Categories: Precious Metals / Mining Stocks
Topics: Gold Stocks / Copper Stocks

GreenLight Metals (TSX-V: GRL)(OTC: GRLMF) CEO Matt Filgate on Step-Out Success & Resource Growth Potential at Bend Copper-Gold VMS Project, WI, and Barrick JV Catalyst at Kalium Canyon Gold Project, NV

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president & CEO of one of the most compelling copper-gold speculations in the space right now. I'm speaking with Mr. Matt Filgate from GreenLight Metals. Matt, how are you today?

Matt Filgate: I'm doing great, Gerardo. It's always a pleasure to chat and catch up. I'm excited to update you on some recent drill results.

Gerardo Del Real: Listen, let's start with the drill results, and then I definitely want to talk about the joint venture and the term sheet with Barrick because that's also a significant catalyst moving forward.

But look, the bottom line is you're hitting high-grade copper. You're hitting 27.72 meters of 1.07% Cu and 0.97 g/t Au (2.10% CuEq), including 15.65 meters of 1.66% Cu and 1.39 g/t Au (3.14% CuEq), at the Bend VMS Deposit here in America, in Wisconsin.

Can you provide the context?

Matt Filgate: Yes, these were pretty important holes for us as a company. They're step-outs from the last release we put out, which was Hole 7, and a pretty significant step-out from the historic 4.5-million-tonne resource that makes up the main part of the Bend Deposit.

We're stepping out to the northeast. We've been doing that since the beginning of our drill campaign. It's all systematic drilling going out on 100-meter centers and continuing to chase mineralization away from the deposit down-dip, down-plunge.

The reason why these latest results are significant is because they're in a new area. They're a big step-out from that main historic body, and they show a good continuation of mineralization.

They also show consistent grade and consistent thickness away from that deposit. So we're very excited about it. It really solidifies our thesis of this project — that it is much bigger than 4.5 million tonnes — and this shows that growth.

As we continue to step out, we continue to hit massive sulfide and good copper mineralization. As you mentioned, it's typically this core of 15 to 20 meters at 1.5% to 2% copper and then a broader mineralized zone, which includes that mineralized footwall underneath the near-vertically dipping massive sulfide lens, which typically carries solid grade as well.

That's where we see 27 meters at 1% copper; over 30 meters in Hole 7 at 1% copper. So very consistent grade. We're very happy with it so far.

Gerardo Del Real: Assays are still pending, I understand, correct?

Matt Filgate: Yes, we have three holes at the lab right now. We're really excited about Hole 9. Hole 9 is a hole that we described in this press release. We hit 85 meters of mineralization in that hole across multiple lenses. 

This is a bit deeper than Hole 7. It's an undercut of about 70 to 80 meters below Hole 7, and we see a series of stacked massive sulfide lenses down there, which is pretty exciting.

It seems to be blowing out or getting thicker at depth. Eighty-five meters is the largest intercept of massive sulfide we've seen on the project to date, including historic drilling. Again, this is all stepped out 100 to 150 meters from that historic ore body down-dip, down-plunge. We're pretty excited to get those back from the lab and get them out to the market.

We're currently drilling another step-back hole that will undercut Hole 9 by another 50 meters. We're systematically stepping down and drilling to depth, while at the same time stepping out along strike 100 meters and drilling that fence down-dip, down-plunge as well.

It's growing quickly, and we're very excited. We think this is a real project, and we're looking forward to getting a resource statement out at the end of this year, if not early 2027. We have an exploration target of 15-plus million tonnes here, and we think we can achieve that with what we're seeing so far.

Gerardo Del Real: Look, you've executed with the drill bit. I know it's summertime. I know it's the summer doldrums, and I think that's presenting a compelling opportunity for anyone who wants copper and gold exposure here in the US, not to mention the critical metals aspect of it, which is also a part of the story. Can you touch on that just a bit?

Matt Filgate: Yes, our share price was trading sideways for a bit there. We were waiting for news to come back from the lab and, like most companies, we got caught in that five- to six-week turnaround time. Things do seem to be getting a little bit better at the lab right now.

