RBR Initiating Coverage on Network Exploration (NET : TSX Venture)
Network Exploration (NET), a junior mining and exploration penny stock, is moving forward on their flagship Caldera gold-copper property in Chile, located in the middle of “elephant country” - a stretch of land populated by large gold, copper and silver discoveries and mining operations. The company has just raised $600,000 to push this exciting project forward.
Network Exploration NET (TSX Venture Exchange) chart
The stock exploded on record volume last week, trading over 30 million shares in seven trading sessions. Volume was triggered by the company’s announcement that it has begun “drifting” - tunnelling through a hillside - on the La Blanca gold prospect, which is part of the Caldera project. The purpose of this phase of exploration is to test the “gold content, continuity and thickness of vein structures hosting gold mineralization” (see news release dated Aug 19 2009).
La Blanca has a history of artisanal mining activity, where gold was mined from the surface using picks and shovels. Occurances of gold and copper is widespread on the property, therefore this phase of exploration is meant to get a better handle on the structure and formation of the porphyry and surrounding geology.
Stay tuned for a more extensive analysis on NET’s projects.
We are excited by the Caldera project, given that it has viable potential to host an open pit, low grade, high tonnage copper-gold deposit.
The company currently has a very low market capitalization of $3.5 million. Any indication of positive results in the ongoing exploration program can substantially lift this number.
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