Afternoon trading January 20, page-12

BMO



The Chile-focused gold and copper explorer listed in 2021 with three projects including ‘Capote’, which had been untouched for almost 70 years and never explored by modern means.

It is home to the historic San Juan gold mine, where 500,000 ounces of gold was produced at an ore grade of 40 grams per tonne through to 1954.

Earlier this month BMO announced shallow, high grade gold drilling results from Capote, like 5m @ 2.06g/t gold from 42m (including 1.6m @ 5.6g/t).

The company says many veins remain open laterally and are yet to be evaluated at depth, including the San Juan Vein.

“Now that we have received all the results from our maiden drilling campaign, we will assess the future resource potential and sites for further drilling,” BMO exec chair Ross Landles says.

“This includes targeting future drilling on the high-grade San Juan vein system.”

In December, BMO also announced an option to acquire an extensive 2,250sqkm Canadian lithium royalty and projects portfolio.

Pending exploration success on optioned properties, potential sales of NSR royalties could be up to C$46,750,000. An additional 42 projects will be acquired within the portfolio to be owned 100% across commodities such as lithium, nickel, copper, gold, platinum and palladium.

The $7m capped stock is up 50% in 2023, on larger than normal volumes. It had $1.5m in the bank at the end of September and is currently undertaking a ~$1.6m cap raise.