Miners Try to Shine when Other Sectors Look Dark

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Thursday, February 27, 2020

It’s appropriate on a day like Thursday for the markets that cheerful news cannot be found even with a searchlight. Markets and sectors are taking a pounding, with no bottom in sight. So, even the least bit of not-awful tidings is welcome news. 

Miners may not have shone Thursday, indeed, the materials sector in the U.S. fell 3.5%, while in Toronto, the loss was 3.2%. Even so, there were stars with decent stories. 

One mining firm with headquarters in Vancouver but with major projects cooking in the United States is Copperbank Resources Corp. (OTC:CPPKF), whose main property is Copper Creek in Pinal County, Arizona; and the Contact copper project in Elko County, Nevada. 

The Company also holds interests in the Pyramid copper project; and San Diego project that covers an area of 40 square kilometres situated in the Alaska Peninsula. Copperbank’s portfolio is leveraged to the copper price and could rally if the commodity price exceeds $3.00 a pound. 

Earlier this month, Copperbank announced the closing of the final tranche of its previously announced private placement. The second tranche of the private placement consisted of the issuance of 3,166,333 shares for a total of $189,980.

Copperbank shares had backpedaled 3.2%, by late Thursday to 3.38 cents, on volume of 197,000 shares. 

Vanadium One Iron Corp. (TSX-Venture:VONE) made waves Thursday with the release of its Preliminary Economic Assessment  (“PEA”) at its Mont Sorcier iron and vanadium project located near Chibougamau, Quebec.

The Toronto-based junior miner said the PEA for Mont Sorcier was based upon the Mineral Resource Estimate outlined in the company's latest Technical Report dated from last April. The PEA outlines a robust economic assessment for Mont Sorcier, based on a traditional open pit mining scenario with magnetic separation processing to produce approximately five million tonnes per annum of vanadium rich iron concentrates, with low levels of impurities. 

Said CEO Cliff Hale-Sanders,"We are very pleased that the results of the PEA support our vision for the potential of the Mont Sorcier project to be a profitable, long-life operation.”

Shares in Vanadium One hiked 1.5 cents, or 23.1%, to eight cents, on volume of 251,000 shares.

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