22nd Jan 2020 13:36
(Alliance News) - Pembridge Resources PLC on Wednesday said initial results from a magnetic survey at the Minto mine in Canada were promising as it prepares a drilling programme at the copper-gold-silver asset.
The survey indicated there is a "high possibility of missed mineralisation" at Minto, which prior to the survey was not spotted.
During phase one of drilling, which will cost roughly USD2.1 million, Pembridge will drill 53 holes at Minto's Copper Keel West, Copper Keel North, and Copper Keel South deposits.
Pembridge said: "The objective is to expand the boundaries of these deposits, move additional resources to reserves, and expand existing reserves."
Surface drilling began in December and underground activity is scheduled to start later in January, before assay results come in during March.
The second phase of drilling will begin thereafter. Pembridge has budgeted roughly USD2.0 million and plans to drill 52 holes, though plans may change subject to the results from the first phase of drilling.
Chief Executive Gati Al-Jebouri said: "I am pleased to report the drilling programme at Minto is well underway. This programme has been fully budgeted and approved by the owners of Minto and is fully funded from the ongoing project revenues.
"We are also greatly encouraged by the initial results of the MAG survey data, as it would appear there is a high possibility of missed mineralisation around the Minto mining area, which until now was unidentified. The full results from this analysis, which has not been carried out previously, will form the foundation for the next phase of drilling, which will commence once this current programme is completed in early summer."
Pembridge shares were 1.4% higher 14.70 pence each in London on Wednesday afternoon.
On Tuesday, Pembridge said it was looking for a third-party to come in and operate the Minto mine.
By Eric Cunha; [email protected]
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