Tolga Kumova reckons he is “bloody excited’’ about what might come from the drilling program that has just kicked off at Alderan Resources’ (ASX: AL8) Frisco copper project in Utah.
He’s got close to 15% of the stock after picking up another 600,000 shares earlier in the week. So he’s got a lot riding on the drill program, one which is targeting the big time potential of AL8’s flagship Accrington/ Perseverance prospects at the Beaver County property.
Kumova has been here before. The former stockbroker – come – expansive – mining – investor made his name backing the now $820m Syrah (SYR) when it was a $15m company in 2011 on the strength of what might come from its Balama graphite project in Mozambique.
He recalled this week that the first time he walked over the outcropping Balama deposit he could see graphite everywhere and got “bloody excited’’ about what a drill campaign might prove. History shows Balama went on to become a Tier 1 discovery, the development of which is reshaping the global graphite market.
Walk the Frisco project and it’s hard not to stub your toe on the outcropping copper mineralisation, or fall down an old mining shaft. But as Kumova is the first to say, the ultimate test of Frisco’s potential rests with what the drill bit finds. So while it is good to be excited, Kumova and other AL8 shareholders (directors and management hold 50% of the stock) have also got to be feeling a bit nervous.
We will all know soon enough. A 7,000m drill program has kicked off, with the first hole set to test the outcropping copper/zinc/silver/gold – bearing skarns at the historic Imperial copper mine before heading off to the deeper Perseverance porphyry copper prospect at depth.
Plus, Rio’s deal with little Alloy is more evidence the multi – national has landed a big copper find in WA. Read more +
