- Focused on copper - world's largest base metals market
- Exciting discoveries at the flagship Main Ridge project in Jamaica
- Experienced management working in favorable jurisdictions
What Carube Copper does:
With eleven licenses covering 536 square kilometres, Carube is taking advantage of its first mover status by exploring Jamaica’s historic copper and gold workings.
The company also has three porphyry related projects in British Columbia and 100% ownership of the highly prospective Steward Brook Gold (SBG) project in Nova Scotia.
Its latest asset expansion is the Jasperoide copper-gold project in Peru, which the company acquired in August.
Carube's other assets are its management team. Chairman Tony Manini was instrumental in building one of the biggest success stories in recent Australian mining history, Oxiana. He went onto be a founder of investment vehicle Tigers Realm, which backs all sorts of copper opportunities around the world, and which has had multiple successes.
Director Yale Simpson helped build Exeter Resource Corporation, a company that was eventually sold to Goldcorp for nearly C$200mln. Sean Harvey was President of TVX Gold before it was sold to Kinross, and Zimi Meka is the founder and chief executive of Ausenco, one of the mining industry’s leading consulting companies.
Stephen Hughes, CEO and president, ran the geology for Asiamet (LON:ARS), which has rapidly been growing its resource base in Indonesia. In total he has led the delineation and discovery of more than two billion tonnes of copper resources in Asia over the past twenty years, and spent a considerable part of that time working for Freeport McMoRan.
How Carube is doing:
In July, Carube announced plans for a new financing to raise funds for copper and gold exploration at the company’s Jamaican assets.
The junior said it intends to raise C$225,000 in a non-brokered private placement of up to 4.5 million units at C$0.05 per unit.
Carube also had good news from its Stewart Brook Gold project, where sampling results from its initial exploration program revealed a new gold anomaly on the property.
Of the 22 samples collected, Carube reported that 13 samples showed anomalous gold values. The results, of up to 222 parts per billion (ppb) gold in till, confirmed the presence of an 8,000 metre by 4,000 metre anomaly that was previously identified in the 1980s by Seabright Resources.
Also over the summer, Carube completed a mapping and sampling program on its Mackenzie project in southwestern British Columbia.
Carube’s current exploration on the project is focused on two of the areas, the Bornite and Breccia trend prospects. The company submitted 40 samples for assay in August.
However, the explorer’s biggest news came at the end of August when it announced it had acquired private explorer Latin America Resource Group (LARG), whose biggest asset is the drill-ready Jasperoide copper-gold project in Peru’s Andahuaylas-Yauri belt.
The all-paper deal sees LARG shareholders receiving 3.1 Carube shares for each share held and hold 30.9% of the Carube capital post completion of a proposed concurrent C$2.5 million capital raise.
When the merger is closed, LARG will have the right to nominate two directors to Carube’s board.
- Full assay results from the Mackenzie project
- Integration of LARG’s assets and assessing new acquisition opportunities
- Follow up work at SBG including ground geophysics, prospecting and mapping
- A drilling program may start at SBG in the next phases of exploration, depending on results
What the CEO says:
Following the acquisition of LARG, CEO Stephen Hughes commented: “For the past two years Carube has been systematically searching the Americas for a copper and gold opportunity with company maker potential.
“LARG's Jasperoide project displays all the attributes we have been looking for and the signing of this (letter of intent) is a major step forward as we look to grow significant value for all our stakeholders through well targeted and successful project exploration and development. The underlying supply-demand fundamentals for copper remain strong and we believe the quality and timing of this acquisition represents an exceptional opportunity for Carube."
Contact Angela at [email protected]
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