Coppernico Metals Inc.'s (COPR:TSX; CPPMF:OTCQB) phase one drill results "confirm the hypothesis of a very large copper-skarn mineralizing system being present" in the Ccascabamba area at its Sombrero project in Peru, reported 3L Capital Analyst Steven Therrien in a May 14 research note.
"Anomalous copper has now been intersected over 3 kilometers (3 km) near/along the prospective intrusive-limestone contact at Ccascabamba, with at least 4 km of prospective contact still to test," wrote Therrien.
More Chances for Discovery
The Canadian explorer released the remaining drill results from its phase one, for holes 6 to 20, reported the analyst. Highlight intercepts included 21.85 meters (21.85m) of 0.22% copper (Cu), and 9.85m of 0.26% Cu and 0.46 grams per ton gold (0.46 g/t Au). The best result was 19.15m of 0.5% Cu. However, none of these is considered economic, Therrien wrote.
Coppernico has many more opportunities to make a discovery at the project given its robust and expanding pipeline of targets to drill test.
"We still firmly believe in the thesis and the potential for a large copper skarn deposit at Sombrero," Therrien wrote.
Pending Drill Targets
The pipeline encompasses known about targets the explorer has not been able to drill due to limitations of the existing drill permit. One such area is Fierrazo, "the most obvious target," described Therrien. Historical drill results from Fierrazo include 116m of 0.42% Cu and 51m of 0.43% Cu, comparable to those reported from the nearby Las Bambas project. Mineralization at Fierrazo is oriented north to south and remains open at depth and along strike.
Coppernico has not been able to test the intrusive-limestone contact in the Chumpi target area on the north side of the Ccascabamba intrusion either, where stronger mineralization would be likely to occur.
Newly Identified Targets
The target pipeline also includes ones the company recently generated while awaiting receipt of an expanded drill permit. The permit will allow for up to 200 holes (from the original 49) and use of additional rigs.
Some of Coppernico's newly identified targets are Macha Machay, an area with the strongest copper-in-stream sediment anomalies; Tipicancha, an epithermal-porphyry target; Antapampa, copper skarn, and Nioc, with a strong magnetic and chargeable anomaly.
Nioc, one of 3L Capital's favorite targets, has returned high grades in grab samples, including 4.33% Cu and 2.11 g/t Au, and 9.09% Cu and 5.88 g/t Au. Nioc is to the north of Ccascabamba.
What to Watch For
Once the junior miner receives the expanded drill permit, it will embark on a phase two drill program, for which it is well funded, wrote Therrien.
Other catalysts could include one or more property acquisitions as well,
Stock Details
At the time of his report, Therrien noted, Coppernico had 177.3 million shares outstanding, a market cap of CA$24 million and a 52-week range of CA$0.12–0.54 per share.
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