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Greenlight Metals (TSX-V: GRL)(OTC: GRLMF) CEO Matt Filgate on Hitting Significant Copper-Rich VMS Mineralization at Bend Project in Wisconsin Including 12.85m of 4.15% Copper Equivalent
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Greenlight Metals (TSX-V: GRL)(OTC: GRLMF), Mr. Matt Filgate.
Matt, it's a heck of a time to be hitting high-grade copper in America, which is exactly what you're doing. Congrats on a very successful initial round of assays. How are you today?
Matt Filgate: I'm great, Gerardo. Thanks for having me. And you're right, it is a good time to be hitting high-grade copper in the US, and we're very excited about these results coming out of Bend. So, appreciate you having me today and happy to dive into it.
Gerardo Del Real: Well, listen, let's talk about Bend. It's not just copper. You also have some gold, you have some tellurium. And so when you announce these first three holes and you have 12.85 meters of 4.15% copper equivalent, and then you break that down. And it consists of 1.81% copper, 1.75 grams per tonne gold, 22.7 grams per tonne silver, from 257 meters, that's a heck of a highlight intercept.
But you made it pretty clear in the release that all of the holes that you've seen look pretty darn good. Can you speak to what you feel about these first initial set of results and what you're seeing in the rocks?
Matt Filgate: Yeah, absolutely. Look, the first set of results is better than we expected. So holes one and two hit a bit high up in the system, and that's why you don't see great thickness there. You still see some good copper grades, but not great thickness, but that limb is... The Bend project going away from the known historic resource seems to be plunging down at about 30 to 40 degrees.
And so hole three tagged into a very nice, very nicely with those results you just mentioned. And hole four hit 70 meters down dip beneath hole three, and highlighted in our press release, you can see that's 38 meters of mineralization that we intersected there, 22 meters of that being thick, 75% massive sulfide. So, that's extremely encouraging.
That is the down dip away from the known deposit down dip extension. And so the whole drill program was designed to show upside at Bend and show that it's bigger than this historic 4.5 million resource, that there's upside to grow this thing to that 10 to 15 million tonne range. And so for six drill holes, 2000 meters, the program cost us just under a million dollars. We basically added 150 meters of strike, of thick, massive sulfide to this deposit, so it can grow very quickly. And so we're extremely excited about it.
Gerardo Del Real: Can you speak to some of the potential strategic metals, critical metals aspect of the story? Because I know it's early, but we touched on it the last time we spoke. There's the potential for that to become a pretty significant part of the story. Even if the economic contribution is minimal, the strategic contribution for eventual permitting becomes pretty key?
Matt Filgate: Yeah, absolutely, and you're talking about the tellurium. So, it's very interesting. A lot of these VMS deposits, it's typical to have a little bit of tellurium, but high grade tellurium is rare. And what we're seeing here is multiple samples going over 500 grams per tonne.
But in that main interval, that massive sulfide interval we're averaging above 350 grams per tonne tellurium. And just for your listeners, tellurium is one of the main metals used in solar panel manufacturing. So, there's actually a pretty large demand for it on the critical metals or critical energy side. And it is a strategic metal.
And if we look at the Kennecott mine, Rio Tinto's Kennecott mine, they just installed a tellurium processing plant there to recover the tellurium because of the demand for solar panel manufacturing. So, it introduces potential funding at a federal level, but also at a state level. And so if we're looking at current tellurium prices at 500 grams per tonne, we are sitting at a close to dollar, dollar equivalent half percent copper.
So, it doesn't have huge economic implications for the project, but it does add to the economics. But really it's a strategic metal and it opens up potential funding mechanisms at a government level.
Gerardo Del Real: No, listen, that's exciting. And the timing couldn't be better for it. What comes next? I know we have assays pending, including some of those holes that you're so excited to get back?
Matt Filgate: Yeah, absolutely. Holes four, five and six will be coming out over the next couple of weeks. So hole four, we're expecting the full assays sometime mid next week, and we're hoping we can get it out next week, if not early the following week. And then holes five and six very shortly after, and both holes five and six hit very nice, thick, massive sulfide intercepts as well.
So, this project has some very exciting news coming up, and then we'll parlay that into further drilling. So, we're planning a 6,000-meter drill program that will kick off in November, and we'll continue to roll the ball here and then grow this deposit moving along strike. And look, the goal here is to get an economic deposit. We want something that can become the next high grade copper mine in the US.
So, that's our focus here. Lots of exciting exploration coming up. Lots of exciting news as we advance Bend.
Gerardo Del Real: Heck of a start. Hasn't seen a drilling since 1994. Welcome back, Bend.
Matt Filgate: Welcome back, Bend. We're excited for the future. So thanks Gerardo, appreciate it.
Gerardo Del Real: Thanks for your time. Let's chat soon.
Matt Filgate: Okay.
Gerardo Del Real: Cheers.
Matt Filgate: Cheers.
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