Paterson's Securities report that this is an excellent result for BTR and is the third best copper drill result by any ASX listed company in the last 12 months. (BTR's hole 033 into Kitumba is the best.) Speaking with BTR Paterson's report that Blackthorn are particularly excited about the hole which is 150m West of hole 033, as this hole has 92m at 2.07% from 447m to 539m and hit primary mineralisation, which is the first they have seen. Therefore further drilling has the potential to make this a lot larger.
A larger high grade resource could improve the economics. Addtional catalysts are):- 1. Q4/2012 commissioning of the Perkoa Zinc Mine. 2. Further drill results from the current Mumbwa program. 3. Early 2013 resource update at Kitumba. 4. Q4/2012 First Zinc concentrate from Perkoa.
Paterson's retain their BUY recommendation with a target price of $2.35 per share.
BTR Price at posting:
$1.27 Sentiment: Buy Disclosure: Held
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