eResearch Blog: Bellhaven Target Price Raised
Favourable Drill Results
With the release of highly encouraging drill results, the shares of Bellhaven Copper & Gold Inc. (“Bellhaven”) have exceeded our Target Price. Based on the information currently available, we are raising our share price objective with a view to refining it after the release, expected later this year, by the Company of a revised mineral resource estimate.
Bellhaven announced its first results from its 3,300 meter drill program being conducted at its copper, gold, and silver Cerro Chorcha porphyry deposit in Panama with joint venture partner Empire Minerals Corp. (OTC: EMPL).
The copper results were highly attractive. In a telephone conversation with management, we learned that these are the best results (both in terms of thickness and grade) thus far at Cerro Chorcho. Bellhaven encountered mineralization from surface to 239 meters depth of 1.2% copper, 0.23 g/t gold, and 6.1 g/t silver. This included 38 meters of copper grading 2.88%.
Mineral Resource Estimate
This property contains a NI 43-101 mineral resource estimate of 135 million tonnes grading 0.48% copper. The ongoing diamond drilling program, with three holes completed to date and nine holes planned, will test the mineralization at Cerro Chorcha, a 1 km by at least 600 meter surface expression.
Diamond Drilling Program
The current diamond drilling program is expected to be completed by the end of September 2007. We expect that Bellhaven will follow this up with a new mineral resource estimate for Cerro Chorcha soon after.
In 2008, we expect Bellhaven will have a highly active year, with four drilling programs under way at the following properties with its joint venture partners: Cerro Chorcha (Empire Minerals), Rio Liri, Los Hatillos (Golden Cross) and Viento Frio (Western Troy).
Market Performance
At the time of our Initiating Report of April 16, 2007, Bellhaven shares were trading at $0.53, and have had a great run. (This Initiating Report is available on our website at www.eResearch.ca.)
Bellhaven’s share price has moved sharply higher in recent weeks, in advance of, and following the release of the results from this first drill hole. Consequently, the eResearch original Target Price of $1.10 has been exceeded.
We will wait until later in the year for the release of the revised mineral resource estimate before recalculating our net asset value estimate for Bellhaven. However, reflecting the increased expectations for this huge copper project in Panama, eResearch is increasing its Target Price for Bellhaven from our original objective of $1.10 to a range of $1.40-$1.50. This share price revision also considers possible exploration upside from the additional drilling programs slated for 2008.
With the release of highly encouraging drill results, the shares of Bellhaven Copper & Gold Inc. (“Bellhaven”) have exceeded our Target Price. Based on the information currently available, we are raising our share price objective with a view to refining it after the release, expected later this year, by the Company of a revised mineral resource estimate.
Bellhaven announced its first results from its 3,300 meter drill program being conducted at its copper, gold, and silver Cerro Chorcha porphyry deposit in Panama with joint venture partner Empire Minerals Corp. (OTC: EMPL).
The copper results were highly attractive. In a telephone conversation with management, we learned that these are the best results (both in terms of thickness and grade) thus far at Cerro Chorcho. Bellhaven encountered mineralization from surface to 239 meters depth of 1.2% copper, 0.23 g/t gold, and 6.1 g/t silver. This included 38 meters of copper grading 2.88%.
Mineral Resource Estimate
This property contains a NI 43-101 mineral resource estimate of 135 million tonnes grading 0.48% copper. The ongoing diamond drilling program, with three holes completed to date and nine holes planned, will test the mineralization at Cerro Chorcha, a 1 km by at least 600 meter surface expression.
Diamond Drilling Program
The current diamond drilling program is expected to be completed by the end of September 2007. We expect that Bellhaven will follow this up with a new mineral resource estimate for Cerro Chorcha soon after.
In 2008, we expect Bellhaven will have a highly active year, with four drilling programs under way at the following properties with its joint venture partners: Cerro Chorcha (Empire Minerals), Rio Liri, Los Hatillos (Golden Cross) and Viento Frio (Western Troy).
Market Performance
At the time of our Initiating Report of April 16, 2007, Bellhaven shares were trading at $0.53, and have had a great run. (This Initiating Report is available on our website at www.eResearch.ca.)
Bellhaven’s share price has moved sharply higher in recent weeks, in advance of, and following the release of the results from this first drill hole. Consequently, the eResearch original Target Price of $1.10 has been exceeded.
We will wait until later in the year for the release of the revised mineral resource estimate before recalculating our net asset value estimate for Bellhaven. However, reflecting the increased expectations for this huge copper project in Panama, eResearch is increasing its Target Price for Bellhaven from our original objective of $1.10 to a range of $1.40-$1.50. This share price revision also considers possible exploration upside from the additional drilling programs slated for 2008.
posted by Bob Weir at
2:00 PM
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