Mythril electromagnetic dots draw more attention to James Bay
In his April 25th Discovery Watch broadcast, John Kaiser updates news from the emerging Quebec James Bay copper play centred around the Midland Exploration (MD) Mythril discovery. As the market awaits the first drill results from Midland on its Mythril targets, some news surfaced this week from tiny junior 92 Resources (NTY).
NTY announced on April 24th that it had amended its September 2018 Option Agreement with Osisko Mining Inc. (OM) for the eastern FCI Property to include an additional 83 claims (4,253 hectares) which it calls FCI West. The amended agreement gives NTY the potential to earn 75% on both FCI East and West.
These new West claims are positioned right next door to the Midland Mythril south-central boundary and in proximity of the 2-kilometre copper trend which Midland discovered last year. Moreover, Mr. Kaiser notes that a recent Mag-EM Survey by Midland of the area identified four circles of EM conductors which are near the southern border of the Mythril property.
From Midland Exploration's March 2019 Corporate Presentation (Click for larger)
While the dots are off the main copper trend by about 5 kilometers, Mr. Kaiser suggests this just adds to the mystery of how this discovery may unfold. "It may be that what the system is all about is yet to be discovered", says Kaiser.
As for the NTY share structure, there is no shortage of stock. There are just over 86 million shares outstanding according to Refinitiv data. 12.36 million shares are on hold due to a flow-through private placement priced at 5 cents in December. That hold expires this weekend so more free-trading supply should hit the market starting Monday.
Meanwhile, the market seems to be taking a cautious approach to the Mythril play, mindful of the Evrim Resources (EVM) experience last December which saw its stock plunge following highly anticipated drilling results out of Mexico which turned up very little in the way of economic mineralization.
Investors fret that Midland stock could follow the same fate as Evrim shares if Mythril results disappoint
Mr. Kaiser has set-up a public resource page on his website that tracks Quebec James Bay mining plays which can be found here.
Earlier in the broadcast, Mr. Kaiser provides a hole-by-hole assessment of recent news from the Westhaven Ventures (WHN) Shovelnose project in British Columbia. He wraps things off making the case for Colonial Coal International's (CAD) Northeastern BC metallurgical coal play.
This post first appeared on INKResearch.com. Disclosure: I own shares in NTY.