Bill Pincus the President, Director, and CEO of Miramont Resources sits down with Maurice Jackson of Proven and Probable to discuss the latest exciting developments at the Cerro Hermoso and Lukkacha Projects. Specifically, we will highlight the recent press release the highly anticipated drilling permits for Cerro Hermoso.
On the Search for a Major Copper Porphyry in Peru
Source: Maurice Jackson for Streetwise Reports (12/10/18)
Bill, we have some great news to share with current and prospective shareholders, but before we begin, for first-time listeners, please share who is Miramont Resources, and what is the thesis you’re attempting to prove?
Bill Pincus: Miramont Resources is a junior exploration company. We have two copper gold projects in Peru. Both are relatively early-stage prospects. One (Cerro Hermoso) is ready to drill, and one is getting near ready to drill, so what we’re looking for, what our thesis is, we’re looking for large bulk tonnage that has the potential to be very significant type ore deposits.
Maurice Jackson: Bill, provide us with some historical context on the region in Peru where Miramont has its projects.
Bill Pincus: We’re working in Southern Peru, which is known as one of the world’s great copper provinces. You have the giant mines of Toquepala, Cuajone, Cerro Verde, and Quellaveco is now being developed. These all produce hundreds of thousands of tons of copper metal annually. Our project, Lukkacha, is located right in this belt. We’re about 10 kilometers from one of the newer porphyry projects, by, I believe it’s Anglo American. But most importantly, we’re in one of the world’s great copper regions, so as an exploration company, we are the hunters, and if you’re going to hunt the elephants that we’re looking for, you want to be in the elephant country, and that’s exactly where we are.
Maurice Jackson: Walk us through both of your projects and the value propositions they present to the market, beginning with Cerro Hermoso.
Bill Pincus: Cerro Hermoso is our most advanced project. This is the one that we will begin drilling early next year. When we first started looking at it, we were looking at it because of some pretty significant gold values we were finding in rock chip and rock channel samples. But as the project has emerged over the past year, with our continued exploration, it’s really turned into a copper polymetallic project, copper-gold-silver, as well as some lead and zinc. But I think copper is the primary metal.
And it has the potential to be a very, very significant, large bulk tonnage deposit. That’s what we’re exploring for, and that’s what we hope to find. So, you know, we hope when we begin our first round of drilling, a discovery round of drilling, to identify significant subsurface mineralization.
Maurice Jackson: Tell us about your second project, Lukkacha.
Bill Pincus: Lukkacha, which is further to the southwest of Cerro Hermoso, is a classic copper porphyry system. We have now concluded a round of both reconnaissance mapping, followed up with detailed mapping, and what’s emerging is the classic picture of a copper porphyry system, in terms of the typical alteration patterns you would expect, the typical mineralization patterns you would expect, and the typical geologic patterns you would expect. So, we would like to do a little bit more work on this. We’ve done detailed geochemical sampling, detailed mapping, but we do want to take it to a round of geophysics.
We have drill targets emerging, but obviously, we want to refine that before we actually drill. So, if all goes according to plan, we think we’re looking at a completely new porphyry system, un-drilled, that is exhibiting many of the characteristics of similar systems nearby.
Maurice Jackson: On the 4th of December, Miramont received some great news for current and prospective shareholders. What can you share with us?
Bill Pincus: We got our drilling permit. This is for the Cerro Hermoso property. To be very honest with you, the process was just a tad longer than we had anticipated, and we had to jump through a few more hoops than we anticipated, but we did get our drilling permits. We’ve been in touch with the driller, and we should have a rig on site, ready to turn, in the second half of January, 2019.
Maurice Jackson: Mr. Pincus, I’m going to have a multilayered question here for you. What is the next unanswered question for Miramont Resources, when can we expect an answer, and what determines success?
Bill Pincus: Well, the next unanswered question is what do we find in the Cerro Hermoso drilling? We’ve done everything we possibly can, and we have great drill targets, but you know, the true test is what’s in the subsurface. So, that’s the next unanswered question. As I said, we should start drilling late January, so I would expect answers probably early March.
Maurice Jackson: And what will determine success, sir?
Bill Pincus: Well, success will be this is the first round of drilling in a project that’s never been drilled. You know, a great lengthy ore section would be huge success, but I think we have to get enough intercept and grade to make us firmly believe that our geologic model is correct, and that we can move forward and predict what will happen in the future from there.
Maurice Jackson: Switching gears, talk to us about the capital structure.
Bill Pincus: Miramont has 50 million shares outstanding. We have warrants priced at 45 cents that expire in Nov.19. We closed yesterday, at 26 cents Canadian. We have no debt, so I would call it a clean, simple capital structure. Most of the shares are fairly tightly held.
Maurice Jackson: What keeps you up at night that we don’t know about?
Bill Pincus: Unanswered questions. You know, this project, Cerro Hermoso, has been really a lot of fun for me, and it’s followed a pattern that I think is characteristic of excellent prospects, which is every time we go there, every time we take another look, every time we investigate something, we find something new that encourages us that there’s significant mineralization in the system. You know, we’ve done all that work. Now, we had to test that with a drill rig, and I guess that’s what keeps me up at night. What are we going to find with that drill rig?
Maurice Jackson: Last question. What did I forget to ask?
Bill Pincus: Well, I’m not sure. I can’t think of anything off the top of my head. I would say that if any readers have any questions, they can get onto our website, where they could book a phone call with either myself or our vice president, Tyson King, 604.398.4493, and we’ll be able to answer any follow-up questions they may have.
Maurice Jackson: And Bill, in regards to that, if investors do want to get more information about Miramont Resources, please do share the website address with us.
Bill Pincus: Quite simple, www.miramontresources.com.
Maurice Jackson: And as a reminder, Miramont Resources trades on the CSE symbol MONT, and on the OTCQB symbol MRRMF. Last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at firstname.lastname@example.org.
Bill Pincus of Miramont Resources, thank you for joining us today on Proven and Probable.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
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