Oh my, where does one start? Maybe by confirming the prediction made last week by this humble corner of cyberspace that…
…because the Maiden Resource Estimate released by Chakana Copper (PERU.v) this morning isn’t just pathetic, but they’ve even managed to continue the corporate policy of spin and deception in the process. Here’s the NR and while there are several devils in the details, the MRE table is the main event:
- The resource effective date is January 3rd, one day BEFORE last week’s pumpy NR that tried to inflate the PERU.v share price into this news.
- It’s taken over 60,000m of drilling and C$35m cash to arrive at this MRE.
- They don’t even have the good grace to do the math and tell you the amounts of contained metal
- After using U$2.90/lb copper for calculations in all their previous NRs, PERU.v suddenly decides they’d better use U$3.50/lb copper for this MRE.
Then there are other issues, such as wondering just why they drilled 16 pipes but only 7 made it to the MRE and what that might imply for the other 110 identified breccia pipe targets, but hey…details…so…anyway, the quickmath is an MRE with 130m lbs copper (117m lbs after recovery estimate), then 190,000 oz gold (161,500 recoverable) and 11.75m oz silver (8.81m oz recoverable), just in case you were wondering. Also, each metre of drilling has given us 111 tonnes of inferred material or, if you cut and slice another way, each tonne of rock announced today has cost C$5.22 to get to CIMM compliant 43-101 inferred resource standard.
I suppose we should thank PERU for reporting at inferred level and not spending to get to M+I before announcing, but what really sticks in the craw is how, even now, PERU.v tries its level best to massage a patently uneconomic set of results. Change the metal base price to capture more rock? Keep the paucity of those contained totals away from retail eyes? Pay firms with a business model of “We will lie to social media if you pay us money”? Hide an MRE dated January 3rd behind a pumpy NR dated January 4th, specifically designed to get suckers in (and the chance for those in the know to sell)?
All fair game for the corrupted and weaselly junior miner and its moneygrabbing management team. Chakana Copper is a prime example of what happens when an exploration stage junior mining company goes wrong but, instead of attempting honesty, prefers to pile falsehood upon falsehood, lie upon lie, hoping that they’ll be able to get away with it all. The lack of basic morality is vomitworthy and so typical in this sector but of course, if anyone has the temerity to point out a few home truths to the backsliders and peddlers of prime quality financial BS, they accuse you of “lacking respect”. Thing is, shareholders are human beings and if your attitude to your neighbour is utter contempt, you cannot expect anything less in return. Respect is something you earn, it doesn’t come with a job title or expansive personal paycheck with generous expense account. Take a good, hard look in the mirror and see what you’ve become, David Kelley. Un asco ajeno.