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Share Watch – 13 March 2022

Updated: Sep 25, 2022

Share Watch –  Ballymore Resources (ASX:BMR)

From Stockhead:

BMR hit the bourse with a bang last year with a portfolio of Queensland gold and base metals projects including Dittmer (a historic high-grade goldfield), Ruddygore (a large copper porphyry target) and Ravenswood (a bunch of drill ready targets in a 17moz gold province).

The share price has since drifted badly, but today’s news could be the positive impetus it needs.

Initial drilling at ‘Seventy Mile Mount’ at Ravenswood has confirmed a “large gold system”, BMR says, with grades improving at depth.

Highlight hits include 40m at 1.06 g/t Au from 47m (including 3m @ 9.38 g/t Au).

This may evolve into another gold deposit like the nearby ‘Mount Leyshon (3.8Moz) and Mount Wright (1Moz), the company says.

“The Seventy Mile Mount breccia target has a lot of similarities to major breccia hosted gold deposits in the region and these recent holes are the first completed in the area since 2004,” BMR technical director David A-Izzeddin says.

“These holes targeted a previously unrecognised breccia zone with similarities to the higher-grade breccia zones present at Mount Leyshon and Mount Wright, both major gold producers in the local region in the past 30 years.”

This initial drilling program has proven successful in intersecting shallow, ore grade mineralisation 200m west of best historic drill results, A-Izzeddin says.

“Initial assessment of the breccias and geochemical data suggests that we are at the top of a zoned system similar to Mount Wright,” he says.

“The only previous deep drilling at Seventy Mile Mount was completed on the eastern margin of this breccia zone and these results support the interpretation that grades will improve with depth.”

Follow-up drilling is planned to test the largely untouched breccia target at depth.

The $15m market cap stock is currently trading at its September listing price of 20c per share. It had about $4.9m in the bank at the end of December.

Horseshoe Metals (ASX:HOR)

It’s probably lucky HOR didn’t end up selling its flagship, fairly advanced ‘Horseshoe Lights’ copper-gold project in WA a couple of years ago, because punters seem to like it.

The stock is now up 140% on its Feb pre-relisting placement price of 2c per share.

Horseshoe Lights is ~ 60 km west of Sandfire’s (ASX:SFR) company making DeGrussa copper mine.

Past production from Horseshoe Lights includes around 316,000oz gold and 55,000t copper metal in two phases of mining. The deposit contains a current in situ resource 128,000t copper metal at 1% (ore grade) and 36,000 oz Au.

There are also a bunch of stockpiles ready to be processed.

Yesterday, it outlined plans to unlock the potential of the project, including an update of a 2014 Scoping Study considering current significantly higher copper prices.

Drilling to extend and prove up the resource is expected to kick off shortly.

Financial indicators

The VIX fear gauge up by 7.53 points since 20 February (before the Ukraine invasion) to 30.75.

The Dow Jones Industrial Average down 2,145.55 points or 6.17% since 20 February to 32,944.19, the STOXX 600 down 31.38 points or 6.79% to 431.77 and the Shanghai Composite index down 52.69 points or 1.57% to 3,309.75.

Gold up to 1,992.30. US 10-year Treasury Bonds up to 1.998 and oil up to 109.09. Cryptos Bitcoin down by 2,268 points or 5.45% to 39,130.

ASX 200 down 56.60 points or 0.80% since 20 February to 7,063.60. The Aussie dollar up to 72.82 US cents.

Carbon Market Spot Prices

LGC $43.50                                                     STC $39.75

ESC $37.10                                                     VEEC $77.10

ACCU $30.00                                                  EU ETS €76.41

NZU $NZ72.50                                                 UK ETS GBP76.00

Sources: RenewEconomy, demandmanager, Market Watch, CarbonView, Stockhead, Green Car Report, Driven

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