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Nine Mile Metals Ltd ( (TSE:NINE) ) just unveiled an update.
Nine Mile Metals reported certified assay results from drill hole WD-25-02 at its Wedge Mine project in New Brunswick, confirming a 32.10-meter interval grading 2.78% copper equivalent. The hole intersected three distinct VMS horizons with notable copper, zinc, silver and gold values, including a 6.02-meter massive sulphide zone at 5.64% copper equivalent and peak copper of 6.52% over one meter.
The company said the results demonstrate increasing copper grades to the west and underscore the value added by gold, silver and zinc in copper-equivalent calculations. Nine Mile plans further modeling, permitting of additional western drill holes and downhole geophysics to expand on the discovery, signaling potential to grow higher-grade mineralization at depth within the Wedge system.
The most recent analyst rating on (TSE:NINE) stock is a Hold with a C$0.20 price target. To see the full list of analyst forecasts on Nine Mile Metals Ltd stock, see the TSE:NINE Stock Forecast page.
Spark’s Take on TSE:NINE Stock
According to Spark, TipRanks’ AI Analyst, TSE:NINE is a Neutral.
The score is primarily constrained by the company’s pre-revenue profile with persistent losses and negative operating/free cash flow, implying continued reliance on external funding. A low-debt balance sheet and improving loss and cash burn provide some support, but technical momentum remains weak and valuation is pressured by negative earnings and no dividend.
To see Spark’s full report on TSE:NINE stock, click here.
More about Nine Mile Metals Ltd
Nine Mile Metals Ltd. is a mineral exploration company focused on volcanogenic massive sulphide deposits containing copper, lead, zinc, silver and gold. The company is advancing its Wedge Mine project in the Bathurst Mining Camp in New Brunswick, a historic base and precious metals district with established VMS potential.
YTD Price Performance: -25.53%
Average Trading Volume: 1,787,856
Technical Sentiment Signal: Strong Buy
Current Market Cap: C$32.44M
Learn more about NINE stock on TipRanks’ Stock Analysis page.