Don’t say we didn’t warn you – Ramp Metals (RAMP.V), which we told you about right before they went public, has been jumping into its drill program quickly and today announced an absolute beauty.
RAMP METALS ANNOUNCES NEW HIGH-GRADE GOLD DISCOVERY OF 73.55 G/T AU OVER 7.5M AT ITS ROTTENSTONE SW PROJECT
Ramp Metals Inc. has found a new high-grade gold discovery in Saskatchewan. The company has received partial results from its winter 2024 drill program at the Rottenstone SW property. Drill hole Ranger-01 interceptedmultiple zones of gold mineralization, including 73.55 grams per tonne gold (Au) and 19.50 grams per tonne silver (Ag) from 227 to 234.5 metres (m).
Two other holes were fine enough for the effort, but Ranger-01 was a monster, including 1.5m sections at 164 g/t, 182 g/t, and 19.9 g/t.
The company is waiting for the remainder of the results, namely a small section in the 170m range, and the 0 to 153m depth, but this was enough for folks to quickly jump all over the stock after it had been halted for a few days for fear word might get out.
You’d have expected some fall-off as longtime holders took profits on a jump like this, but the stock totally leveled off at the $0.45 mark and was gaining ground at the close, a sign it may continue tomorrow as folks consume the news.
CEO Jordan Black, who we talked to 3 months ago, was a little stoked having made a new discovery in a new spot with no historic drilling.
“We are thrilled to make a significant gold discovery in our first drill program on the property,” he said. “These intercepts are in line with the highest-grade intercepts drilled in Saskatchewan. These drill results indicate a huge potential at Rottenstone SW and mark an exceptional milestone in Ramp Metals history.”
The find may have caught the company by surprise, being as it’s planning ground and airborne physics in the area. The big hole may ramp those activities up and lead to expediated drilling.
The stock ran right from the announcement, with a small 32 million share float and 40% insider ownership contributing to the lift, long before most investors would have had a chance to hear about it.
NOW’S WHERE WE GLOAT:
When we covered Ramp pre-listing, we made a BIG POINT of noting they weren’t sitting back on their laurels, but were planning to drill hard and fast.
Ramp Metals (RAMP.V) looks to hit the ground running and let the drill tell the story
The one thing that generally points to at least some corporate advancement in a mining company is DRILLING.
Old timers call the drill bit ‘The Truth Machine’ because no matter what an investor deck or news releases or yacky executives or IR guys tell you, drill results determine what’s real.
And that’s why a lot of mining execs will do anything they can to avoid actually drilling.
“The weather’s not great.. drills are expensive right now.. got to raise a little more money but not at these prices.. the sector is a little weak right now.. Got to talk to the First Nations.. need to build a road.. we’re in talks to pick up another property..” – you name it, mining CEOs have used it as an excuse to wait a few more months before letting the drills prove their folly.
BUT THEN A HERO COMES ALONG
Those paying attention to new tickers will note that, today, Ramp Metals Inc. (RAMP.V) went live on the Venture exchange. RAMP is starting from -2 out of 10, like everyone else when they’re newbies. but they figure they can change that perception pretty quickly. Like, maybe next week.
Because they’re letting the drills loose right now.
Boy, howdy, were we onto something.
Will be worth watching from here, as more drill results are due, including in the ‘eye of the storm.’
— Chris Parry
FULL DISCLOSURE: Not a client.