Quimbaya Gold (QIM.C) drilled nine holes into the Tahami Center porphyry system and released assays for six of them. The verdict? All six hit a large, anomalous, metal-bearing porphyry — at grades that wouldn’t pay for the drill bits, let alone a mine.
The star interval: 527 meters of 0.041% copper, 34 ppm molybdenum, and 0.015 g/t gold. If you can’t do the mental math, that’s roughly 0.02–0.04% copper across the holes. A typical economic porphyry needs about ten times that grade. Ten. Times. This isn’t a near-miss; it’s not even playing the same sport. “Mineralized” and “mineable” are different words, and junior mining promoters have built entire careers hoping you never learn that.
There were expectations here, admittedly, because Dr. Stewart Redwood confirmed the area shows the characteristics of a typical porphyry copper-moly deposit. Congratulations — you’ve confirmed the rocks are the right *type* of rocks. A geologist confirming porphyry characteristics is like an architect confirming a building has walls. It says precisely nothing about whether there’s economic value inside. The market routinely bids up explorers on “confirmed porphyry system” headlines, which is exactly the kind of hope-driven, math-free speculation that separates people from their savings.
The company will now “interpret the data” to decide if follow-up drilling is warranted, possibly after surface exploration to identify more porphyry targets. Translation: they’re going to spend more money looking for a grade ten times higher than what they found. Maybe they’ll find it. The base rates say they probably won’t, and every dollar burned on follow-up drilling is a dollar of opportunity cost you could have put into an index fund earning actual compounding returns instead of funding a lottery ticket with a drill rig attached.
Attention now shifts back to Tahami South, the gold-silver program. Of course it does. When one target disappoints, the story simply rotates to the next target — the exploration equivalent of a Ponzi narrative structure, except the product is core samples instead of fake returns.
And note the disclosure: the author holds no position, Quimbaya sponsors the website, and junior mining investors can lose their entire investment. Sponsor-covered coverage of drill results. The incentives write themselves — you should too, before writing a check.
A 527-meter interval of 0.04% copper isn’t an asset. It’s an invoice.
Source: https://www.caesarsreport.com/blog/quimbaya-gold-releases-disappointing-porphyry-assay-results/
