1st Oct 2014 13:38
LONDON (Alliance News) - Shares in FinnAust Mining PLC surged Wednesday after it said that its assay results have confirmed the discovery of additional high grade copper, zinc, silver and gold mineralisation at its Hammaslahti Project in Finland.
Hammaslahti is one of three copper, zinc and nickel projects the company is actively exploring in southern Finland.
The AIM-listed exploration company said the discovery extends the previously identified high grade polymetallic mineralised lode at the Hammaslahti Project.
"The assay results from drill hole R331, on the southern-most drill section on the Hammaslahti discovery, have confirmed that the newly discovered polymetallic system has been extended to over 500 metres north to south and over 125 metres east to west, as expected," the company said in a statement.
The company said that all seven drill holes targeting this lode to date have intercepted the mineralised system, which it said confirms the strength and persistence of the mineralisation.
It said that drilling of hole R322 is underway.
"This hole was our largest and boldest step-out hole to date and successfully confirms that our discovery extends to over 500 metres across the north to south strike and over 125 metres in the east to west. Importantly, it is clear that the strike remains open to the south, east and west and we are focussed on extending this further, with the drilling of hole R322 currently underway," said Executive Director Alastair Clayton in the statement.
FinnAust Mining shares were up 33.3% Wednesday afternoon at 3.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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