper, silver, gold, and zinc mineralization at the Cerro Grande Footwall, Las Trancas, and Pericos zones.

It's in an excellent neighborhood, as well. Just 5 kilometers away is the past-producing silver mine Alamo Dorado, and the copper-producing Piedras Verdes mine is 60 kilometers northwest.

The company started its two-phase, 9,000-meter drilling campaign at the project in March. Results from the remaining holes of Phase 1 are expected in the next few weeks. Phase 2 will be 6,000 meters of drilling set to begin after the rainy season ends.

That drilling will target follow-ups from Phase 1, mineralization identified in the ongoing trenching program, prospective anomalies generated by the geophysical survey, and extension of known zones.

The company is looking for the extension of the high-grade copper, gold, and silver mineralization of the Cerro Grande zone and the recently discovered Cerro Grande Footwall zone. Mineralization there consists of chalcopyrite, bornite, and covellite.

Magnetite content is estimated to be from 15% to 75% over the 20.6-meter length of hole AD-22-0018, and iron values average 24%.

The company is working toward eventually having a resource estimate for the site.

Ownership and Share Structure

Infinitum has 45.6 million shares outstanding, 23 million of them free floating, according to the company. Among its major shareholders are Minaurum Gold Inc., which owns 13%; insiders including directors; institutional investors including MCM and Terra Capital; and retail investors.

Its market cap is CA$7.63 million, and it trades in a 52-week range of CA$0.52 and $0.13.

Disclosures:

1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Infinitum Copper Corp. Please click here for more information.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Infinitum Copper Corp., a company mentioned in this article.

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