Fabled Copper Corp. (FABL:CSE) has sampled its highest copper value yet on its Muskwa project in British Columbia.
Results coming from 2022 surface fieldwork at the project in the Liard Mining Division have continually raised the bar in the company's search for the red metal needed to electrify the new green economy.
At the western side of the Eagle Creek copper occurrence, at an elevation of 1,776 meters, a float sample contained 90% chalcopyrite, 7% to 8% bornite, and "a staggering" 29.3% copper (Cu), the company said, in a release.
"It's not very often you see high-grade numbers like this," President and Chief Executive Officer Peter Hawley said in a recent interview.
Results of 2021's fieldwork at the project, which mapped a total of 19 areas, found one sample of 27.2% Cu.
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. One vein was developed and partly mined — 498,000 tons were milled with a head grade of about 3% Cu.
Early fieldwork results pushed industry veteran Hawley, who has more than 35 years of experience, to explore the Muskwa further.
"This is not normal," he said at the time. "You don't get this much copper concentrated in one area."
The Catalyst: Four Samples Greater Than 20% Cu on One Day
A total of 59 areas were mapped and sampled property-wide during the 2022 fieldwork campaign, the company said.
On the same day as the 29.3% Cu sample last July, 11 other samples were collected over an altitude of 158 meters. Of the 12 collected, 11 assayed greater than 0.5% Cu, seven greater than 10% Cu, and four greater than 20% Cu.
Two samples at about 1,700 meters returned about 22% Cu, a sample at 1,801 meters returned 20.1%, a sample at 1,702 meters returned 19.55% Cu, a sample at 1,704 meters returned 18.75% Cu, a sample at 1,708 meters returned 15.1 Cu and a sample taken at 1,696 meters returned 5.5% Cu, Fabled Copper said.
The S&P report called copper "one of the most underappreciated critical minerals."
Fabled has applied for permits to start drilling on the project. It continues to sift through surface work data from 2022 — such as surface samples, geophysical surveys, and birds'-eye views from drones.
"What it's all going to lead down to is a program coming up fairly shortly where we'll be in there drilling," Hawley said. "And, of course, we have applied for 15 different drill sites, four of which are designated for the Eagle Vein area. So, this will definitely be something to follow up on."
Other samples taken at the Eagle Creek copper occurrence have yielded results as high as 21.9% copper (Cu). Other samples included 19.85% Cu and 15.55% Cu.
In a video on the company's website, Hawley put those results in perspective. He said 21.9% copper works out to about 481.8 pounds per ton, and 19.85% would be 436.7 pounds per ton. The price of copper on Tuesday was US$4.10 per pound.
"There's a lot of money per ton," he said.
'Deeper Electrification Requires Wires'
The demand for copper is expected to double from about 25 million metric tons (Mmt) in 2021 to about 50 Mmt by 2035, according to a report last summer by S&P Global. Electric vehicles (EVs), their charging infrastructure, solar panels, wind, and batteries all require much more copper than fossil fuel-based technology.
EVs themselves use more than three times as much copper as gas-burning cars.
New copper production — and investment in exploration — will be needed, analysts say.
"Bottom line? We gotta find more copper," newsletter writer Rick Mills wrote.
"Based on industry-wide capital intensity data, we calculate that some US$196 billion of investment will be required," a market analysis issued by RFC Ambrian last year said. "Of this, US$80 billion is for greenfield projects, and US$116 billion is for brownfield projects, of which US$71 billion is simply for replacement capacity. A further US$35 billion of investment will be required to close the supply gap."
The S&P report called copper "one of the most underappreciated critical minerals."
Streetwise Ownership Overview*"Deeper electrification requires wires, and wires are primarily made from copper," the report said.
The world's largest copper companies are expanding their mines or looking for new deposits.
"Bottom line? We gotta find more copper," newsletter writer Rick Mills wrote.
Ownership and Share Structure
According to Yahoo Finance, about 3% of the company is held by insiders. They include Director Luc Pelchat with 1.19% or 210,000 shares, David Smalley with 0.86% or 150,000 shares, and President and CEO Hawley with 0.65% or 110,000 shares, Reuters said.
The rest, 97%, is retail.
Fabled Copper's market cap is CA$1.13 million, with 17.37 million shares outstanding, 16.88 million of them floating. It trades in a 52-week range of CA$0.55 and CA$0.025.
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1) Steve Sobek wrote 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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