Past year: ▼ 15%(4.38 – 7.52 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Aug 2023well test result▲ GoodMajor
Metallurgical tests on Copala samples recovered 91% of the silver and 94% of the gold, comparable to earlier results from Napoleon and Tajitos using similar grinding with either flotation or leaching. Recovery is the step between an ounce in the ground and an ounce sold, and Copala is the largest structure in the district.
13 July 2023drilling result▲ Good
Twenty expansion holes stretched Copala about 370 metres southeast and 50 metres north. Grades were lower and wider than earlier Copala rounds - 445 g/t silver-equivalent over 18.50 metres true width in CS-23-297, 760 g/t over 5.05m in CS-23-290 - with one narrow 7,512 g/t over 1.00m in CS-23-294.
30 May 2023drilling result▲ Good
Five holes took the La Luisa footprint to 350 metres long by 450 metres down dip, best 916 g/t silver-equivalent over 3.05 metres true width in NP-23-362. Surface mapping also picked out a shallow target 600 metres further northwest.
11 May 2023drilling result▲ Good
Sixteen expansion holes carried Copala about 150 metres further southeast, on 1,591 g/t silver-equivalent over 5.89 metres true width in CS-23-265 and 2,743 g/t over 2.14m in CS-23-254.
26 Apr 2023joint venture update● Neutral
Set up a joint technical committee with Prismo Metals and geologists Peter Megaw and Craig Gibson to work the central and eastern parts of the Panuco district together - the practical follow-through on January's C$2.0 million investment.
13 Apr 2023drilling result▲ Good
Six holes at the south end of Napoleon returned 1,085 g/t silver-equivalent over 4.00 metres true width in NP-22-343 and a broader 863 g/t over 6.10m carrying 7.88% lead and 6.63% zinc - base metals doing more of the work here than at Copala.
20 Mar 2023drilling result▲ GoodMajor
Seven holes pushed La Luisa about 150 metres down dip from the October 2022 discovery hole, on 4,227 g/t silver-equivalent over 2.30 metres true width in NP-22-332, including 0.47m at 18,950 g/t (11,502 g/t silver and 120.5 g/t gold).
14 Mar 2023resource reserve update● Neutral
Filed the technical report behind the January resource update, effective 19 January 2023, prepared by SGS Geological Services.
1 Mar 2023drilling result▲ GoodMajor
Fourteen infill holes in the south-central part of Copala returned 1,548 g/t silver-equivalent over 15.00 metres true width in CS-22-246 and 787 g/t over 20.60m in CS-22-248 - thick, continuous grade in the part of the deposit that would be mined first.
21 Feb 2023drilling progress report● Neutral
Year in review: over 121,000 metres drilled in 2022, a maiden resource in March and an updated one in January 2023 with materially more ounces and higher grade. The 2023 plan is 90,000 metres of infill and discovery drilling.
16 Feb 2023drilling result▲ Good
Nineteen step-out and infill holes pushed Copala past the boundary of the resource announced three weeks earlier, on 892 g/t silver-equivalent over 6.00 metres true width in CS-22-225 and 1,920 g/t in CS-22-220.
10 Feb 2023capital raising announcement▲ GoodMajor
Raised C$45.0 million in a private placement of 27,286,050 shares at C$1.65, agents led by PI Financial taking a 6% cash commission plus 1,637,163 compensation options. Priced 14% above the November 2022 unit deal and, this time, without a warrant attached.
24 Jan 2023resource reserve update▲ GoodMajor
Ten months of drilling roughly doubled the resource: indicated up 71% from 61.1 to 104.8 million ounces silver-equivalent and inferred up 150% from 45.6 to 114.1 million ounces, with indicated grade up 14% to 437 g/t and inferred up 42% to 491 g/t. Copala alone accounts for 51.1 million indicated ounces, a 701% increase, which is what the 2022 drilling was aimed at.
9 Jan 2023asset acquisition disposition▲ Good
Closed the Prismo Metals investment, paying C$500,000 cash and 1,000,000 of its own shares - so most of the C$2.0 million was paid in paper, not cash. The two also agreed to form a technical committee for district-scale exploration.
19 Dec 2022material agreement● Neutral
Signed the binding agreement behind the November letter of intent with Prismo Metals - C$2.0 million for 4,000,000 units and a right of first refusal over the Palos Verdes concession, which covers 700 metres of vein strike in the eastern part of the Panuco district.
14 Dec 2022drilling result▲ GoodMajor
Nineteen holes at Copala and Cristiano returned 2,640 g/t silver-equivalent over 5.30 metres true width in CS-22-205 and a broad 561 g/t over 15.50m in CS-22-210, with the deposit still open to the north and southeast.
