Gold find in Clarendon for C3 Metals
Published:Wednesday | December 6, 2023 | 12:09 AM
C3 Metals, the Canadian mining firm, said that it found more copper and gold after investing millions this year on its Jamaica operations.
The Canadians found the metal after assaying two rock samples from drilling several hundred metres underground.
It’s the latest in the island’s attempt to return to commercial gold and copper mining. The company focused its drilling in the Provost area in Clarendon.
“Provost looks increasingly like a classic, fully intact copper-gold porphyry,” said Dan Symons, president and CEO at C3 Metals in a notice to shareholders about the test, which found crystalised rocks that contain metals otherwise called porphyries.
The results are “very important” to Symons. It shows copper and gold at a relatively shallow depth, from 150 metres onwards, and the samples show that there’s higher concentration at deeper levels.
“With this transition, the grades of both copper and gold increase,” explained Symons.
Last week, C3Metals told shareholders that it tested two drill samples, or assays, from a depth of 227 metres and another 280 metres. The company’s rig can go deeper towards 1.0 kilometre.
These tests are part of making a case to construct a commercial mine in the area.
Last year, the company also sounded upbeat in announcing previous findings from the Bellas Gate area in St Catherine. In fact, “most historical drilling” were limited to Bellas Gate which assays averaging 225 metres in depth with “approximately 40 per cent” of holes ending in mineralisation, stated the company in its latest filing.
Generally speaking, these start-up firms conduct the science and use the finding to partner with a larger entity for commercial mining.
The firm plans to succeed where the Australians failed seven years earlier, and the Spanish failed 500 years before that.
C3 Metals’ explorations in Jamaica date back to 2011.
In 2014, OZ Minerals of Australia became a partner, reportedly pumping US$12.5 million into the Bellas Gate project over three years.
OZ Minerals elected to withdraw from the joint venture in 2017, leaving C3 Metals with 100 per cent interest in the project.
Despite foreign investment, Geophysx Ltd is the largest copper and gold mining entity in the island, holding over 70 licences. It is led and founded by former hotelier Robert Stewart. In 2019, Geophysx bought six licences from C3 Metals, which was then called Carube Corp before changing its name in 2020.
Overall, the C3 Metal projects in Jamaica carry a value of US$15.1 million, up from US$10.5 million a year earlier.
The Bellas Gate project accounts for two-thirds of the total carrying value.
The start-up, however, has yet to book any revenue as it continues to build its geological asset base. The company holds licences to explore the Bellas Gate, Connors, Camel Hill, Geo Hill, Provost and Hendley communities.
The Jamaican Government reportedly stands to earn five per cent royalty from extractions by C3 Metals, as well as tax revenue.
Last month, the company raised some funds in a private placement that would fund its operations for the revenue-free firm.
“After closing an oversubscribed and upsized private placement of US$8.05 million [in November], we are well funded to expand our drilling programme and provide continuous news flow from the drill bit,” said Symons.