Benzinga - by The Critical Metals Report, Benzinga Contributor.
Source: Michael Ballanger 05/03/2024
Michael Ballanger of GGM Advisory Inc. shares his thoughts on Fitzroy Minerals Inc. after having a discussion with its chairman.
I had an excellent discussion yesterday with Fitzroy Minerals Inc. (OTC: FTZFF) Chairman Campbell Smyth and CEO/Director Merlin Marr-Johnson who contacted me from Merlin's home office in NW London (U.K.).
Without going into detail, subscribers should be prepared for an onslaught of news on the three main projects as preparations are being made for a 3,000-metre program at Caballos and a 2,000-metre program at Polimet. After consulting with Fitzroy Minerals' Qualified Person, Dr. Scott Jobin-Bevans, and corporate consultant Gilberto Schubert, FTZ management has decided to drill Polimet first due to its proximity to existing infrastructure and due to the presence of numerous copper and copper-gold mining operations situated between 1,000 and 1,600 meters above sea level.
In the graphic shown below, it should be noted that values running over 2% copper (Cu) and over 16 grams per tonne gold (g/t Au) have been reported in mining operations such as Guanaco-Lazo, El Bronce, Pedro de Valdivica, and at Santa Margarita, located immediately below Polimet.
The high-grade mineralization is prevalent in the area depicted by the green shading, so it is plainly obvious that a well-constructed drill program will have a high probability of encountering the mineralized envelope between 1,000 and 1,600 meters ASL.
As for the Caballos project, the company has learned that multinational gold mining giant Newmont Corp. (NYSE: NEM) has applied for permission to build a service road to their property and, once completed, would shave significant costs from the Caballos budget as the expenses of renting horses and horse handlers has escalated sharply in recent months. This could push out the drill program to September (or longer), as it makes perfect sense to wait for the road access before incurring unnecessary expenses.
Lastly, again, without going into too much detail, the Taquetren Project, located in Patagonia, Argentina, is shaping up to be a very interesting gold project and very much the immediate focus for the FTZ management team. I have always told subscribers that the key to Taquetren was (and is) Daniel Bussandri, the local prospector/geologist who discovered Navidad, the 800- 800-million-ounce silver deposit currently owned by Pan American Silver after buying it for US$640 million in 2009.
The new gold showing has the potential for grade and scale, with the third key component being "continuity" and that is precisely what the team will seek to confirm when they go to work in the Patagonian spring.
Fitzroy has a terrific team of managers and directors with ample experience in all aspects of exploration and development. This is critical when investing in the junior resource space, so keep that in mind when reading these press releases, all designed to help new prospective investors handicap the likelihood of a major discovery and windfall.
Stay tuned.
Important Disclosures:
This letter makes no guarantee or warranty on the accuracy or completeness of the data provided. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This letter represents my views and replicates trades that I am making but nothing more than that. Always consult your registered advisor to assist you with your investments. I accept no liability for any loss arising from the use of the data contained on this letter. Options and junior mining stocks contain a high level of risk that may result in the loss of part or all invested capital and therefore are suitable for experienced and professional investors and traders only. One should be familiar with the risks involved in junior mining and options trading and we recommend consulting a financial adviser if you feel you do not understand the risks involved.
Read the original article on Benzinga