NEM - Expert Says Exploration Co.'s Gold Project Is Shaping Up | Benzinga
Source: Michael Ballanger 05/03/2024
Michael Ballanger of GGM Advisory Inc. shares his thoughts on Fitzroy Minerals Inc. after having a discussion with its chairman.
I had an excellent discussion yesterday with Fitzroy Minerals Inc. (OTC: FTZFF) Chairman Campbell Smyth and CEO/Director Merlin Marr-Johnson who contacted me from Merlin's home office in NW London (U.K.).
Without going into detail, subscribers should be prepared for an onslaught of news on the three main projects as preparations are being made for a 3,000-metre program at Caballos and a 2,000-metre program at Polimet. After consulting with Fitzroy Minerals' Qualified Person, Dr. Scott Jobin-Bevans, and corporate consultant Gilberto Schubert, FTZ management has decided to drill Polimet first due to its proximity to existing infrastructure and due to the presence of numerous copper and copper-gold mining operations situated between 1,000 and 1,600 meters above sea level.
In the graphic shown below, it should be noted that values running over 2% copper (Cu) and over 16 grams per tonne gold (g/t Au) have been reported in mining operations such as Guanaco-Lazo, El Bronce, Pedro de Valdivica, and at Santa Margarita, located immediately below Polimet.
The high-grade mineralization is prevalent in the area depicted by the green shading, so it is plainly obvious that a well-constructed drill program will have a high probability of encountering the mineralized envelope between 1,000 and 1,600 meters ASL.
As for the Caballos project, the company has learned that multinational gold mining giant Newmont Corp. (NYSE: NEM) has applied for permission to build a service road ...