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Tuesday, 30 April 2013
Global Minerals: "Bottom fishing for Slovakian silver" - Caesars Report
Global Minerals (CVE:CTG), which owns the past-producing Strieborna-mine in Slovakia, Europe, has drawn the attention of Caesars Report, with the mining and commodity research firm noting the company's aggressive timeline to production.
Strieborna is an underground mine with an NI 43-101 compliant resource estimate containing 28 million ounces of silver and 80 million pounds of copper at an average grade of in excess of 8 oz/t silver and 1% copper.
The company is currently completing a drill program that was designed to both expand and upgrade the current resource base.
"Global Minerals reported a very encouraging first batch of results earlier this month, with intercepts of 5.6m of 453g/t silver and 1.8% copper, and 4.9meters of 390g/t silver and 1.1% copper," Caesars Report highlighted in the recent note.
The company plans to release an updated resource estimate in the second half of this year, followed by a preliminary economic assessment/prefeasibily study shortly thereafter, with the intent to start development work as early as next year.
"As there currently are no studies proving the viability of the project, the Strieborna mine might be a shot in the dark at the current silver price of $23.5/oz, but we are quite confident William Pincus and his team will be able to make this high-grade past-producing mine the next producing silver mine on the European continent," the report concluded.