Junior explorer Fabled Copper Corp. (FABL:CSE) has begun its 2022 surface fieldwork campaign at its Muskwa copper project in British Columbia.
The company is still waiting for permits to begin drilling. But now that the snowpack is finally beginning to melt, workers last week started taking surface samples and making geophysical surveys. Drones also will be used this summer to get views of underground veins.
Asset manager Chen Lin, who follows the company, is being patient and holding his position. He sees significant potential in the project.
“It has been a long wait” for the drilling, Chen told Streetwise Reports. “But (it is) worth waiting for, as the potential is huge.”
The results of 2021’s fieldwork at the site have been impressive, including a sample of 27.2% copper (Cu). Last week, the company announced it had also sampled 7.73% Cu across 1.1 meters and 6.36% Cu across 1.6 meters, including veining visible at the surface (see left image).
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.
A total of 19 areas were mapped during the 2021 field season in Muskwa, Fabled Copper said. The results reported Wednesday were from that campaign. Fabled Copper, which split from Fabled Silver Gold Corp. last year, is still combing through that data.
“We’re still reporting on results from last year,” Fabled Copper President, Chief Executive Officer, and Director Peter Hawley told Streetwise Reports. “That’s how much work we did.”
Hawley said this summer’s exploration would take its cues from the fieldwork and begin to investigate the most promising veins.
“We’re putting all the pieces together for a better understanding of everything,” Hawley said.
No Substitute for Copper
Copper, which conducts heat and electricity, is helping to drive the future of electric vehicles (EVs) and renewable energy. EVs use as much as three times the amount of copper as a car with an internal combustion engine, and there is no substitute for the red metal.
Demand for copper is projected to rise 16% and outstrip its supply by more than 6 million tonnes by the end of the decade, according to independent energy research company Rystad Energy.
For its latest data, Fabled Copper explored the Bronson property, made up of four tenures covering more than 2,500 hectares. Methods included detailed sampling, geophysical surveys, a photo survey by an unmanned aerial vehicle, and analysis of satellite data.
“The Book 6 veining is exposed striking southward along a relatively flat-lying valley at elevations of 1,988 to 1,912 meters,” the company said in a news release. “A total of 113 rock samples, 11 grab samples, (and) (seven float samples and 95 chip samples) were collected along the exposed veining and in the surrounding areas.”
Two veins, labeled the Main and West, were chip-sampled. Chalcopyrite concentrations of up to 10% were observed in the samples, but generally, the chalcopyrite content was about 1%, Fabled Copper said.
Three sections sampled averaged 2.1% to 6.4% Cu, including the one section with 6.36% Cu across 1.6 meters. Four individual chip samples had copper content over 1%, including one that contained 7.73% Cu across 1.1 meters, the company said.
Fabled Copper has a market cap of CA$7.81 million and 173.65 million shares outstanding. It trades in a range of CA$0.07 and CA$0.04 over 52 weeks.
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Disclosures
1) Steve Sobek compiled this article for Streetwise Reports LLC. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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