Granite Creek Copper Ltd. (GCX:TSX.V; GCXXF:OTC) has 100% ownership of a 176 square km copper/gold/silver property named the Carmacks project located in the Minto Copper Belt in the Yukon. The high-grade copper project is on trend with the Minto copper mine. We shall see why that is very important to the future of the company shortly.
The project had completed a 43-101 in 2018 showing an M&I resource of 23.76 MT of 0.85% Cu, 0.31 g/t Au and 3.41 g/t Ag. A 12,000-meter drill program has been completed in 2021 directed at expanding the resource and converting inferred sulphides material to M&I. An updated 43-101 is expected in early 2022 based on results from the 2021 program. In addition there will be an updated PEA in the first half of 2022 to include both oxide and sulphide material.
At today’s price of copper, that 43-101 resource is worth $104.26/tonne in the ground. Naturally copper going any higher will make this project far more desirable. As we see from the ongoing COP26 conference there seems to be a general agreement that the world needs to reduce its carbon footprint by using more “Green Energy.”
Well, Green Energy requires enormous quantities of copper, lithium and graphite, far more than today. The world is short of copper now and is going to run even shorter. Prices will have to go up. Granite Creek Copper is in the catbird’s seat ready to move to production.
As I mentioned above, Minto Exploration is important to GCX for several reasons. Minto is about to build a mill and is in the process of going public imminently. Minto has only three years reserves at presently planned production. In their financing pitch deck they clearly refer to GCX with references to potential M&A activities within the Minto Copper Belt. Guess whom they are talking about.
A week ago Granite Creek released the final results from the Phase 1 of three different phases. The Phase 1 program was designed to add sulfide tonnage to the existing oxide resource. It consisted of 19 diamond core drill holes and totaled 6355 meters. Results from the Phase 2 and Phase 3 programs are still in the lab. Phase 2 did 20 RC holes and about 3000 meters in total. Phase 3 was using the diamond core rig again and did about 2700 meters.
Granite Creek is a really easy call. As of today the company has a $22 million market cap with $1 million in cash and $500,000 in callable warrants. In addition there are a bunch of $0.15 warrants expiring in January 2022 so the company is well cashed up.
I’m not a big expert on copper but Granite Creek has to be one of the lowest market cap copper stories with a real asset. When Minto goes public and goes into production, I am certain they will pay attention.
Granite Creek is an advertiser. I have participated in the last private placement so naturally I am biased. Do your own due diligence.
Granite Creek Copper
GCX-V $0.18 (Nov 02, 2021)
GCXXF-OTCQB 121 million shares
Granite Creek website
Bob Moriarty
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Bob Moriarty founded 321gold.com, with his late wife, Barbara Moriarty, more than 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.
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