Copper prices have made a comeback, rebounding 12 per cent from its lows two months ago to a high of $3.96 per pound.
This is good news for resource companies with copper assets, and another feather in the cap for Northstar Gold Corp. (CSE:NSG, OTCQB:NSGCF), which recently released more impressive results from its flagship Miller Property.
Within its wholly owned Miller Property near the town of Kirkland Lake, Ontario, the company’s Cam Copper Mine returned high-grade copper assays ranging between 0.99% and 31.8% from 19 surface samples. Several samples were above 20% Cu.
(Cam Copper Mine Site – 2023 Copper Assay Results. Source: Northstar Gold Corp.)
The grab samples contained massive to semi-massive sulphides (including massive chalcopyrite and bornite) that collectively weighed 43.39 kilograms. The weighted average grade of the 19 select samples collected from the historic muck pile and bedrock exposure near the historic shaft was 14 per cent copper.
Surface samples were submitted to ALS Global at their Timmins, Ontario facility for sample preparation and forwarded to ALS Global in Vancouver, British Columbia, for analyses.
The Cam Copper Mine reportedly hosts two separate lenses (Zone 1 and Zone 2) of massive copper sulphides about 40 metres apart striking and plunging southeast along the contact with the Round Lake Granite Batholith.
While the company’s focus is still gold, these copper returns represent a positive addition and exploration opportunity with the increased interest and demand for the critical metal.
About the property:
The historic Cam Copper Mine is a road accessible satellite high-grade copper system 2.4 kilometres southwest of the Allied Gold Zone, the advanced, near-surface bulk-tonnage alkalic gold-telluride exploration target being actively explored by Northstar on its 100%-owned Miller Property. The Miller Property is 18 km southeast of Agnico Eagle Mines’ (TSX:AEM) Macassa SMC gold mine.
The property is highly prospective for the discovery of a large-scale, higher grade gold system similar to the deposits of the Kirkland Lake camps that produced more than 24 M oz. of gold from seven mines.
(Miller Property Geology Highlighting Former Producing Mines along the Boston Creek Copper Trend. Source: Northstar Gold Corp.)
Future plans:
Northstar will undertake a ground truthing and sampling program of surficial geophysical anomalies along strike to the southeast of the Cam Copper Mine searching for additional high-grade copper-silver occurrences.
Follow-up drilling is now being planned to test the down plunge extension of the bornite-rich pods of massive sulphide in Zones 1 and 2.
Management’s take:
Northstar’s president, CEO and director, Brian P. Fowler, P.Geo., said in a news release that the Cam Copper Mine sampling program substantiates a high-grade critical minerals copper component to the spectrum of alkalic gold-telluride-copper zones at the Miller Gold Property.
“Northstar is fully permitted to drill test the down plunge extension of the Cam Copper massive sulphide zones and, in addition to expansion drilling at the Allied Gold Zone, is formulating exploration plans targeting similar high-grade massive sulphide copper zones along strike southeast of the Cam Copper Mine site,” Fowler said.
Shares of Northstar Gold are priced at $0.045 with a market capitalization of C$3 million. Although Northstar Gold is priced low, the company continues to make headway with its deliverables, showcasing its longevity and upside across all its properties. In the past month, NSG shares have risen 12.5 per cent.
Investment corner:
The price of copper serves as a leading economic indicator because it is used in so many sectors of the economy. When the price goes up, so does the demand and economic activity follows. Given this recent jump in its value, a lot of companies will want to do business with those that have access to the resource, especially Canadian companies. In the face of a possible recession, we could all use some good news.
This is sponsored content issued on behalf of Northstar Gold Corp., please see full disclaimer here.
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