Last week I watched Brascan Resources (BRAS.C) put out news that they were flipping some properties that weren’t core to their business for, let’s face it, pennies on the dollar.
And I kicked the former CEO, Bal Johal, square in the arse for it.
Then I felt like a total asshole because the guy had been in hospital fighting off a jammer, and had handed the reins to his number two and a large part of the stock that made up the deal in question was owed to his former partners as part of the initial partnership.
Regardless, not just as someone with a stake in this particular game bit also a journalist who doesn’t like to send his readers the wrong way, I read the riot act to him.
“Do the work,” I barked. “Nobody’s going to buy your stock if you’re sitting pat.”
“We will,” he said, “now we have the money we can do digging.”
I snorted. He sniffed. The two of us narrowed our eyes.
Well, shoot me in the nuts and call me Nancy, the little bastard came through, and in just a few days.
THE SUMMARY:
Brascan and North Atlantic Aggregates Geophysics Testing on Iceberg Project:
- Companies Involved: Brascan Resources Inc. and North Atlantic Aggregates Inc. have employed TMC Geophysics to do work on the Iceberg Project.
- Task: TMC will carry out a controlled-source audio-frequency magnetotellurics (CSAMT) geophysics program on the Iceberg project, and began work this week.
- Location: The Iceberg project is situated 10 km east of La Scie, Newfoundland, Canada.
- Brascan’s Stake: Brascan has a 25% indirect interest in the Iceberg project through its 25% ownership in NAAI, secured in August 2022.
Technical Aspects:
- CSAMT Method: It’s a method to investigate the earth’s subsurface electrical structure, which is non-intrusive and maps resistive and conductive zones up to 4 km deep.
- Iceberg’s Discovery: The project reveals high-grade iron-titanium-vanadium-scandium mineralization at the surface in the Bailey zone. Some noted values include 63% Fe2O3, 12.85% TiO2, and 181 grams/tonne Sc2O3.
- Potential Beneath: Mafic intrusions could potentially hold Nickel-Copper-Cobalt deposits at deeper levels, with PGM deposits typically found within contact zones of these intrusions.
- Program Objective: The aim is to identify oxide deposits and uncover buried sulphide deposits – in other words, let’s see if there’s any there there.
Statements from Company Representatives:
- Alex Bailey (CEO of NAAI): Mentioned that consistent high-grade results from the Iceberg project justify further CSAMT testing. This test will direct their inaugural 2,000-meter drill program towards prime targets. Bailey expects a 3-D insight into the system’s size and any concealed sulphide deposits. Discovering Ni-Cu-Co or PGM deposits would boost the project’s value considerably. The hope is that the surface mineralization is just the beginning, and this program will provide proof with actionable drill targets deep down.
- Jo Shearer (Interim CEO of Brascan): Emphasized that Brascan’s goal is to delve into and cultivate the Iceberg mineral project in Newfoundland and the Quebec-Li lithium properties, which are close to the Corvette lithium deposit owned by Patriot Battery Metals Inc.
Bottom line: If there’s one thing I like better than a CEO that does the work, it’s a CEO that tolerates an ass kicking as part of his business and quietly let’s his actions speak for him rather than complaining about dbags like me.
Good job, Bal. Now we’re talking. Keep it up.
— Chris Parry
FULL DISCLOSURE: Brascan is a client (they may be rethinking that right now, who can say), and we own a stake in the company.