Certainly, we're trading at a pretty serious discount relative to some of our peers in the VMS space. These types of deposits tend to do really well in the market, especially as you show growth and potential.

Right now, we're kind of at the bottom of that curve, and we've got a lot of room to grow. We're going to have consistent drill results coming out for the rest of 2026 on these step-out holes, and the market will catch on and see that this deposit is getting much bigger and that the footprint is growing rapidly with each drill hole. That's really important for the market to understand.

Right now, we're trading at about a C$32 million market cap. If you go to our corporate deck on our website, we have a great slide showing some of our peers and how they're being valued in the market. Companies that have somewhere in that 7- to 8-million-tonne range up to 15 million tonnes are trading at a premium to us — about a three- to five-times premium. That's our runway.

For shareholders looking to get into an early copper story, remember we've only been public for one year with lots of runway to grow. Certainly, this is a compelling value proposition.

Gerardo Del Real: Matt, I've got to talk to you before you leave about the binding term sheet with Barrick because I don't think the market has priced that in either.

Matt Filgate: No, I don't believe they have. That's a very unique deal for us. We had that project as a non-core asset, and we were able to capitalize on it with Barrick. It's in Nevada. It's called Kalium Canyon. It's a very attractive low-sulfidation epithermal target that sits in the Walker Lane trend.

Barrick is very interested in that area. Obviously, they do a lot of great exploration across Nevada and have some pretty exciting projects and operations there. As a company, we looked at how we could best leverage this for our shareholders. 

Barrick showed interest, and so we were able to negotiate a joint venture agreement where they're going to come in and earn into the project through three different stages, totaling up to 80%, with spending of approximately US$30 million to US$35 million. We also get a US$1 million cash payment as part of that transaction.

At the end, if everything goes well and Barrick makes a major discovery at Kalium Canyon and advances it through to a prefeasibility study, we have a free carry and own 20% of the project. That 20% could be worth a lot of money one day to our shareholders.

It's a great way to capitalize on a non-core asset. Obviously, Barrick is one of the world's best exploration and mining teams and a great partner. We know they're going to do good work, and we know they're good for the work.

It's something that had essentially zero value to the company before — we certainly weren't marketing it or putting it out there — and now it suddenly has very high potential to become a huge catalyst for us over the next couple of years.

Gerardo Del Real: Look, there are a lot of catalysts for the second half of this year and a lot of catalysts for the next several years. I think included in that will be much higher gold prices and much higher copper prices as well. So you're positioned well.

I would encourage potential shareholders to go to the website and take a look at the portfolio and take a look at Bend and the work that's being done. It's quality work. 

Matt, always a pleasure to catch up. I look forward to those assays and am really looking forward to Hole 9 and seeing what that returns.

Matt Filgate: Yes, so are we, Gerardo. I appreciate the time today. If anyone ever wants to reach out to me, my email is Matt@GreenLightMetals.com. You can go to our website at GreenLightMetals.com.

We trade on the TSX-V under GRL and on the OTCQB under GRLMF. We're available anytime for questions or to walk through the presentation, so please reach out.

Gerardo Del Real: Beautiful. I appreciate it. Thank you, sir.

Matt Filgate: Thank you, Gerardo.

Click here to see more from GreenLight Metals Inc.
 