1 Dec 2022drilling result▲ Good
Seven holes on the Napoleon hangingwall vein at the southern end returned 2,305 g/t silver-equivalent over 1.55 metres true width in NP-22-320, driven by 24.01 g/t gold and 7.58% zinc rather than silver, plus a broader 446 g/t over 6.70m.
25 Nov 2022material agreement● Neutral
Signed a non-binding letter of intent to put C$2.0 million into Prismo Metals, a company co-founded by Peter Megaw, for 4,000,000 units and a right of first refusal over Prismo's Palos Verdes concession, which sits inside the eastern part of the Panuco district. A cheap way to keep a competitor off ground the company wants.
15 Nov 2022capital raising announcement▲ GoodMajor
Raised C$34.5 million gross, selling 23,805,000 units at C$1.45 with the over-allotment taken in full. Each unit carried half a warrant exercisable at C$2.00 to November 2024, so a further C$23.8 million could follow if the shares clear that price.
What it means for a shareholder
23.8m new shares at C$1.45 to raise about C$34.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held C$1,000 of shares (690 at the issue price), your slice goes from 0.000445% to 0.000386% of the company. To keep it you'd need 106 more shares - about C$154 at the issue price.
Create a free account to see this worked out for your own holding.
25 Oct 2022drilling result▲ Good
Twelve holes found new mineralisation at La Luisa, 700 metres west of Napoleon: 404 g/t silver-equivalent over 6.13 metres true width in NP-22-305, including 0.68m at 2,567 g/t (27.50 g/t gold). The company reads it as the shallow, gold-rich level of the same system.
12 Oct 2022drilling result● Neutral
Twelve holes on footwall splays at the south end of Napoleon returned 2,767 g/t silver-equivalent over 1.00 metre true width in NP-22-316 but several intervals in the 359 to 446 g/t range - narrow high grade rather than the thick zones Copala was giving.
22 Sept 2022drilling result● Neutral
Thirteen holes on Cruz Negra, west of Napoleon, gave modest results - the best was 541 g/t silver-equivalent over 2.09 metres true width in NP-22-274, well below what Copala and Napoleon were returning. The company also bought two claims linking the ends of Cruz Negra, adding about 400 metres of untested vein strike.
16 Sept 2022drilling result▲ GoodMajor
Nine holes pushed Copala roughly 100 metres north of the March 2022 resource boundary, on 2,093 g/t silver-equivalent over 10.20 metres true width in CS-22-193, including a 0.38m sample at 23,058 g/t silver and 205 g/t gold.
7 Sept 2022drilling result▲ Good
Fourteen holes on the Cristiano vein inside the Tajitos-Copala area outlined a northwest-plunging high-grade shoot about 500 metres long and 250 metres deep, on 2,913 g/t silver-equivalent over 1.46 metres true width in CS-22-182. The other reported holes were much weaker, at 426 to 427 g/t.
10 Aug 2022drilling result▲ GoodMajor
Twenty-six holes stretched Copala's high-grade footprint to 900 metres by 400 metres, on 1,011 g/t silver-equivalent over 12.52 metres true width in CS-22-191 and 826 g/t over 14.46m in CS-22-173, with one 1.26m sample at 12,690 g/t (11,053 g/t silver).
28 July 2022drilling result▲ Good
Nine more holes at the south end of Napoleon added 100 metres of vertical extent to the high-grade footprint, on 1,241 g/t silver-equivalent over 3.90 metres true width in NP-22-300.
6 July 2022drilling result▲ Good
Seven holes pushed the San Antonio vein on the Cordon del Oro corridor more than 100 metres beyond the maiden resource boundary along strike and down dip, on 992 g/t silver-equivalent over 6.40 metres true width in CO-22-51. The company also bought an inset claim giving it the whole 1,800-metre length of the vein.
21 June 2022drilling result▲ GoodMajor
Twenty-four holes on Copala alone took the high-grade footprint to 600 metres along strike by 400 metres down dip, on 1,030 g/t silver-equivalent over 20.45 metres true width in CS-22-169, with a 0.85m sample at 9,880 g/t and a further 900 g/t over 14.50m in CS-22-155.
2 June 2022drilling result▲ GoodMajor
Eighteen holes extended Napoleon south: 2,098 g/t silver-equivalent over 4.30 metres true width in NP-22-258, including 1.11m at 7,213 g/t (3,850 g/t silver and 40.6 g/t gold), plus a broader 677 g/t over 7.00m in NP-22-271.
19 May 2022drilling result▲ GoodMajor
Ten holes into a vein splay at the north end of Tajitos, in the footwall of the low-angle Copala vein, returned 3,513 g/t silver-equivalent over 2.65 metres true width (2,461 g/t silver, 13.16 g/t gold) in CS-22-161 and 3,286 g/t over 1.70m in CS-22-154.
