Super Copper CEO Resumes Massive Insider Buying
The CEO of Super Copper (CSE: CUPR) has resumed aggressive insider buying in recent days for the first time since August 20th, purchasing 71,500 shares in the open market!
How is this legal while CUPR is awaiting its initial drill assay results?
The answer may be found in a major exploration update that received little attention on October 1st, when CUPR disclosed that visible copper has been identified in all four initial drill holes at its flagship Cordillera Cobre Project in Chile.
Importantly, each of CUPR's three drill platforms has yielded visible copper mineral occurrences within the El Alto volcanic sequence.
Chalcocite has been logged in DH26CC-002 and DH26CC-004, while covellite has been identified in DH26CC-003.
Most significantly, DH26CC-003 contained ten separate copper-bearing occurrences at depths ranging from approximately 30m to 581m. DH26CC-003 is the deepest completed hole of the program to date at 593.2m.
By publicly disclosing these visual observations before the bulk of the CEO's latest insider purchases, CUPR put important information about what management has observed in the drill core into the public domain while laboratory assays remain pending.
On October 1st, CUPR's CEO purchased 18,000 shares in the open market. On October 2nd, he aggressively purchased another 51,000 shares, including purchases at prices as high as $0.575 per share. On October 5th, he purchased an additional 2,500 shares.
In total, CUPR's CEO has purchased 71,500 shares for approximately $36,243 since October 1st at a weighted-average price of approximately $0.507 per share.
The insider buying does NOT mean that CUPR's CEO already knows the assay results. If he possessed material undisclosed assay results, securities laws would generally prohibit him from trading. His aggressive buying suggests that after seeing the drill core and publicly disclosing the visible copper observations, he remains willing to invest substantial additional personal capital while awaiting the laboratory assays.
CUPR's upcoming initial assay results could be among the most important drill results in NIA's history.
Past performance is not indicative of future results. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA has received US$50,000 cash from CUPR for a six-month marketing contract and previously received US$30,000 cash for a three-month marketing contract. This communication is for informational and educational purposes only.