Loading ...Discovery Metals Is Rockin’
In just over a couple of weeks, Discovery Metals is up over 48%, yes! I don’t really know why. I bought it on the gap fill around $1.30 and more at a bit higher. Has anyone of you done some in depth study into it? Just curious.
20% today. 48% since I bought it.
I have done some superficial study. Some consists of skimming over comments at ceo.ca (useful resource if skimmed appropriately; also a great potential misleader and time waster if not used carefully). Another is that I listened once to a Sprott weekly interview this year. He spoke about it at length and apparently has spoken about it other times. These are among my sources. I put in a tiny amount that has become less tiny with the Sprott discussions and investments. One big jump in price came when Sprott put money into it.
It is apparently a large Mexican property with reasonable management. It has some high grade silver that could have been mineable at lower silver prices but lots and lots of lower grade silver. At high silver prices — if we assume that the silver prices stay up there and other conditions are not horrible — Sprott maintains that this is a massive, massive deposit because of the size of the lower grade stuff that becomes economic. I believe I heard him speak in terms of billions of dollars.
However this is silver. I take it with a grain of silver. I also do not know the prevalence of gangs in the relevant part of Mexico etc. I just do not know. Superficial knowledge.
Thanks Karl!
If this is low-grade, I’ll eat my hat. From July 20 drill results announcement…sometimes it takes awhile for the market to “wake up” and recognize a bonanza…
Todos Santos Vein
1.4 m averaging 1,907 grams per tonne silver equivalent (“g/t AgEq1”) in hole C20- 342 from 147.0 m (700 g/t Ag, 0.74 g/t gold (“Au”), 16.1% lead (“Pb”) and 14.0% zinc (“Zn”)) within a 5.3 m breccia interval that averaged 653 g/t AgEq1 (225 g/t Ag, 0.27 g/t Au, 5.1% Pb, 5.5% Zn)
Parcionera Vein
1.5 m averaging 1,119 g/t AgEq1 in hole C20-338 from 149.8 m (489 g/t Ag, 0.82 g/t Au, 2.9% Pb and 11.1% Zn) within a 4.3 m vein that averaged 651 g/t AgEq1 (365 g/t Ag, 0.55 g/t Au, 2.1% Pb, 4.0% Zn)
North-East Extension
120.4 m averaging 114 g/t AgEq1 in hole C20-333 from 206.8 m (30 g/t Ag, 0.11 g/t Au, 0.4% lead Pb and 1.5% Zn)
134.6 m averaging 92 g/t AgEq1 in hole C20-336 from 194.6 m (23 g/t Ag, 0.05 g/t Au, 0.5% Pb and 1.1% Zn)
South Corridor
44.8 m averaging 139 g/t AgEq1 in hole C20-337 from 173.9 m (35 g/t Ag, 0.10 g/t Au, 0.7% Pb and 1.7% Zn)
0.8 m averaging 3,214 g/t AgEq1 in hole C20-337 from 291.3 m (1,992 g/t Ag, 0.79 g/t Au, 16.1% Pb and 14.2% Zn)
Taj Singh, President and CEO, states: “We continue to intercept wide zones of bulk-tonnage style mineralization along the North-East Extension at Cordero. In addition, our understanding of the previously overlooked high-grade vein trends on the property continues to evolve. Four of the eight drill holes in this news release hit high-grade feeder structures, including 1,907 g/t AgEq1 over 1.4 m in our first ever drill hole targeting the Todos Santos vein trend, and 1,119 g/t AgEq1 over 1.5 m at the Parcionera vein trend. These two vein trends have a current combined strike length of over 1.5 kilometres based on historical underground workings. With a second drill rig now operational, we look forward to testing both the strike length and depth continuity of these and other extensive feeder structures alongside our bulk-tonnage breccia- hosted targets.”
Oh, YES!
I bought this last summer when Eric Sprott mentioned discovery metals bought a company named Levon which has 1 billion silver ounces.
Eric Sprott talks about discovery every Friday morning (almost) about the potential because silver has been a rocket ship lately. If silver goes to 80 dollars or triple digits. That’s 80 billion worth of silver at a current market cap of 600 million.
Long term hold for me from 50 cents (doubled my position in the March low)
I haven’t been following carefully since I bought a tiny bit quite a few months ago and hadn’t looked at the recent drill results.
It had been said to be mainly low grade months ago.
I had even forgotten that it had been Levon, which I owned back in the 1990s with some enthusiasm until metals prices crashed and I had to sell.
One of the Junior Mining Junky’s picks (I am a subscriber) and my best performer YTD. A 7 bagger since I bought early April.