ASX: 49M - 49 Metals
- Matt Birney
- 1 day ago
- 4 min read
49 Metals: A $10m gold/silver IPO, old workings everywhere and a big IP anomaly lurking
49 Metals CEO Phil Carter on 2GB & 6PR Bulls N' Bears Report
Listen to ASX-listed 49 Metals CEO Phil Carter talk to Matt Birney on the Bulls N’ Bears Report about 49 Metals’ $10m IPO with US gold/silver projects showing old silver hits up to 100oz/t!
TO LISTEN TO THE 49 METALS AUDIO INTERVIEW - CLICK BELOW
49 Metals just hit the boards at the ASX, raising 10 million bucks through CPS Capital on the back of three gold and silver projects in Nevada, USA. This week, the company set the rod spinning at its Gold Mountain project, which sits to the northwest of its Sinter project and to the south of its Buffalo Canyon project. For now though, it's all about the large epithermal gold, silver system at Gold Mountain and its old workings, historic drilling, and some intriguing geophysics.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears, brought to you today by newly listed gold and silver explorer, 49 Metals
Matt Birney - ASX code: 49M
Matt Birney - I'm Matt Birney, and I'm joined now by the CEO of 49 Metals, Phil Carter.
Matt Birney - Hi, Phil.
Phil Carter - Hi, Matt.
Matt Birney - All right, so 49 Metals just hit the boards at the ASX, raising 10 million bucks through CPS Capital on the back of three gold and silver projects in Nevada, USA. This week, the company set the rod spinning at its Gold Mountain project, which sits to the northwest of its Sinter project and to the south of its Buffalo Canyon project. For now though, it's all about the large epithermal gold, silver system at Gold Mountain and its old workings, historic drilling, and some intriguing geophysics.
Matt Birney - Okay, Phil, Gold Mountain looks interesting. I understand there are some historical gold and silver mining in the area. How many ounces were mined back then and at what grades, do you know?
Phil Carter - Yeah, so we had 36,000 ounces of gold mined in the Gold Mountain area and 3.7 million ounces of silver. Grades, silver grades of up to 100 ounces per tonne were recorded back in the day.
Matt Birney - Now, one thing that jumped off the page at me was this dirty big IP anomaly sitting under shallow cover. How deep is that thing and where does it sit relative to that old gold mining at the time?
Phil Carter - Yes, the IP anomaly is about 200 meters below surface. And it does it does correlate with some old workings where they had high-grade gold in the sulphides which we believe is a really good drill target.
Matt Birney - All right, so you've just started drilling at Gold Mountain. What are the best targets and why?
Phil Carter - Yes, so as mentioned we will drill that IP anomaly, early days a couple of holes into that. We think there's a good chance of some high-grade gold at depth there. Beyond that, we're going to follow up some historic drilling more in the oxide layers where we're going to follow up assays including 20 grams per tonne and some drill holes for of 9.5 grams per tonne. So we're pretty excited to be in there and drill those structures.
Matt Birney - What about surface expressions? Are there any there?
Phil Carter - Yeah, we've got some surface expressions. We've got some rock chip samples again up to about 19 grams per tonne gold. So, we know there's gold in the area.
Matt Birney - Now to the southeast of Gold Mountain is your Sinter project, which looks like it's limited for now just to some rock chips. What sort of numbers are you getting out of those rock chips?
Phil Carter - Yeah. Again, very green. We've got rock chips up to 19.3 grams per tonne gold. It's a pretty pretty good silver credits, too.
Matt Birney - All right. And to the north, the third project that you took to the IPO is Buffalo Canyon. And I know there's some limited historic drilling there. What sort of numbers were they getting back then?
Phil Carter - Yes, this is a bit lower grade. It's sort of 152 m, you know, thick. 0.4 and also another 148 m at 0.42 grams. So lower grade, but sort of big tonnes, you know, from surface. Look forward to following up those thick intersections.
Matt Birney - And when do you expect to get the first round of drill numbers back?
Phil Carter - See, I'm drilling right now. So I'd expect some results to come through within the next sort of 6 to 8 weeks.
Matt Birney - Phil Carter from 49 Metals.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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