Drilling is about to get underway on the Telegraph project, which could be a big copper-gold discovery for MTB Metals (MTB.V; MBYMF.OTC).

A mountain of compelling evidence, assembled by a first-rate geological team, points to a deposit remarkably similar to four nearby world-class deposits in the Golden Triangle, all being advanced by major mining companies.

Summer doldrums, on top of generally poor market conditions, has led to this project being overlooked by investors — offering a cheap entry point and the potential for a massive payoff.

Dear Fellow Investor,

MTB Metals (MTB.V; MBYMF.OTC) is working toward a major copper-gold discovery in British Columbia’s famed Golden Triangle that would be transformative for the company and its shareholders.

A similar discovery nearby led to a takeover by a major mining company at a value 40 times what this explorer is currently trading at.

With copper-gold deposits at the top of the shopping lists of major mining companies, and with copper looking increasingly interesting to investors, MTB shareholders would benefit quickly and in a big way from favorable results at its Telegraph project.

Five other projects provide solid support for the value of the company.

MTB’s geological team is now on site at Telegraph, conducting the final stages of surface work before drilling next month in what is shaping up as a potentially massive copper-gold occurrence.

Two years of work by that team has confirmed and expanded on a massive data set generated by numerous previous explorers…each looking at little pieces, thus missing the big picture.

Located in the Golden Triangle, one of the most highly prospective geological regions on the planet, MTB’s Telegraph property is on track to potentially replicate the four world-class deposits around it.

Home To Large Copper-Gold Porphyries

Copper porphyries in the Golden Triangle are exceptionally enriched in gold, so much so that the other explorers in the region are focused primarily on the gold content.

That combination of gold and copper is a potent mix.

Consider the Cadia mining operation of Newcrest, located in Australia. In the 2022 fiscal year, Cadia produced 561,000 ounces of gold, with an All In Sustaining Cost (AISC) of negative $124 per ounce.

That is, the copper and other by-product credits paid for more than all of the operating cost, meaning they produced a half million ounces of gold for better than free.

The geology of the Cadia deposit is similar to that of the Golden Triangle porphyries, a style found in only a couple of other areas, neither of which is seen as a favorable place to mine.

It is no wonder that Newcrest acquired two mines in the Golden Triangle.

Furthermore, the pending merger of Newmont and Newcrest has a big Golden Triangle component.

Newcrest’s two mines in the Triangle currently generate 20% of the major’s annual production, with an expansion underway set to boost the annual ounces by 50%.

Newmont has two development stage projects in the same region.

One of those, Saddle North, was acquired through the takeover of junior explorer GT Gold in a deal valued at C$420 million.

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Building On A Strong Foundation

At least 50 companies have explored pieces of what is now MTB’s Telegraph property, resulting in 35 documented mineral occurrences.

MTB’s geological team quickly recognized that those numerous occurrences are actually part of one humongous geological system — the sort of geology the Golden Triangle is famous for.

The property ownership was fractured: None of the previous operators held enough ground to see the big picture.

Putting the pieces together — first the information, then the property ownership — explains how MTB was able to secure this exceptional exploration target.

Having compiled and analyzed the results of all that earlier work, the MTB team hit the ground running in their first season in 2021.

First off was a close examination of the drill core from the two holes in 2014 — the only holes in the modern era — which confirmed the presence of a copper-gold porphyry, but in that location, it carried sub-economic grades.

Looking For The Heart Of A Copper-Gold Porphyry System

The MTB team’s read of the core was that those holes were on the edge of a porphyry.

Knowing there was a big porphyry, the task now was to find the center of the system, where they expected better grades.

Two field seasons, involving the most sophisticated geoscience available and building on the earlier results, point to the heart of a large porphyry system.

Not surprisingly, that target happens to sit right beside what was a property line before MTB consolidated the property.

MTB’s sampling results include square kilometers of high-grade copper values — up to 19% — in an area that was previously overlooked.

Those surface values are backed by a strong multi-kilometer geophysical (IP chargeability) target which aligns perfectly with the copper values.

An intense use of sophisticated geoscience produced a solid geological understanding of this vast mineralized system and did it quickly and cost effectively.

The alignment of so many indicators would be compelling in any setting.

To find so many indicators pointing to the same target in the midst of four world-class deposits with the same geological characteristics makes this a truly exciting target.

The team also identified a second porphyry target on this immense property… and a third, with lots of ground yet to explore.

Having clusters of porphyry centers is common.

Just look south in the Golden Triangle, at Seabridge’s KSM cluster of deposits: Kerr, Sulphurets, Mitchell and Iron Cap.

Telegraph has a similar footprint to the KSM cluster which collectively host 154 million ounces of gold, 819 million ounces of silver and 54 billion pounds of copper.

Five Other Projects Support MTB’s Value

MTB is now focused on Telegraph but has five other Golden Triangle projects, each one of which could justify the miniscule market value of this company.

Not to distract from the main event, but it’s worth mentioning these projects to give a flavor of the solid backing for the share price.

Red Cliff is a past-producing high-grade copper mine in which MTB holds a 35% interest. Drilling has outlined a gold zone, with multiple eye-popping gold grades, such as 4 meters at 21 g/t, 13 meters at 8 g/t and 15 meters at 11 g/t.

BA is a silver target which was the focus of Great Bear before that company turned its attention to the Red Lake deposit that resulted in a takeover by Kinross for $1.4 billion.

Nearly 200 drill holes at BA outline an extensive zone of silver-zinc mineralization and there are multiple untested targets.

Theia was initially explored for moly in the 1960s. It has two copper zones that each produced samples above 5% copper. Another zone produced a silver grade of 39 kg/tonne of silver (1,100 ounces per ton).

American Creek hosts an eight-kilometer-long zone with numerous silver veins, centered on a past-producing high-grade silver mine. A 2006 drill hole encountered 5 kg of gold over 5 meters, suggesting that there are more ounces waiting for discovery.

Southmore is sandwiched between a gold discovery on the property to the north and a copper-gold porphyry discovery to the south. Samples from Southmore include 35 g/t gold and 20% copper, showing the project has potential for both types of deposit.

MTB is focused on Telegraph, but other companies are looking at earning an interest in these projects as a way to get a stake in this rapidly emerging district.

Timing Is Everything

At the moment, there is a well-recognized disconnect between the gold price and the share prices of gold companies.

Perhaps an even larger disconnect is present in copper. Fundamentals for this important future-facing metal are overwhelmingly positive.

That is reflected in the near frenzy as major base metal and gold companies scramble to find new sources of copper supply. Deposits that carry both gold and copper are especially being sought.

There’s an argument that MTB Metals merits a higher share price if for no other reason than it owns a big chunk of one of the world’s top mining regions, with multiple projects all with large-scale potential.

But with drilling imminent on what could be a massive copper-gold discovery at Telegraph, MTB shareholders could soon realize the huge value waiting to be unlocked there.

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