18th Apr 2016 09:52
LONDON (Alliance News) - Metminco Ltd on Monday said it has completed the drilling of a single hole at the TD2 target at the Los Calatos project in Peru, delivering higher-than-expected levels of gold and silver.
The hole intersected overall gold grades of 0.24 grams per tonne and silver grades of 2.64 grams per tonne, Metminco said. The results confirm the potential of the TD2 target, it said, with copper and molybdenum mineralisation on the project deeper than expected.
Further drilling will be undertaken to test the system at depth, Metminco said, after which further drill holes at the TD3 target will be considered.
"The TD2 drill hole results are encouraging in that they support our expectations of the presence of a probable, deeper-seated, porphyry system adjacent to the Los Calatos deposit. Clearly the presence of elevated gold and silver results is a significant development that justifies further investigation and work," Managing Director William Howe said.
Metminco shares were down 2.5% to 0.2 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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