$1.5B Added Metal Value as Copper Silver Resource Jumps 23% and adds Platinum & Palladium
Research Report

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Metallic Minerals Corp. (MMG:TSX.V; MMNGF:OTC) completed an updated mineral resource estimate (MRE) for the Allard deposit at its La Plata copper-silver project in southwest Colorado, reported Taylor Combaluzier, vice president and mining analyst at Red Cloud Securities, in a Jan. 27 research note.

"We view this as a positive MRE update that now includes the platinum group element (PGE) resource, positioning Allard as one of the few development-stage projects in the U.S. that contain PGEs," Combaluzier wrote.

No Rating or Target

Red Cloud does not have a rating or a target price yet on Metallic Minerals, noted the analyst. He added that "continued exploration success and advancement of the La Plata and Keno projects should help rerate the stock." Keno is an exploration project in Yukon.

At the time of Combaluzier's report, the British Columbia-based explorer was trading at about CA$0.39 per share (CA$0.39/share).

About the Resource

Combaluzier explained that the new Allard MRE incorporates 4,530 meters (4,530m) of drilling completed since the previous MRE prepared in 2023.

The updated version is based on two continuous adjoining pit shells. One is a copper-silver shell based largely on drilling done between the 1950s and 1970s. The other is a copper-silver-platinum-palladium-gold shell based on the results of Metallic Minerals' drill core sampling.

The new inferred resource is 181,400,000 (181.4 Mt) of 0.36% copper equivalent (Cu eq) for 1,455,000,000 pounds (1.455 Blb) of Cu eq, a 9% increase over that in the 2023 MRE. The resource includes a 45.4 Mt subset containing 272,000 ounces (272 Koz) of 0.18 grams per ton (0.18 g/t) PGE+gold.

Total Tonnage Increased

A key difference in the current MRE versus the prior one is 23% more inferred resource tonnage, the analyst noted. The new 181.4 Mt total is up from 147.3 Mt before. Contained metal is 1.5 Blb of 0.33% copper and 17,000,000 ounces (17 Moz) of 2.9 g/t silver.

The PGE resource contains 91 Koz of platinum, 121 Koz of palladium, and 60 Koz of gold.

REEs Present as Well

Light and heavy rare earth elements (REEs) are present as well at La Plata, proximal to Allard. This came to light during the 2022 sampling, mapping, and geophysical program directed by the U.S. Geological Survey, and was then confirmed via subsequent drilling by Metallic.

The REEs and PGEs add economic value to La Plata and boost its critical minerals profile, noted Combaluzier.

Metallurgical testing is underway, in collaboration with Columbia University, to evaluate different processing methods for recovering copper, PGEs, and REEs.

Expansion Potential

Combaluzier highlighted that the Allard resource has expansion potential. Mineralization is defined from surface to 1.5 kilometers in depth, over 600m of strike length, and over 400m in width. As such, the resource remains open along strike and at depth.

In addition, only minimal historical assaying was done, which means PGE contents perhaps could be increased. Further, at La Plata, 16 identified porphyry centers have not been drill tested, thus offering additional resource expansion potential.

To investigate this, Metallic intends to carry out more drilling this year.

Keno, Metallic Minerals' 100%-owned, silver-lead-zinc-gold project in Yukon, also offers expansion potential as its four shallow deposits remain open. If proved up, this would add value to the Canadian mining junior. Keno, next to Hecla Mining Co.'s (HL:NYSE) Keno Hill silver mine, currently hosts 18.16 Moz of silver equivalent. Metallic is planning resource expansion drilling there.

What to Watch For

Upcoming catalysts, according to Combaluzier, include metallurgical testing; resource expansion drilling at La Plata, slated for this year; and a plan for resource expansion drilling at Keno.

"We believe further drilling success and continued support from strategic investors such as Newmont (9.5%) should increase the appeal of this bulk-tonnage porphyry deposit as the U.S. looks to tap its domestic critical mineral resources," the analyst wrote.