Infinitum Copper Corp. (INFI:TSX) announced it has applied for a mining permit from the environmental authority in Mexico after it received the results of metallurgical test work.
A Mining Impact Assessment (MIA) has been completed and submitted to the Secretaria de Medio Ambiente y Recursos Naturales (SEMARNAT), the department responsible for issuing the permits for its La Adelita project.
"La Adelita has seen (historical) artisanal mining focused around the adit on the eastern flank of the Cerro Grande anticline," the company noted of an existing entrance in a release. "As mining has traditionally taken place in the Cerro Grande area and the company expects to access the mineralized body through the existing adit, the permitting process is not expected to be overly complex."
The company said the metallurgical test work returned on about 20 kilograms of material sent for testing had a head grade of 1.88% copper (Cu), 1.05 grams per tonne gold (g/t Au), and 74 g/t silver (Ag).
Flotation tests showed the material is amenable to standard flotation processing, with about 77% Au, 86.14% Ag, and 85.21% Cu recovered.
"We are very pleased with the results of the metallurgical test work," President and Chief Executive Officer Matt Hudson said. "With these results in hand, we will look to find an offtake partner among the many operating mines in the surrounding area."
Infinitum will use historical drilling from the area to follow the mineralized body from the adit back toward known mineralized zones, he said.
"Approaching the mineralized body from underground will further develop our understanding of the La Adelita mineralization," Hudson noted.
The Catalyst: 'We Gotta Find More Copper'
Russia's Nornickel predicts the global copper market will expand incrementally in the coming years, with the new clean economy pushing cumulative growth to 20% by 2035, S&P Global Commodity Insights reported.
Electric vehicles (EVs), their charging infrastructure, solar panels, wind, and batteries all require much more copper than fossil fuel-based technology. EVs use more than three times as much copper as gas-burning cars.
The world's largest copper companies are expanding their mines or looking for new deposits.
"We gotta find more copper," newsletter writer Rick Mills wrote.
New copper production — and investment in exploration — will be needed to fuel the supply of those vehicles long-term, analysts have said.
Billionaire Robert Friedland, founder and executive co-chairman of Ivanhoe Mines Ltd., told Bloomberg that he fears copper prices could jump tenfold eventually.
"We're heading for a train wreck here," he said.
Drill Results, Earn-In
Last month, Infinitum reported the results of six drill holes from the project and that it had earned 80% of La Adelita from Minaurum Gold Inc.
The terms of the earn-in agreement with Minaurum stated that Infinitum must make a CA$3 million expenditure on the project, which the company met by spending CA$3,042,090.
The drilling was conducted on the Las Trancas target and the Cerro Grande copper zone on the La Adelita project. The majority of the results are from drill hole AD-23-0034, but drill hole AD-23-0029 returned 0.16 grams per tonne (g/t) gold (Au) across 11.75 meters, while drill hole AD-23-0030 returned 0.219 g/t Au across 6.3 meters, including 0.7 g/t Au across 1.35 meters. The two drill holes were intended to test the Sangre del Torro feature.
In the Las Trancas zone, drill hole AD-23-0031 found 0.172% zinc (Zn) across 145.50 meters, including 0.195% copper (Cu) and 5.755 g/t silver (Ag) across 15.75 meters, while drill hole AD-23-0032 found 0.253% Zn across 30 meters, and 3.32% Cu and 87.9 g/t Ag across 0.5 meters.
Drill hole AD-23-0034 returned 0.205 grams g/t Au, 15.55 g/t Ag, 0.081% Cu, and 0.696% zinc Zn between 43.5 meters and 46.5 meters; 0.461 g/t Au, 86.00 g/t Ag, 0.401% Cu, and 0.257% Zn between 149.1 meters and 177.6 meters; 1.032 g/t Au, 29.84 g/t Ag, 0.117% Cu, and 0.178% Zn between 174.8 meters and 177.6 meters; and 0.184 g/t Au, 42.5 g/t Ag, 0.904% Cu, and 0.334% Zn between 205.8 meters and 209.85 meters.
Ownership and Share Structure
Streetwise Ownership Overview*Refinitiv provided a breakdown of the company's ownership and share structure, where management and insiders own approximately 12.07% of the company.
Refinitiv reports that Chairman Stephen Blake Robertson owns 3.98% of the company with 2.93 million shares, Director Ivan Chan Po Kwong owns 2.72% of the company with 2.00 million shares, Director Michael Andrew James Wood owns 2.38% of the company with 1.75 million shares, Director Marco Ivan Baptista Roque owns 1.97% of the company with 1.45 million shares, Director Mahendra Naik owns 0.57% of the company with 0.42 million shares, Director Garrick Allen Mendham owns 0.44% of the company with 0.33 million shares, and Director Melinda Hsu owns 0.01% of the company with 0.01 million shares.
Refinitiv reports no institutional investors.
According to Refinitiv, there are 73.59 million shares outstanding with 64.71 million shares outstanding, while the company has a market cap of CA$1.83 million and trades in the 52-week period between CA$0.01 and CA$0.085.
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Important Disclosures:
- Infinitum Copper Corp. has a consulting relationship with an affiliate of Streetwise Reports, and pays a monthly consulting fee between US$8,000 and US$20,000.
- 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.
- Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any 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. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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