Mining company Metminco has reported an increase in its mineral resource at the Mollacas copper project, putting the total estimate at 34.3m tonnes containing 131,749 tonnes copper and 176,408oz gold.
The estimate for the oxide and secondary sulphide zone is 15.5m tonnes containing 79,111 tonnes copper and 63,663 ounces gold, while for the transitional and primary sulphide zone the estimate is 18.8m tonnes, containing 52,638 tonnes copper and 112,745 ounces gold.
William Howe, Managing Director said "The new resource demonstrates the quality of the Mollacas Project and provides Metminco with optionality in terms of the development of the project."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company added that its focus remains on advancing the development of the Copper Leach Project and so it will continue the testwork on those ore types while comprise the oxide and secondary sulphide zones in order to optimise the process design for the project.
The share price rose 2.19% to 6.11p by 10:19.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
