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Exploration Co. Seeks Possible Large Copper System in BC

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Source: Streetwise Reports 11/01/2024

Vancouver-based minerals explorer Prosper Gold Corp. (TSVX: PGF; OTCQB: PGXFF) is focused on its district-scale Cyprus copper-gold project in north-central British Columbia. One analyst says the results of a recent geophysical survey put the stock in an excellent position.

Vancouver-based minerals explorer Prosper Gold Corp. (TSVX: PGF; OTCQB: PGXFF) is focused on its district-scale Cyprus copper-gold project in north-central British Columbia.

It had planned to drill at three known prospects on the property — Kaza, Northstar, and Big-Time — one of which historically assayed 138 meters of 0.55% copper (Cu).

But a recent property-wide ZTEM (z-axis tipper electromagnetic) geophysical survey changed everything, revealing several possible large porphyry copper-gold targets under swamp cover in the western valley of the project.

“We came up with half a dozen targets that look exceptionally good when you’re looking at both the magnetics and the conductivity,” Vice President of Exploration Rory Ritchie told Streetwise Reports. “One large, pronounced magnetic low anomaly lit up with conductivity . . . So that’s the big target that essentially we were hoping for.”

Known as Target A, the company has now readjusted its priorities to drill two deep 500-meter to 600-meter holes there. The drilling is expected to start in January because the swamp’s soft overburden will be frozen then.

Ritchie said the company is “one drill hole away” from confirming a major copper system under the muck.

“If you find one of these, they’re worth a lot of money,” Ritchie said. It’s just that the big ones are few and far between. … (But) we’re getting ready to drill the best target we’ve seen, or I’ve seen, in a long time.”

‘Particularly Excited About Target A’

Cyprus is a porphyry copper-gold project comprising 623 square kilometers of contiguous claims in part of an Eocene porphyry belt. It is on trend with American Eagle Gold Corp.’s (AE:TSXV; AMEGF:OTCQB) NAK Project, 60 kilometers to the south in the same metallogenic belt, Technical Analyst Clive Maund reported in an Aug. 16 report.*

The company recently appointed Colin Burge, a retired exploration geologist with a 30-year career, as an adviser. Discovery-oriented Burge was part of Inmet Mining Corp.’s corporate development team that led on-site geological activities that resulted in the discovery and delineation of 30,000,000,000 pounds of copper at the Cobre Panama project in Panama.

Ritchie said ZTEM technology was used to discover one of the deposits at the project.

Subsequently, First Quantum Minerals Ltd. (FM:TSX; FQM:LSE) acquired Inmet for US$5 billion in 2013.

The heli-borne ZTEM survey comprised 3,760 line-kilometers covering 683 square kilometers and collected magnetic and electromagnetic field data that have helped to define structural lineaments and conductive anomalies that may represent mineralization, alteration and widespread veining associated with porphyry copper-gold systems, the company said in a release in September.

“The broad valley in the west-central portion of the Cyprus Project is a large northwest-trending fault zone with limited bedrock exposure given the presence of glaciofluvial cover,” Prosper said. “The characteristics of the ZTEM survey are ideally suited for exploration in covered terrains.”

The survey identified numerous “multi-kilometer sized” targets at Cyprus, “six of which are considered high-priority targets and will be followed up on with ground-based exploration activities immediately,” the company noted.

“We are particularly excited about Target A,” Chief Executive Officer Peter Bernier said. “It is a 2- by 4-kilometer conductivity anomaly adjacent to a regional fault that coincides with a pronounced magnetic low, representing a very attractive porphyry target.”

Experienced Management Team

The Canadian exploration company also boasts “an experienced and outstanding management team,” as described by Maund. At Richfield Ventures, Bernier delineated a significant bulk tonnage deposit whose initial resource estimate was 4,200,000 ounces of gold in the Indicated and Inferred categories. New Gold Inc. (NGD:TSX; NGD:NYSE.MKT) acquired Richfield in 2011 for US$550 million.

“The fact that people like Peter Bernier are on the management team of Prosper Gold means that there is a very good chance of it making a significant discovery or discoveries, for the simple reason that if it didn’t, he probably wouldn’t be there,” Maund wrote. “If Peter Bernier can do what he did with Richfield Ventures once, he can do it again.”

Maund said the stock charts indicate Prosper Gold is positioned to break out of its consolidation pattern and begin a new upleg. He rated the stock an Immediate Strong Buy for all time horizons and indicated he intends to remain long in it.

“The strongly positive results from this ZTEM survey make the stock even more of a Buy than it was before,” he wrote.

The Catalyst: Long-Term Optimism in the Market

A recent USA Today report said copper was up 12% on the year. According to Credendo, demand for the red metal could double by 2035, as electric vehicles (EVs) use more than three times as much of it as gas-burning cars.

“Long-term optimism prevails, buoyed by potential supply imbalances and increasing demand for copper in green energy projects,” Fastmarkets noted in an analysis on October 11.

UBS said increasingly tighter supplies of copper in the coming year could lead to a deficit of more than 200,000 tons in 2025, Mining.com reported.

New investment in exploration will also be needed to fuel the supply of those vehicles in the long term, experts said.[OWNERSHIP_CHART-6200]

The hunt for copper “has been accelerating, as companies involved in all parts of the copper supply chain realize the structural supply deficit facing the copper market,” wrote Rick Mills, author of the newsletter Ahead of the Herd.

“They understand the need to find sources — existing mines, expansions, brownfield projects, greenfield projects, etc. — and are making deals to acquire the base metal, which is not only essential to electrification and decarbonization but industry in general,” Mills wrote.

Ownership and Share Structure

According to the company, 21.3% of Prosper Gold is owned by management and insiders. Of those, CEO Peter Bernier owns the most with 12.24% and Director Jason Hynes owns 3.17%.

About 16.3% is with institutional investors and the rest is with retail investors.

According to Reuters, the company has about 50.39 million shares outstanding. Its market cap is CA$4.8 million and it trades in a 52-week range of CA$0.09 and CA$0.20.

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Important Disclosures:

  1. Prosper Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Prosper Gold Corp.
  3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
  4. 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.

For additional disclosures, please click here.

* Disclosure for quotes from the Clive Maund article published on August 16, 2024

  1. For the quoted article (published on August 16), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$1,500.
  2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989. The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

Clivemaund.com Disclosures

The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.

( Companies Mentioned: TSVX: PGF;OTCQB: PGXFF, )


Source: https://www.streetwisereports.com/article/2024/11/01/exploration-co-seeks-possible-large-copper-system-in-bc.html


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