TORONTO (miningweekly.com) – TSX-V-listed Rambler Metals & Mining has shipped its eleventh consignment of copper concentrate from its Ming copper/gold mine, in Baie Verte, Newfoundland and Labrador, reporting increased precious-metals grades on Wednesday.
The 5 250 wet metric tonnes (wmt) shipment had an average grade of 27% copper, 12 g/t gold and 87 g/t silver and brought the copper concentrate shipped from the company's Goodyear's Cove facility to about 70 000 wmt since commercial production was declared in 2012 at Ming.
Rambler noted that the concentrate shipment was a high-quality product “with little in the way of deleterious materials”.
Analysts at SP Angel noted that while the copper grades remained consistent, the precious metals grades were somewhat higher than those reported for other recent shipments by Rambler. Its May shipment graded at 27% copper, 9 g/t gold and 68 g/t silver, while its December shipment comprised 27.2% copper, 8 g/t gold and 58 g/t silver.
“These improved precious metals grades should provide a modest mitigation of [the] recent copper price weakness,” SP Angel partner John Meyer said in a note to clients.
Rambler had been advancing discussions with a selection of financing partners, focusing on debt-type financing arrangements of up to $25-million, to mainly cover working capital shortfalls as the company progressed its optimisation plan for its cornerstone Ming mine.