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Glenmark Capital Corp. (TSXV:GLM) announced that it has entered into an option agreement with Lions Gate Metals Inc. (CSE:LGM) under which it will acquire, subject to existing royalties, the British Columbia-based Poplar copper-moly project.
Glenmark Capital Corp. (TSXV:GLM) announced that it has entered into an option agreement with Lions Gate Metals Inc. (CSE:LGM) under which it will acquire, subject to existing royalties, the British Columbia-based Poplar copper-moly project.
As quoted in the press release:
In a NI 43-101 technical report prepared for Lions Gate Metals Inc., entitled ‘2012 Resource Update on the Poplar Deposit’ (the ‘Lions Gate Metals Report’), copper, molybdenum, gold and silver assays within the mineralized solid were capped at 1.4 % Cu, 0.14 % Mo, 0.34 g/t Au and 41 g/t Ag. Five metre composites were formed and used for variography. For this estimate, and to aid with some preliminary planning, the blocks were reduced to 5 x 5 x 10 m in dimension and were estimated for Cu, Mo, Au and Ag by ordinary kriging. The historical resource is classified as Indicated and Inferred based on each block’s proximity to data and the grade continuity. At a 0.20 % Cu cut-off within the mineralized solid the Indicated resource is 131 million tonnes at 0.31% Cu, 0.009 % Mo, 0.09 g/t Au and 2.39 g/t Ag while the Inferred resource is an additional 132 million tonnes grading 0.27 % Cu, 0.005 % Mo, 0.07 g/t Au and 3.75 g/t Ag.
Richard Ko, CFO of Glenmark, commented:
The global outlook for copper is tied to Chinese domestic consumption, both for establishing infrastructure in rural areas and for consumer goods. There is no reason to believe that the Chinese economy will slow down anytime soon and the IMF predicts it will expand at an annual rate of 9.7% over the next 5 years. As such the acquisition of the Poplar project is a key strategic acquisition that will underpin shareholder value when copper prices rise.
Click here to read the full Glenmark Capital Corp. (TSXV:GLM) press release.