LONDON (Alliance News) - Hunter Resources PLC shares rose on Friday after it said it has secured two additional tenements in Peru to create a new project near its existing gold, silver and base metal Pampamali project in the country.
Hunter shares were up 51% to 0.640 pence per share on Friday afternoon.
The two additional tenements cover 5,000 hectares that are located north-west to the company's existing Pampamali project. Those tenements will form the new Prospero project, which could share future facilities and infrastructure with Pampamali.
The new Prospero project is directly along the strike of the Pampamali project, suggesting the mineralisation extends between the two. Preliminary mapping of Prospero is underway to identify prospective targets and vein systems.
The Pampamali project consists of eight exploration concessions over an area of 3,500 hectares.
"The acquisition by the company of the Prospero project approximately doubles the size of the company's concessions in the area and provides new and excellent geological targets over ground not previously subject to modern geological exploration," said Executive Chairman Simon Hunt.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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