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An announcement from Nine Mile Metals Ltd ( (TSE:NINE) ) is now available.
Nine Mile Metals reported certified assay results from drill hole WD-25-2B at its Wedge Mine project in New Brunswick, confirming strong intervals of polymetallic volcanogenic massive sulphide mineralization. The hole returned 3.17% copper equivalent over 15 meters, including 5.99% copper equivalent over 6.84 meters, and expanded the mineralized footprint to the west.
The drill hole intersected two significant zones of copper-bearing sulphides and ended in high-grade copper due to challenging fault-zone conditions, prompting plans to re-evaluate the target from a different location. Management highlighted the presence of multiple mineralization styles and announced upcoming borehole EM surveys and a Phase 3 drill program aimed at better defining new VMS zones and high-grade copper lenses at Wedge and nearby targets.
The most recent analyst rating on (TSE:NINE) stock is a Sell with a C$0.05 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 NINE Stock
According to Spark, TipRanks’ AI Analyst, NINE is a Neutral.
The score is held down primarily by a pre-revenue business model with persistent losses and negative free cash flow, implying continued reliance on external funding. Technicals also remain bearish with price below key moving averages and negative MACD, despite oversold readings. Valuation support is limited because the company is loss-making (negative P/E) and pays no dividend.
To see Spark’s full report on 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 operates in the Bathurst Mining Camp in New Brunswick, targeting high-grade base and precious metal mineralization through systematic drilling and geophysical surveys.
Average Trading Volume: 1,376,893
Technical Sentiment Signal: Sell
Current Market Cap: C$10.19M
Learn more about NINE stock on TipRanks’ Stock Analysis page.