FOOTNOTES

  1. Source (primary): E.K. Lehmann and Associates, Inc., 1992, “Report of the geology and ore reserves of the Bend copper-gold deposit, Taylor County, Wisconsin” (Bureau of Land Management Preference Right Lease Application, prepared for the Jump River Joint Venture (“JRJV”)); reproduced in Section 6.2.1 and Table 4 of the Bend Project NI 43-101 Technical Report with an effective date of January 1, 2025 (the “2025 Bend Technical Report”). The 1992 JRJV historical estimate is reported as: Cu Zone — 2.8 Mt at 2.41% Cu, 1.43 g/t Au and 13.70 g/t Ag; Au Zone — 1.2 Mt at 0.31% Cu, 4.73 g/t Au and 2.79 g/t Ag; Total — 4.0 Mt at 1.74% Cu, 2.44 g/t Au and 11.56 g/t Ag. Methods and parameters known from the source report: based on 33 diamond drillholes plus 1 wedge (approximately 13,713 metres drilled between 1986 and 1992); polygonal and cross-sectional methods were both used and the results averaged; at the time, the estimate was categorized as a “geologic resource” under U.S. Geological Survey Circular 831 (1980); no cut-off grade was stated in the source report and no metal prices, metallurgical recoveries or other economic parameters were stated. Reliability and relevance: the 1992 JRJV historical estimate is pre-CIM, was prepared by a previous owner using legacy classification terminology that does not correspond to the current CIM Definition Standards or to NI 43-101 resource categories (Measured, Indicated or Inferred), and has not been independently verified by GreenLight Metals or its Qualified Person; it is referenced in this report for geological context only. More recent estimates: Section 14 of the 2025 Bend Technical Report confirms that no current Mineral Resource is defined on the Bend property and that no more recent estimate of mineral resources or mineral reserves has been completed. Significant data compilation, re-drilling, re-sampling and data verification will be required by a Qualified Person before the historical estimate can be classified as a current Mineral Resource. A Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource. The Company is not treating the historical estimate as a current Mineral Resource or Mineral Reserve, and the historical estimate should not be relied upon.
  2. Copper equivalent (“CuEq”) is reported to express the aggregate in-situ value of copper, gold and silver as a percentage copper grade. CuEq incorporates assumed metallurgical recoveries and is not a proxy for, nor evidence of, economic value. Tellurium (Te) is reported separately and is not included in CuEq. CuEq (%) = ((Cu grade (%) / 100 × 0.9 (recovery) × 2204.6 × US$4.50) + (Au grade (g/t) × 0.9 (recovery) / 31.1035 × US$3,600) + (Ag grade (g/t) × 0.9 (recovery) / 31.1035 × US$40)) / (2204.6 × 0.01 × US$4.50). Assumptions: metal prices of US$4.50/lb Cu, US$3,600/oz Au and US$40/oz Ag; recoveries of 90% for Cu, Au and Ag based on the Company’s preliminary assessment of analogous VMS deposits. No allowances have been made for smelting/refining charges, penalties or deleterious elements, or payability factors. No metallurgical test work has been completed at Bend; actual recoveries and payabilities are unknown and may differ materially. Readers are cautioned that visible gold occurrences are not necessarily indicative of the gold grade of any mineralized interval; assay results determine actual grade. Tellurium values referenced (including the “significant tellurium values encountered” statement) are individual assay results from selected samples and are not necessarily representative of the mineralization on the property as a whole.
  3. There is no assurance that exploration results from Phase-2 or any subsequent program will be sufficient to support a Mineral Resource Estimate, that any such Mineral Resource Estimate will be completed, or that the timing or content of any future Mineral Resource Estimate will be as the Company currently contemplates.
  4. Historic drilling at Reef was most recently conducted by Aquila Resources in 2011–2012; representative historic intercepts include hole R12-38: 65.2 metres grading 2.80 g/t Au and 0.17% Cu from 80.5 m to 145.73 m, including 8.9 metres at 13.14 g/t Au and 0.44% Cu; and hole R11-11: 14.8 metres grading 14.41 g/t Au and 0.30% Cu from 40.6 m to 55.4 m, including 9.3 metres at 21.3 g/t Au and 0.33% Cu (source: GreenLight Metals news release dated May 28, 2025; results reproduced in the Reef Project NI 43-101 Technical Report effective January 1, 2025). The historic results referenced have been reviewed by the Qualified Person but the Company has not independently verified the historic sampling, assay or QA/QC procedures and historic results are not necessarily indicative of mineralization that may be encountered on the property by GreenLight.
  5. The Crandon deposit is held by a third party, is not located on any property held by GreenLight Metals, and mineralization at the Crandon deposit is not necessarily indicative of mineralization on the Lobo or Lobo East projects.
  6. Historic drilling at Lobo was conducted by Noranda in the 1970s and by Can-America in 2020; the representative historic intercept referenced is Noranda hole LB-3: 9.4 metres grading 22.89% Zn, 1.41% Cu, 1.84% Pb and 1.14 g/t Au (246–255 m); confirmation drilling by Can-America (hole LB-20-01) returned 1.55 metres of 17.46% Zn, 0.47% Cu, 1.61% Pb, 0.14 g/t Au and 51 g/t Ag (81.8–83.4 m). Drillhole LB-3 is archived at the Wisconsin Geological and Natural History Survey Core Repository (Mt. Horeb, WI); quarter core samples of the entire mineralized interval were re-assayed by Can-America in 2019. The Company has not independently verified the original Noranda sampling, assay or QA/QC procedures and historic results are not necessarily indicative of future results.
  7. References to “define an economic deposit” and “the next high-grade copper-dominant mine in the United States” are forward-looking. Mine development is contingent on (i) completion of an NI 43-101-compliant Mineral Resource Estimate, (ii) Mineral Reserve estimation, (iii) feasibility studies, (iv) financing, (v) permitting and construction, and (vi) a positive production decision. The Bend Project does not currently host a Mineral Resource or Mineral Reserve under NI 43-101, and there is no certainty that any of the foregoing will occur.

