NovaRed Mining Finds Large Copper Anomalies Near Hudbay Mine
NovaRed Mining has identified two large anomalies near Hudbay's producing Copper Mountain mine. The company, which has no reserve and no drill holes, is one of the riskiest ways to bet on copper.
Valentin Saitarli, NovaRed's technology chief, describes the target as a matter of national security, pointing out that much of modern society relies on copper for electricity and other applications. 'National security depends on it,' he said.
The company has a large land package, about 16,000 hectares, which is roughly three times the size of Manhattan, according to Saitarli. The ground is located near the US border and a seaport, making it an attractive location for development.
NovaRed's CEO Brian Goss noted that there are two possibilities for the anomalies: either they are the shallow expression of an older porphyry system at depth or a younger epithermal system sitting in the cover rocks above. The company is working to determine which scenario is correct through further exploration.
The copper price has been rising, closing near $6.46 a pound in early August, up about 46% this year. Saitarli believes that having a deposit like this in North America is unprecedented and could alleviate supply problems for the West.