Pescod on RedHawk" REDHAWK RESOURCES (V-RDK) $0.62 +0.10
Redhawk Resources announced new 43-101 compliant mineral
resource estimates for its American Eagle copper project
and the numbers looks pretty tantalizing. 110 million
tons at a graded point, 0.70% copper and 0.014% for molybdenum.
This all works out to about 1.5 billion pounds of
copper and with copper these days at roughly about $4.00 a
pound, this is a fair chunk of money. It’s also on a very interesting
location as their news release today suggests.
As it’s part of a major north west belt of porphyry copper
deposits or mines (Ray, Miami/Globe, Superior/Resolution,
Johnson Camp) and a major east-northeast belt of porphyry
deposits (San Manuel/Kalamazoo, Silver Bell, Lakeshore,
Safford, Morenci). As the news release today mentions the
property is within site of the former BHP San Manuel copper
smelter and mine and within 30 miles of an existing operating
copper smelter. And oh yes, best of all this would be in
a rather politically safe area, it is after all in Arizona the USA
benefiting from a weaker American Dollar and rising copper
prices. More important, the report says that this deposit is
open on three directions.
Of importance to the market is also some significant
management changes over the last while. Bruce Briggs
taken over for Christian Ross is President and several new
additions to the board as well.
We buy a few."
Kirkland49