Increasing interest in Mayfield base and precious metals project

By Trevor Hoey. Published at Mar 15, 2017, in Juniors

It was only last Friday that shares in Capital Mining (ASX: CMY) surged nearly 40% under high volumes in response to the negotiation of an option agreement to acquire the Scotia cobalt-nickel project at the Mayfield base in the eastern goldfields of Western Australia.

While there was some profit-taking following this development, CMY’s shares rallied nearly 15% on Wednesday morning after the company announced that it had increased its equity interest in the Mayfield project located in New South Wales.

It should be noted that share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.

This lies not far to the south-east of Heron Resources’ Woodlawn zinc project, and electromagnetic surveying has been undertaken after reports of high grade zinc and silver from previous drilling.

Having increased its equity interest in the Mayfield project to 75% and acquired a new exploration licence surrounding the existing project area, CMY has opened up opportunities to develop multiple new exploration targets.

Management views the new territory as highly prospective for the mineralisation style found at Mayfield. It is also strategically beneficial in that it now covers an area of 178 square metres, providing the opportunity to tap into potential strike extensions.

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Facebook
Twitter
LinkedIn