Ok, I'm in for a little stake here, awaiting drill results for more. But, where the heck has everybody been on Tenke? Asleep? Am I the only guy on the planet buying this one?
Here's the brief story: US 12 million mkt cap @ 65 cents, 37% held by Lundin of Argentina Gold fame (Patricio Jones, discover of Veladero heads the effort). Rio Tinto (again) is spending US 15 million for 60% at Vicuna, Arg/Chile border. There are 26,000 hectares, drill ready with 45 km cut in roads. Au surface comparisons with other geologically similar mines: Vicuna 1.5 km2 over 0.25 ppm, Veladero 0.08 km2 over 0.25, LaCoipa 0.08 km2 over 0.25. Ten widely dispersed scout drills in, with thirteen more on the way.
Two discovery holes (so far)about 500 meters apart at the southeast corner of the Filo de Sol diatreme resulted in 168m of 0.86% copper, 33g Ag, 0.23g Au from 96m AND
118m of 0.51% copper, 81g Ag, 0.38 Au from 162m.
If Vicuna not enough for you, they are carried to production by BHP for 10% of Fungurume (Congo), possibly the biggest advanced stage copper deposit in the world: 314 million tons of 4.0% copper, 0.25% cobalt. The cobalt credits put the copper cash cost at zero. The mess in the Congo is no news, but I had a conversation with the analyst Robt Van Doorn, and he suggests don't rule this one out. At any rate the market values it about as much as a poke in the eye with a sharp stick. It's a bonus free play to the unfolding Vicuna act.
There is a very extensive text on Vicuna under the executive summary section at the web site:
tenke.com
If nothing else it's an excellent read on Lat. Am elephant deposits. |
