17th Jun 2015 09:22
LONDON (Alliance News) - FinnAust Mining PLC Wednesday said it is "ideally positioned" to plan its future exploration programme at its operations in Finland and Austria after completing a 15,000 metre drilling programme.
The programme was completed over the Hammaslahti copper, Kelkka nickel and copper and the Outokumpu copper project, all in Finland. The 15,000 metres were drilled over 45 holes at Hammaslathi, 21 holes at Kelkka and 4 holes at Outokumpu.
As a result, FinnAust has refined its understanding of the mineralisation at each tenure, and it has discovered new mineralised zones close to the previously producing mines located at both Hammaslahti and Kelkka, it said.
Additionally at Hammaslahti, the company plans to sample mineralised outcrops on the southern region of the Hammaslahti belt in August 2015 to "assist with its target generation initiatives", it said.
"The company is now ideally positioned to plan its future exploration programme for each of these projects," said FinnAust. " We are focused on translating these discoveries into development opportunities and with our understanding of the licence areas now refined, our near-term priority is to concentrate on future drill targets."
The best results from the 15,000 metre drilling programme were 5.6 metres at 3.2% copper, 2.7% zinc, 0.7% lead, 71.0 grammes of silver per tonne silver and 0.76 grammes gold per tonne from 190.8 metres at Hammaslathi and 1.5 metres at 0.68% nickel, 0.31% copper from 61.5 metres from Kelkka.
Analysis of the results from the drilling programme continue, with further results expected shortly.
FinnAust shares were down 7.1% to 1.30 pence per share on Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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