Quimbaya Gold (QIM.C) has now completed the pre-drill program on the Tahami Center zone, part of its flagship project in Colombia’s Segovia mining district. Subsequent to having found the large 3.1 kilometer magnetic anomaly, the follow-up program which consisted of a radiometric survey, soil Geochem and a channel sampling program have all validated the same large copper-molybdenum-gold porphyry target.
The company also completed a sampling program at the El Diamante artisanal workings on the property, as well as on the surface outcrops. The field team reported bac on almost 100 composited intercepts with some values being pretty good: 0.8 meters of 2.14% copper-equivalent (including 1.82% copper) and 7.4 meters of 0.23% copper-equivalent.
All elements point in the same direction: there is an intact copper porphyry target at Tahami Center and the upcoming drill program will target the convergence of the magnetic, radiometric and geochemical anomalies at a target depth of 200-400 meters below surface.
It is also good to see there has been some insider buying in Quimbaya. Juan Sanchez, a director, spent C$26,100 on buying stock while VP Business Development Sebastian Wahl purchased an additional 50,000 shares at C$0.30 for a total of C$15,000. Both gentlemen now directly own 352,000 shares and 977,000 shares respectively while Wahl also owns an additional 993,000 shares on an indirect basis. As the old adage goes, there are plenty of reasons to sell stock, but there is only one reason to buy stock; the noticeable insider purchases should be seen as a strong vote of confidence.
Disclosure: The author has no position in Quimbaya Gold. Quimbaya Gold is a sponsor of the website. This post is for educational purposes only; be mindful investing in junior mining stocks is risky and you may lose your entire investment if things go wrong. Please read the disclaimer.
