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August 9, 2022 (Investorideas.com Newswire) This junior explorer is analyzing samples, conducting fieldwork and geophysical surveys, and mapping its British Columbia site with drones. But it can't wait to drill and find out what's underneath.
Junior explorer Fabled Copper Corp. (FABL:CSE) may be still waiting for permits to start its drilling campaign at its Muskwa copper project in British Columbia, but the company is not sitting on its hands.
It continues to analyze surface samples, conduct fieldwork and geophysical surveys, and map the site with drones. Human eyes come in handy, as well—the company has expanded its claim by 254 hectares after spotting a possible copper vein while cruising by in a helicopter.
With a looming copper shortage as the world speeds away from hydrocarbons toward greener options, things like electric vehicles (EVs) and solar panels will need more of the red metal. Asset manager Chen Lin, who follows Fabled Copper, said he's 'been waiting for a while' for drilling at Muskwa, but thinks the wait will be worth it.
'I just can't wait for them to drill it out,' Chen said. 'This can be a big one. … There's not much trading these days. So, I'm holding.'
The company has applied for 15 drill pads with three holes per pad and posted bonding in July. Consultations between the government and the First Nations are ongoing. The company does not have a timeline.
Fabled Copper President, Chief Executive Officer, and Director Peter Hawley said he's itching to start.
'I already have the first drill hole picked out,' Hawley said. 'When I was on my last trip (to the site), I made sure we had it in the right spot. I know exactly where it's going, and I know exactly where it's going to hit underground.'
Fieldwork Included Sample of 27.2% Copper
The company is young, having split from Fabled Silver Gold Corp. (FCO:TSX.V; FBSGF:OTCQB; 7NQ:FSE) last year. It recently released more results from its fieldwork at Muskwa, where 19 areas were mapped in 2021.
Near the Yukon border, the site consists of the Toro, Bronson, and Neil claim blocks. All three were explored in the early 1970s before rockslides and snowfields brought development to a halt. One vein was developed and partly mined—498,000 tons were milled with a head grade of about 3% copper (Cu).
Eight float samples collected in one valley contained mineralization of up to 40% sulfides. Three contained 5.22% Cu, 2.51% Cu, and 1.58% Cu. The remaining five samples had a copper content of between 0.51% and 0.93%.
Other results from 2021 fieldwork included samples of 27.2% Cu, 7.73% Cu and 6.36% Cu.
'New Power Is Coming'
Copper conducts heat and electricity and is a vital part of the move toward clean energy. EVs use three times as much of it as combustion engine cars do, and solar panels require it, as well.
Demand is expected to rise 16% and outstrip supply by more than 6 million tonnes by the end of the decade, according to independent energy research company Rystad Energy .
'New power is coming, and it is real,' Chen said. 'It is not a fantasy.'
Hawley said he believes Fabled can help supply the needed resources. One goal of the fieldwork at Muskwa has been to determine if past copper estimates were accurate.
'The results were as good as if not better than previously reported,' he said.
The results can even be seen, even without any instruments, Hawley said. He was the one who spotted the possible copper vein from the helicopter during a recent site visit. He had the pilot double back and land.
'You need to look in the right way (from the air), but it has this great big thing going right up the side, which is beautiful,' Hawley said.
Fabled Copper has a market cap of CA$6.95 million with 173.65 million shares outstanding. It trades in a 52-week range of CA$0.07 and CA$0.03.
1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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