Wenns so weitergeht sehen wir den $ früher als erhofft.
* Tim Boreham, Criterion
* From: The Australian
* December 21, 2010 12:00AM
Copper corner
ANYONE who doubts we're in a dinky-di copper boom should note this month's performance of unrelated West Australian copper juniors Montezuma Mining (MZM, 71c) and Redstone Resources (RDS, 44c).
After being queried by the bourse on the use of its exploration lingo, Montezuma yesterday honed last Wednesday's disclosure about its Butcherbird copper sulphide prospect, near Port Hedland. Montezuma referred to mineralisation over a 40-metre downhole intersection, with the drilling following up a previous intersection of four metres at a whopping (our words) 6.97 per cent.
The ASX was peeved that Montezuma hadn't yet received assay results, but company chief Justin Brown said the chalcopyrite mineralisation was bleeding obvious (our words again).
Brown cautions that "one drill hole does not make a mine". Further (rain-delayed) drilling will give a better feel for whether the find is commercial.
Montezuma's "clarification" is hardly in the category of Blackthorn Resources' clanger last week, when it was forced to admit a reported 14 grams-a-tonne sample at its Zambian prospect in fact contained "very little" gold.
Undeterred, investors pushed Montezuma shares up a further 4.5c, taking this month's gain to 77 per cent. Meanwhile, Redstone shares are starting to run ahead of drilling results from a 5000-metre reverse-circulation effort at its Tollu copper-nickel project, in WA's West Musgrave region.
Montezuma and Redstone are speculative buys. Geographically, both are boldly venturing where no explorer has been before.
With market caps of $30m and $55m, respectively, the duo pale in value compared with the likes of Sandfire and Intrepid Mines. Montezuma is backed by $4m of cash and $3.5m of investments.
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