Shares rise as Black Mountain identifies new areas of high grade mineralisation

AIM-listed silver-focused mining company Black Mountain Resources has unveiled an operational update highlighting positive developments at its silver projects in Montana and Idaho.

AIM-listed silver-focused mining company Black Mountain Resources has unveiled an operational update highlighting positive developments at its silver projects in Montana and Idaho.

The company, which has a 70% interest in three projects in the US, reported that positive exploration and development progress had been made at its New Departure Silver Project in Montana, which it said was on target to achieve first quarter 2013 production.

The group reported that initial drill results returned grades of up to 365 grammes per tonne of silver confirming down-dip extension of historic workings and indicating a potential projected strike length of 670m.

Black Mountain also reported the strong prospectivity of the Conjecture Silver Project in Idaho.

Peter Landau, Black Mountain Executive Chairman, said: "This quarter has been highly productive for Black Mountain, both in terms of exploration and development at our US New Departure and Conjecture Silver Projects.

"Drilling at both projects has identified new areas of high grade mineralisation near to surface outside of the historic workings, demonstrating the value and potential of these campaigns.

He added: "The development programmes have been extremely successful and will enable us to exploit the projects' near term production capabilities to generate cash flows from historic zones within our high grade silver portfolio. With this in mind, the coming months will be focussed on building upon our knowledge of the area whilst pursuing an early route to production which is targeted for the first quarter 2013 at New Departure and second quarter 2013 at Conjecture."

Black Mountain's share price was up 1.67% to 15.25p at 10:55 on Friday.

MF

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021