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  • Black Mountain Resources: Beaufort Securities Maintain Speculative Buy After Silver Samples 0 comments
    Oct 11, 2013 12:39 AM

    Black Mountain Resources (ASX: BMZ, AIM: BMZ) has received a broker note from Harry Stevenson, research analyst at Beaufort Securities.

    Yesterday the company reported the silver grades from further multiple grab samples at the New Departure Silver Project located in Montana, US, from the newly opened up Blue Dot Level.

    The samples revealed up to 5,194 grams per tonne (g/t) silver. Blue Dot Level would access the Bonanza Zone and Main Zone historical mining blocks. Black Mountain has improved silver recovery rate to more than 85% due to optimized flotation metallurgical testing and expects further improvement to over 90% in the near future.

    The company has completed the first phase of underground surveying and is in process of finalising the 3-D mining model.

    The company plans to provide further updates regarding the completion of metallurgical testing, toll treat arrangements, the 3-D mine model and commencing development ore, in coming weeks. The stock jumped 3.9% yesterday.

    Harry Stevenson, commented:

    The high grade sample results from the Blue Dot Level prospect indicate the high level of productivity of the Bonanza Zone and the Main Zone blocks. Besides, significant silver recovery rate from the carbon in leach (NASDAQ:CIL) processing has highlighted its high efficiency standards.

    These set of developments strongly support the company's efforts toward achieving a high grade and low cost production model. New Departure contains non-JORC compliant resources of 2.5 million ounces (oz) of silver at over 15 oz per tonne.

    With such an attractive set of assets, a supportive regional infrastructure and an exclusive access to the milling facilities located nearby, Black Mountain should conveniently be able to record notable production successes going forward. We maintain a Speculative Buy for the stock.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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