Silver Hammer Mining Corp. (CSE: HAMR; OTCQB: HAMRF) is a junior mining company based in Canada with projects in Idaho and Nevada that has recently submitted a plan of operations for its Eliza Silver project.
Silver Hammer submitted a plan of operations for the Eliza Silver project to the Humboldt-Toiyabe National Forest Ranger District of the United States Forest Service. The Eliza Silver project is in White Pine County, Nevada.
The plan proposes 17 drill sites for 2,100 meters of drilling and 1.3 kilometers of road construction and rehabilitation. The plan includes an aerial geophysical program, geologic mapping, and structural analysis. The plan is intended to follow up on the 2021 and 2022 geologic mapping and soil and rock sampling, which Silver Hammer used to identify multiple drill targets on the northern edge of the Eliza project.
The company has identified a number of priority drill targets, including targets with numerous locations with high-grade silver, copper, lead, and zinc and those which are hosted in carbonate replacement deposits (CRD) containing sulfide mineralization. In previous estimates, rock samples yielded results up to 1,540 g/t of silver, 7.7% copper, 15% zinc, and 11% copper.
Why Silver and Gold?
The technical analyst Clive Maund reported that "recent action in silver looks very similar to that of GDX, which we looked at last week." Silver appears to be looking at a short retreat from extraordinary highs, followed by a recovery.
According to Maund, "We will be looking to buy any significant near-term reaction, and a breakout above the resistance at the upper boundary of the big trading range shown on our 5-year chart will be viewed as a major buy signal."
The technical analyst, Clive Maund, has noted that Silver Hammer shows significant potential as an investment option: "Though best for new buyers to wait to see if the price can hold in this area until the 200-day moving average has dropped down closer to the price, watch out for an influx of upside volume as a sign that it is ready to advance."
The value of gold has held up very well as the dollar loses strength; according to Katusa Research, "gold has held its short-term support above US$1750 and has pushed through past highs, which are key resistance points."
Analysts speculate that gold could go higher but note that the direction it may take is impossible to gauge with precision.
According to Katusa, "In order for gold to truly be in a bull market, we need to see multiple consecutive weekly closes above this US$2085 area. This would represent the creation of new support points above the previous high, which would be bullish for gold." Generalist investors may also become more involved as record-breaking highs draw more attention to gold.
Stockhead notes that "gold futures lifted as high as US$2037/oz with spot gold lifting almost 1% to US$2031/oz in the U.S. market" and notes that an anticipated plateau may be advantageous for gold, which is gaining ground against U.S. bond yields.
Catalysts
The analyst, Clive Maund, has noted that Silver Hammer shows significant potential as an investment option: "Though best for new buyers to wait to see if the price can hold in this area until the 200-day moving average has dropped down closer to the price, watch out for an influx of upside volume as a sign that it is ready to advance."
Silver Hammer reports that it has highly prospective brownfields projects in known silver districts with limited to no modern exploration and an experienced team with technical expertise in the field.
Streetwise Ownership Overview*
Silver Hammer Mining Corp. (HAMR:CSE; HAMRF:OTCQB)
The company recently replaced the interim CEO with a permanent CEO. Its projects are located in tier-one mining-friendly jurisdictions of Idaho and Nevada. Drilling at Silver Strand is expected to commence in the summer of 2023.
Ownership and Share Structure
Management and insiders own 1.85% of the company with 0.95 million shares. Director Lawrence Roulston owns 1.28% with 0.60 million shares, CFO Alnesh Mohan owns 0.37% with 0.18 million shares, Director Ronald Burk owns 0.16% with 0.08 million shares, Director Joness Lang owns 0.16% with 0.07 million shares, and Peter A Ball owns 0.04% with 0.02 million shares.
As the only institution, Palos Management Inc. owns 0.64% with 0.30 million shares. The company reports no strategic investors, and the rest is in retail.
Silver Hammer has under CA$1 million in the bank, with a monthly burn rate of CA$120k, and no reported monthly drilling cost.
The company has a market cap of CA$12.6 million based on a 50-day moving average. There are 46,713,662 shares, 11,289,538 warrants, and 2,400,000 options. They trade in the 52-week range between CA$0.26 and CA$0.53.
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