Our Mining Top 25 number 1, Empire Mining, announced drill results of their Bursa copper-project last week. As the share price has fallen since the release, we would like to give our opinion of last week’s drill results, as well as giving a general update on their flagship project.
Our attention is immediately drawn to CuOro’s crown project, and probable company-maker. The Santa Elena copper-gold project is a system with a historic non-NI43 101 compliant resource estimate of 1.1B lbs of copper, at an average copper grade of 1.88%.
After the outstanding drillhole on the Bursa project in Turkey, we probably have to revise our opinion regarding the exploration programme. Whereas we attributed zero value to the Bursa project, we should now keep in mind this could be an extremely promising copper-project.
We are looking forward to the drill results from Cocha, and the start of the 2011 drill program on the Rio Tabaconas Project. As the company’s market cap is only a fully-diluted 13.3M dollars, there could be significant upside potential if they can deliver more exceptional drillholes.
Objectives for Andover Ventures are to upgrade historic resources at Burgin Mine’s to NI 43-101 compliant resources, to restart production of the high-grade Trixie Gold Mine and to advance infrastructure logistics for their SUN deposit in Alaska.
The Caesars Report Mining Top 25 for 2011 is composed entirely out of mining shares we believe will be the best performing stocks in their sector this year. Our aim is to outperform the markets, through picking undervalued shares with an acceptable risk/reward ratio.
2010 was a good year to be in mining stocks. Our Mining Top for 2010 ended the year at +45.73%, outperforming the S&P index by +33.03%. It’s now time to give you our opinion about the stocks we recommended a year ago.
On November 4th we released a report on Empire Mining Corp. We were invited by the company to visit their chromite project in Albania, and accepted their offer. Sign up to receive our exclusive follow-up report on Empire Mining.
The following pictures were taken at the site visit to Empire Mining’s Bulqiza-Batra project in Albania during October 2010.
The Bulqiza-project was a major producer of chromite, before the collapse of communism in the early nineties. Chromium is essential in the production of stainless steel. No chromium simply means no stainless steel.