We would like to draw your attention to Global Minerals (CTG.V) that fully owns the past-producing Strieborna-mine in Slovakia, Europe.
Strieborna is an underground mine with a NI43-compliant resource estimate containing 28Moz of silver and 80M lbs of copper at an average grade of in excess of 8 oz/t silver and 1% copper (for a total rock value of $250/t using a silver price of $23/oz and a copper price of $3/lbs). The company is currently completing a drill program that was designed to both expand and upgrade the current resource base. Global Minerals reported a very encouraging first batch of results earlier this month, with intercepts of 5.6m of 453g/t silver and 1.8% copper, and 4.9meters of 390g/t silver and 1.1% copper.
The company plans to release an updated resource estimate in the second half of this year, followed by a PEA/PFS shortly thereafter. Global Minerals has a very aggressive timeline and wants to start development work as early as next year.
As there currently are no studies proving the viability of the project, the Strieborna mine might be a shot in the dark at the current silver price of $23.5/oz, but we are quite confident William Pincus and his team will be able to make this high-grade past-producing mine the next producing silver mine on the European continent.
Disclosure: We hold no position yet, but C$0.15 is an attractive level to get in and we might buy on the open market. Please see our disclaimer for current positions.
