Decade Resources Ltd’s (TSXV: DEC) potential has tantalized investors for years, but the wait might well be worth it.
The mineral exploration company holds several properties and projects, most of which are in the ‘Golden Triangle’ area of northern British Columbia. The region contains some of the largest and highest-grade gold deposits and large undeveloped copper deposits in the world.
It’s Decade’s Bonaparte property, however, that has many of its shareholders salivating recently. The company acquired the right to earn an 80% undivided interest in its mineral claims back in October.
Bonaparte has historically produced 3322 gold ounces. Geologists from the British Columbia Geological Survey, Ministry of Energy, Mines and Natural Gas have speculated that the Bonaparte deposit represents an upper level of a buried gold-copper porphyry system, according to the company.
At least nine gold bearing quartz veins have been located to date on the property through trenching and drilling. High grade gold-copper veins are thought to be situated throughout the property.
In October, Decade released assay results from samples that included 1662 grams per tonne (g/t) gold and 0.88% copper. And today, more results released included 81.3 g/t gold and 1.361% copper found in one sample.
“The company feels that historic work basically concentrated on the Discovery Zone area, which represents an area 300 metres (m) wide and 250m long in the NW corner of the claims and did not explore other compelling targets,” Decade Resources president Ed Kruchkowski said in a statement.
The company recently announced plans for an upcoming drill program for Bonaparte in the coming months.
Decade’s float of about 205 million shares will likely provide some resistance to its stock price performance, but we think there is still an opportunity for retail investors to make some money here, especially as interest in ‘Golden Triangle’ plays continue to increase.
The company has a market cap of about C$28 million based on its recent stock price of $0.115 per share.
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