QUALIFIED PERSON
The technical information contained in this report has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by Thomas Quigley, MSc, CPG-11962, Exploration Director of GreenLight Metals Inc., a Qualified Person as defined by NI 43-101.

CAUTIONARY NOTE REGARDING HISTORICAL ESTIMATES
The 1992 JRJV historical estimate of approximately 4.0 million tonnes referenced in this report (originally documented in E.K. Lehmann and Associates, Inc., 1992, “Report of the geology and ore reserves of the Bend copper-gold deposit, Taylor County, Wisconsin”, prepared for the Jump River Joint Venture, and reproduced in Section 6.2.1 of the Bend Project NI 43-101 Technical Report effective January 1, 2025) is not compliant with the current CIM Definition Standards or NI 43-101, and the categorization used in the source (USGS Circular 831 (1980) “geologic resource”) does not correspond to current CIM categories. Section 14 of the 2025 Bend Technical Report confirms that no current Mineral Resource is defined on the Bend property and that no more recent estimate exists. A Qualified Person has not done sufficient work to classify the historical estimate as a current Mineral Resource. The Company is not treating the historical estimate as a current Mineral Resource or Mineral Reserve, and the historical estimate should not be relied upon. To upgrade or verify the historical estimate as a current Mineral Resource, the Company would need to complete confirmation drilling, data validation, QA/QC verification, and an independent Qualified Person review under NI 43-101.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This report contains forward-looking information within the meaning of applicable Canadian securities legislation, including but not limited to statements regarding: planned exploration programs, drilling and assay timing; the potential for additional or extended mineralization at the Bend, Reef, Lobo, Lobo East and Kalium Canyon projects; the expected negotiation, execution, timing and terms of a long-form ownership earn-in agreement and any long-form joint venture documentation with Barrick; the binding nature and anticipated implementation of the Kalium Canyon term sheet; Barrick’s ability or decision to complete cash payments, qualifying exploration expenditures, drilling, work programs, studies and other obligations contemplated by the term sheet; Barrick’s ability or decision to terminate or discontinue the arrangement, or to earn a 60%, 70% or 80% equity interest in Kalium Canyon; the potential to define a NI 43-101-compliant Mineral Resource Estimate at any of the Company’s projects; references to Bend becoming “the next high-grade copper-dominant mine in the United States”, “economic deposit”, or similar prospective characterizations; and any references to conceptual tonnage, grade or scale potential. Forward-looking information is based on the Company’s current expectations and assumptions and involves known and unknown risks and uncertainties, including but not limited to: exploration risk and the inherent uncertainty of mineral exploration; commodity price volatility (including copper, gold, silver, zinc and tellurium); permitting, regulatory and First Nations consultation risk; access to financing; the risk that historical estimates and historical drill results are not necessarily indicative of future results; and the risks that the long-form agreement will not be entered into, that required third-party notices, consents or waivers will not be obtained, that Barrick will not earn any interest in Kalium Canyon, that a joint venture will not be formed or operated as contemplated, or that expected payments, expenditures, studies or other benefits will not be realized. There is no certainty that any Mineral Resource or Mineral Reserve will be defined on any of the Company’s projects, that any mine will be developed, or that any conceptual tonnage range will be realized. Readers are cautioned not to place undue reliance on forward-looking information. The Company disclaims any obligation to update forward-looking information except as required by applicable law.

