Fieldwork Reveals High-Grade Copper Samples in BC
Source: Streetwise Reports
June 7, 2023 (Investorideas.com Newswire) Read more about Fabled Copper Corp., which continues to see high grades of the red metal in fieldwork results from its Muskwa project in British Columbia.
Float sample D-723689 was taken at about 1,600 meters elevation at the south extension of the Eagle Creek Copper Occurrence and contained massive sulfides and quartz veining with 60% chalcopyrite, 3% bornite, and 23.4% copper (Cu).
The vein trace can clearly be seen in photos (left) taken during the work completed last summer. Another sample at the western side of the occurrence found "a staggering" 29.3% Cu.
The company has been trying to track the source of this vein at the project.
"We're finding all this high-grade mineralization," President and Chief Executive Officer Peter Hawley said. "So that's a pretty good hint that, you know, we're, we're very close to the source ... It's not very often you see high-grade numbers like this."
Results of 2022's fieldwork at the project, which mapped a total of 19 areas, found one sample of 27.2% Cu.
Muskwa is in northwestern British Columbia near the Yukon border. It consists of the Toro, Bronson, and Neil claim blocks. All three were explored in the early 1970s before rockslides and snowfields arrested further development. One vein was developed and partly mined - 498,000 tons were milled with a head grade of about 3% Cu.
The demand for copper is expected to double from about 25 million metric tons (Mmt) in 2021 to about 50 Mmt by 2035, according to a report last summer by S&P Global. Electric vehicles (EVs), their charging infrastructure, solar panels, wind, and batteries all require much more copper than fossil fuel-based technology.
The world's largest copper companies are expanding their mines or looking for new deposits.
"Bottom line? We gotta find more copper," newsletter writer Rick Mills wrote.
The Catalyst: Consistent High-Grade Samples
Float sample D-723687, also taken at about 1,600 meters, returned 17.15% Cu. Another, taken at about 1,745 meters, sampled 10.45% Cu, the company said.
A total of five samples were taken on that same day last July, the company noted.
"Over the course of the traverse, a vertical altitude of 96 meters was examined and sampled," Fabled said in a news release. "Of the samples collected, four assayed greater than 0.5%."
Other results collected during that trip included 6.22% Cu, 2.15% Cu, and 1.81% Cu, all at about 1,600 meters.
Fabled has applied for 15 drill sites at the project, including four in the Eagle Vein area. Negotiations with First Nations continue.
A total of 59 areas were mapped and sampled property-wide during the 2022 fieldwork campaign, the company said.
On the same day as the 29.3% Cu sample last July, 11 other samples were collected over an altitude of 158 meters. Of the 12 collected, 11 assayed greater than 0.5% Cu, seven greater than 10% Cu, and four greater than 20% Cu.
Two samples at about 1,700 meters returned about 22% Cu, a sample at 1,801 meters returned 20.1%, a sample at 1,702 meters returned 19.55% Cu, a sample at 1,704 meters returned 18.75% Cu, a sample at 1,708 meters returned 15.1 Cu and a sample taken at 1,696 meters returned 5.5% Cu, Fabled Copper said.
New Copper Investment, Production Needed
EVs use more than three times as much copper as gas-burning cars. New copper production - and investment in exploration - will be needed to fuel the supply of those vehicles, analysts say.
"Based on industry-wide capital intensity data, we calculate that some US$196 billion of investment will be required," a market analysis issued by RFC Ambrian last year said. "Of this, US$80 billion is for greenfield projects, and US$116 billion is for brownfield projects, of which US$71 billion is simply for replacement capacity. A further US$35 billion of investment will be required to close the supply gap."
The S&P report called copper "one of the most underappreciated critical minerals."
"Deeper electrification requires wires, and wires are primarily made from copper," the report said.
Company Also Joins Search for Lithium
Another metal important for the green economy transition is lithium. Fabled recently announced it entered into two letters of intent and a purchase agreement to acquire three separate lithium claim blocks in Quebec.
"Quebec is going to become the lithium hub of North America, unequivocally," Hawley said. "They're building the infrastructure and the various plants."
Other companies are seeing success there looking for the element in the province, and Canada's federal budget includes a tax credit for extracting, processing or recycling critical minerals essential for clean technology.
The global lithium market is expected to reach US$19 billion by 2030, according to a report from Research and Markets.
"Rising investments in lithium mining and related technologies are projected to remain a key trend in the market," the report said. "Lithium mining is witnessing rapid growth as its demand is accelerating owing to its application in batteries."
Ownership and Share Structure
According to Yahoo Finance, about 3% of the company is held by insiders. They include Director Luc Pelchat with 1.19% or 210,000 shares, David Smalley with 0.86% or 150,000 shares, and President and CEO Hawley with 0.65% or 110,000 shares, Reuters said.
The rest, 97%, is retail.
Fabled Copper's market cap is CA$920,000, with 17.37 million shares outstanding, 16.88 million of them floating. It trades in a 52-week range of CA$0.50 and CA$0.055.
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