FULL DISCLOSURE: The Deep Dive is long the equity of Steadright Critical Minerals.
Steadright Critical Minerals (CSE: SCM) has hinted this morning that they expect near term production from one of their newest assets.
Steadright in the first week of February reportedly had a field team on the ground at their new Copper Valley Copper Project in Morocco. Joined by a contractor from Canadian Earthworks, the group was said to be on site to conduct field assessments in advance of “upcoming extraction activities.”
Included within the assessments being conducted was an analysis of the suitability of the existing road network for hauling of ore. Steadright specifically indicated that mineralized stockpiles are expected to be transported, while test pits were also studied to confirm material characteristics and extraction logistics for an initial phase of operations.
Specifics were not provided on the potential size of the operation, or what potential mineral extraction would entail from a financial perspective.
READ: Steadright Enters LOI For 60% Interest In SilverLine Mining
Steadright in January entered into a purchase agreement to acquire a 75% interest in the Copper Valley Project, with the company issuing 4.0 million shares in exchange for that interest. The project is said to be underlain by carbonate rocks that are host to veins with mineralized copper and lead, with silver values also reported.
Samples have assayed as high as 48 g/t silver and 46.3% lead, while an exploration target suggests on the low side that 500,000 tonnes of material containing 3.0% copper and 6.0% lead exists on the property. The high side of that exploration target estimates up to 16.0 million tonnes of material grading 1.0% copper and 2.0% lead is present at the project.
Copper Valley notably is in the process of obtaining a Mining License and Environmental Permit, with the receipt of that license expected in the coming weeks.
Steadright Critical Minerals last traded at $0.26 on the CSE.
FULL DISCLOSURE: Steadright Critical Minerals is a long investment of Canacom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
