Frank, thanks for all the posts on the ACA thread, I've followed it without joining SI, but the next month is on them.
FYI canaccord has a spec buy out for WTC, I think it's ok to repost it here:
"Monday, March 23, 1998 Analysts' Breaking News
RECOMMENDATIONS
* SPECULATIVE BUY Western Copper-expands tonnage and grade of San
Nicolas (Brown)
NEWS
* Western Copper (WTC : TSE : $8.35 : Issued 12.1M)
Teck and Western Copper have expanded the known tonnage and grade of
the San Nicolas discovery (see below for results and locations). The
zinc-rich upper zone continues northwest to SAL-44. Of particular
interest is the growing value in the vicinity of SAL-45, where they
drilled 28 m grading 4.02% copper and 15 g/t silver. The new results
shed further light on the nature and geologic potential at San Nicolas.
In the upper zone, the copper to zinc ratio, an indicator of the
proximity to the fluid discharge site, is greatest at SAL-33. The
4%-plus copper region in the southeast suggests that venting in the
lower zone was controlled by another location. The base metal grades
in SAL-46 reported to a depth of 285 m are low. The presence of copper
sulphides 100 m west in SAL-44 at 459 m suggests that another sulphide
body may lie beneath the low-grade intercept in SAL-46.
To date, drilling at 19, 100-m centres has defined a sulphide resource
of approximately 87M t. We identify two enriched layers, an upper zone
with approximately 25M t (average weighted grade of 68 g/t silver,
1.17 g/t gold, 0.89% copper, and 6.10% zinc) and a lower zone with
approximately 28M t (average weighted grade of 11 g/t silver, 2.35%
copper, and 0.45% zinc). Both layers contain high-grade portions with
a gross dollar values of over $100/tonne. San Nicolas is evolving into
a world-class deposit, but it remains within the realm of geologic
valuation. Teck has started metallurgical testing and results are
expected before its annual meeting on April 28. Important issues here
are the grinding requirements, presence of deleterious elements, and
the host minerals of the precious metals. We continue to view Western
Copper as a SPECULATIVE BUY with considerable geologic upside at San
Nicolas, the El Salvador JV, and on properties nearby where the
Company holds 100% with a Kennecott back-in for 51%.
Western Copper also announced that Teck will fund its portion of
exploration and development costs at El Salvador for up to a maximum
of US$3M for a period of one year. The facility is for one year,
terminable by Teck on 30-day notice. The loan is payable, at the
choice of Western Copper, in cash or shares, valued at the weighted
average price for a 10-day (20 trading days at maturity) period. We
view this as a vote of confidence in Western Copper by one of Canada's
best mining companies. Western Copper has also finalized a strategic
alliance with RTZ, the world's largest mining company, to explore
central Mexico."
Hope this helps, Dave |
