Thursday, July 23, 2020 6:16:37 PM
BHT's preexisting 165,000 tonne stockpile is believed to average grades of 1.7% copper equivalent and contain approximately 6.184 million lbs of copper equivalent, which would be worth over US$18 million at current copper prices. Currently, the stockpile is only receiving CAD$5.039 million in value on BHT's balance sheet.
Believe it or not... the stockpile is actually BHT's most valuable asset on its balance sheet. The mine itself is only receiving CAD$2 million in value on BHT's balance sheet when it contains a NI 43-101 indicated resource of 1,511,000 tonnes grading 1.911% copper, 0.407 g/t gold, and 15.6 g/t silver. The mine also contains 22,000m of underground tunnels providing direct access to the indicated resource. In addition, BHT is only receiving CAD$2.95 million in value on its balance sheet for its property, plant, and equipment, which includes a 750 tpd mill with an adjoining crushing facilities.
BHT reminds us very much of Fiore Gold (TSXV: F) when we first suggested it at $0.23 per share because Fiore acquired its Pan Mine and adjacent Gold Rock project for pennies on the dollar out of bankruptcy court just like how BHT acquired its Bull River Mine for pennies on the dollar out of CCAA proceedings. Both projects had about $200 million invested into them by previous operators but their balance sheets don't reflect it! Fiore Gold hit a high this week of $1.52 per share for a gain of 560.87% from our suggestion price of $0.23 per share!
BHT's CFO Dwayne Albert Vinck continues to buy big in the open market and has purchased 333,500 BHT shares this month alone at an average price of $0.1385 per share!
It is easy to figure out what you believe. The difficulty lies in determining - is what you believe the truth.
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