CoastPort Capital - CPP -TSXV - Last at $1.10
From http://www.theprofitprospectletter.blogspot.com
Coastport Capital - CPP-TSXV
Share outstanding: 14,434,750
Fully Diluted: 15,500,000
Last at $1.10
CPP is a gold and base metal exploration company focused on Ecuador. We like the stock right now because it is attracting strong sponsorship from Canaccord & other groups. As all my readers know, people and sponsorship is our most important criteria in selecting new companies.
In November 2005, they acquired the high grade polymetallic La Plata project in Ecuador from Cornerstone (CGP-TSXV). CPP is essentially the finance arm for CGP on these assets. Subsequent to that transaction Coastport solidified its relationship with Cornerstone by optioning their Shyri prospect in southern Ecuador. Also, since then Dave Patterson has become president after Laurie Sadler retired. Dave brings a wealth of resource company management to Coastport and is an important addition.
The Shyri prospect is a large (450 square kilometres) grass-roots prospect that has delivered some very impressive initial exploration results. The location is also significant. The Shyri prospect surrounds IAMgolds' (IMG:T) Quimsacocha property on the three sides and abuts the southern boundary of International Minerals ( IMZ:T) Rio Blanca deposit. Quimsacocha has a reported reserve of 2.8 million ounces of gold and Rio Blanca has a reported reserve of 800,000 ounces of gold and 4 million ounces of silver.
There has been little work done to date on the Shyri prospect area, the southern area has had the most work done with the Guabisay area returning 32 g/t Au over 4.4 metres in trench. Grab samples from narrow veins have returned samples as high as 600 g/t Au. In the central/western part of the prospect an area known as Vetas Grande ( Big Vein) has returned good gold and silver grades in an area 2x3 kilometres with multiple veins exposed on surface with strike lengths in excess of one kilometre.
In the northern area known as Gama-Lama a new discovery in December has outlined an impressive alteration zone of almost 40 square kilometres. Initial grab samples returned values as high as 12 g/t Au and 84 g/t Au.
There will be three drill programs this year – April at La Plata, June July at Shryi south and Oct-Nov at Shyri north. Lots of time to develop speculative premium. The current financing at 90 cents (which we’re taking some) is the first retail distribution. While La Plata does have some good drill holes, the Shyri is strictly a drill punt, and we must be wary of expensive drill punts in this very frothy market.
This story first came to us at 55 cents on the recommendation of a geologist I really like. I never jumped in until this finaning was announced at $0.90. The stock has performed well and I believe it is about to hit critical mass as research gets published and the story gets told. This company is attracting top level sponsorship. But caveat emptor, while La Plata does have some good drill holes, the Shyri is strictly a drill punt, and we must be wary of expensive drill punts in this very frothy market.
Remember, do your own due diligence.
Coastport Capital Inc.
3rd Floor, 157 Alexander St.
Vancouver, BC V6A 1B8Phone:
604 684 0561
Fax: 604 602 9311
Toll Free: 800 565 5336
Email:info@coastportcapital.com
Happy Prospecting,
If you wish to be emailed when I make a post, send an email to profitprospector@shaw.ca
Markus Day