Re: UNO.V (First Narrows) -- It's been a while since I've been as excited about a stock as this one, barely half-way through my DD (though, happily, already holding a fistful).
Canada, New Brunswick, Bathurst Camp = a prolific mining area. First Narrows has two properties there.
One is the Chester system: "the known Chester VMS and copper-polymetallic feeder system is greater than 2 kilometers in length and up to 400 meters in width." Not only have the first 2 (of 22 diamond-drill holes already completed) reported over the last few days been good (Jan 12: 3.43% Cu over 25 meters/82 ft; Jan 17: 4.37% Cu over 20.3 meters/66.6 ft) but the company's website makes me believe they are brooding over some big copper eggs indeed; the balance of the assay results will be reported over the coming weeks as they are received. All together 30+ holes (i.e. another 8+ holes to drill) to bring forth their 43-101 resource estimate. Won't take long now. The Chester copper holdings are located in the southern part of the Brunswick Camp.
Also, in the northern part of the Brunswick Camp, their 9,456 hectares at Middle River [gold and "base metals" (=Zn?)] are adjacent to "Falconbridge's Brunswick#12 mine to the south and the northerly extension of the favourable mine horizon underlies the eastern portion of the [=UNO's Middle River] property. [Falconbridge's] Brunswick#12 is a super-class volcanogenic massive sulphide deposit and the largest underground zinc mine in the world. ... The geochemical anomaly, which had not previously been located during limited historical exploration in the area, is interpreted to represent a buried blind VMS deposit within the favourable Brunswick#12 horizon." (I.e. the Brunswick#12 mine horizon extends beneath the First Narrows' property.)
FWIW: Falconbridge's Brunswick #12 zinc mine + smelter produces 3.6 million tonnes per year of zinc, lead, copper and silver ore and has produced 110 million tonnes of ore to date. Fancy neighbourhood.
UNO.V's Middle River holdings seem to be under-explored so far; gold is there (see website), and the VMS nature of the grounds makes me think Zn (yet to be drilled for).
At 54 m shares O/S, their stock looks cheap, even after this week's spectacular rise, since it's climbing out of a wiiiide trough. They are coming up with excellent drill numbers for copper (drilling continues), and they have reasonable prospects of doing good in gold and, dare I hope, zinc.
Management seems to have changed in 2002. Earnest Brooks, the chief geologist, was Exploration Geologist of the Brunswick #12 and #6 ZnPb mine areas from 1979 to 1990... Do it again, Earnie!
Fairly informative website at
uno.ca
I am going to add, and hold.
M |
