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Northern Miner analyst recommendations:
Investment Commentary
Best bets for 2002, Part 2 - EXCERPT
James Mustard -- The Haywood Securities mining analyst
Twin Mining (TWG-T)
gets the nod at around 70¢. The junior is exploring for diamonds on the Brodeur Peninsula of Baffin Island in Nunavut, while awaiting microdiamond results from last summer's drilling on the Freightrain and Cargo 1 kimberlites. In addition, the company took six 50-tonne mini-bulk test samples from surface pits on Freightrain.
"Looking at the consistency of the large stones that are coming out of the Brodeur Peninsula, one has to be impressed," says Mustard.
A parcel of 86 stones, exceeding 1 mm and weighing 3.64 carats, was recovered from an 18.4-tonne mini-bulk surface collected last spring from the Freightrain kimberlite. The sample has an implied grade of 0.198 carat per tonne. The largest stone weighed 1 carat and measured 6.98 by 5.64 by 3.6 mm.
More recent results from the new Cargo 1 pipe discovery were reported in December 2001. A 5-metre section of drill core weighing 18.6 kg returned seven micros and four macros. The largest stone, described as a fragment, measured 2.05 by 1.48 by 1.12 mm.
The pending results from the 300-tonne test sample, as well as some 3 tonnes of core from the Freightrain, will have to demonstrate that the large stone counts are reproducible, cautions Mustard. Twin Mining has about 70 million shares outstanding.
siliconinvestor.com
Major General
Mustard considers Major General Resources (MGJ-V), trading at 13¢, an unrecognized junior that holds a large number of exploration properties covering a broad range of commodities in Canada. It also has a significant portfolio of key diamond interests, including the Victoria diamond play in Nunavut. BHP Billiton has the right to earn a 51% interest in the Homerun project, and Mustard says the major is expected to drill some holes there this summer. Major General itself has a dozen targets it would like to drill on two other properties on Victoria Island, subject to funding. BHP acquired the Victoria Island option through the takeover of Dia Met Minerals.
BHP also has an option to earn an initial 35% interest in the Misty Lake diamond property, immediately south of the Gahcho Kue (Kennady Lake) De Beers-Mountain Province Diamonds joint venture in the Northwest Territories. BHP completed a helicopter-borne electromagnetic survey over the property in the fall.
Misty Lake is currently held 60% by SouthernEra Resources (SUF-T), 24% by Major General and 16% by the International Diamond Syndicate. |