CAUTIONARY NOTE REGARDING ADJACENT PROPERTIES
References in this report to the past-producing Flambeau Mine, the Crandon deposit, and the Abitibi and Flin Flon belts are provided for general geological and historical context only. Those properties and belts are held by parties other than GreenLight Metals and are not part of the Bend, Reef, Lobo or Lobo East projects. Mineralization on those properties or belts is not necessarily indicative of mineralization on, and readers are cautioned not to draw conclusions about the prospectivity of, GreenLight’s projects.

IMPORTANT DISCLAIMER & DISCLOSURES
Resource Stock Digest, as a publisher, is not a broker, investment advisor, or financial advisor in any jurisdiction.

Please do not rely on the information presented by Resource Stock Digest as personal investment advice.

If you need personal investment advice, kindly reach out to a qualified and registered broker, investment advisor, or financial advisor.

The communications from Resource Stock Digest should not form the basis of your investment decisions. Examples we provide regarding share price increases related to specific companies are based on randomly selected time periods and should not be taken as an indicator or predictor of future stock prices for those companies.

GreenLight Metals Inc. has sponsored this report.

The information in this newsletter does not constitute an offer to sell or a solicitation of an offer to buy any securities of a corporation or entity, including U.S. Traded Securities or U.S. Quoted Securities, in the United States or to U.S. Persons. Securities may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

Any public offering of securities in the United States may only be made by means of a prospectus containing detailed information about the corporation or entity and its management as well as financial statements. No securities regulatory authority in the United States has either approved or disapproved of the contents of any newsletter. Neither Resource Stock Digest nor any employee of Resource Stock Digest is registered with the United States Securities and Exchange Commission (the “SEC”): as a “broker-dealer” under the Exchange Act, as an “investment adviser” under the Investment Advisers Act of 1940, or in any other capacity. Resource Stock Digest, its owners, directors, and employees are also not registered with any state securities commission or authority as a broker-dealer or investment advisor or in any other capacity.

HIGHLY BIASED:
In our role, we aim to highlight specific companies for your further investigation; however, these are not stock recommendations, nor do they constitute an offer or sale of the referenced securities. Resource Stock Digest has received cash compensation from GreenLight Metals Inc. and is thus extremely biased. It is crucial that you conduct your own research prior to investing. This includes reading the companies' SEDAR and SEC filings, press releases, and risk disclosures. The information contained in our profiles is based on data provided by the companies, extracted from SEDAR and SEC filings, company websites, and other publicly available sources.

Resource Stock Digest, and its owners, directors, employees, and members of their households may own shares of GreenLight Metals Inc. Therefore, Resource Stock Digest is extremely biased. Measures are in place such that no shares will be sold during the active awareness campaign.

HIGH RISK:
The securities issued by the companies we feature should be seen as high risk; if you choose to invest, despite these warnings, you may lose your entire investment. You must be aware of the risks and be willing to accept them in order to invest in financial instruments, including stocks, options, and futures.

NOT PROFESSIONAL ADVICE:
By reading this, you agree to all of the following: You understand this to be an expression of opinions and NOT professional advice. You are solely responsible for the use of any content and hold Resource Stock Digest, and all partners, members, and affiliates harmless in any event or claim. While Resource Stock Digest strives to provide accurate and reliable information sourced from believed-to-be trustworthy sources, we cannot guarantee the accuracy or reliability of the information. The information provided reflects conditions as they are at the moment of writing and not at any future date. Resource Stock Digest is not obligated to update, correct, or revise the information post-publication.

FORWARD-LOOKING STATEMENTS:
Certain information presented may contain or be considered forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in these statements. There can be no assurance that any such statements will prove to be accurate, and readers should not place undue reliance on such information. Resource Stock Digest does not undertake any obligations to update the information presented or to ensure that such information remains current and accurate.