27th Jan 2016 10:42
LONDON (Alliance News) - Miner Metminco Ltd said on Wednesday it had mapped two targets adjacent to its Los Catalos copper project in Peru, labeling them high priority targets for a drilling programme based on its findings.
Metminco said both sites showed similarities to its Los Catalos site, which could indicate the presence of mineralisation. Drilling at the site was meant to take place earlier, but an extended Christmas period in Peru pushed back the date.
The miner said the geological mapping had also revealed TD3 as a site for exploration, with diamond drilling required to assess the mineralisation potential, but it did not give a time-scale for the exploration of TD3.
Metminco said the process is being conducted alongside efforts to secure a funding partner.
"The surface mapping at TD3 has demonstrated that the Los Calatos Porphyry Complex may well extend to the southeast of the currently defined limits, and hence demonstrates the upside potential of the project. This, together with the previously defined TD2 target, present real exploration upside to the overall Los Calatos Project," said William Howe, managing director.
Metminco shares were down 9.7% to 0.14 pence on Wednesday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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