Copper Prices Exceed $10k as PRIZ Plans for Drilling Copper prices recently surged past $10,000 per tonne, after Citigroup analysts forecasted that copper prices might continue to rise due to expected policy support from China, particularly in renewable energy and infrastructure investments anticipated to be announced at the Third Plenum meeting in mid-July.
The bank also noted that copper consumption in the first half of 2024 showed a robust year-over-year growth of around 4%. Additionally, long-term copper prices could reach $12,000 per tonne, supported by anticipated rate cuts in major economies.
Source:
https://www.mining.com/copper-price-to-retest-10000-t-soon-says-citi/
Prismo Metals Inc. (Ticker: PRIZ.c or PMOMF for US investors) focuses on exploration for copper and precious metals in the US and Mexico respectively. Its Hot Breccia project, located in Arizona's copper belt, shows promise for significant copper mineralization.
Arizona, a key player in copper mining, has ten major mines producing between 23 and 632 million pounds of copper annually. The state boasts a strong mining infrastructure, including highways, water access, power lines, and facilities like the Hayden smelter and Asarco concentrator.
The Hot Breccia project covers 1,420 hectares, approximately 4 kilometers south of the historic Christmas mine, which yielded 363 million pounds of copper, 2.1 million ounces of silver, and 55,026 ounces of gold from 25 million tons of ore.Hot Breccia is believed to contain high-grade copper skarn mineralization similar to the Christmas mine, despite being covered by volcanic rocks.
Recent exploration revealed samples with copper concentrations up to 5.69%, alongside 0.24 g/t gold and 32.8 g/t silver, indicating significant porphyry-related mineralization at depth.
PRIZ plans to begin drilling at Hot Breccia soon, with permits expected shortly. The drilling plan includes drilling 5 1,000m-deep holes.
PRIZ is well-funded for this initiative, having raised $1,147,500 through a private placement in June, aiming to fully unlock Hot Breccia's potential, take advantage of a surging copper market driven by anticipated Chinese policy support, and provide attractive opportunities for stakeholders.
Full news here: https://prismometals.com/prismo-metals-assays-up-to-5-69-copper-at-the-hot-breccia-project-in-the-arizona-copper-belt
Posted on behalf of Prismo Metals Inc.