Copper One (CUO.V) has designed first drill program in several years on its Rivière Doré property, less than 200 kilometers away from Val D’Or, Québec. In its most recent update, CUO said in November it was waiting for the final permits which had been submitted in the first half of October. As a reminder, Copper One’s claims at RD were suspended since 2011 but have been released in June after the Ministry of Energy and Natural Resources confirmed there are no longer any public safety issues associated with the permits. This suspension allowed Copper One to increase its stake in Rivière Doré to 100% by making a cash payment of C$150,000 to Cartier Resources (ECR.V), issue 2 million new shares and a 1% NSR.
Once those permits have been received, CUO wanted to start a 2,000 meter drill program using two diamond drill rigs to test two primary areas which include 9 (!) high priority drill targets so it will be really interesting to see what Copper One will be able to pull out of the ground at this Nickel-Copper project.
At the end of September, Copper One had a working capital position of approximately C$900,000, and C$1.5M in cash. Copper One currently has 32.4M outstanding shares (as it chose to settle in excess of C$600,000 of the C$700,000 in accounts payable in shares), for a market capitalization of C$4.1M and an enterprise value of approximately C$3M.
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The author has a long position in Copper One Resources. Please read the disclaimer
