Pinnacle Activity Ticker
Vol. 269 - Significant Development in a Down Market: Interviews With Redhawk Resources and Comstock Metals
In this increasingly volatile market, our team continues to focus on companies with proven management, adequate capital, large resources and working in regions with majors and massive mines or deposits.
Our Featured Copper Company of 2012, Redhawk Resources (RDK:TSX), just came out with a 175% resource increase on its Copper Creek Project in Arizona on Thursday May 10, 2012. The title of the news release read: Redhawk Reports 175% Increase in Resources at Copper Creek to 7.75 Billion Pounds Copper and 150 Million Pounds Molybdenum.
Our team featured Redhawk Resources in late January of 2012 at $0.56. Its stock moved up to $0.79 in less than two months after our introduction (a 40% increase), but has since fallen back to $0.465 in this most recent market crash. While it's disappointing to see RDK's share price fall below our introduction price, the company has delivered significant news since late January.
Alexander Smith, Head of Market Research at Pinnacle Digest, had a chance to catch up with Joe Sandburg (Redhawk's CEO) and Steve Barley (Redhawk's Executive Chairman) immediately following the release of the company's updated resource. In the interview, the details of the new resource update and Redhawk's project development plan are discussed at length.
Click on the button below to listen to our exclusive interview with Redhawk Resources.
Press release excerpt below:
Redhawk Reports 175% Increase in Resources at Copper Creek to 7.75 Billion Pounds Copper and 150 Million Pounds Molybdenum
Redhawk Resources, Inc. ("Redhawk" or the "Company") (TSX:RDK, OTCQX:RHWKF, FSE: QF7) has received the preliminary results of an updated independent NI 43-101 compliant mineral resource estimate for its Copper Creek property, located in Pinal County, Arizona. The new estimate at a 0.2% CuEq cutoff has increased the total pounds of copper to 4.45 billion pounds in the combined measured and indicated categories contained in 502 million tons grading 0.49 CuEq and 3.30 billion pounds in the inferred category, contained in 481 million tons grading 0.38% CuEq. This represents an increase of more than 175% from the September 2008 independent NI 43-101 resource estimates.
A NI 43-101 technical report will be completed within 45 days and filed with SEDAR. A summary breakdown of the resource estimate by category is tabulated below.
Click here to read the entire press release from Redhawk Resources (RDK:TSX).
Last weekend our team introduced Comstock Metals (CSL:TSXV), our newest Featured Gold Company. Its shares closed at $0.15 prior to our introduction and after opening at $0.17 on Monday, CSL closed Friday at $0.23 per share.
Earlier this past week, Comstock announced the discovery of porphyry-style gold mineralization from its core drilling program at the Corona Gold Project in Mexico. At Corona, porphyry-style gold mineralization has been identified, and remains open to the north, east and at depth.
Given the complex nature of this discovery, we felt it prudent to interview Comstock's CEO, Rasool Mohammad, to better understand the significance of this press release. In an exclusive interview conducted a day following the news release, Mr. Mohammad explains, in detail, the significance of his newly discovered porphyry-style gold mineralization-drill hole which ended in strong gold mineralization.
Click on the button below to listen to our exclusive interview with Comstock's CEO.
All the best with your investments,
Disclaimer and Information on Forward Looking Statements: Please read carefully before proceeding. All statements in this report, other than statements of historical fact should be considered forward-looking statements. These statements relate to future events or future performance. Forward-looking statements are often, but not always identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. Much of this report, and the included two interviews, is comprised of statements of projection. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Risks and uncertainties respecting mineral exploration companies are generally disclosed in the annual financial or other filing documents of those and similar companies as filed with the relevant securities commissions, and should be reviewed by any reader of this article. In addition, with respect to any particular company, a number of risks relate to any statement of projection or forward statement.
Cautionary Note Concerning Estimates of Inferred Resources: This report, and the included interviews, use the term "Inferred Resources". U.S. investors are advised that while this term is recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize it. "Inferred Resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of "Inferred Resources" may not form the basis of feasibility or other economic studies. U.S. investors are also cautioned not to assume that all or any part of an "Inferred Mineral Resource" exists, or is economically or legally mineable.
Details of Comstock's option agreement on Corona Gold Project - taken from Golden Goliath's website: Corona is under option to Comstock Metals, which has the right to earn a 60% interest in the Corona property. In order to exercise the Corona Option, Comstock Metals must incur $500,000 in work expenditures on the Corona Property over a period of three years or less, of which at least $200,000 much be spent within one year of the date of the agreement, and also issue a total of 300,000 shares to Golden Goliath once the company goes public over three years: 50,000 shares to be issued on listing on a stock exchange (received by the Company), 100,000 shares 12 months after listing and 150,000 shares 24 months after listing. Once Comstock Metals has earned its interest a joint venture will be formed. Comstock Metals will have the right to earn an additional 15% interest by completing a feasibility study.
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