LONDON (Alliance News) - Metminco Ltd saw its AIM-listed shares rise Thursday morning after it said it had discovered a "significant copper occurrence" to the southwest of the main deposit at the Los Calatos copper project in southern Peru and it's revising its structural model for the project.
It has completed 125,000 metres of drill core re-logging and is now focusing on completing a 3D geological model for the Los Calatos deposit with specific reference to the anhydrite breccia systems that are known to contain significantly higher copper and molybdenum grades. The model, when completed, will form the basis of a revised mineral resource estimate, followed by a preliminary economic assessment of the proposed smaller, high grade, starter operation at Los Calatos.
"Importantly, the revised structural and mineralisation model has led to the discovery of mineralised hydrothermal breccias immediately southwest of the Los Calatos deposit, which is coincidental with strong magnetic and geochemical anomalies. Furthermore, a field inspection of the area has confirmed the presence of copper mineralisation (as chrysocolla) associated with the hydrothermal breccias, which are similar to those breccias identified in the Los Calatos drill core," the company said.
It had previously identified another high priority target to the southeast of the main deposit, and said the proximity of this target and the newly discovered target "could ultimately enhance the development potential of the larger Los Calatos Project, should the planned exploration work yield positive results".
Metminco shares were up 16.9% at 0.339 pence in London Thursday morning, making it one of the best-performing stocks in the AIM All-Share index.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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