Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Nobel Resources Corp., formerly known as Novo Capital Corp., has made its debut on the TSX Venture Exchange under the symbol NBLC, opening Tuesday’s session at C$0.55 a share after gaining 37% during pre-market trading.
By 12:40 p.m. EST, Nobel’s shares were trading at C$0.51 with more than 65.7 million shares listed, giving the company a market capitalization of about C$33.52 million. Some 477,000 shares had been traded by that time.
Nobel is presently looking to develop the Algarrobo copper project in Chile, located in the southern Atacama Desert, with the city of Copiapo located approximately 43 km to the southeast and the port at Caldera 25 km to the east. The property comprises a total of 6,710 hectares.
According to the company, the Algarrobo project hosts high-grade copper mineralization with exploration and development potential for significant expansion that is consistent with an iron oxide-copper-gold deposit (IOCG) along the western margin of both the Chilean Iron Belt and the Atacama Fault Zone.
The Cerro Negro Norte iron deposit, having and similar structural setting and possible associated IOCG-style mineralization, is located approximately 15 km east of the Algarrobo project.
The Candelaria copper-gold-silver mine — owned 80% by Lundin Mining and 20% by Sumitomo — is located 60 km south of Copiapo with similar geology to Algarrobo.
