We know from figure skating: After the compulsory part, comes the free skating. This principle also applies to exploration. Granite Creek Copper Ltd. (TSX.V: GCX; FRA: GRK) has successfully completed Phases 1 and 2 of its drill holes at the Carmacks Project in the Yukon and, from all indications, the they will be very successful in expanding historically known resources in a kind of compulsory part. That is what they set out to do. A total of 39 holes were drilled (20 holes in the form of RC drill holes). However, only 9 drill holes are back from the lab meaning plenty of newsflow to come.
Now Granite has started the third part of the drilling – and after seeming to nail the compulsories, had some options for a kind of freestyle. The program Granite geologists chose to further impress the judges is a return to some bread & butter: the 2000S zone in the Carmack deposit, where the company has identified a 105.52 meter interval of copper sulfide mineralization grading 1. 18% CuEq (0.96% Cu, 0.01% Mo, 0.18 g/t Au and 4.06 g/t Ag), including a high-grade intercept of 2.55% CuEq (2.17% Cu, 0.01% Mo, 0.36 g/t Au and 9.13 g/t Ag) over 21.22 metres (see news release dated August 24, 2021). The objective of Phase 3 is to find even more new areas of mineralization outside of the current resource model. Success could have immediate and key implications for the coming updated resource calculation and, importantly, for the goal of achieving a significant extension of mine life in a new engineering study.
Tim Johnson, President & CEO of Granite Creek, stated, “We are very pleased with our 2021 exploration season to date. Given the very good results we saw in the first phase of diamond drilling, the Company has adjusted the third phase to return to the 2000S Zone where we see a significant opportunity to define additional new areas of mineralization outside of the current resource model.”
Figure 1 – First hole of Phase 3 drill program at Carmacks project ready for logging, September 2021.
Bottom line: Some skaters have flashy outfits, wave their arms a lot and mug for the cameras or audience trying to make their talents more exceptional than they are…and then they fall or face stern judges. Granite Creek is old school. They have brought in exceptional coaches, trained hard, mastered the fundamentals and put together a routine that is technically sound and very solid – assuming no stumbles, they are very likely to medal. Granite Creek has been doing everything right, but is not getting much in the way of market love at the moment despite excellent results and rapid advancement. It’s not a flashy project, nor is it the largest on earth. Like many of its peers, the company is experiencing lab delays of late but with some 30 holes pending results and a program currently going on, they will have no shortage of updates well into Q1. Of course, the impatient market would always prefer to have the results immediately and that includes the resource estimate and PEA that CEO Tim Johnson has targeted for the first quarter of 2022. The market should also be paying attention to any updates from Mine Exploration operating the Minto mine to the north. The go-public transaction should be well into the process by now, meaning GCX will soon have a publicly traded neighbour with a clear, transparent market-based valuation. That could give additional context to where the company fits in. Granite shareholders should expect to be well rewarded for the wait.
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According to §34b WpHG and according to paragraph 48f paragraph 5 BörseG (Austria) we would like to point out that principals, partners, authors and employees of GOLDINVEST Consulting GmbH hold or may hold shares of Granite Creek Copper and therefore a possible conflict of interest exists. We also cannot exclude that other stock letters, media or research firms discuss the stocks we recommend during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is a consulting or other service contract between a third party that is in the camp of Granite Creek Copper and GOLDINVEST Consulting GmbH, which means that there is a conflict of interest, especially since this third party remunerates GOLDINVEST Consulting GmbH for reporting on Granite Creek Copper. This third party may also hold, sell or buy shares of the issuer and would thus benefit from an increase in the price of the shares of Granite Creek Copper. This is another clear conflict of interest.
