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
-
‘I installed a heat pump in my home – here are five things I’ve learnt’From the size and noise of a heat pump to how much it costs to run one, Ruth Emery reveals what she’s learnt after installing one in her home six months ago
-
3 ways to work out if a stock is good valueThe only thing you can really control in investing is the price you pay for an asset – but how can you tell if you’re getting a good deal when it comes to the price of a stock?
