Peru, Jamaica Gold-Copper Sites Poised To Perform

C3 has Freeport McMoRanFCX as a $75 million earn-in (for 75%) Bellas Gate partner in Jamaica, which I have seen.

If  the drilling at Bellas Gate shows even a half-gram gold equivalent, its 18-km strike length will boost the market value of a $70 million USD stock. Yes, there are cheaper-priced explorers that are worth a speculative bid, but I happen to think Jamaica, and the Peru drilling strategies, are sound.

“In Jamaica, Freeport was our preferred partner,” Dan says.

“We have the financial firepower to understand Bellas Gate (copper and gold); it suggests a large hydrothermal system.”

Another Jamaica project shapes up as shallow drilling at a former gold mine.

Boilerplate:

The Super Block Project is a 50/50 Joint Venture between C3 Metals and Geophysx Jamaica Ltd., the largest mineral tenure holder in Jamaica. The Pennants gold mine produced 16,000 gold ounces between 2002 and 2004.

What also gets my attention is the 1-for-13 reverse split that Dan engineered in December 2023. “Any time you do a reverse, it rarely does well out of the gate.” This one has. “We have been able to attract more institutional ownership (63% of the company) … so I’m making 10 calls instead of 100 (to raise money),” Dan Symons says.

Peru, as you know, is copper central, along with Chile and Argentina. “We believe if our Khaleesi (outcropping skarn, other indicators) comes together, it is worth multiple billions and we own 25% of it.”

Gold, molybdenum show in the outcrop, with credits of 0.3% to 0.6% copper.

“Our theory is that we have a porphyry system on either side … similar to the big mines operating around us.”

Soils testing shows as much as 1,260 (copper) parts per million across a 400×470-meter zone; a metric ton has 1 million PPM.

“We typically get excited when we see 300 ppm or higher for copper.  We also have a 1,900 x 650m zone where we suspect the associated porphyry system — where the northern part averages 650 ppm and the southern portion averages 950 ppm. This project has the potential to be a new discovery along a very well known, world-class copper producing belt.” 

Dan says Khaleesi “looks like it has serious scale potential.” The company looks to complete the permitting process (water use) by June, then a July-to-December 6,500 meter program for tracts that have never been drilled.

At another series of skarns, Montaña de Cobre in what is called Jasperoide came in with a first-time measured and indicated mineral resource of 51.9 million metric tons at 0.5% total copper and 0.20 g/t gold. That’s about 570 million pounds of copper and 327,000 ounces of gold. MCZ is one of 13 skarn prospects identified by C3 Metals at Jasperoide.

That is 8 km east of Khaleesi.

“All of this is truckable … ore to a facility to turn it into concentrate — as is done at Las Bambas and Costancia,” two of the largest copper mines in South America, if not the world.

Dan and team have forged community pacts with residents — always a concern in Peru. Let’s see what C3 delivers later this year. The CUAUF OTC stock in the U.S. trades sporadically.

“We think the market appreciates grade over ounces,” Pamela says.

I think the new study will be out to investors by June or so this year. The stock is running higher in advance of its release. We’ll see.

I’d like to buy more VGZ in May. Sun Valley Gold, a natural resources fund run by quantitative analyst (reciprocal gold theory) Peter Palmedo, owns 16% of the shares. Sun Valley also owns 44% of West Vault Mining WVM, a Nevada developer of another build-ready gold mine.

AGNICO-EAGLE: Many of our TCRs own Agnico-Eagle AEM.